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SSO on the TSX, SSRI on the NASDAQ

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Message: Big POS (and POG) drop today

It is my understanding that SS is well on its way to raising the capital needed.   In fact, it has already spent some of that capital (over $40M) which is part of the reason they had a deficit this last quarter.

It is also my understanding that SS is only borrowing the capital as a matter of convenience and to keep the balance sheet strong.

Their 3rd quarter financial statements show that they had $140M in working capital (not including ACBP - which is accounted for separately - and marking the silver bullion at cost basis which is far below market at this time) to continue operations and to fund the development of the mine. 

If the ABCP would only return 50% of its notional value, it would bring in  an additional $26M.  If the bullion would be sold at current market it would add at least another $10M.

Given that the estimated cost of Pirquitas was given as $146M - and that includes all capital spending to bring the mine online - it should not be too hard to get loans for any small shortfall to bring up a mine that will be producing 9M+ ounces of silver per annum.   Especially when the project's IRR is estimated to be at least 46%.

I have no fears about cash availability hindering SS from bringing Pirquitas into production.

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