Sunday, November 29, 2009

Five Myths of the Gold Market Exposed

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Trend Analysis
Get the most recent Trend Analysis on Gold Spot by following this link :
Marketclub - Gold Spot Trend Analysis Marketclub - Gold Spot Trend Analysis (What's this?)

Friday, November 27, 2009

Silver Could Be on One Heck of a Ride!

Silver Spot Daily Chart
Silver Spot Daily Chart November 27, 2009
Chart is courtesy of marketclub.
Marketclub - Silver Spot Trend Analysis Marketclub - Silver Spot Trend Analysis (What's this?)

Couple of highlights, well,...a lot of highlights on this chart actually. The most important ones on this chart however would be the divergences. Take a look at the chart and in particular last year August 2008. You'll see the red line I've placed there following the lower lows silver is making. This line is thus sloping downward.

Tilt your eyes a bit down and look at the other red line below the MACD. That line is making higher lows. So, there is a divergence because the MACD is advancing upwards before the stock is doing so. The stock at that moment is still trading downwards. Taking a clearer look at the MACD you'll see it was making higher lows so there was a positive divergence emerging.

100 Ounce Silver Bars Johnson Matthey and Englehard - Copyright © 2009 Northwest Territorial MintAs the naming implies, positive,...meaning a bullish signal. A divergence is also a clearer and more reliable signal then a simple MACD crossover. Even then, there are also different levels and strengths of signals, for instance, a crossover on the center line is a stronger signal than a crossover in the lower or upper zone while a divergence beats any crossover as to signals.

Now, move your eyes to the right to last September, notice the red line making higher highs? Now look down and take a look at the MACD. That one is making lower highs. So we have a divergence again. This time the MACD is down trending while the stock is still making higher highs. This is what is called a negative divergence and thus a bearish signal.

October 19th is when I would have gotten out when I would have been long. Taking some profits off the table and waiting for confirmation of the signal. This case, the divergence did in fact turn out to be a bearish signal as the stock made a clear break downwards from October the 25th.

So, look for those to aid, not to guide!

I've also drawn a resistance line across the chart at 18.00 which coincides with earlier points of support and resistance. Now, it is a resistance but one which soon will be broken and with great ease.

For now, I'm looking at a retest of either the 10 Moving Average or the bottom of the trend line which would be anywhere around the 17.00 level.

Do not however expect too much downward pressure on silver or gold as that will not happen. Up is still the trend. Short term thus maybe a little bit down but when we've taken our little breather I expect us to be trading back to where we left of sooner rather than later.

Silver Spot Weekly Chart
Silver Spot Weekly Chart November 27, 2009
Chart is courtesy of marketclub.
Marketclub - Silver Spot Trend Analysis Marketclub - Silver Spot Trend Analysis (What's this?)

Weekly is as usual where the magic happens! Silver's chart is no different here cause looking at this one is just like reliving October the 5th all over again. We are already trading above 18.00 and we are looking for a definite break above 18.00 on the weekly chart. Could silver finally be on the brink of making some of the same steady gains gold has made comparatively?

With that I mean, gold has since last year October 2008 not only reached its all time high, it has completely smashed it to smithereens! Silver has yet to hit that all time high but could be on the verge of doing the same. Don't know what will happen but the chart is telling me silver has some catching up to do and chart wise things are really lining up for a possible major increase or case of playing catch up.

Bullion Johnson Matthey 100 Ounce Silver Bar - Copyright © 2009 Northwest Territorial MintYou can also see the upper trend line going up from October 2008 and after breaking that trend line in June 2009 and going further down we've made our new lower trend line which has held from July on.

What I'm looking at is adding an even higher trend line to the chart which should tell you I'm already looking at a silver price of 21.00. When silver breaks the upper trend line and thus breaks the 19.00 then getting to 21.00 is like talking a walk in the park.

MACD is trending up but the gap is not getting wider. Not yet anyway...that will come...only a matter of time. Just need to drop a little before taking out 19.00 and heading for higher highs.

Looking at both charts I'm extremely bullish on not only most silver juniors but as an investor in Orko Silver, of course also very bullish on the markets reaction towards Orko Silver when the spot price of silver is looking to break 19.00 and more to come in the weeks ahead.

Now, I have no crystal ball but I do try to recognize turning points and have on occasion spotted them in the past so maybe just need to go with the flow.

Last thing, don't get scared riding gold or silver's wave. To those who've followed today's action in gold will know that any down attempts are quickly brought back up again. Like clockwork. Too much basis and fundamentals for gold not to go higher. My 2 gold-nuggets then.



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Tuesday, November 24, 2009

Orko Silver Chart November 24, 2009

Orko Silver Daily Chart
Orko Silver Chart November 24, 2009
Chart is courtesy of marketclub.
Marketclub - Orko Silver Corp. Trend Analysis Marketclub - Orko Silver Corp. Trend Analysis (What's this?)

The daily chart now shows in clearer detail the breakout which happened on November the 16th. If you take a look at the volume chart you'll see that volume has been steadily building up since the start of this rally November the 10th. On and off we've seen 353K, 402K, 545K and 732K shares being traded with the larger volumes being seen since breaking resistance at 1.00 at November the 16th.

When I take a look at the Moving Average Convergence Divergence (MACD) you can see we've had the bullish crossover a couple of trading days ago and we are still up-trending. There is as of yet no sign of any reversal showing up on the daily. (Divergence still positive)

Relative Strength Indicator (RSI) is now just about getting back at the start of being overbought. I say, at the start cause even on the daily chart Orko as we can see from the rally from early September, Orko can stay in the overbought zone for a prolonged time. We are now only a couple days in overbought so still nothing to worry about as far as I'm concerned.

Orko Silver Corp - Developing one of the world's largest Silver deposits
Trading action today again very solid. To most it will seem just like 200K shares traded but take a look at the orders which weren't filled so today again very solid action.

Most juniors were trading down and Orko was trading up and managed to close at 1.18+0.04 (3.51%). All in all still very pleased with the action going on in Orko. What does one need more, this has it all for the short-term trader AND for the long-term trader. For a short-term trader, just take a look at the chart, buy early September, get out September 25, get in early October, get out late October,...

