the reserves at pirquitas are calculated based on three-year trailing averages of metals prices. so that assumes $11 silver, as well as lower tin and zinc prices. the mine life is based on those reserves, so going forward, higher metals prices like today's $16+ silver will move more resources into the reserve category, and extend mine life well beyone the 14.5 year estimate. as i have said before, i expect the surprises at pirquitas to be good ones.

pirquitas will produce three concentrates; silver, tin and zinc. the silver is high-grade and will be very attractive. they also said that with today's very high tin price that people are knocking down their door to buy the tin concentrate. zinc is only 6% of the economic value of pirquitas, and that can be sold in country.

once again they reiterated that they do not hedge or sell forward metals, and have no intention of doing so. argentina is still working on a tax on concentrates. originally it would be applied across the board, but now the government is moving toward working with individual producers, so that item is still in limbo.