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Same story as many resource companies using what is estimated believed to be found in the ground to
raise capital by using it for collateral to obtain debt and credit to sell it on the open market.
The burn is the required capital too extract the collateral and if it can be raised in time to prevent a fire sale to cover the debt.
It's being short sold into the market in desperation to raise capital diluting shareholders while diverting tax's to a later far this is done to offset borrowing cost whole new discoveries is used to secure further debt and credit to be able to sell a greater equity stake in the company.
Ticktock the bell is soon to chime on this one.
Consolidation 8 to 1 Reverse split
Aurcana Announces Share Consolidation Effective Apr 30, 2013
Print
Alert
Aurcana Corporation ("Aurcana" or the "Company") (TSX VENTURE:AUN)(OTCQX:AUNFF) is pleased to announce that further to its press release of March 28, 2013, the TSX Venture Exchange (the "Exchange") has accepted notice of the consolidation of the Company's common shares ("Common Shares") on a basis of eight (8) pre-consolidated Common Shares for each one (1) post-consolidation Common Share (the "Consolidation") and has no objection to the Company's Common Shares trading on a post consolidated basis effective at the opening of market Tuesday, April 30, 2013 under the new CUSIP number 051918506.
The Company's listed warrants to purchase Common Shares ("Warrants") will continue to trade on the Exchange under the new CUSIP number 051918142. Following the Consolidation, the Warrants will be consolidated on the basis of eight (8) existing Warrants ("Pre-Consolidation Warrants") for one (1) new Warrant ("Post-Consolidation Warrant"), with any fractional Post-Consolidation Warrant rounded down to the nearest whole number. Post-Consolidation Warrants will have an exercise price of $8.00 and may be exercised at any time up until 5:00pm (Vancouver time) on November 29, 2013. In accordance with the terms of the Warrant Indenture, notice of the Consolidation has been sent to all holders of Warrants.
Letters of transmittal with respect to the Consolidation will be mailed out to all registered shareholders by the Company's transfer Agent, Equity Financial Trust Company (Equity). The letter of transmittal describes the process by which shareholders may obtain new certificates representing their Consolidated Common shares and all registered shareholders of the Company will be required to send their certificates representing pre-consolidation Common Shares with a properly executed letter of transmittal to Equity, in accordance with the instructions provided in the letter of transmittal. Shareholders who hold their shares through a broker or other intermediary and do not have shares registered in their name will not need to complete a letter of transmittal.
Headlines
Aurcana Reports: Record Silver Production at La Negra MineMarketwire(Thu, Apr 26)
Aurcana Reports Record 2011 ResultsMarketwire(Mon, Apr 16)
Q4 2011 Aurcana Corp Earnings Release - Time Not SuppliedCCBN(Mon, Apr 16)
Aurcana Corporation Announces 2011 Earnings Conference CallMarketwire(Thu, Apr 12)
Aurcana to Commission Plant at Shafter Mine and Completes Mine Expansion at La NegraMarketwire(Thu, Mar 29)
Aurcana Increases Shafter's 2012 Exploration Budget to $3MMarketwire(Mon, Mar 5)
Aurcana Increases Ownership of La Negra Mine to 99.86%Marketwire(Mon, Feb 20)
Aurcana Reports: Record Silver Production at La NegraMarketwire(Thu, Jan 12)
Aurcana Discovers New Silver Mineralization at Depth at La Negra MineMarketwire(Tue, Dec 13)
Aurcana Corporation Announces 2nd Q 2011 Conference Call
: GoldSeek.com
VANCOUVER, BC--(12/08/11)- Aurcana Corporation (TSX-V: AUN, U.S.: AUNFF) today announced the timing of its second quarter CEO conference call scheduled for August 15, 2011. Aurcana Corporation is a silver producer with an operating mine just north of Mexico City, Mexico. The new Shafter mine will be Aurcana’s second mine and it is under construction in southwest Texas with a forecast completion date of May, 2012.