Orko Silver Weekly Chart
Orko Silver Chart November 24, 2009 (Weekly)
Chart is courtesy of marketclub.
Marketclub - Orko Silver Corp. Trend Analysis Marketclub - Orko Silver Corp. Trend Analysis (What's this?)

On to the weekly where we try to spot the expected longer term trend. From the weekly you'll see on the MACD chart that we are only since the start of October trending above the MACD center line. That fact and the fact that we are trading above all Moving Averages bodes well for Orko long term.

Also from the chart you can see the resistance line I've drawn at 1.00 and the bottom at around 0.80. The 1.00 seems pretty clear to me. The 0.80 is found by looking at the 200 MA, you'll see that from the start of the big drop from April 2008 to about September 2008, there is some sideways action going on around 0.80. Besides this, getting under 0.80 there would mean going under the 200 MA. The 0.80 has acted as support and resistance before.

Placing some Fibonacci retracement lines on the chart from our high of about 2.00 and our low of 0.28 gives us 1.14 as another key point as this coincides with the 50% Fibonacci. Fibonacci wise our next target should be 1.34.

Would be a very hard feat for YeOldGoldNugget to describe these charts as being bearish in nature if not near impossible.

This Bull has HornsNope, this bull has horns and some very nice ones mind you. Should be clear to individuals, funds and computer programs that Orko is trading up from here. With Pan American Silver again stating very clearly to have a production decision ready on La Preciosa by the end of 2010 I do not think I need to draw a little picture for visual purposes as to where this thing is going to go...do I?

I think most can do their own maths on that. Here's a little blast from the past and from when I just started up my blog on Orko. Doesn't the low seventies sound cheap now? Back then it probably wasn't to most. That is why it is so important to do your own due diligence, find a stock which you like, with decent management, approachable to shareholders, valid track record, good project(s), plenty of funding, interest from junior/senior...AND STICK WITH IT!

That would be my advice anyway as a long term holder. For the surfers amongst us, please ride the long waves only, don't bet against our precious Orko by going short. That is bad JuJu! The market will punish you for it I'm sure.

I think that's about all I have to say for the moment about Orko. One more thing though, I was going to do a gold chart but time is short so this will have to wait till tomorrow. Only two things I have to say right now, never a bad idea to take some profits off the table and also never to go against the trend. Though I recognize the overbought and the big rally without correction I still find it extremely dangerous betting against this rally. More on that tomorrow.



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Sunday, November 22, 2009

Mexivada Mining Corp. Chart November 20, 2009

Mexivada Mining Corp. Daily Chart
Mexivada Mining Corp. Chart November 20, 2009
Chart is courtesy of marketclub.
Marketclub - Mexivada Mining Corp. Trend Analysis.

Mexivada Mining CorpSome Friday's action that was wouldn't you agree? I am a shareholder of Mexivada Mining Corp. myself and got contacted by a friend who asked me if I would do a chart of Mexivada and I was of course happy to comply with his request.

Hadn't he asked me I'd probably had done one myself considering the perfect breakout and trend reversal popping up on Mexivada's chart.

If you care to take a look at the daily chart you'll see I've put some Fibonacci lines on there. I took extreme care in placing and aligning the Fibonacci lines. The only way I think they could be placed is by aligning the 23.6% line with the bottom at 0.185. That very same bottom which on October the 8th acted as a support as you can see from the chart. From that day on we went back up again.

Sadly, the rally which started October 8 failed to cross the 50.0% line, it however made a high of 0.31 and thus just reached it but from that day on October the 13th the stock was destined to fall back to the support level of 0.185. That low was hit on Thursday and Friday people woke up, realized,...WOW...undervalued, hit low,...MUST BUY!

Anyone wondering what happened Friday. That is what happened. Market realization in full effect!

Looking at the Moving Average Convergence Diagram (MACD) we see a very bullish center line crossover coming on the charts which is very very bullish.

On the daily chart with Friday's action we have broken above the 10 MA (Moving Average) AND above the 30 MA. There are no better indicators to tell a chartist that this stock is on the move again! Extremely bullish I'd say. I love to do charts like this with all these aligning indicators turning positive and bullish.

So daily looks very very good indeed. On to the weekly.

Mexivada Mining Corp. Weekly Chart

Chart is courtesy of marketclub.
Marketclub - Mexivada Mining Corp. Trend Analysis.

What does this tell us. Could the positive daily chart turn into a negative by looking at the weekly? Well, in short. NO! Definitely not!

You can clearly see the 0.20 line here acting both as support AND resistance. (also when I say 0.20 I mean somewhere between 0.18 and 0.20) Now we have come to the time where the 0.20 will start acting like support instead of acting like a resistance like it did early 2009.

What can one see more from the weekly. Well, last week could turn out to be the turning point week for Mexivada. After 7 weeks of mostly down trading and mostly red candles at least since last week finally a very distinguishable large blue candle.

Also on the weekly chart is what to me looks like a Rising Three Methods pattern emerging. Now, I know, I use it on the weekly chart and it are not 3 days/3 candles and such....well...one method, two methods or three methods,...either way I look at it...this thing is going up no matter how many methods!

YeOldGoldNugget is bullish on Mexivada.

My further advice, if this ever gets at or below 0.185 again....START BUYING.

Mexivada Mining Corp.
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Wednesday, November 18, 2009

Orko Silver Chart November 18, 2009

Orko Silver Daily Chart
Orko Silver Chart November 18, 2009
Chart is courtesy of marketclub.
Marketclub - Orko Silver Corp. Trend Analysis.

Breakout alert today! Some very solid action going on in Orko Silver. Too bad I forgot to take a screen shot of the level 2 quotes so you could see the shares being bought. Already early on at around nine thirty about 50K were traded and around eleven o clock another big block of almost 130K and basically on and off buying throughout the entire day.

Not the million shares action like some time ago but more than plenty enough for this trading action today to qualify as a breakout. So yeah, pretty pleased with the chart, daily and weekly. Always nice to have the low the same as the open of the day which was at 1.05. When we hit noon we were already looking at our high of the day at 1.14.

To me, that was like, well, a breath of fresh air to finally see Orko trading above 1.00 and with such decent volume. Really bodes well and I am really excited about what may come next with Orko Silver or La Preciosa. Which treasures of the Sierra Madre are yet to be uncovered and revealed to us?

