Ex..re-cap.... Silver Guru Eric Sprott owns 14% of US-Silver (USSIF) - Recommends Merger with Gold Co. Submitted by Bullion Nation on Mon, 06/11/2012 - 05:56 MINING STOCKS
This news may have been under the radar for many silver and gold bugs. The companies, U.S. Silver and RX Gold & Silver announced a proposed business merger to create a growth-oriented U.S. based precious metals producer. Now the headline may not seem like much, but this statement really caught my attention: "In addition, Sprott Asset Management LP ("Sprott") has signed a lock-up agreement supporting the Transaction
HL The announcements were made in conjunction with the release of Hecla’s earnings report for the second quarter.
Hecla listed net income of $2.4 million, or a penny a share,
down from $33.2 million, or 12 cents a share, in the same period a year ago.
Factors behind the decline included temporary suspension of mining at Lucky Friday, $6.5 million in suspension-related costs, lower grades at the Greens Creek Mine in Alaska, and lower silver and base metals prices than the same period a year ago.
No production from Lucky Friday is expected this year after the federal Mine Safety and Health Administration ordered the Silver Shaft to be closed for removal of built-up sand and concrete material.
The shaft is the primary access to Lucky Friday.
This also disrupted other significant activities at the mine, including construction of the No. 4 Shaft.
“The current rehab work at Lucky Friday has exceeded our expectations and has been completed through the important 4,900-foot level,” said Hecla’s President and Chief Executive Officer, Phillips S. Baker Jr., during a conference call in conjunction with the earnings report.
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