Conference Call
Aurcana Corporation's CEO, Mr. Lenic Rodriguez, will host a conference call on Monday, August 15, 2011 at 4:30 p.m. EDT. Mr. Rodriguez will update shareholders on second quarter results followed by a Question & Answer period. The conference call will be recorded and posted to the Company's website within 3 to 5 business days from the date of the conference call.
In order to respond to as many conference participants as possible, the Company asks callers to limit their comments and direct one question per person to topics related to operations, production, mine development, financing and exploration.
Date: Monday, August 15, 2011
Time: 4:30 PM EDT (1:30 PM Pacific)
Attendee Access Information:
1-800-319-4610 Canada and USA Toll-free
604-638-5340 Vancouver
1-604-638-5340 Outside of Canada & USA
A replay of the conference call will be available immediately following the conference by dialing 1-800-319-6413 in Canada & USA (Toll-free) or 1- 604-638-9010 outside of Canada and USA. The required pass code is 2729 followed by the # sign.
Please dial-in to the meeting at least 5 minutes prior to the start time using one of the attendee phone numbers.
About Aurcana Corporation:
The Shafter Silver Mine is scheduled to start up production within 12 months producing 3.8 million ounces silver in the first year. It has an NI 43-101 measured and indicated resource of 24.6 million ounces of silver (2,900,000 tons at 8.48Ag opt) and an inferred resource of 22.8 million ounces of silver (2,167,000 tons at 10.52 Ag opt) using a 4.0 ounce per ton cut off. The 92% owned La Negra silver-lead-zinc-copper mine is on target to increase production to over 2 million ounces Silver Equivalent annually. The reader should be cautioned the Company has not completed a feasibility study confirming the projected production capacity for La Negra and there is no certainty the Company’s plans will be economically viable.
ON BEHALF OF THE BOARD OF DIRECTORS OF
AURCANA CORPORATION
"Lenic Rodriguez", President
For further information, visit the website at www.aurcana.com or contact:
Aurcana Corporation
Phone: (604) 331-9333
Toll Free: (866) 532-9333
Fax: (604) 633-9179
Gary Lindsey, Corporate Relations
Phone: (720)-273-6224
Email: gary@strata-star.com
Aurcana Reports Record Silver Prod-Q2
VANCOUVER, BRITISH COLUMBIA--(Marketwire - 07/21/11) - Aurcana Corporation (TSX VENTURE:AUN - News)(OTCQX:AUNFF) ("Aurcana" or the "Company") is pleased to report record silver production for Q2 of 2011 of 257,508 contained silver ounces. This is a 7% increase over the 240,275 silver ounces produced in Q1 of 2011, and a 41% increase over Q2 of 2010.
Total mill feed of 133,700 tonnes increased 31% compared to 94,201 tonnes for Q2 of 2010. Daily throughput averaged 1,504 tonnes per day for 89 mill days, an increase of 7 operating days over Q2 of 2010.
This is the third consecutive quarter that the mill average daily throughput has exceeded the 1,500 tonnes per day design capacity of the plant, confirming the success of the 2010 expansion.
Of 133,700 mill feed tonnes, 14% (19,196 tonnes) were from NI 43-101 Measured and Indicated Resources and 86% (115,504 tonnes) were from new discoveries or non-compliant resources. La Negra is now applying 43-101 standards in developing new mineralized zones to make more resources compliant. New ore zone development is initially focusing on the Northwest Trend.
La Negra
-- 31% increase in tonnes milled to 133,700 compared to 94,201 for Q2 of
2010
-- 143% increase in zinc concentrate produced to 2,731 tonnes compared to
1,124 tonnes for Q2 of 2010
-- 41% increase in silver produced to 257,508 ounces
-- 34% reduction in tonnes of copper concentrate produced to 1,882 compared
to 2,852 tonnes for Q2 of 2010 (The addition of a Lead Concentrate
Circuit significantly improved the Copper concentrate quality by
removing 778 tonnes of Lead concentrate that would previously have been
reported with the Copper and incurred a Smelter penalty.)