100 Ounce Silver Bars Johnson Matthey and Englehard - Copyright © 2009 Northwest Territorial MintI'm sure most of you have been waiting for Orko Silver to get above 1.00 and looking to stay above 1.00. Well, with today's action that moment is drawing nearer and nearer and I have to say we are already there.

With today's action we've hit a new 3 week high and a new 3 month high. Those are flashing indicators stating we're on the way up and looking for higher ground. Short term, so daily wise, I'm looking at a continuation of this uptrend. MACD looks very bullish and makes me think we will head up further.

Next target or resistance I'd say would be around 1.20 and to finish the cup and handle would be around 1.40. Extremely bullish I know but if the pattern is completed than 1.40 is the target to look for.

Could it be that investors are realizing that either Orko Silver is an undervalued silver treasure or is this just Orko Silver benefiting of higher silver prices? I think a decent mix of the two ofcourse.

No way anybody is ever going to sell me the story about Orko Silver not having the potential to make it far in this market OR to create shareholder value! I'm not buying! I stick by my decision and turns out at least in my case to have been the right one.

Management has not disappointed me yet and with that I mean, I'm getting a steady, solid and well built march up to higher prices. No more worries about dilution, finances,...just a calm relaxing and exciting train ride to production.

Orko Silver Weekly Chart
Orko Silver Chart November 18, 2009 (Weekly)
Chart is courtesy of marketclub.
Marketclub - Orko Silver Corp. Trend Analysis.

On to the weekly,...again, I'm sure you agree, a very bullish looking chart and bound to make higher highs in the coming weeks ahead. Depending on what gold will do in the times ahead of course.

Looking at the indicators. Weekly volume looks to be increasing. MACD is trading above the center line again and trading upwards which indicates Orko is now officially in a verified uptrend. Trading again above all moving averages.

All in all, things are indeed looking up for Orko. I'm sure there are always some WHINERS out there who'd love no more than to bad mouth a good story. Tough luck and good luck with that trading strategy!

Spend more time whining and become a better whiner, spend more time trading and be bound to become a better trader.

That's YeOldGoldNugget's saying of the day and with that I will leave you and bid you prosperity.



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Gold Continues its Upward Move to 1350

Gold Spot Daily Chart
Gold Spot Daily Chart November 18, 2009
Chart is courtesy of marketclub.
Marketclub - Gold Spot Trend Analysis.

OK. Here it goes :

Beginning October 2009 I did my buy gold now article. Gold was then still trading around 1010. Next days trade gold made a high of 1043....and continued going higher.

At the end of October 2009 I wrote G for gold and back with a vengeance article. Gold was at that time trading around 1040 and had just consolidated back to the second trendline. Next days trade gold made a high of 1066 and continued going higher.

Beginning of November 2009 I wrote my gold breaking out of upper trend channel article. Gold was at that time trading around 1096. Next days trade we hit a high of 1110 and continued going higher.

Gold Bar with Coins - BullionVault.comNow, I'm not trying to say that you can draw a trend line along YeOldGoldNugget but from time to time one has to contemplate and look back upon one's own writing. Is YeOldGoldNugget full of crap, just plain lucky,...or can YeOldGoldNugget follow Gold Nuggets?

Well, that is not for me to decide, I'd probably just go with the full of crap.

So,...what does YeOldGoldNugget think now? Hm? I'm probably way too bullish for my own good but I see 1200 being doable...short term. However, I have to say my short term judgment is a bit clouded by me having looked at the weekly chart. The daily I'd say,...bit of danger here. Well, to me, and to the trend line I've drawn, we are again reaching a crossing point. Will we break that trend line and continue heading further up or will gold do a short term pullback?

Hard to say. Fundamentally I'd say we go straight to 1200 and more, however the daily chart tells me gold is due for a small pull back. If you look at the daily chart you'll notice that gold does not stay for very long in the oversold zone, RSI wise then. So based on that, I'd say we could get a pullback in the very near term.

How far a pullback you say? Well, when we drop to trend line 2 then I'm looking at somewhere around 1084. This also coincides with the 30 Moving Average which together with the trend line can or will act as support.

Don't forget! When we are in a strong uptrend its always a rather dumb idea to be betting against the flow. Same as jumping in front of a moving Silver Train like Orko Silver Corp, thinking it will stop just because you expect it to or so desire it to. That Silver Train, like gold, has left the station. So, in gold's case you're thinking about going short gold then better make sure it's a quick trade cause else you're going to loose more than just your shirt.

Gold Spot Weekly Chart
Gold Spot Weekly Chart November 18, 2009
Chart is courtesy of marketclub.
Marketclub - Gold Spot Trend Analysis.

On to the weekly for direction and confirmation of our trend. Up or down? Stupid question I suppose...well...for the intellectually challenged maybe a solid question?

Time to get the neon signs back from under the dust again. One shows how YeOldGoldNugget feels about the weekly chart and the other gives a visual indication of the trend.
YeOldGoldNugget is VERY VERY VERY HAPPY with the Weekly ChartUp
What more does one need to know?

OK then, MACD looks good and is making higher and higher high's which is extremely bullish. Stochastics has been trading for a little over 2 months in oversold zone. As you can see from the chart, the last big rally got gold trading in oversold area for as much as 7 months! YOINKS!

RSI is not the best of indicators to use when looking at the weekly chart of gold, with that I mean, don't go opening a weekly chart, seeing gold in oversold at RSI and deciding to dump your shares or something like that :-)

Better is it to watch stochastics...when this goes to far towards 60 then I'd start contemplating about selling or taking profits. That is, if you're riding the waves like I am.

Surf's up!


So to round up :

Entering now, probably not THE best of idea's, better wait to see if gold will break this trend line. If in the next days you see gold moving up to 1150, 1155, 1160,...then its a fair bet that 1200 will be knocked down in the very same breath. Remember also that gold could be finishing the Head and Shoulders pattern which has a target of 1350

If you from now see gold opening lower, closing lower, lot of red candles, bit of sideways trading without making new higher grounds than the air is out of the balloon and we need a refill. You'll know and recognize it when it happens. This thus could indicate gold wanting to trade lower and possibly heading back to trend line 2.

