the san luis project should have an updated resource estimate in the third quarter, with feasibility to follow. i think this project could see a substantial increase in resources, both in the ayelin veins and the bp zone.

diablillos should have a new resource estimate this quarter, with pre-feasibility to follow.

at pitarrilla, the decline is about 700 meters long (out of a planned 2500) and should be completed by the end of the year. then they can begin underground drilling to go after the rich breccia ridge, which contains 50% of pitarrilla's resource (so far.)

pitarrilla is a huge deposit, but since it is located on a hill they can go underground and high-grade it without needing a very large capital outlay to bring it into production. the open pit will follow later, so there should be no need to do any kind of financing. next year they will go to pre-feasibility to get a better idea of the engineering. again, with the ability to monetize non-core assets and the pirquitas mine producing 10+ million ounces of silver, they expect to be able to maintain their exploration and development activities.

lastly, in the no news is good news category, they didn't lose any more money on asset-backed commercial paper. there was no mention of abcp, so at least they didn't have to write off any more assets.