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Silver mining companies, that trade on a Canadian stock exchange, are compared on the basis of their market capitalization per ounce of silver equivalent. For more details on these calculations please see Calculating Mining Company Valuation Process.
Average market capitalization per ounce of silver equivalent: US $0.85.
Number of companies included in the Silver List: 29.
Total silver ounces (all deposits and all classifications): 6,898 M oz.
The silver mining companies in the Silver List, are listed below. A table view of the silver companies, a chart showing per company ore value per tonne versus company market capitalization per onuce of silver equivalent and charts comparing silver mining companies on the basis of market capitalization are presented on separate pages.
Click on a company's TSX/TSXV trading symbol to view its full NI 43-101 Metal Valuation Report.
2010-Mar-03 updated Endeavour Silver Corp. (EDR) reserve and resource counts.
2010-Mar-01 updated Scorpio Mining (SPM) fully diluted share count.
2010-Mar-01 updated Silvercorp Metals (SVM) Silvertip deposit resource counts and Ying mine area reserves and resource counts.
2010-Mar-01 updated Coeur d'Alene Mines (CDM) resource counts.
2010-Feb-26 updated Coeur d'Alene Mines (CDM) fully diluted share count.
2010-Feb-23 updated Silvercorp Metals (SVM) fully diluted share count and resource estimates.
2010-Feb-19 moved the Silvertip deposit from Silver Standards (SSO) to Silvercorp Metals (SVM).
2010-Feb-16 added Nayarit Gold Inc. (NYG) to the silver list.
2010-Feb-16 updated Silver Standard Resources Inc. (SOO) fully diluted share count to include over-allotment shares.
2010-Feb-12 updated Silver Standard Resources Inc. (SOO) fully diluted share count, reserve estimates and resource estimates. Removed separate reporting of the Sulphurats project (believed to be part of Brucejack).
2010-Feb-11 updated Pan American Silver Corp. (PAA) fully diluted share count, reserve estimates and resource estimates.
2010-Feb-10 updated Arian Silver Corporation (AGQ) fully diluted share count with numbers from the recently closed PP.
2010-Feb-04 updated Fortuna (FVI) fully diluted share count based on their February 3, 2010 $30M financing announcement.
2010-Feb-01 updated Genco Resources Ltd (GGC) fully diluted share count and reserve/resource estimates based on their January 29th press releases.
2010-Feb-01 updated ECU Silver Mining (ECU) fully diluted share count.
2010-Jan-27 updated Silver Standard Resources (SSO) fully diluted share count, updated Snowfield metal counts and added Brucejack metal counts.
2010-Jan-19 updated First Majestic Silver Corp. (FR) to add the Real de Catorce Silver mine (acquired from Normabec Mining Resources).
2010-Jan-19 added Arian Silver (AGQ) to the silver list.
2010-Jan-18 updated Avino Silver & Gold Mines (ASM) fully diluted share count and added the Sulfide tailings to the resource count.
2010-Jan-18 updated Fortuna Silver Mines (FVI) fully diluted share count.
2010-Jan-14 updated Paramount Gold & Silver (PZG) fully diluted share count to reflect latest published count from a January 12, 2010 presentation.
2010-Jan-12 updated Endeavour Silver (FR) fully diluted share count to reflect latest published count from their website.
2010-Jan-12 updated First Majestic Silver Corp. (FR) fully diluted share count to reflect latest published count from their website.
2010-Jan-12 updated Great Panther Resources (GPR) fully diluted share count to reflect latest published count from their website.
2010-Jan-04 updated Genco Resources Ltd. (GGC) fully diluted share count to reflect December 31, 2009 shares granted towards exploration debt settlement.
2009-Dec-23 for the record, average ore values reported for the Silver List as a whole, were not correct prior to December 23, 2009. Per company calculations and other metrics were not affected and their past values remain unchanged.
2009-Dec-23 merged Aquiline Resources metal counts with Pan American Silver and adjusted the Pan American Silver estimated fully diluted share count to reflect the expected friendly takeover. See PAA for more details.
2009-Dec-07 updated Alexco Resource Corp. (AXR) fully diluted share count plus resource counts for the Bellekeno deposit based on the December 2009 NI 43-101 report.
2009-Dec-07 added Impact Silver Corp.(IPT) to the Silver List. However IPT NI 43-101 reserve and resource definitions are not available for several producing mines -- production started without completing the NI 43-101.
2009-Nov-30 updated SilverCrest Mines(SVL) fully diluted share count and project resource estimates.
2009-Nov-30 updated Aquiline Resources Inc. (AQI) resource estimates for Pico Machay based on the November 25, 2009 NI 43-101 report.
2009-Nov-24: updated Great Panther resource counts GPR.
2009-Oct-19: corrected Revett Minerals Inc. RVM, Troy mine totals (77.48M Oz of silver were double counted). Industry totals and charts to be updated with the October 19th after market close updates.