Shafter
-- Aurcana Corporation continued construction of the 100% owned Shafter
Silver Mine Project. The Shafter Feasibility Study shows an estimated
pay back of 1 year at $21 per ounce of Silver. Construction started in
December 2010 and is on track to be completed by May 2012.
-- Key construction milestones include:
-- Decline portal steel sets and concrete structure completed in July
2011
-- Crushing and screening plant to be delivered in July 2011
-- Ball Mill foundations to be complete in August 2011
-- Ball Mill to be delivered in August 2011
-- Fine ore reclaim tunnel to be completed in August 2011
-- Six leach tank foundations complete, and leach tanks to be delivered
in August 2011
-- Evaporation pond civil work to be completed in July 2011 and pond
liner to be installed in August 2011
-- MSHA Quarterly Inspections commenced in July 2011
-- Modification to existing permits continues on schedule
Summary
During Q2 of 2011 Aurcana made further improvements at its La Negra Mine, with higher production, improved copper concentrate quality and the addition of a lead circuit. The Company advanced the permitting process at Shafter and continued construction of the Shafter mine on schedule. Aurcana continues to focus on its future growth.
Corporate
On April 19, 2011, Aurcana commenced trading on the OTCQX International. Investors can find current financial disclosure and Real-Time Level 2 quotes for the Company on www.otcqx.com and www.otcmarkets.com.
The Company trades in the United States on OTCQX under the symbol "AUNFF".
About Aurcana Corporation:
The Shafter Silver Mine is scheduled to start production within 9 months and will produce 3.8 million ounces silver in the first year of operation. It has an NI 43-101 Measured and Indicated Resource of 24.6 million ounces of silver (2,900,000 tons at 8.48Ag opt) and an Inferred Resource of 22.8 million ounces of silver (2,167,000 tons at 10.52 Ag opt) using a 4.0 ounce per ton cut off. The 92% owned La Negra silver-lead-zinc-copper mine has produced 1 million ounces of contained Silver over the last 4 quarters.
The reader should be cautioned that the Company has not completed a feasibility study to confirm the projected production capacity for La Negra and there is no certainty the Company's plans will be economically viable.
ON BEHALF OF THE BOARD OF DIRECTORS OF AURCANA CORPORATION
Lenic Rodriguez, President & CEO
For further information, visit the website at www.aurcana.com.
Fantastic Q1 report but stock is going down. What is going on here? It feels as if some guys are manipulating the share price.
Aurcana Corp. (AUN)
0.58 ? -0.04 (-6.45%)
Volume: 1,686,235 @ 3:59:56 PM ET
Bid Ask Day's Range
0.57 0.58 0.58 - 0.66
TSX:AUN Detailed Quote
Aurcana CEO Lenic Rodriguez gives video update from the NYC Hard Asset Conference.