Just wait and let the market come to you. Clearly the trend is up, but short term there could be danger ahead. Last thing, the dollar seems to be caving in under the enormous buying which has been going on in the gold market. A high gold price does not bode well for the dollar and looking at the weekly chart of gold and seeing where this could go...not a far stretch of the imagination to think what will happen with the dollar when gold is trading at 1350.



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Sunday, November 15, 2009

Orko Silver Chart November 13, 2009

Orko Silver Daily Chart
Orko Silver Chart November 13, 2009
Chart is courtesy of marketclub.
Marketclub - Orko Silver Corp. Trend Analysis.

Friday the 13th! Truly a unique day since it occurs at least once, but at most three times a year. 2009 turns out being a super year for Friday the 13th's since we've had three this year, one in February, March and November.

When we look at Orko Silver's Friday the 13th's...strangely on both previous occasions, the next trading day following the 13th saw a lower low while Friday the 13th itself saw a higher high? That must be some odd coincidence? Check the chart, on every Friday the 13th you'll see we hit a high of a rally and the next trading day we went lower. The lower candlestick is easily visible in February, it is the blue candlestick with the long lower wick and in March it is the red candlestick in the middle. The candlestick before each of them is the Friday the 13th one.

Enough with the superstition. Time to look at what the chart is telling us. As you will know of course, the daily is used to get a short term look or to better find an entry point into the stock...while the weekly chart is used to spot the trend...which in Orko's case is up by the way.

The last couple of days Orko has been battling with the 1.00 barrier and has since last Friday sorta crossed it or rather closed at it ;-)
If this were a border dispute, I'd say there have been many attempts to cross the border and head for the inland. The more attempts the higher the probability of breaching, that is just pure mathematics. Same goes for Orko Silver.

Of the previous 2 months, Last Friday was in a way the third attempt to breach the 1.00 barrier. Now, Orko Silver has set up camp at the border again.

Now, previous attempts where lacking in some departments. This third attempt has in a way a lot going for it. It still has a Cup and Handle which could get completed,...if the market so desires. We have an emerging double bottom pattern emerging starting mid September, I've highlighted this on the chart by using the red arrows, which follow a W-shape which forms the double bottom. The double bottom is there but this one does not comply with all necessary points needed to qualify as an actual double bottom.

All in all, last couple months saw very decent volume and certainly when compared to the months July and August. Things are definitely picking up. Next trading weeks should bring us further above 1.00 and establishing a definite breach of the under 1.00 figures.

Orko Silver Weekly Chart
Orko Silver Weekly Chart
Chart is courtesy of marketclub.
Marketclub - Orko Silver Corp. Trend Analysis.

As you can see from the weekly chart, we are definitely in an uptrend. MACD is again above the center line and trading upwards. From the chart you can see we are trading above all the Moving Averages so, above the 10, 30 and 200 MA.

I've added some other points on the chart which I would have used to enter or exit the stock. Might be of use to you when trading other stocks. The sell point of 1.80 was obvious, we've had the 10 MA crossing below the 30 MA and going lower, besides that, the earlier trading days saw lower and lower closes. We've had a last up burst but the very next day again a confirmation of wanting to go lower so a perfect time to get out.

I would have bought again at 0.40, mind you I have to tell you, I am a bit more of an aggressive trader so safer would have been to have waited for the MA crossover which meant getting in at around 0.60. But that would have left you with some very cold feet in July and August since the stock went back to those lows.

So always look at the weekly chart. That would have told you that ditching your shares around 0.60 probably was not the smartest of things to do.

Where are we now? Pretty much the same as the daily but with stronger confirmation of trend...which is pretty much up. I'm looking for a continuation of the current trend and thus higher grounds for Orko.

If I see any change in action I will post a quick summary.

Last week's highlight taken from Pan American Silver's last news release :

Pan American has built or expanded and commissioned five new projects in the last six years and its eight mining operations are performing as expected. The Company is now focusing its development efforts on the La Preciosa silver project, in Durango, Mexico. Pan American and its joint venture partner, Orko Silver Corp., announced earlier this year that a comprehensive exploration and development program is currently underway on the plus 32,000 hectare property. Pan American's goal is to complete a feasibility study and be positioned to make a production decision for La Preciosa by the end of 2010.



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Thursday, November 12, 2009

Orko Silver Continues to Receive Encouraging Drilling Results

Orko Silver Corp.

TSX VENTURE: OK
Orko Silver Corp.
Nov 12, 2009 09:00 ET

Orko Silver Continues to Receive Encouraging Drilling Results


The original news release on the Orko Silver Corp. website can be found by clicking here.

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Nov. 12, 2009) - Orko Silver Corp. (TSX VENTURE:OK) is pleased to announce that it continues to receive favorable results from the ongoing drilling program being completed by our joint venture partner, Pan American Silver Corp. (PAA) on the La Preciosa Project in Durango, Mexico.

Diamond drill hole BP09-375 yielded 15.65 metres grading Au 0.579 g/t and Ag 439.4 g/t for a silver-equivalent of 474.1 g/t. Included in this hole is an interval of 5.85 metres grading Au 1.146 g/t and Ag 942.0 g/t for a silver-equivalent of 1,010.7 g/t. Also of note is hole BP09-392 with 16.89 metres grading Au 0.441 g/t and Ag 225.3 g/t for a silver-equivalent of 251.8 g/t.

Gary Cope, President of Orko Silver, states:

We are extremely pleased to see that Pan American's delineation drilling results confirm those initially reported by Orko Silver. The presence of wide high grade intervals is also very encouraging for the project.

The Pan American Phase-I delineation (infill) drilling at La Preciosa consisted of 19 HQ diamond drill holes for a total of 6,316.83 meters and was reported in a news release dated September 08, 2009.

The Phase-II drilling program has commenced and includes further delineation drilling, plus drilling on the previously identified exploration targets located immediately surrounding the La Preciosa deposit. To date, PAA has drilled 40 Phase-II holes, an additional 17 delineation holes and 23 holes on the exploration targets for a total of 9,924.44 meters. Assays for 25 of the Phase-II holes are now available. Delineation drilling is in the Central Area of the La Preciosa Resource. Exploration drilling around the periphery of the Resource includes nine holes from the South Area on the Martha Vein.

