today the company provided an update on its operations. they have stockpiled 70,000 tons of ore at pirquitas, and will start moving it to the mill by month end. at san luis, the feasibility study will be completed very soon, and at pitarrilla we should see the pre-feas early in the second quarter.

they will have a robust exploration budget again this year. in addition to the more advanced projects, they will be drilling at diablillos, berenguela and maverick springs, and they continue to have good success finding mineralization at pirquitas outside the pit. given the success at snowfield, they have increased the exploration budget there, and will be reviewing san agustin to complete a 43-101 resource estimate. that's the project that geologix gave up after spending $10 million to prove up a substantial polymetallic resource.

the company now has considerable exposure to gold (at least 21 million ounces by my count) so they may be looking to do something with those assets, but it is still too early for that.

the recent financing was done to take advantage of the opportunity provided by the credit markets, but they are still very positive on silver, and see renewed investor interest in silver and gold. the cash will be used to develop projects, and take advantage of any opportunities that may come along, but there was no mention of any acquistion.

there was no further write-down of the asset-backed commercial paper, but they did mark to market some equity holdings, resulting in a $6 million write off.