SFMI can now up the ante again....
posted on
Oct 02, 2010 02:17PM
(Edit this Message from the "Fast Facts" Section)
Just having a load of fun with such as the following I posted at IBLUB.
TURN KEY GOLD/SILVER PROJECT/PROPERTY FOR SALE
- 5 million to 10 million oz. high grade gold and silver in ground.
- DOOR OPENING SPECIAL: 800,000 tons of high grade mined ore above ground.
- COMPLETE INFRASTRUCTURE IN PLACE WITH MODERN MILL.
SEE "SILVERFALCONMINING.COM" FOR DETAILS
MANAGEMENT BUSY BUT APPROACHABLE.
Barrick’s Pascua Lama project is now in jeopardy with the recent announcement of the Argentinian Gov. “ BUENOS AIRES , Sept 30 (Reuters) - Argentina's Senate passed a law on Thursday that curbs mining on and around the nation's glaciers to protect water supplies, a measure praised by environmentalists but criticized by industry supporters.
Analysts and an Argentine mining chamber have warned that the law could hinder construction of the massive Pascua Lama mine, which is being built high in the Andes by the world's biggest gold miner, Barrick Gold Corp (ABX.TO: Quote). “
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Can you imagine the stress at Barrick today?
$3 billion has been budgeted to get the project into production by 2013. $1 billion has already been spent. As at December 31, 2009, Pascua-Lama has proven and probable reserves of 17.8 million ounces of gold, with 671 million ounces of silver contained within the gold reserves1. With an estimated mine life of more than 25 years, average annual production is expected to be 750,000-800,000 ounces of gold in the first full five years of operation at total cash costs of $20-$50 per ounce2 (assuming a silver price of $12 per ounce), making Pascua-Lama one of the lowest cost gold mines in the world. For every $1 per ounce increase in the silver price, total cash costs are expected to decrease by about $35 per ounce over this period.
So, how does Barrick not only replace dwindling production in other projects, but actually increase annual gold production? Look around the world and see a growing geopolitical threat…in certain African countries, S.A., China, Russia and others. If this situation in Argentina holds true, Barrick has lost billons and will lose projected billions. Not only that, it has potentially huge resource potentially lost one of the most profitable new mines in the world. It cannot afford to wait as it sees the price of gold and silver march upward. It needs new resources urgently. Time is indeed money now.
SFMI suddenly looks even better today. It has $5 billion to $10 billion in high grade ore. But, shhhhh! Oh dam, the cat is getting out of the bag methinks. I expect the effort to discredit will continue. The deal makers with a hunger for PMs are getting more backed into a corner by the week now...and just look at the global competition from the East with huge deep pockets ready to do business!!!