Multiple mineralized intercepts are presented in the two tables for the Central Area and South Area testing of the Martha Vein.

The delineation results from the new holes are all located in the known Martha vein structure and were drilled at approximately 50 metre spacing in an area previously drilled by Orko Silver at 100 metre spacing. This data again confirms Orko Silver's previously reported results, and will form the basis of a geostatistical study, toward ultimate resource definition. Phase-II diamond drilling is still underway.

The results of the exploration drilling to date from Baritina and El Vaquero, which are targets outside of the Martha vein resource, have been inconclusive. Further drilling has been done in both areas; results of which are pending. Based on the visual information encountered in the drill core and geological interpretation on cross sections, additional drilling is contemplated in these areas during November and December.

Central Area – La Preciosa Resource
Central Area - La Preciosa Resource
*- In certain holes the Martha vein can be composed of several sub-parallel, silver rich veins: Martha (Sup) - refers to that portion of the Martha vein above the main Martha vein (Superior), and Martha (Inf) - refers to that portion of the Martha vein below the main Martha vein (Inferior)

South Area – La Preciosa Resource
South Area – La Preciosa Resource
*- In certain holes the Martha vein can be composed of several sub-parallel, silver rich veins: Martha (Sup) - refers to that portion of the Martha vein above the main Martha vein (Superior), and Martha (Inf) - refers to that portion of the Martha vein below the main Martha vein (Inferior)

A complete table of drill results is available on our website at the link below:

http://www.orkosilver.com/i/pdf/drillresults.pdf

A detailed drill plan map is available on our website at the link below:

http://www.orkosilver.com/i/pdf/drillplanmaps.pdf

A printer friendly PDF format of this news release is available at the link below:

http://www.orkosilver.com/i/pdf/orkonews11122009.pdf

Ben Whiting, P.Geo., and George Cavey, P.Geo are the Qualified Persons for Orko Silver Corp. and take responsibility for the technical disclosure in this news release.

Silver-equivalent for the purposes of this drilling program is defined as silver grade plus 60 times gold grade. Metallurgical recoveries and net smelter returns are assumed to be 100% for the silver-equivalent value. Base metal values are not included in the silver-equivalent.

About Orko Silver Corp.

Orko Silver Corp. is developing one of the world's largest primary silver deposits, La Preciosa, located near the city of Durango, in the State of Durango, Mexico.

ON BEHALF OF THE BOARD OF DIRECTORS


Gary Cope
President

This News Release may contain forward-looking statements including but not limited to comments regarding the timing and content of upcoming work programs, geological interpretations, receipt of property titles, potential mineral recovery processes, etc. Forward-looking statements address future events and conditions and therefore involve inherent risks and uncertainties. Actual results may differ materially from those currently anticipated in such statements. Orko relies upon litigation protection for forward-looking statements.

The TSX Venture Exchange has not reviewed and does not accept responsibility for this News Release.

Wednesday, November 11, 2009

Pan American Silver Posts Record Silver and Gold Production in the Third Quarter

Pan American Silver Corp.

TSX: PAAS
NASDAQ: PAA
Pan American Silver Round - 1 Ounce - Copyright © 2009 Northwest Territorial Mint
Nov 10, 2009 20:47 ET

Pan American Silver Posts Record Silver and Gold Production in the Third Quarter


Earnings and cash flows up on strong production and higher metals prices

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Nov. 10, 2009) -

(All amounts in US dollars unless otherwise stated and all production figures are approximate)

Link to Pan American Silver Posts Record Silver and Gold Production in the Third Quarter

Pan American Silver Corp. (TSX:PAA)(NASDAQ:PAAS) today reported unaudited financial and operating results for the quarter ended September 30, 2009. The Company also provided an update on operations.

This earnings release should be read in conjunction with the Company's MD&A, Financial Statements and Notes to Financial Statements for the corresponding period, which are available on the Company's website at www.panamericansilver.com, and have been posted on SEDAR at www.sedar.com.

Third Quarter 2009 Highlights(1)
  • Silver production increased 31% to a quarterly record of 6.4 million ounces
  • Gold production increased 331% to a quarterly record of 28,017 ounces
  • Cash costs(2) declined 26% to $4.91 per payable silver ounce
  • Record quarterly sales of $118.6 million, an increase of 49%
  • Cash flow generated by operations, before changes in non-cash operating working capital(3), was $43.3 million, or $0.50 per share outstanding
  • Mine operating earnings(2) increased 124% to $34.7 million
  • Net income was $17.4 million or $0.20 per share, an increase of 172%
  • San Vicente mine produced a quarterly record of 869,000 ounces of silver
  • In October, announced and mailed a friendly offer to acquire Aquiline Resources Inc.

(1) Financial information based on Canadian GAAP; results are unaudited; percentages compare Q3 2009 with Q3 2008

(2) Cash costs per ounce, and mine operating earnings are non-GAAP measures; for detailed descriptions see pages 4 and 11 of the MD&A, respectively

(3) Cash flow generated by operations, before changes in non-cash operating working capital, is a non-GAAP measure. This non-GAAP measure is used by the Company to manage and evaluate operating performance and the Company considers this measure to better reflect normalized cash flow generated by operations.

"This was a very strong quarter for Pan American," said Geoff Burns, President and CEO. "We set new quarterly records for silver and gold production. Our cash costs declined to $4.91 per ounce of silver on the strength of increased byproduct credits. We posted net income of $17.4 million or $0.20 per share and moreover, we generated cash flows from operations, before changes in non-cash operating working capital(3), of $43.3 million or $0.50 per share."

Burns continued; "The main drivers of our third quarter performance were a well executed startup of the San Vicente mine expansion, which has been producing silver beyond our expectations, and a solid quarter at Manantial Espejo. Both these projects, now operating mines, are clear upgrades to our portfolio of assets and are now delivering the kind of returns we hoped for when we made the decisions to invest in their development."

Financial Results


Pan American posted record sales of $118.6 million during the third quarter of 2009. Sales were 49% higher than a year ago, mainly due to greater quantities of silver and gold sold. Silver and gold sales accounted for 63% and 17% of quarterly Company revenues respectively, which has increased Pan American's exposure to precious metals to 80% of total revenues. Sales during the third quarter were also 6% higher than in the second quarter of 2009.

