10.6 MILLION dollars profit at La Negra - first half 2011.
LN finishes 2,000 TPD expansion Q1 2012 - on target. Shafter construction-50% finished-on schedule and on budget. At 30 dollar silver-cashflow well north of 100 million dollars in 2012...... We are already looking beyond Shafter.
We are Looking for opportunities to grow the company in Canada,Mexico and the Americas. It is one thing to mine metals -It is another thing to mine metals profitably , which we have done consistently. Lenic Rodriguez on BNN https://www.b-tv.com/features/watch-now.html?clip=AurcanaCorpUpdateSep11.wmv
If AUN doubles the production at Shafter as they have done with La Negra AUN will produce around ten million oz Ag Eq per year between these two mines.
AUN's CEO/Prez/VP have repeatedly stated they will acquire a third project for additional production.
At the ten million oz production level AUN have entered into the elite ranking of silver producers world-wide : https://ww w.nma.org/pdf/g_silver_producers.pdf
Article over at iStockAnalyst summarizing the investment thesis for Aurcana.
Aurcana is being sued by Sprott Resource Lending Corp. NOT Sprott Asset Management. Although they are both under the Sprott banner they are entirely separate companies and run by different people.
Great article though! This is my largest position and will be a grand-slam if silver goes back to 50. Just think if they find another ore-body on the Shafter property this fall. That will get peoples attention.
Some news and updates. Looks good. Shafter ahead of schedule...=)
I forgot to add on the Al Korelin report above econimicfreefall's post that Lenic stated March,2012 as the date Shafter will be in production.
Any word on the result of the hearing friday?
Official word is now apparently due Wednesday. This cowboy will be checking the registry periodically to get the rock solid facts from the order when its filed. Volume is picking up, along with SP.
I guess this is why the stock down over 10% so far today.
Aurcana arranges $25-million unit private placement
2011-11-08 13:21 ET - News Release
Mr. Lenic Rodriguez reports
AURCANA ANNOUNCES C$25 MILLION MARKETED PRIVATE PLACEMENT FINANCING
Aurcana Corp. intends to sell $25-million of units with each unit to consist of one common share in the capital of the company and one-half of one common share purchase warrant by way of private placement. The offering will be conducted through a syndicate of agents led by RBC Capital Markets, and includes Dundee Securities Ltd. and Stonecap Securities Inc. The offering will be carried out on a best-efforts basis with pricing and terms of the units to be determined in the context of the market, to be announced in a subsequent news release. In addition, the company will grant to the agents an option, exercisable in whole or in part, at any time up to 48 hours prior to closing of the offering, to offer an additional number of units representing 15 per cent of the offering, on the same terms as the offering.
The proceeds of the offering will be used to complete the continuing construction of the Shafter mine and mill expansion at the La Negra mine, and for general corporate purposes and working capital.
Aurcana's chief executive officer and president, Lenic Rodriguez, stated: "We are pleased with the announcement of this financing that will allow Aurcana to complete construction of the Shafter mine and continue the expansion of the La Negra mill. The company greatly looks forward to making its transition from a junior to mid-tier producer upon the completion of Shafter in May, 2012."
The offering is subject to certain customary closing conditions, including but not limited to receipt of all required regulatory approvals, including the approval of the TSX Venture Exchange. All securities of the company issued in connection with the offering will be subject to a hold period in Canada of four months and one day from the date of issuance of the securities.
We seek Safe Harbor.
Thu Nov 10, 2011
Aurcana Corporation: BC Supreme Court Dismisses Sprott Claim
Vancouver, British Columbia--(November 10, 2011) - Aurcana Corporation (TSXV: AUN) ("Aurcana" or the "Company") is pleased to advise on November 9, 2011, the Supreme Court of British Columbia pronounced reasons for judgment dismissing, with costs, the legal action commenced on April 15, 2011 by Sprott Asset Management LP ("SAM") and Sprott Resource Lending Partnership ("SLP") against the Company. The action involved claims in breach of contract, misrepresentation and unjust enrichment, among others, and related to two non-binding term sheets for debt financing entered into between the Company, SAM and SLP in 2010.'
"We are pleased with the court's decision in the Company's favour and looking forward to focusing its attention on the completion of construction at Shafter and expansion of its La Negra Mine stated Lenic Rodriguez, President and Chief Executive Officer".
About Aurcana Corporation:
The Shafter Silver Mine is scheduled to start up production in 2012 producing and estimated 3.8 million ounces silver in the first year. It has a NI 43-101 measured and indicated resource of 24.6 million ounces of silver (2,900,000 tons at 8.48Ag opt) and an inferred resource of 22.8 million ounces of silver (2,167,000 tons at 10.52 Ag opt) using a 4.0 ounce per ton cut off. The 92% owned La Negra silver-lead-zinc-copper mine is on target to increase production to over 2 million ounces Silver Equivalent annually.
ON BEHALF OF THE BOARD OF DIRECTORS OF AURCANA CORPORATION
President and C.E.O.
A summary of Aurcana's November news: https://www.economicfreefall.com/2011/11/company-news.html
The offering is being made at C$0.65, which is about 30% below the share price at the time of the offering. We smaller investors have no choice but to suck it up and take it. The bigger institutions always get the better end of the deal, but on the bright side, the dilution will be small and the funds will ensure that the company reaches mid-tier status, which will ultimately transform into a much higher share price to the benefit of all shareholders.
I'm very excited about early next year which will be one of the most important periods in the history of Aurcana and bring about a boost in production which most juniors only dream about.
Judgement has been rendered and Sprott has lost on every possible argument and was assessed costs at scale "B" as well. (Boyos pay all fees and legal expenses, including the AUN legal bill.)
While Sprott has 3o days to appeal, this monkey believes even Sprott won't be throwing good after terrible, terrible bad ... they were clearly blown right outta the legal water. It's this opinion the AUN lawyer could have argued for the highest scale of costs, a scale reserved only for the most frivoulous and vexatious claims, ones CLEARLY manufactured to abuse the BCSC process. Had he been successful in that pursuit AUN would have booked a significant profit from this long running exercise.
Sprott should be thankful because, yes indeed, it could have been worse.
The unit pricing is a joke. Less than the 30 day SMA and a half a warrant to boot. Hopefully the exchange forces it higher.
Regardless this baby is going higher. All of the ducks are in a row and we just bought some institutional following.
Just wait till this sucker posts earnings with a full quarter of production from Shafter.
Online survey for AUN or interested AUN shareholders.
This has to do with the dilution/share buy back idea and is from BANMAN17 on the www.stockhouse.com board:
I completed the survey and clicked to see the results, and all questions have "zero" responses. Not even my just completed response was tallied. Is this survey old and out-of-date, or is it so new it is not yet operative?
I just went to the survey ,myself and I could see nothing,as well. Not sure what happened as it was up four hours ago. I wrote to the man that created the survey and asked him to attend to it. Hopefully,he will send me back a prompt response. Let you know when it is a go again.
I was just there and it loaded fine. Remember, if someone else used that computer to answer the survey, you then have to use another computer since it logs IP addresses and only allows one survey per IP address! I'll put that up on the BB so they'll know it may be a problem if multiple family members try to use the same computer to do the survey. That's probably what the problem is.
So,if you participated once it will not reload again.
The creator of the survery expains it all up on stockhouse today-Banman17.
It seems there was a limit of 100 on the survey using Surveymonkey. I just made another exact copy of the survey so I can now record the next 100 responses. If we get over 100 on this survey, inbox me and I'll do the process again. Here's the link to use and make sure you USE THIS LINK (not the old one):