It pisses me off how someone wants to keep the sp down, silver hitting almost $40 per oz., and slx is going nowhere. Any little up tick and there is 50k-80k on the ask just to push it down. Did anyone else see that or is it just me.
What was your entry point? Its up 45% since I started tracking it a few weeks ago (@.55).
What the hell is the deal here? Silver prices on this unstoppable uptrend and SLX is just on a constant dwindle. Anyone have any ideas/insight into why this might be happening?
The best way to play the market in my opinion is to swing trade. If you see resistance in market depth, like there was in SLX along with other plays, why fight it? swing to the positions with less resistance and more interest. This is the downfall of buying/holding/adding on dips. The only position you are safe to hold and be guaranteed a profit while silver rockets, which is the only position I hold without swinging other than taking profits, is the HZU
(horizins beta cmx slvr bull) This is our version of the SLV, and you actually have more leverage, plus no downfall of holding u.s. funds like the SLV
I think we have to look no further than the PP coming free here very soon. Altho the majority of the financing was taken down by Sprott, investors believe some selling will take place when those shares come free, so play it safe and wait until
the overhang has been free trading for a while to reenter.
If you are sitting on free shares, as i am , SLX is a hold. But if you are looking at buying perhaps wait a few weeks.
SLX will head higher here very soon. the value of their metal in ground has only increased in the past 3 months while the shareprice hasnt.
The recent financial report which showed a 41 million $ loss may have scared some as well. $37 million of that was a goodwill paper writedown regarding the merger.
I'm getting extremely frustrated with this stock. Silver closes at 42.96 near the high of 42.98 (almost $43!!!) and we move down. We haven't even seen a hint of higher pricing, Silver has moved from $35-42 and we have moved the other direction!
How long do we have to endure this punishment?
Import1
I'm getting extremely frustrated with this stock. Silver closes at 42.96 near the high of 42.98 (almost $43!!!) and we move down. We haven't even seen a hint of higher pricing, Silver has moved from $35-42 and we have moved the other direction!
How long do we have to endure this punishment?
Import1
When GGC and SMR merged back in mid nov to form SLX, they were trading around .65 ,and within a month were hitting a buck. If someone would have suggested back then that SLX would be trading at the .70 level again after silver had run to 43$ , i would have said they were nuts.
BUT HERE WE ARE. The market doesnt have to make sense all the time, that is for sure, and again it seems that producers are valued lower than explorers who have less in ground and are years from production ( and no guarantees they will ever get there)
SLX will make a big move (i am aniticipating) once the PP has come free and the dumping related to that is over. I suspect we should hear some progress reports from drilling programs coming in the months ahead.
It is indeed frustrating to watch this one head the wrong direction.
Silvermex Resources Starts Drilling at La Guitarra
VANCOUVER, BRITISH COLUMBIA, Apr 19, 2011 (MARKETWIRE via COMTEX News Network) --
Silvermex Resources Inc. (TSX: SLX) ("Silvermex") announces the commencement of a program of underground delineation and exploration drilling at its La Guitarra Mine in the Temascaltepec Mining District, Mexico State, Mexico. The diamond drill contractor has mobilized on site. The present program will consist of approximately 7,500 m of NQ core drilling.
The objective of the delineation drilling is to upgrade known resources to a reserve category, and to evaluate down dip and lateral extensions of existing ore chutes. The exploration drilling will concentrate on identifying new resources within the mine area. The new mine geological team on site has focused on identifying the key structural controls for the La Guitarra mineralization and is confident that the current drill program will be successful in identifying additional mineralization.
Drilling will focus on two different areas of the mine. Exploration drilling will concentrate on the central part of the mine where there is a major flexure in the structure with increased dilatancy. Historically, these dilatant zones have given better widths and grades of mineralization but have not been effectively used to locate new resources. Similar structural flexures have been identified along strike and down dip and will be the subject of future exploration programs.
The second area of focus is the San Rafael zone, along the southeast extension of the La Guitarra structure. This area has recently been dewatered and several crosscuts and drill stations have been prepared. This phase of drilling will aim to upgrade the known mineralization from an indicated resource to a reserve category, which will enable proper mine planning and resource extraction. Several holes will be drilled to test potential down plunge continuity to the mineralization.