The video is up here: http://www.youtube.com/user/EvenKeelMedia#p/u/1/QkYv47z_570
Aurcana Corp. (AUN)
0.72 ? 0.03 (4.35%
Volume: 1,922,218 @ 3:59:58 PM ET
Bid Ask Day's Range
0.71 0.74 0.69 - 0.73
TSX:AUN Detailed Quote
AURCANA 2010 financial report is out:
Got to http://www.aurcana.com/s/FinancialStatements.asp
Highlights:
? 67% increase in net revenues to $26.9 million for the year ended December 31, 2010 from $16.1 million in 2009 ;
? 154% increase in earnings from mining operations (excluding amortization and depletion) to $10.7 million for the year ended December 31, 2010 from $4.2 million in 2009;
? 40% increase in ore processed to 422,603 tonnes during 2010 year from 300,952 tonnes in 2009;
? 29% increase in copper concentrate produced to 11,656 tonnes during 2010 year from 9,036 tonnes in 2009;
? 12% increase in ounces of silver produced to 838,077 during 2010 year from 749,942 in 2009;
? 51% increase in zinc concentrate produced to 5,218 tonnes during 2010 year from 3,448 tonnes in 2009;
? In July 2010, the Company successfully concluded an on time and on budget expansion of La Negra mine to produce1,500 tonnes per day from the prior 1,000 tonnes per day;
? On December 7, 2010 the Company closed a CDN$ 60 million Equity Financing;
? On December 14,, 2010 the Company bought back the silver stream purchase agreement from Silver Wheaton Cayman in the amount of US$ 25 million and a final silver payment of approximately 206,000 silver ounces;
? On December 30, 2010 the Company paid out the balance of US$ 3,080,000, covering the notes payable owed to Trafigura;
? The Company started construction of the Shafter Silver mine project, 100% owned by the Company, after completing the equity financing on December 7, 2010. The Shafter feasibility study shows an estimated pay back of 1.9 years based on $15.53 per ounce of Silver and the construction is estimated to be completed by May 2012;
? A total of 477,759 tons were mined during the year, 68,219 tons were from NI 43-101 Measured and Indicated (reducing M&I from 604,986 tons to 529,253 during the year), none mined from NI 43-101 Inferred, none mined from Historical and 409,591 tons mined from new discoveries;
? La Negra's production increase was successfully supported by a 2010 diamond drilling in-house program of 11,000 metres; and
? La Negra’s underground drilling and development indicates 590,000t of mineralized material were located within extensions of six known mineral zones. This material cannot be designated as ore because it is not compliant with NI 43-101 regulations.
Aurcana Corp. (AUN)
0.75 ? 0.04 (5.63%)
Volume: 1,973,686 @ 10:09:20 AM ET
Bid Ask Day's Range
0.75 0.76 0.71 - 0.77
TSX:AUN Detailed Quote
Silver: A Currency for Crisis
http://www.resourceinvestor.com/News/2011/3/Pages/Silver-A-Currency-for-Crisis-.aspx
Aurcana Corp. (AUN)
0.95 ? -0.06 (-5.94%)
Volume: 3,147,657 @ 3:58:59 PM ET
Bid Ask Day's Range
0.95 0.96 0.92 - 1.03
TSX:AUN Detailed Quote
Aurcana Corp. (AUN)
0.68 ? -0.01 (-1.45%)
Volume: 465,632 @ 3:59:47 PM ET
Bid Ask Day's Range
0.67 0.68 0.67 - 0.69
TSX:AUN Detailed Quote
Where is everyone??
Aurcana Corp. (AUN)
0.67 ? -0.02 (-2.90%)
Volume: 1,155,543 @ 3:59:31 PM ET
Bid Ask Day's Range
0.65 0.68 0.62 - 0.68
Full TSX:AUN Quote
Finaly this thing is going to move. Breakthrough too 37 cent! Up we go to 44 cent. I hope we can break that one too.
Nice move up today. NYBOB are you still positive on Aurcana?
I like the prospects for the company a lot.
It is quiet in here.
Silver is booming and AUN is still undervalued!
Strong buy.
Yours sincerely,
Sjaak
Aurcana Corp. (Tsxv: Aun): New Recommendation
http://www.safehaven.com/article/15412/aurcana-corp-tsxv-aun-new-recommendation
It's a bit old ( from Jan) but here is an intresting summary of aurcana:
http://www.safehaven.com/article/15412/aurcana-corp-tsxv-aun-new-recommendation
Not much movement.
I'm adding at these prices. Long term this will be profitable.
I wish the company would promote themselves a little bit better.
Higher silver price will have to do the job.
I'm patient.
