Zeev's Turnips Patch-No Politics (ZEEV)

[basserdan]

*** Silver/Gold related post (WTZ) ***

G'morning crusader,
Do you follow WTZ?
Fwiw, I have it ranked with CDE and SSRI as my top three Ag plays.

Western Silver Third Quarter Results
Tuesday September 2, 9:04 am ET

VANCOUVER, British Columbia--(BUSINESS WIRE)--Sept. 2, 2003--Company expects to further enhance the value of its Mexico Penasquito property with in-fill drilling and pre-feasibility study in fourth quarter

Western Silver Corporation is moving forward in a deliberate fashion and achieving goals set by management and the Board of Directors, the Company's Chairman and CEO, Dale Corman, said in his letter to shareholders which accompanied the third quarter financial results released today.

The Company achieved a major milestone in the third quarter with the completion of a detailed scoping study by M3 Engineering and Technology Corporation on the Chile Colorado deposit on the Company's wholly-owned Penasquito Silver property in Central Mexico.

"The study clearly demonstrated that the Chile Colorado deposit is one of the few bulk silver deposits in the world that can be economically exploited at current silver, gold, zinc and lead prices," Mr. Corman said. (Details of the M3 scoping study are contained in a press release issued on July 22, 2003.)

Exploration drilling outside the Chile Colorado Zone continues to demonstrate the exceptional overall potential of the Penasquito property. Since early July, drilling primarily on the Outcrop Breccia and the La Palma Zone has further increased the Company's confidence that other deposits similar to Chile Colorado will be confirmed in the immediate Penasquito area.

Results of recent drilling, along with previous drilling by Kennecott, indicate that the Outcrop Breccia is highly prospective for near surface oxide and sulphide mineralization similar in size and grade to Chile Colorado. An additional 4,860 meters of rotary (RC) and core drilling in and adjacent to the Outcrop Breccia has recently been completed.

The Company expects to further enhance the value of the Penasquito project in the fourth quarter by:

In-fill drilling the Outcrop Breccia and the La Palma Zone in sufficient detail to classify these resources as drill indicated and inferred.

Completing a pre-feasibility study on the Chile Colorado Zone.
Beginning the process of collecting environmental data in order to meet the requirements of the permitting process.
Western Silver Corporation reported a loss of $1.07 million ($0.03 per share) for the nine months ending June 30, 2003 compared with $626,431 ($0.02 per share) for the same period the previous year. The increased loss is mainly due to a rise in administrative expenses to $1.11 million from $617,305 for the previous year because of increased investor relations and corporate development activity and costs associated with the Company's successful listing on the American Stock Exchange.

Western's cash and cash equivalents were $4.01 million on June 30, 2003, and working capital $1.45 million compared with $4.12 million and $1.50 million a year earlier, respectively. The complete third quarter financial results, including the Chairman's and President's letters to shareholders and Management's Discussion and Analysis are available at the Company's website at www.westernsilvercorp.com.

http://biz.yahoo.com/bw/030902/25221_1.html