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http://www.baystreet.ca/users/newswire/viewarticle.aspx?id=68758 ?? Tuesday, August 18, 2009 Silver speaks volumes for quiet Canadian junior miner: CMC Metals Ltd. (V.CMB) One of the wonders of this country is its vast (and to date, untapped)
CMC Metals Ltd., trading on the TSX Venture Exchange under the symbol CMB, is aggressively making tracks in Western Canada, exploring and developing three advanced-stage properties, of which the Yukon-based Silver Hart mine will be first.
CMB is focused on creating maximum value for shareholders through the aggressive development and production of advanced stage properties high-grade silver properties. Its mandate is developing properties with a high potential of becoming profitable mid-sized mines.
Only four years old, CMB's objective was to buy up a medium-size high grade precious metals deposit, well-advanced in exploration, yet still below the hurdle rate for most large corporations, then to bring the project to fruition.
Back to Silver Hart, the excitement the company feels over the property is its enormous potential; the site is wholly-owned by CMB and is set to become a 20,000-tonne-per-year mine. It is a high-grade silver deposit with grades averaging better than 1.93 kilograms (56.5 ounces) per tonne in the TM zone. The company is constructing a prefabricated mill at a facility in Nevada, set for completion sometime this fall. The mill is set to come online in 2010's second-quarter, making CMB Canada's newest long-term debt-free unhedged silver producer.
To date, $8.5 million has been spent into exploration and infrastructure around Silver Hart, so great, the company thinks, is its potential. The company has calculated a breakeven silver cost of $4.45 U.S. per ounce with base metals credited towards operating expenses.
If silver prices rise to only $10 an ounce, work on the Silver Hart mine could potentially average about $8 million in revenues over the next three years, producing an average rate of return of 250%. If prices jump to $14 an ounce, that figure could rise correspondingly, averaging more nearly $11 million over the same period, giving off an rate of return topping 400%.
Elsewhere in the Yukon lies CMB's Logjam property, accessible by an all-weather surface located about 200 kilometres east-southeast of Whitehorse. Nearly 70 years later, the Logjam property is home to at least 10 northeasterly striking mineralized fracture zones, rather than clear-cut massive quartz veins as has been suggested in the past. The eight underground zones average anywhere from 7.5 to nine ounces per tonne (opt) of silver, while two surface mines have yielded as much as 17.7 opt.
A third property, the Wheelbarrow, is located in British Columbia's north-westernmost corner, and has been mined since the early portion of the 20th century. There are seven known mineralized zones that have been identified with high grade silver. CMB, who optioned the property in June of this year, is interested in continuing the drilling and sampling of the zones to define the strike and depth of the mineralized zones to determine just how much of the resource is available, and to conduct a preliminary mine assessment.
The company is hoping to ride the potential of Silver Hart and its other properties into the black. The last quarter for which there is financial information is the company's second of the fiscal year, which ended in March. CMB was then in a loss position around $71,500, less than half the $146,000 figure posted in the similar quarter the year before.
There is a sense the company's fortunes are a lot like the start of a Grand Prix race; speed is low but acceleration is high, and with experts such as David Bond also singing its praises as a solid, fairly solvent, and above all, debt-free, CMB is looking for great things. In mid-August, the cost per share came in around 25 cents, quite a bit higher than its March trough of seven cents, but still cheaper than its 52-week high of 31 cents, recorded in pre-recession September of last year.
Silence may be golden, but here is one silver company that plans to make quite a racket in the next couple of years, one that investors
should heed.
http://www.baystreet.ca/users/newswire/viewarticle.aspx?id=68371
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Gold-Silver Mining Expert and Award Winning Journalist Describes CMC Metals as Debt-free Unhedged and Gearing Up for Cash-Positive Silver Production
8/17/2009 (BAYSTREET NEWSWIRE)
Precious Metals Review of CMC Metals Ltd. (TSX-V: CMB)(Pink Sheets: CMCXF) provides insight into the opportunity afforded investors as the CMC Metals 100% owned Silver Hart mine and mill is set to come online in Q2 2010, making CMB.V Canada's newest long term debt free unhedged silver producer. This exciting exploration/near-term producer is the subject of a recently published article by regular Kitco contributor, gold and silver mining expert, journalist David Bond. Precious Metals Review has published a synopsis of the article and provides full text of the aforementioned subject article.
The full review with chart may be seen at
http://www.preciousmetalsreview.com/PMRcmbbond.pdf
online. editor@preciousmetalsreview.com PS Welcome back ebear
Excerpts:
"...after interviewing CMC Metals' CEO, Don Wedman (P.Eng) and going over CMC's very conservative estimates of its silver stash, cost of production and decimal-point-defying ore grades, and a quiet heads-up from our most reliable stock-picker, we're going to take a flyer on this no-brainer.
CMC Metals is in the process of installing a prefabricated 80 tonne/day mill (upgradable to 300 t.p.d.) at its 100%-owned Silver Hart project in the south-central Yukon. They've exposed a 6.5 million-ounce resource of high-grade silver averaging more than 56 ounces per tonne. That's about 5 times the cut-off grade here in the Coeur d'Alene District's underground mines, except that this baby's open-pit. CMC has blocked out an initial 9 million ounces of silver with a very nice 7.5% lead and zinc component that knocks the extraction cost down to a very comfortable $4.45/oz.