Let's Move!
some news from the company:
http://www.aurcana.com/s/NewsReleases.asp?ReportID=404101&_Type=News-Releases&_Title=Aurcana-Expands-Resource-Potential-At-La-Negra
http://www.aurcana.com/s/NewsReleases.asp?ReportID=405572&_Type=News-Releases&_Title=Aurcana-Corporation-Reports-54-Higher-Revenues-in-Q1-2010-Compared-To-Q1-20...
http://www.aurcana.com/s/NewsReleases.asp?ReportID=406611&_Type=News-Releases&_Title=Aurcana-To-Conduct-A-Best-Efforts-Non-Brokered-Private-Placement
Look at the numbers and give me a reason not to buy this gem...
http://www.aurcana.com/s/NewsReleases.asp?ReportID=398207&_Type=News-Releases&_Title=Aurcana-Reports-3.8M-Net-Earnings
Aurcana Corporation (AUN)
http://www.canadianinsider.com/coReport/allTransactions.php?ticker=AUN
Aurcana Announces US$40,000,000 Silver Backed Unit Offering
VANCOUVER, BRITISH COLUMBIA--(Marketwire - April 23, 2010) -
NOT FOR DISSEMINATION IN THE UNITED STATES OR TO U.S. PERSONS
Aurcana Corporation (TSX VENTURE:AUN) ("Aurcana" or the "Company") is pleased to announce that subject to TSX Venture Exchange ("Exchange") approval, the Company will conduct on a best efforts basis, a non-brokered private placement of the issuance of up to 40,000 units (the "Units") consisting of silver-secured notes and common share purchase warrants at a purchase price of US$1,000 per Unit for gross proceeds to Aurcana of US$40,000,000 (the "Financing"). Each Unit will consist of seventy six (76) troy ounce silver principal amount secured non-interest bearing notes ("Senior Secured Notes") and 500 common share purchase warrants (each a "Warrant"). Each Warrant will entitle the holder to purchase one common share (a "Warrant Share") of the Company during the period of four (4) years from the Closing Date at a purchase price of CDN$1.00 per Warrant Share provided that if the closing price of the Company's shares as traded on the Exchange, subsequent to four months from the Closing Date, is at or over CDN$1.25 per share for a period of 20 consecutive trading days, the Company will have the right to accelerate the expiry of the Warrants upon giving 30 days notice to the holders thereof. Finders' fees in accordance with the Policies of the Exchange may be paid on all or a portion of the Financing.
The Senior Secured Notes will be non-interest bearing and will mature in four years and will permit the holder to elect to take repayment of the principal amount in either cash or in silver bullion, based on 25% discount to a silver price of US$17.50 per ounce silver. The Senior Secured Notes will be repaid commencing January 1, 2011 in twenty four (24) monthly instalments at 25,000 ounces per month and thereafter until maturity on December 1, 2014 in twenty four (24) monthly instalments of 101,984 ounces per month. Each monthly instalment will be paid on the first day of each month (each a "Repayment Date") through the delivery by the Company of physical silver to a trustee to be appointed. Holders of the Notes may periodically request the physical delivery of silver from the trustee in minimum amount of 25,000 ounces (or other minimum amounts at the digression of the Company) to an authorized London pool account.
The Company will use the net proceeds from the Financing to begin development of the Shafter Silver mine, the repayment of certain debt obligations and general working capital purposes.
Auramet, a Global Precious Metals Merchant and Advisory firm from Fort Lee New Jersey, is acting as financial Advisor to Aurcana.
About Aurcana Corporation:
The Shafter Silver Mine is scheduled to start up production within 18 months of securing permits and financing, producing 3.9 million ounces silver in the first year. It has a NI 43-101 measured and indicated resource of 24.6 million ounces of silver (2,900,000 tons at 8.48Ag opt) and an inferred resource of 22.8 million ounces of silver (2,167,000 tons at 10.52 Ag opt) using a 4.0 ounce per ton cut off. The 92% owned La Negra silver-lead-zinc-copper mine is on target to increase production to over 2 million ounces Silver Equivalent annually when expansion to 1,500 t/d, is completed by mid year.