Cost of sales during the third quarter was $61.8 million, 17% higher than in the third quarter of 2008. The increase was directly attributable to greater quantities of silver and gold sold, but was partially offset by the ongoing cost control measures that were implemented at all our operations late last year. Importantly, cost of sales was 6% lower than in the second quarter of 2009.

Mine operating earnings for the quarter were $34.7 million, up 124% from the third quarter of 2008 and $11.2 million higher than in the second quarter of this year. The increase was the result of higher sales volumes mainly from Manantial Espejo and San Vicente and higher realized gold prices, partially offset by increased cost of sales and higher depreciation and amortization charges at both Manantial Espejo and San Vicente.

During the third quarter, the Company generated $43.3 million in cash flow from operating activities, before changes in non-cash operating working capital(3) or $0.50 per share, which represents an increase of 96% compared to a year ago and $7.2 million more than in the previous quarter.

Net income for the quarter was $17.4 million or $0.20 per share, which was 172% higher than a year ago and $7.2 million higher than in the second quarter. Net income for the nine months ended September 30, 2009 was $34.2 million or $0.40 per share. The improvement in the current quarter's net income was driven by higher gold prices and increased silver and gold production coming from Manantial Espejo and the new San Vicente mine expansion.

At September 30, 2009, Pan American had cash and short-term investments of $149.5 million, which represents an increase of $37.1 million from the second quarter of 2009. The increase was the result of positive cash generated from operating activities and unrealized gains of $8.6 million in short-term investments. The strong operating and financial performance pushed the Company's working capital position to $258 million as of the end of September 2009.

Pan American's financial position is excellent. The Company has no debt and its $70.0 million credit facility remains untouched. Additionally, with major capital expenditures at Manantial Espejo and San Vicente now complete, the Company expects to continue generating strong operating earnings and cash flows and is well positioned to fund future development projects.

Production and Operations


During the third quarter of 2009, Pan American set a new Company silver production record of 6.4 million ounces, a 31% increase from a year ago. Once again, Alamo Dorado was the Company's largest silver-producing asset and contributed 1.6 million ounces of silver, followed by Manantial Espejo and the new San Vicente mine, which contributed 1.0 million and 0.9 million ounces of silver respectively. La Colorada had a good quarter, producing 0.9 million ounces of silver, while Morococha added another 0.7 million ounces of silver to the Company's total thanks to higher silver grades and throughput.

San Vicente's new processing plant and mine expansion, which was commissioned in April of this year, was in its first full three months of commercial production during the third quarter. The mine has had an exceptional startup, consistently exceeding management's expectations for silver production. Both processed ore grade and metallurgical recovery have been running well above forecast and this trend is expected to continue for the balance of this year.

Pan American continues to increase its gold production, which reached 28,017 ounces in the third quarter. Manantial Espejo alone produced 20,280 ounces due to higher than expected gold grades and recoveries. The Mexican operations contributed an additional 6,719 ounces to total gold production. Since the first quarter of 2009, gold has become the Company's single most valuable by-product and now accounts for approximately 17% of total revenues.

Consolidated cash costs for the quarter were $4.91 per ounce of silver net of by-product credits, well below the Company's guidance for 2009 and 26% lower than a year ago. Gold by-product credits had a significant positive impact on costs at Manantial Espejo and Alamo Dorado which posted cash costs of $(3.11) and $4.37 per ounce of silver, respectively. Cost control measures helped maintain cash costs at both Morococha and La Colorada below our annual guidance; however, cash costs at Huaron remained high due to the negative effect of the closure of the La Oroya smelter.

Future Growth

Pan American has built or expanded and commissioned five new projects in the last six years and its eight mining operations are performing as expected. The Company is now focusing its development efforts on the La Preciosa silver project, in Durango, Mexico. Pan American and its joint venture partner, Orko Silver Corp., announced earlier this year that a comprehensive exploration and development program is currently underway on the plus 32,000 hectare property. Pan American's goal is to complete a feasibility study and be positioned to make a production decision for La Preciosa by the end of 2010.


Recent Developments


On October 30th, 2009, Pan American mailed a formal take-over bid circular and related documents to all Aquiline Resources Inc ("Aquiline") security holders, pursuant to the previously announced friendly take-over bid for Aquiline. The transaction value implied by the offer for Aquiline's common shares as well as for each series of outstanding Aquiline warrants and Aquiline convertible debenture is approximately Cdn $626 million based on closing prices on October 13, 2009, being the last day prior to the public announcement of the transaction.

Based on Aquiline's public disclosure, Aquiline's primary asset, the Navidad silver development project in the Province of Chubut, Argentina, is one of the world's largest undeveloped silver deposits. If successful, the acquisition will add a world-class silver development project to Pan American's portfolio and will provide an opportunity for the Company to build on its recent successful experience in Argentina. Pan American believes that it is uniquely positioned to develop Navidad because of its proven construction and development team, its operating expertise, its exemplary community and government relations in Argentina, its strong environmental and safety record, and its financial strength.

If successful, the acquisition of Aquiline, with its Navidad project are expected to be transformational to Pan American's growth profile and have the potential to propel our annual silver production to an entirely new level.

Pan American's offers will be open for acceptance until 9:00pm Eastern Time on December 7th, 2009, unless the offers are extended or withdrawn. Further details are contained in the take-over bid circular and related documents which have been filed on SEDAR and EDGAR and can be found on the Company's web site (www.panamericansilver.com).

Outlook


During the first nine months of 2009, Pan American produced 17.1 million ounces of silver at consolidated cash costs of $5.57 per ounce of silver net of by-product credits, and 74,080 ounces of by-product gold. With Manantial Espejo in its first year of commercial production and the expanded San Vicente mine performing well above expectations, Pan American is confident that it will comfortably meet its forecasted annual production target of 21.5 million ounces of silver and 85,000 ounces of gold for 2009, excluding production from Quiruvilca. Furthermore, the Company now expects that its consolidated cash costs for the full year in 2009 will be below the previously announced guidance of approximately $6.00 per ounce of silver.

Closing Comment


In closing, Geoff Burns commented; I believe it is fair to say that we continue to deliver on our promises. The current quarter's excellent financial results are a testament to our core strength, building and operating silver mines. Having successfully commissioned two new operations in the first nine months of the year, it is truly rewarding to start reaping the benefits of those investments.