The story gets better. The 5200-acre Silver Hart is less than 5 percent explored; there are 20 known mineralized trench showings with visible massive galena, with only three of the 20 zones having been drilled so far. Extrapolating the numbers a bit from what CMB already has blocked out, and you could easily be staring at a 55-million oz. deposit. Additionally, CMC Metals has another pair of properties – one in late-stage development, in close proximity to the Silver Hart."
This release may contain forward-looking statements regarding future events that involve risk and uncertainties. Readers are cautioned that these forward-looking statements are only predictions and may differ materially from actual events or results. Articles, excerpts, commentary and reviews herein are for information purposes and are not solicitations to buy or sell and of the securities mentioned. Readers are referred to the terms of use, disclaimer and disclosure located at the above referenced URL.
Contact Info:
Greg Thompson, Editor
Precious Metals Review Journal
News Release -
July 31, 2009 05:34 PM ET
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Bonanza Grades and 41,900 g/tonne Silver Intersection with Silver Grades Averaging Over 1.93 kg/tonne (56.5 oz/ton) on CMC Metals Ltd. Silver Hart
Valuation Advisory: CMC Metals Ltd. (TSX-V: CMB) appears undervalued with only ~30M shares outstanding and trading under CDN$0.25. The current market cap of CMB.V relative to the inherent value of their advanced stage high grade properties seems disproportionate. CMC Metals Ltd. silver mill is now 75% complete and CMB.V will soon begin silver production. Ore from open pit mining of high grade veins is set to be processed through the new on site mill at their 100% owned Silver Hart Yukon Property where silver grades average over 1.93 kg/tonne (56.5 oz/ton). An estimated initial 1,000,000+ ounces silver production per annum is expected at USD$4.45/oz breakeven. NEW YORK, NY, July 31, 2009 /Sector Newswire/ - Precious Metals Review of CMC Metals Ltd. (TSX-V: CMB) provides insight into the opportunity afforded investors as the Company gears up to become Canada's newest silver producer in Q2 2010 utilizing their 100% owned Silver Hart silver mine and expands on their 9+ million oz of silver resource. In preparation for excavation plans when the pre-production phase of the mine starts CMC Metals has conducted sampling tests and the results announced in the last week are indicative of the high silver grades, including news of "41,900 Grams per Tonne intersection in the TM Pit" (over 0.15m). The full Precious Metals Review / Valuation Analysis Commentary with chart may be seen at
http://sectornewswire.com/PMRcmbjul09.pdf
Excerpts:
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"CMC Metals Ltd. is a Canadian-based advance stage development mining company and will be Canada's newest silver producer in Q2 2010 utilizing their 100% owned Silver Hart silver mine. The full Precious Metals Review / Valuation Analysis Commentary with chart may be seen at
Silver Hart, Yukon Territory, Canada: Silver Hart is a high grade silver property averaging over 56.5 ounces silver per ton (1930g/t). The current resource at Silver Hart is 9 million oz of silver, 17.6 million lb’s lead and 58.6 million lb’s of zinc in the three zones and CMC Metals is now in the advanced permitting stage on the project. By early October 2009 the Yukon Environmental and Socio-economic Assessment Board (YESAB) is expected to give CMB.V their development permits. CMB.V has already performed improvements in support of development side including mill pads, pressure area pads, the pit is completely stripped open, and about 1500 tonnes of ore containing over an estimated USD$1,000,000 of metal is stockpiled. An eight module prefabricated 80-tonne-per-day (TPD) mill is being constructed in Nevada with a delivery date expected this fall and there is the potential to increase the mill rate to 300 TPD with additional permitting and nominal capex.
The first zone to be surface mined will be the 'TM', which contains an estimated high grade silver resource of 6.5 million ounces, 11.5 pounds of lead and 19.9 million pounds of zinc. During the first two years 50,000 tons of ore will be mined by open pit methods prior to beginning operations below ground. The mill runs all year long however the actual mining season is ~150 days/year, sufficient ore is stockpiled in that period. The above ground component is expected to yield on average 1100gpt of silver and 7.5% lead and zinc. The company has calculated a breakeven silver cost of USD$4.45 per ounce with base metals credited towards operating expenses ($4.45/oz cash cost of silver produced is net of smelter costs, labour, materials, and supplies).
Strong Resource Expansion Potential: Strong resource expansion potential exists as only 6.5% of Silver Hart property claims have been explored and there are over 20 known mineralized trench showings with visible massive galena, with only three of the twenty zones having been drill developed so far. Even the TM zone is open for resource expansion as CMB.V does not know the depth of what the veins go. CMB.V also has two other properties of significance in close proximity to develop and bring to production status including the Wheelbarrow Property, an advanced stage high grade silver project approaching pipeline ready status..."
http://sectornewswire.com/PMRcmbjul09.pdf
This release may contain forward-looking statements regarding future events that involve risk and uncertainties. Readers are cautioned that these forward-looking statements are only predictions and may differ materially from actual events or results. Articles, excerpts, commentary and reviews herein are for information purposes and are not solicitations to buy or sell and of the securities mentioned. Readers are referred to the terms of use, disclaimer and disclosure located at the above referenced URLs.
SOURCE: Sector Newswire per: Precious Metals Review
editorial@SectorNewswire.com
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