The reader should be cautioned the Company has not completed a feasibility study confirming the projected production capacity for La Negra and there is no certainty the Company's plans will be economically viable. Ron Nichols, P.Eng. a Director and Senior Vice President for Aurcana, and a Qualified Person as defined by National Instrument 43-101, supervised the preparation of the technical information in this release.
ON BEHALF OF THE BOARD OF DIRECTORS OF
AURCANA CORPORATION
"Lenic Rodriguez", President
Caution Regarding Forward-Looking Statements – This news release contains certain forward-looking statements, including statements regarding the business and anticipated financial performance of the Company. These statements are subject to a number of risks and uncertainties. Actual results may differ materially from results contemplated by the forward-looking statements. Factors that could cause actual results to differ materially from those in the forward-looking statements include unsuccessful exploration results, changes in metal prices, changes in the availability of funding for mineral exploration and development, unanticipated changes in key management personnel and general economic conditions. When relying on forward-looking statements to make decisions, investors and others should carefully consider the foregoing factors and other uncertainties and should not place undue reliance on such forward-looking statements. The Company does not undertake to update any forward-looking statements, oral or written, made by itself or on its behalf.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
For more information, please contact
Aurcana Corporation
Jack Barnes
Corporate Relations
(604) 331-9333 or Toll Free: 1-866-532-9333
(604) 633-9179 (FAX)
jbarnes@aurcana.com
www.aurcana.com
About Aurcana Corporation:
Aurcana's 92% owned La Negra silver-lead-zinc-copper mine in Queretaro
State, Mexico, is working towards expanding operations to 1500 tonnes
per day by spring of 2010.
The reader should be cautioned the Company has not completed a
feasibility study confirming the projected production capacity for
La Negra and there is no certainty the Company's plans will be
economically viable.
The Shafter silver mine, with a NI 43-101 measured and indicated
resource of 24.6 million ounces of silver and an inferred resource
of 22.8 million ounces of silver (using a 4.0 ounce per ton cut off),
is scheduled to start up production at 3.9 million ounces silver per
year.
Ron Nichols, P.Eng. a Director and Senior Vice President for Aurcana,
and a Qualified Person as defined by National Instrument 43-101,
supervised the preparation of the technical information in this release.
ON BEHALF OF THE BOARD OF DIRECTORS OF
AURCANA CORPORATION
"Lenic Rodriguez", President
For further information, visit the website at www.aurcana.com or contact:
Jack Barnes, Corporate Relations
Aurcana Corporation
Phone: (604) 331-9333
Toll Free: (866) 532-9333
Fax: (604) 633-9179
Email: jbarnes@aurcana.com
The company has started putting out feelers for
the $40-million that it needs to fund the project,
and Rodriguez is confident the money will be in place
in the early part of next year, he said in an interview
at the company's Vancouver headquarters. ???
Grant of options;
Feb 18/10 Feb 12/10 Huerta, Salvador Direct Ownership Options 50 - Grant of options 75,000 $0.275
Feb 17/10 Feb 12/10 Gieselman, Terese Direct Ownership Options 50 - Grant of options 75,000 $0.275
Jan 07/10 Jan 06/10 Netolitzky, Ronald Kort Direct Ownership Options 50 - Grant of options 200,000 $0.285
Dec 29/09 Dec 18/09 Huerta, Salvador Direct Ownership Options 50 - Grant of options 125,000 $0.285
http://www.canadianinsider.com/coReport/allTransactions.php?ticker=AUN
Aurcana Corporation
Tue Feb 16, 2010
NI 43-101 Report increases Maravillas Deposit Resources by 47%
Aurcana Corporation ("Aurcana" or the "Company") is pleased to report that it has received a positive NI 43-101 compliant resource estimation for the Maravillas Deposit at the La Negra mine, Queretaro State, Mexico. The Maravillas Deposit is one of 27 deposits identified to date at the La Negra Mine, four of which have been identified by the geological staff since Aurcana re-started the mine in 2007. The resource estimate for the Maravillas deposit represents a 47% increase to 188,941 tonnes from the 128,400 tonnes of historical reserves reported in 2000 by Penoles. The report prepared by Aurcana's independent consultant, Ronald G. Simpson, P.Geo of GeoSim Services Inc. (GeoSim), will be filed at www.SEDAR.com within 45 days.