Now looking to the future, I can't think of a more exciting time to be part of Pan American Silver. With our operating mines performing solidly, with silver and gold prices near all time highs and with La Preciosa and hopefully Navidad in our growth pipeline, we are poised to move to the next level, creating new value and generating real returns for our shareholders.


About Pan American Silver


Pan American Silver's mission is to be the world's largest and lowest cost primary silver mining company by increasing its low cost silver production and silver reserves. The Company has eight mining operations in Mexico, Peru, Argentina and Bolivia.

Technical information contained in this news release has been reviewed by Michael Steinmann, P.Geo., Executive Vice President Geology & Exploration, and Martin Wafforn, P.Eng., VP Technical Services, who are the Company's Qualified Persons for the purposes of NI 43-101.

Conference Call


Pan American will host a conference call to discuss financial and operating results on Wednesday, November 11, 2009 at 11:30 am ET (8:30 am PT). To participate, North American and international participants dial 1-480-629-9713. The call will also be broadcast live on the Internet at www.investorcalendar.com/IC/CEPage.asp?ID=151799. Listeners may also gain access by logging on at www.panamericansilver.com. The call will be archived for replay for one week and can be accessed by dialing 1-303-590-3030 and entering pin number 4179606.

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CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS

CERTAIN OF THE STATEMENTS AND INFORMATION IN THIS NEWS RELEASE CONSTITUTE "FORWARD-LOOKING STATEMENTS" WITHIN THE MEANING OF THE UNITED STATES PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995 AND "FORWARD-LOOKING INFORMATION" WITHIN THE MEANING OF APPLICABLE CANADIAN PROVINCIAL SECURITIES LAWS RELATING TO THE COMPANY'S AND ITS OPERATIONS. ALL STATEMENTS, OTHER THAN STATEMENTS OF HISTORICAL FACT, ARE FORWARD-LOOKING STATEMENTS. WHEN USED IN THIS NEWS RELEASE THE WORDS "ANTICIPATE", "BELIEVE", "ESTIMATE", "EXPECT", "INTEND", "TARGET", "PLAN", "FORECAST", "STRATEGIES", "GOALS", "OBJECTIVES", "BUDGET", "MAY", "SCHEDULE" AND OTHER SIMILAR WORDS AND EXPRESSIONS, IDENTIFY FORWARD-LOOKING STATEMENTS OR INFORMATION. THESE FORWARD-LOOKING STATEMENTS OR INFORMATION RELATE TO, AMONG OTHER THINGS: THE PRICE OF SILVER AND OTHER METALS; THE ABILITY OF THE COMPANY TO SUCCESSFULLY COMPLETE THE PROPOSED TRANSACTION WITH AQUILINE RESOURCES INC. OR TO TAKE-UP AND PAY FOR ANY SUCH SECURITIES, AND THE EFFECTS OF ANY SUCH ACQUISITION ON THE COMPANY; THE EFFECTS OF LAWS, REGULATIONS AND GOVERNMENT POLICIES AFFECTING PAN AMERICAN'S OPERATIONS OR POTENTIAL FUTURE OPERATIONS, INLCUDING BY NOT LIMITED TO, LAWS IN THE PROVINCE OF CHUBUT, ARGENTINA, WHICH, AMONG OTHER THINGS, CURRENTLY PROHIBIT OPEN-PIT MINING AND THE USE OF CYANIDE IN MINING AND WHICH, AS CURENTLY ENACTED, WOULD LIKELY RENDER ANY FUTURE CONSTRUCTION AND DEVELOPMENT OF THE NAVIDAD PROJECT UNECONOMIC OR NOT POSSIBLE AT ALL; FUTURE SUCCESSFUL DEVELOPMENT OF THE NAVIDAD PROJECT AND OTHER DEVELOPMENT PROJECTS OF THE COMPANY; THE SUFFICIENCY OF THE COMPANY'S CURRENT WORKING CAPITAL, ANTICIPATED OPERATING CASH FLOW OR ITS ABILITY TO RAISE NECESSARY FUNDS; THE ACCURACY OF MINERAL RESERVE AND RESOURCE ESTIMATES AND ESTIMATES OF FUTURE PRODUCTION; ESTIMATED PRODUCTION RATES FOR SILVER AND OTHER PAYABLE METALS PRODUCED BY THE COMPANY; TIMING OF PRODUCTION AND THE CASH AND TOTAL COSTS OF PRODUCTION AT EACH OF THE COMPANY'S PROPERTIES; THE ESTIMATED COST OF AND AVAILABILITY OF FUNDING FOR ONGOING OR FUTURE DEVELOPMENT PLANS AND CAPITAL REPLACEMENT, IMPROVEMENT OR REMEDIATION PROGRAMS; THE ESTIMATED COST AND TIMING OF RAMP-UP OF MANANTIAL ESPEJO AND SAN VICENTE; THE ESTIMATES OF EXPECTED OR ANTICIPATED ECONOMIC RETURNS FROM THE COMPANY'S MINING PROJECTS, AS REFLECTED IN FEASIBILITY STUDIES OR OTHER REPORTS PREPARED IN RELATION TO DEVELOPMENT OF PROJECTS; ESTIMATED EXPLORATION EXPENDITURES TO BE INCURRED ON THE COMPANY'S VARIOUS SILVER EXPLORATION PROPERTIES; FORECAST CAPITAL AND NON-OPERATING SPENDING; FUTURE SALES OF THE METALS, CONCENTRATES OR OTHER PRODUCTS PRODUCED BY THE COMPANY; RECOVERY IF ANY OF AMOUNTS DUE FROM DOE RUN PERU; AND THE COMPANY'S PLANS AND EXPECTATIONS FOR ITS PROPERTIES AND OPERATIONS.

