From the Morgan Report - June 26,
We are providing an update from Silvermex, a company I personally own and we have recommended to paid subscribers of . Their recent acquisition of the Rosario Mine combined with the new management team from Hecla and Silver Standard has strengthened the company considerably.
The company’s flagship Rosario/San Marcial project has significant resources and historic reserves which are high-grade and development plans are in work. The project has 3 past producing mines within 5 miles of each other and has infrastructure in place, including; a tailings dam, water (30 year water use permit), 60 km - 33 KV power line, a 20 year surface rights agreement, offices, shops, 120 man camp and multiple buildings. This infrastructure could save Silvermex $30 million in development costs and substantially reduce development time...
Past drilling results are above average in both grade and width, but as we are required to state, past results do not indicate future performance, current results are outlined in this update and it is to your advantage to read and understand this.
One of the keys to buying a speculative mining company is the people, you read this from me, Doug Casey and most in this industry. The new Board of Directors and Management team at Silvermex is impressive to say the least . It consists of former and current Hecla Mining and Silver Standard executives. These include; Arthur Brown, the past CEO and Chairman of Hecla Mining as Silvermex's Executive Chairman and Michael Callahan, past Director and President of Hecla Mining's Venezuelan operations and VP of Business Development as Silvermex's President, Joe Ovsenek, Executive VP of Silver Standard Resources, Director, Ken McNaughton, VP Exploration of Silver Standard, Director and Rob Fraser, past VP Exploration of Hecla as Silvermex's VP of Exploration.
The company is trading near a level recommended to our paid subscribers. Silvermex and many others will be discussed in the July edition of the Morgan Report. We are providing the "matrix" of Silver companies comprised of explorers, junior and senior producers. We do NOT cover every company claiming to be a silver company or silver explorer and may have left out some that you either own or have heard about, regardless this is an issue that goes well beyond similar reports sold by others for far more than the cost of a full year's subscription to the Morgan Report. Basically, you need to read the discussion to fully understand our logic and thinking.
Silvermex is listed on the Toronto Venture Exchange (TSXV:SMR) and has a relatively low market cap of $27 Million. Silvermex is well-funded with over $5 Million in the treasury and intends to become a mid-tier silver producer within the next 24 months. Christopher Ecclesone of Hallgarten and Company has just initiated coverage on Silvermex with a 12 month target price of $0.9.
David Morgan
Founder Silver-Investor.com and Home of The Morgan Report
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