http://www.aurcana.com/s/NewsReleases.asp?ReportID=385401&_Type=News-Releases&_Title=NI-43-101-Report-increases-Maravillas-Deposit-Resources-by-47
orion thanks, What do you know about Aurcana?
tell us more please;
It was mentioned by Rick Ackerman
http://www.rickackerman.com/2010/02/miner-aurcana-doing-many-things-right/
thx in advance
Aurcana mentioned and visited by Rick Ackerman.
http://www.rickackerman.com/2010/02/miner-aurcana-doing-many-things-right/
GL
Aurcana plans to start building Texas silver mine next year
By: Liezel Hill
9th October 2009
VANCOUVER (miningweekly.com) – Canadian silver miner Aurcana expects to begin work on its second mine, the Shafter project in Texas, next year, and will likely start production at the operation early in 2012, CEO Lenic Rodriguez said on Thursday.
The company has started putting out feelers for the $40-million that it needs to fund the project, and Rodriguez is confident the money will be in place in the early part of next year, he said in an interview at the company's Vancouver headquarters.
If Shafter was in production today it would be the 12th-largest pure silver mine in the world and, once in operation, the mine is expected to boost the US from number-eight silver producer up to sixth place and increase the country's silver output by 10%.
For Aurcana, it will mean production surges to more than 5-million ounces of silver a year, as Shafter adds to expanding output at the company's already-producing La Negra mine, in Mexico.
Rodriguez plans to raise $40-million to finance the project, mostly in debt, although it could include an equity component, possibly in the form of warrants.
“But we want to keep dilution as low as possible,” he said.
Aurcana had a very good reception from fund managers and investors on a recent road show trip to New York and Boston, and is planning to do the rounds in Europe soon too.
“So the markets are opening up and I feel confident that we will be able to get this financing in place.”
Based on a June 2009 prefeasibility study, Shafter could produce an average of 3,2-million ounces a year of silver, with cash costs forecast at $7,50/oz.
Once the financing is in place the company plans to start work towards development right away, and expects production should follow within 18 to 24 months.
Aurcana bought the past producing mine in 2008 from Silver Standard Resources. The asset currently has an NI 43-101 silver resource of 24,6-million ounces measured and indicated, plus 22,8 million ounces in the inferred category.
The operation will produce silver dore bars on site, and Rodriguez said there is also a possibility the company could mint the silver and brand it as 'Texas silver', which would create an additional profit margin.
LA NEGRA
Aurcana is also expanding its La Negra operation, in Queretaro state, Mexico, from the current 1 000 t/d throughput to 1 500 t/d.
The expansion should be completed in the first quarter of next year, and will increase metal output to 1,25-million ounces of silver, 5-million pounds of copper, 5-million pounds of zinc and 1,5-million pounds of lead.
The firm is adding a new circuit for the lead, which will mean it not only escapes smelter penalties, but will also start realising revenue for the metal.
The company is putting cash flow towards the expansion, and plans to raise about $3-million in a small private placement later this year.
In June, Aurcana announced it would remove the contractor at La Negra and took over the operations itself.
Besides the savings it achieved simply by not paying a contractor every month, the company also tackled what it saw as costly supplier contracts and trimmed some surplus personnel.
“And we have really started turning that mine around,” Rodriguez said.
“It's cash-flow positive and we expect it to be very profitable once the expansion is completed.”
All told, the operation is expected to generate more than a million dollars a month in net profit once the expansion is completed.
The La Negra mine was developed by Penoles and operated from 1970 to 2000.
When Aurcana bought it the mine had 1,2-million tons of proven and probable reserves.
After mining for two years, and without much effort in the way of exploration, those reserves now stand at 2,1-million tons.