THESE STATEMENTS REFLECT THE COMPANY'S CURRENT VIEWS WITH RESPECT TO FUTURE EVENTS AND ARE NECESSARILY BASED UPON A NUMBER OF ASSUMPTIONS AND ESTIMATES THAT, WHILE CONSIDERED REASONABLE BY THE COMPANY, ARE INHERENTLY SUBJECT TO SIGNIFICANT BUSINESS, ECONOMIC, COMPETITIVE, POLITICAL AND SOCIAL UNCERTAINTIES AND CONTINGENCIES. MANY FACTORS, BOTH KNOWN AND UNKNOWN, COULD CAUSE ACTUAL RESULTS, PERFORMANCE OR ACHIEVEMENTS TO BE MATERIALLY DIFFERENT FROM THE RESULTS, PERFORMANCE OR ACHIEVEMENTS THAT ARE OR MAY BE EXPRESSED OR IMPLIED BY SUCH FORWARD-LOOKING STATEMENTS CONTAINED IN THIS NEWS RELEASE AND THE COMPANY HAS MADE ASSUMPTIONS AND ESTIMATES BASED ON OR RELATED TO MANY OF THESE FACTORS. SUCH FACTORS INCLUDE, WITHOUT LIMITATION: FLUCTUATIONS IN SPOT AND FORWARD MARKETS FOR SILVER, GOLD, BASE METALS AND CERTAIN OTHER COMMODITIES (SUCH AS NATURAL GAS, FUEL OIL AND ELECTRICITY); FLUCTUATIONS IN CURRENCY MARKETS (SUCH AS THE PERUVIAN SOLES, MEXICAN PESO, ARGENTINE PESO AND BOLIVIAN BOLIVIANO VERSUS THE U.S. DOLLAR); RISKS RELATED TO THE TECHNOLOGICAL AND OPERATIONAL NATURE OF THE COMPANY'S BUSINESS; CHANGES IN NATIONAL AND LOCAL GOVERNMENT, LEGISLATION, TAXATION, CONTROLS OR REGULATIONS AND POLITICAL OR ECONOMIC DEVELOPMENTS IN CANADA, THE UNITED STATES, MEXICO, PERU, ARGENTINA, BOLIVIA OR OTHER COUNTRIES WHERE THE COMPANY MAY CARRY ON BUSINESS IN THE FUTURE; RISKS AND HAZARDS ASSOCIATED WITH THE BUSINESS OF MINERAL EXPLORATION, DEVELOPMENT AND MINING (INCLUDING ENVIRONMENTAL HAZARDS, INDUSTRIAL ACCIDENTS, UNUSUAL OR UNEXPECTED GEOLOGICAL OR STRUCTURAL FORMATIONS, PRESSURES, CAVE-INS AND FLOODING); RISKS RELATING TO THE CREDIT WORTHINESS OR FINANCIAL CONDITION OF SUPPLIERS, REFINERS AND OTHER PARTIES WITH WHOM THE COMPANY DOES BUSINESS; INADEQUATE INSURANCE, OR INABILITY TO OBTAIN INSURANCE, TO COVER THESE RISKS AND HAZARDS; EMPLOYEE RELATIONS; RELATIONSHIPS WITH AND CLAIMS BY LOCAL COMMUNITIES AND INDIGENOUS POPULATIONS;
AVAILABILITY AND INCREASING COSTS ASSOCIATED WITH MINING INPUTS AND LABOUR; THE SPECULATIVE NATURE OF MINERAL EXPLORATION AND DEVELOPMENT, INCLUDING THE RISKS OF OBTAINING NECESSARY LICENSES AND PERMITS AND THE PRESENCE OF LAWS AND REGULATIONS THAT MAY IMPOSE RESTRICTIONS ON MINING, INCLUDING THOSE CURRENTLY IN THE PROVINCE OF CHUBUT, ARGENTINA; DIMINISHING QUANTITIES OR GRADES OF MINERAL RESERVES AS PROPERTIES ARE MINED; GLOBAL FINANCIAL CONDITIONS; BUSINESS OPPORTUNITIES THAT MAY BE PRESENTED TO, OR PURSUED BY, THE COMPANY; THE COMPANY'S ABILITY TO COMPLETE AND SUCCESSFULLY INTEGRATE ACQUISITIONS AND TO MITIGATE OTHER BUSINESS COMBINATION RISKS; CHALLENGES TO, OR DIFFICULTY IN MAINTAINING, THE COMPANY'S TITLE TO PROPERTIES AND CONTINUED OWNERSHIP THEREOF; THE ACTUAL RESULTS OF CURRENT EXPLORATION ACTIVITIES, CONCLUSIONS OF ECONOMIC EVALUATIONS, AND CHANGES IN PROJECT PARAMETERS TO DEAL WITH UNANTICIPATED ECONOMIC OR OTHER FACTORS; INCREASED COMPETITION IN THE MINING INDUSTRY FOR PROPERTIES, EQUIPMENT, QUALIFIED PERSONNEL, AND THEIR COSTS; AND THOSE FACTORS IDENTIFIED UNDER THE CAPTION "RISKS RELATED TO PAN AMERICAN'S BUSINESS" IN THE COMPANY'S MOST RECENT FORM 40F AND ANNUAL INFORMATION FORM FILED WITH THE UNITED STATES SECURITIES AND EXCHANGE COMMISSION AND CANADIAN PROVINCIAL SECURITIES REGULATORY AUTHORITIES. INVESTORS ARE CAUTIONED AGAINST ATTRIBUTING UNDUE CERTAINTY OR RELIANCE ON FORWARD-LOOKING STATEMENTS. ALTHOUGH THE COMPANY HAS ATTEMPTED TO IDENTIFY IMPORTANT FACTORS THAT COULD CAUSE ACTUAL RESULTS TO DIFFER MATERIALLY, THERE MAY BE OTHER FACTORS THAT CAUSE RESULTS NOT TO BE AS ANTICIPATED, ESTIMATED, DESCRIBED OR INTENDED. THE COMPANY DOES NOT INTEND, AND DOES NOT ASSUME ANY OBLIGATION, TO UPDATE THESE FORWARD-LOOKING STATEMENTS OR INFORMATION TO REFLECT CHANGES IN ASSUMPTIONS OR CHANGES IN CIRCUMSTANCES OR ANY OTHER EVENTS AFFECTING SUCH STATEMENTS OR INFORMATION, OTHER THAN AS REQUIRED BY APPLICABLE LAW.



For more information, please contact
Pan American Silver Corp.
Kettina Cordero
Coordinator, Investor Relations
(604) 684-1175
(604) 684-0147 (FAX)
info@panamericansilver.com
www.panamericansilver.com

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