Re: bringing Pirquitas into production
in response to
by
posted on
Nov 13, 2007 07:52AM
SSO on the TSX, SSRI on the NASDAQ
Their lastest Financial Report (Q3) contains the following information:
<<" Mina Pirquitas, Argentina - Pirquitas Project development is progressing well and the project is scheduled for commissioning in the fourth quarter of 2008. Both the operations and construction management teams are complete and fully recruited.
The mining fleet has been delivered to site and an intensive mining fleet operator program has been completed. The operations team is now conducting site preparation works for construction and developing access ways in preparation for pre-stripping the open pit and mine waste disposal.
The construction team and EPCM contractor have commenced mobilization to site, and site civil works and construction of the gas pipeline have commenced.
A new resource estimate and an updated reserve reflecting higher metal prices than the historical 2006 reserve (using US$9.35/oz silver, US$3.65/lb tin and US$1.00/lb zinc vs US$5.35/oz silver, US$2.75/lb tin and US$0.42/lb zinc) are nearing completion. Silver Standard will be updating the capital estimate for the Project as detailed engineering progresses." >>
This answers the time frame question to the best of my ability.
As to the "selling-forward" question.
I have no official information regarding that.
However, Silver Standard has usually been at the front of the "silver will continue to go higher for quite a while" crowd (witness their purchase of 1.9M or so ounces of Silver bullion a few years ago) and have sufficient capital to complete the mine.
Based on this, my personal opinion is that it is highly unlikely that they will sell any of the mine products forward.