The company will, however, start an exploration programme in November.
There are 23 known orebodies at La Negra, and many of the zones are open at depth.
“The mine's already been producing for 30 years and we expect it to produce for us for the next ten years or more.”
Beyond the two current operations, Aurcana is also looking at some additional opportunities, both in Canada and Mexico, to ensure that it maintains a pipeline of projects.
Certain potential targets already have significant NI 43-101 compliant resources, but the firm is also considering some more grassroots opportunities, Rodriguez said.
He is hoping to see a rerating in the company's share price as the La Negra mine ramps up and Shafter moves towards production.
Aurcana's stock trades at just around C$0,20 apiece on the TSX Venture Exchange (C$0,23 close on Thursday).
Edited by: Creamer Media Reporter
hello misterbull, havent followed the company a lot...i just noticed the recent insiders buying over 300K$ which could suggest a bottom here. cheers
GordonGecko, Hello and what is it one should look out for within this company? - Misterbull
one to keep an eye on for 2008...big insiders buying..
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Director buying over 300K$ worth of stocks in the last couple of days...
http://www.canadianinsider.com/coReport/allTransactions.php?ticker=AUN
Communism's True Believers Won't Give Up -
http://www.henrymakow.com/communisms_useful_idiots_wont.html
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http://www.24hgold.com/
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http://www.marketwatch.com/
http://www.mineweb.com/
http://www.gold-eagle.com/
http://www.kitco.com/
http://www.usagold.com/
http://www.usagold.com/amk/usagoldmarketupdate.html
http://www.GoldSeek.com/
http://www.GoldReview.com/
http://www.capitalupdates.com/
http://www.dailyreckoning.com/
http://www.goldenbar.com/
http://www.silver-investor.com/
http://www.thebulliondesk.com/
http://www.sharelynx.com/
http://www.mininglife.com/
http://www.financialsense.com/
http://www.fgmr.com/
http://www.goldensextant.com/
http://www.goldismoney.info/index.html
http://www.howestreet.com/
http://www.depression2.tv/
http://www.un-debt.net/
http://www.minersmanual.com/minernews.html
http://www.a1-guide-to-gold-investments.com/euro-vs-dollar.html
http://www.goldcolony.com/
http://www.miningstocks.com/
http://www.mineralstox.com/
http://www.freemarketnews.com/
http://www.321gold.com/
http://www.silverseek.com/
http://www.investmentrarities.com/
http://www.kereport.com/ (Korelin Business Report -- audio)
http://www.plata.com.mx/plata/home.htm (in Spanish)
http://www.plata.com.mx/plata/plata/english.htm (in English)
http://www.resourceinvestor.com/
http://www.miningmx.com/
http://www.prudentbear.com/
http://www.dollarcollapse.com/
http://www.kitcocasey.com/
http://000999.forumactif.com/
http://www.golddrivers.com/
http://www.goldpennystocks.com/
http://www.oroyfinanzas.com/
http://www.goldcore.com/
http://coininfo.com/
http://www.insidegold.com/
http://www.goldmau.com/
http://www.milesfranklin.com/
http://www.silverminers.com/
http://www.gold-speculator.com/
http://bullion.nwtmint.com/
http://www.preciousmetalsmonthly.com/
http://www.silverstockreport.com/
http://www.longwavegroup.com/
http://theaureport.com/
Subscription sites:
http://www.lemetropolecafe.com/
http://www.marketforceanalysis.com/
http://www.hsletter.com/
http://www.interventionalanalysis.com/
http://www.investmentindicators.com/
http://www.caseyresearch.com/
http://www.deepcaster.com/
http://www.vrtrader.net/
Eagle Ranch discussion site:
http://os2eagle.net/SSL/phpentry.php
Ted Butler silver commentary archive:
http://www.investmentrarities.com/
Conspiracy World: A Truthteller's Compendium of Eye-Opening Revelations and Forbidden Knowledge
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