Fortuna Silver Mines Applies for NYSE Listing
HOUSTON WE ARE PREPARED FOR LIFT OFF
Any reason why one of the company directors, Mario Szotlender, would dump over 20,000 common shares of the company on August 25th? Just curious... if FVI is indeed about to take off, at least lots is pointing that way. This just seems odd.
In the July figures just released, the Caylloma mine reports production of 6063kg, which is 194,951oz Ag in old money. That's an all-time record for the mine.
The 20k sold is good info. The timing does seem odd with the pending listing upgrade, new mine coming on line and increase in production from Caylloma. Sedar shows that he had 785,000 options (as of 4/2011) to play with so I would not consider it to be a major bail out.
Fortuna Silver Mines Inc. (TSX: FVI) (Lima Stock Exchange: FVI / www.fortunasilver.com) is pleased to announce that it has been approved to list its common shares on the New York Stock Exchange ("NYSE") on September 19, 2011 under the trading ticker symbol "FSM". The Company will retain its listings on the Toronto Stock Exchange ("TSX") and the Lima Stock Exchange ("BVL"), both under the symbol "FVI".
Can't say the first day trading as FSM on the NYSE was especially kind to Fortuna. If you need a reason why it was not a very good day for silver period. The next big catalyst here will probably be the release of the new and improved production numbers added by San Jose at quarters end and the impact this has on their financials.
New 52 week high for FVI. Dam held this one for a while and when the BCM shit hit the fan i bailed thinking Peru too risky.
Actually the risk was holding chinese stocks, trading on the north american exchanges. How was one to know that Wall Street was going to pull an all out short and distort campaign on companies whose main operations are over there.
( NOT GE or APPLE tho)
Anyways back to Fortuna, and their growing production. Sept 1 the San Jose mine in mexico began commercial production. Cap cost for construction was 55 million. San Jose is expected to produce 520,000 ounces of silver and 4,600 ounces of gold in 2011, and 1.7 million ounces of silver and 15,000 ounces of gold in 2012 at an estimated cash cost per silver ounce of US$5.04, net of by-products.
Very nice and a good reason for the pop in the stock. Also listed on the NYSE, but that is questionable to me whether its a good thing or bad. More exposure to big investors, but also to the big shortsellers. Lets hope no short and distort schemes start against FVI.
Any reason you avoid miners in the U.S.? Aurcana for example.
I replied to your private message before seeing this post, but for the benefit of the thread let me copy it here:
I guess I slightly misspoke there. I like Nevada. Seems like mines can get up and running there without too much red tape. The other 49 states worry me though. They can tie you up for years and years just trying to get permits. Aurcana is in Texas. But I see that Shafter is actually under construction, so that's a good sign. They've probably gotten past the hard part as far as permits go, or they wouldn't have started construction. You're probably fine.
On earlier stage projects though, outside of Nevada, it just always seems like everything always takes a lot longer to get moving than you think it will.
Good Luck, and let's go Aurcana!
(Only slightly sarcastically)
Seems like in a lot of the U.S. you need a permit in order to get a hearing (8 months later) about whether you can get a permit. And then when you get the permit, all it does is allow you to apply...for another permit!
This has been a very difficult stock for me to own even though everything about it has exceeded expectations (both fundamentals for the company as well as SP appreciation).
The reason that it has been so difficult to own is because of persistent insider selling over the years, many times just before the SP was about to take off (very counter-intuitive).
Last week, the Ganozas were sellers again (especially the CEO who sold about 20% of his position, which is very small to begin with and mostly all in options). There were other sellers as well but I've learned over the years to ignore them (the only ones which I pay attention to are the Ganozas and Simon Ridgway).
Can someone please explain this paradox.... Thank you!