2009-Sep-14: after the close the following silver explorers will be added to the Silver List:
2009-Sep-01: Updated the Fortuna Silver Mines resource counts for the Caylloma project (August 12, 2009 NI 43-101 report).
2009-Aug-24: Additions to the Silver List to integrate some of the largest undeveloped silver deposits
Alexco Resource Corp., AXR, holds Bellekeno, a deposit with grades above 1000 g/t silver, in the historic Keno Hill silver district.
Quote from a July 24th news release:
July 14, 2009 Vancouver, British Columbia -- Alexco Resource Corp. (TSX:AXR, NYSE-AMEX:AXU) ("Alexco" or the "Company") is pleased to
report that the Yukon Government has issued a positive Decision Document agreeing with the recommendation of the Yukon
Environmental and Socioeconomic Assessment Board that the Bellekeno Mine project should proceed.
The issuance of this Decision Document completes the environmental and socioeconomic assessment of the
Bellekeno Mine project, providing a framework for mitigations that will be included in both the Quartz Mining Licence and the Type A Water Use Licence.
Aquiline Resources Inc, AQI, holds the Navidad deposit in Argentina, a deposit with above average silver grades,
large ore quantities that has potential for surface extraction. With Navidad as its core silver holding, Aquiline Resources had the second largest
in-site silver holdings of companies in the Silver List (August 2009). Quote from the June 30, 2009 MD&A filing:
The main focus of the Corporation will be to work with the provincial
government and local community in seeking a modification or removal of the existing ban on
open pit mining in Chubut province of Argentina.
Bear Creek Mining, BCM, holds the Corani deposit in Peru. Silver grades are below the GoldMinerPulse
Silver List average. However, the deposit
holds significant high grade lead and zinc deposits. Quote from the June 30, 2009 MD&A filing:
The Company has recognized the current status of capital markets and the difficulty in raising
additional capital and as a result has decreased its ongoing exploration expenditures in order to
preserve its current cash and cash equivalents. In order to preserve cash and cash equivalents,
the Company has reduced its staffing levels, postponed completion of its prefeasibility study on
Corani to September 2009, reduced exploration costs and has significantly curtailed drilling
activity.
High River Gold Mines, HRG, holds a share of Prognoz, a very high grade silver deposit. The company has had financial problems and recently
OAO Severstal has taken a 61.7% holding in High River Gold Mines.
Quote from the June 30, 2009, MD&A:
In light of recently completed independent valuations, the Company has revisited its intentions with respect
to the Prognoz silver project. As per the Company's accounting policy for exploration properties and deferred
exploration, the Company has considered whether events or changes in circumstances exist as at June 30, 2009 to
indicate whether any exploration property carrying values may not be recoverable. The Company has determined at
this time that the Prognoz silver project is no longer a key exploration property and, given the absence of any further
budgeted exploration or development spending for 2009 or 2010, the Company feels that sufficient impairment
indicators exist as at June 30, 2009 with respect to the Prognoz gold project to require further assessment for
impairment.
Mines Management, MGT, holds the Montanore copper-silver depsoit in Montana. As of mid 2009, the company
is working through permitting issues.
Quote from the June 30, 2009, MD&A:
We are an exploration stage company with a large silver-copper project, the Montanore Project, located in northwestern Montana.
The Montanore Silver-Copper Project continues to be the Company's sole focus. In addition to its advanced exploration and delineation drilling program, the Company is continuing its repermitting efforts with federal and state agencies and its
engineering optimization review of the Project.
...
The Company continues to work on technical and regulatory issues with the agencies with regard to the EIS, project mitigation, public
comments and other project issues. The Company continues to collect baseline data in anticipation of starting up the evaluation work
in 2010. This includes data regarding fisheries, water quality, grizzly bear, and other important environmental receptors. Also, a site
meeting occurred in June, 2009 with the Montana DEQ, U.S. Forest Service, Environmental Protection Agency, and Army Corps of
Engineers to review the project as part of their selection of the Least Damaging Practical Alternative (LDPA) process.
Revett Minerals, RVM, holds Rock Creek, another Montana copper-silver deposit. Grades and challenges at
Rock Creek appear to be very similar to those at Montanore.
Quote from the June 30, 2009, MD&A:
At June 30, 2009, the Company had negative working capital of $3.7 million and the Company
incurred a loss for the six months ended June 30, 2009 of $1.9 million. Future declines in the
price of copper and silver could result in a further reduction in working capital and cash flows.
...
Furthermore, the Company does not have sufficient cash to undertake any significant
activities at Rock Creek at this time.
The August 24th additions, of the large undeveloped silver deposits, increased to the silver list total ounces of in-situ silver in the Silver List by approximately 47%.
The silver mining companies listed above control 4 of the 20 producing silver mines in 2008 and the top 10 undeveloped silver deposits. The GoldMinerPulse Worlds Silver Mines and Largest Undeveloped Deposits web page provides a world view of silver production over the past year.
Please see the Canadian silver mining company valuation metrics web page for more details related to the silver miners presented above.
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