Tuesday, December 7, 2010

Industry Watch: Aurcana Corporation Poised to be a Large Silver Player

Al chats with the President and CEO of Aurcana Corporation, Lenic Rodriguez, about their recent news and 85 million dollar financing. They discuss the significance of these recent new releases and what it means for Aurcana as they move forward.

Aurcana Corporation is a Canadian junior mining company listed on the TSX Venture Exchange, symbol AUN (TSX.V - AUN). The company owns 92% of the La Negra mine and 100% of the Shafter silver mine.

The completed development of the company's two current projects has the potential to quadruple currently established silver production to over six million ounces silver equivalent per year.

The recently expanded 1,500 tonnes per day La Negra silver-copper-lead-zinc mine is located in Queretaro State, Mexico. Annualized production starting in 2010 is forecast at 1,200,000 ounces silver, 5 million pounds copper and 5 million lbs of zinc.

The Shafter silver mine, located in Presidio County, S.W. Texas, has a NI 43-101 silver resource of 24.6 million ounces Measured and Indicated (2,900,000 tons @ 8.48 opt), 22.8 million ounces Inferred (2,167,000 @ 10.52 opt) and a pre-feasibility completed. Production for years one and two is forecast at 3.8 and 4.0 million ounces silver recovered. Construction is expected to take 18 to 24 months, subject to securing financing and permitting.

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