endeavour silver, genco and first majestic recently reported quarterly results, all of which were similar. higher production, higher revenue, higher operating profits, higher resources, and net losses. this came despite average silver prices of $18.12/oz for edr and $17.64 for ggc. there was one exception - first majestic earned $1 million, its first profit ever.

it kind of reminds me of austin powers holding the world for ransom and demanding payment of one million dollars.

that's not to belittle what first majestic has accomplished. growing from a startup company to a profitable producer in just a few years is an outstanding achievement, and it looks like they have moved well ahead of the rest of the junior silver producers.

by comparison, silver standard made the decision to focus on silver in 1993, and in fifteen years has yet to produce an ounce of silver. but when pirquitas goes into production next year, i expect it will contribute more than $200 million to pretax profits, moving sso into a completely different league.

http://biz.yahoo.com/iw/080514/03973...

http://biz.yahoo.com/ccn/080516/2008...

http://biz.yahoo.com/iw/080516/03981...