SLX - Silvermex

Have begun a postion here , great resource and super cheap for a emerging miner, the mine was operating in 08 and the stock traded up to 5$. Surrounded by bigboys like Penoles and Goldcorp in Mexico.
News today:

Genco Resources restarts work at La Guitarra


2010-04-28 09:36 ET - News Release

Mr. Leslie Goodman reports

GENCO RECOMMENCES OPERATIONS AT LA GUITARRA

Genco Resources Ltd. is recommencing operations at its La Guitarra mine site. This has been possible thanks to the settlement reached in December, 2009, of the 12-month labour walkout. In order to prepare for full production the mill is presently processing some 100 tons per day of low grade material and it is anticipated that it will be possible to recommence full mining operations in the near future as soon as La Guitarra receives confirmation from the appropriate Mexican Government Departments that all permits are in good standing.

Genco's acting CEO, Leslie Goodman, commented, "This is a real turning point for Genco after a period of major change in our operations and management. The undoubted quality of the La Guitarra mining asset and the huge potential of the Temascaltepec district deserve better recognition than they have received in the recent past. We believe we have now successfully rebuilt the business foundations for a strong restart. We are committed to developing and maximizing La Guitarra in a responsible and effective way in the interests of our shareholders, employees and all those in the local community of which we are an integral part."

Bought in today as well, after reading that mining has resumed.

GGC TSX

Genco Increases Mining Reserves 415% to 47 Million Silver Equivalent Ounces
<div class="mw_release"> VANCOUVER, BRITISH COLUMBIA--(Marketwire - Jan. 29, 2010) - Genco Resources Ltd. (TSX:GGC) is pleased to announce the results of an updated Resource and Reserve audit for its La Guitarra silver/gold mine and Temascaltepec Mining District. Reserves and Resources are reported as of December 16, 2009 in accordance with the National Instrument 43-101 Standards of Disclosure for Mineral Projects.

The Qualified Persons under NI 43-101 for this Reserve and Resource estimate are Glenn R. Clark, P.Eng, of Glenn R. Clark and Associates Ltd., and John Thornton of Thor Resources LLC. They are both arms' length to Genco and have prepared, or supervised the preparation, of the information that forms the basis for this news release and verified the data disclosed.

Genco Resources restarts work at La Guitarra


2010-04-28 09:36 ET - News Release

Mr. Leslie Goodman reports

GENCO RECOMMENCES OPERATIONS AT LA GUITARRA

Genco Resources Ltd. is recommencing operations at its La Guitarra mine site. This has been possible thanks to the settlement reached in December, 2009, of the 12-month labour walkout. In order to prepare for full production the mill is presently processing some 100 tons per day of low grade material and it is anticipated that it will be possible to recommence full mining operations in the near future as soon as La Guitarra receives confirmation from the appropriate Mexican Government Departments that all permits are in good standing.

Genco's acting CEO, Leslie Goodman, commented, "This is a real turning point for Genco after a period of major change in our operations and management. The undoubted quality of the La Guitarra mining asset and the huge potential of the Temascaltepec district deserve better recognition than they have received in the recent past. We believe we have now successfully rebuilt the business foundations for a strong restart. We are committed to developing and maximizing La Guitarra in a responsible and effective way in the interests of our shareholders, employees and all those in the local community of which we are an integral part."

Started a position in @ .34

Can somebody post a chart please...

I like the 3 year chart. Since the last time they were in production before the illegal blockade was in 08.

I first found this gem on goldminerpulse, here is his take on the value for GGC
Estimating Genco Resources Fair Market Valuation
By Dennis Boyko
Created on: January 28, 2010
Current version: 0.63: April 8, 2010 -- added a chart symbol key.
Metrics have been updated with closing prices available on 2010-Apr-27.

Fair Market Valuation Summary - 2010-Apr-27
Projected fair market stock price for Genco Resources Ltd. is C$1.72. The actual closing stock price was C$0.33.

Based on the close of trading on 2010-Apr-27, the current and projected Market Capitalization per ounce of Silver Equivalent for Genco Resources Ltd., were:

current market valuation: US$0.20 per ounce of Ag Eq.

projected fair market valuation as a junior silver producer: US$3.12 per ounce of Ag Eq.

projected fair market valuation as a gold and silver producer: US$3.51 per ounce of Ag Eq.

The projected fair market valuation of Genco Resources Ltd., in operation after plant upgrades are completed, is expected to lie approximately 25% of the way between a point on the Junior Silver Producer Valuation Line and a point on the Major Gold Producer Valuation Line, as determined by an average ore value of US$159.41. This positioning is based on the following observations:

the deposit size and the deposit silver grades are well beyond those typically associated with junior silver producers,

Genco Resources in situ metal values are approximately 31.9% gold and 68.1% silver

Good Stuff.... $$$$$=

33

Bought in at 33 seemed like a great buy.

Closed at .35 , the high of the day , on the biggest volume GGC has seen since FEB.
This one is a definite accumulate imo , anywhere under .40
By the way even tho this is under a buck its a TSX big board stock and not a venture play. They have proven asset value which allowed GGC to keep their listing.

=

I got some wiskey to mix with your You want to share???

In case anybody is wondering what the holdup is regarding resuming mining operations; here is a response from the company.

We have been in contact with the Mexican officials and it is our understanding the proper approvals have been made, but we haven’t received full documentation at La Guitarra yet. As they saying goes it appears “it is in the mail.”

Milling has resumed onsite, but to restart the underground operation we are waiting on the paperwork coming through to allow us to purchase explosives. We hope that within the next few weeks we will have explosives on site and be able to resume active mining. Until that time we will mill existing stockpiles as the first step in restarting production.

After receiving the above email I called to clarify; basically the approvals are in place as they have been in contact with the authorities, they are just waiting for the documentation to arrive. There is nothing further required of GGC (to their knowledge), they just cannot proceed without the final documentation in-hand.

Apparently you need a permit to buy explosives in Mexico...... who knew?

So for now they are milling stockpiles; apparently they are of lower grade than normal; however they did not give/know of the grades.

Thanks for the info ,,,this should start moving in the right direction now.

oh hell yes

Nice update Duffman , it appears its all up from here. Going to jump in big here in the next few days.

You might be right,,,my 10k shares will not enough to retired on,,,going to wait to add more until the next PR stating that all of the paper work are in their hands and resume blasting/digging..

That could be this week LOL