Aurcana Silver Corp (fka AUNFF)

[basserdan]

From Matt at the Aurcana board at SH....


From:mattbigham

November 17, 2014 - 10:01 PM

RE:RE:anyone know ???????????

"Matt had a good post a while ago saying the company told him, in a private email, that was not released to the public investors, that they had actually laid off huge number of employees, a massive layoff. THE COMPANY SAID NOT A WORD......nada."


Sorry,been gone for a month or so being how this sector is so depressed and I am getting my rear end kicked in on every resource share I own.

The email I received was not written to me. It was given to me by another investor that comes to this board. The email is from a company representative and so it was made public as the company released that info to a retail investor and the company specifically stated that it could be posted up here on this board.So,it was released by the company and whomever reads this is not getting it firsthand but relate by another investor to me from the company.

IF you missed it:
"...at La Negra, he(new GM) already cut the cost by $4 million per year.
He fired 165 people and got rid of the general manager.
He brought in three of his guys. One of the guys is a grade specialist. Before these guys were mining everything as long as they hit 3,000 tons per day.
Now with this grade specialist, the grade that they are processing went from 50 grams per ton to 68 grams per ton and the new grade has been pretty consistent. As a result of this costs are already down and grade is up.

During the third quarter there will be about $700k of severance which will mask some of the cost saving. During the 4th quarter, the savings should be visible.

To redo Shafter, it will cost about $3 million. This will include dewatering, drilling at 1000 ft level, and creating a mine plan. But he will not get to Shafter until 1st quarter 2015. Right now it is all about La Negra because it was not run efficiently."

The company's latest NR on the subject:

Management has initiated a review of all facets of the Company including capital expenditures, staffing levels, cost controls and resource estimates. At La Negra the immediate focus will be on cost reductions, productivity and efficiency improvements, reducing mining dilution and improving grade estimates....

Cost control measures, (workforce reduction, capital expenditure controls, inventory and direct purchase controls) implemented early in the 3rd quarter have begun to show benefits.

Orion and buddies already managed to attain the company's assets on the cheap.Doubtful they let their investment at bargain basement prices go to waste after all the retailers have already been done in.Lenic and Adrian do need to go. Then again,the retailers were rolled over and why would they care what anybody else thinks,anyways? Either we buy shares of a four million oz producer for twenty cents or 2.5 retailer cents or not. They really don't care about us,now,do they?

http://www.stockhouse.com/companies/bullboard/v.aun/aurcana-corporation?postid=23138389