The entire program is expected to take approximately three to four months to complete. A new QA/QC program has been initiated to improve and insure the accuracy and reliability of the drill results. Controls include the insertion of appropriate standards, blanks and duplicate samples. Additionally, approximately 5% of the original samples will have a second split submitted to a second outside laboratory for check assaying. Assay results will be released periodically throughout the drill program.
The data disclosed in this news release have been reviewed and verified by Company Vice President of Exploration Robert Fraser, M.Sc., P.Geo. and Qualified Person as defined by National Instrument 43-101.
Company Profile
Silvermex Resources Inc. is a publicly traded mining company focused in Mexico and led by a highly qualified team of professionals from some of the most notable companies in the silver mining sector. The Company's portfolio of projects ranges from advanced stage exploration to production. Its core asset is the producing La Guitarra silver-gold mine located in the Temascaltepec Mining District of Mexico. Silvermex is currently working to increase production at the mine to full capacity and is conducting extensive exploration to further develop the district. Silvermex is well financed to further develop resources organically from its multiple projects as well as from the acquisition of additional assets that will drive production growth.
ON BEHALF OF THE BOARD
Duane Nelson, CEO & Director
For more information please visit the Company's website at www.silvermexresources.com.
Silvermex Resources Inc. (TSX: SLX) ("Silvermex") reports that the Company's first quarter silver and gold production surpassed budgeted estimates.
The company's wholly owned La Guitarra mine, in the Temascaltepec mining district of Mexico, is currently undergoing major redevelopments and yet continues to show consistent month-over-month production growth and grade improvements. Compared to the fourth quarter of 2010, silver production in the first quarter of 2011 increased 51.1% to 143,128 of silver equivalent ounces (actual). Production cost information will be provided in conjunction with Q1 2011 financial results expected to be released in mid-June.
Highlights of First Quarter 2011
-- The mine produced 1,440 tonnes of concentrate containing some 1,182
ounces of gold and 92,883 ounces of silver or 143,128 silver equivalent
ounces (actual), representing an increase of 51.1% over Q4 2010, and 40%
over budgeted estimates.
-- Production grades for the quarter averaged 190.9 g Ag/t and 2.5 g Au/t
or 342.8 g/t silver equivalent, 34% over budgeted estimates.
-- Recoveries to concentrate for the quarter averaged 91% for silver and
86% for gold, exceeding the budgeted estimate of 85% recovery.
-- The mine processed 16,359 tonnes of ore averaging 181 tonnes per day
("tpd") production.
-- Underground drilling has begun with the goal of delineating known
structures in an effort to increase mine reserves and establish new
production areas.
Production Table for Q1 2011
---------------------------------------------------------------------------
Tonnes Tonnes Grade Reco- Reco- Silver Silver
Pro- per Grade Grade Ag very very Eq Ozs Eq
Month duced Day Ag g/t Au g/t Eq g/t Ag % Au % (Actual) Ozs(i)
---------------------------------------------------------------------------
Jan 5,611 181.01 140.23 1.50 230.51 90% 84% 33,661 36,433
---------------------------------------------------------------------------
Feb 5,081 181.48 240.53 2.61 397.1 95% 91% 54,534 60,513
---------------------------------------------------------------------------
March 5,667 182.80 196.58 3.48 405.30 91% 90% 53,932 66,847
---------------------------------------------------------------------------
Total/
Avg 16,359 180.77 190.90 2.50 342.80 92% 89% 143,128 163,792
---------------------------------------------------------------------------
(i) (Silver equivalents for 2011 using budgeted prices of US$1200/oz Au,
US$20/oz Ag. Actual silver equivalents are based on realized prices
for the reporting period)
Actual silver equivalent ounces produced for the quarter were 143,128 based upon realized prices. Based upon budgeted prices, silver equivalent ounces produced were 163,792, or 140% of our budgeted production of 117,342.
Michael Callahan, Silvermex's President, stated; "We are very pleased with the progress we are making at La Guitarra. In only a few months, we have made significant improvements in safety, equipment availability, grade control and mining practices and these improvements are reflected in our production and cost numbers. In our first quarter of operating the mine, we increased the tons per day by 24% of what the mine had averaged over the past five years of operation. We are well on track to reach or exceed our objectives for the year."
Due to the extensive redevelopment programs currently underway, the production rate in Q1 and Q2 for this year is expected to remain relatively constant. The current programs include development to access known ore blocks, and the delineation and development of new ore bodies to reach current operational capacity. Future development programs will be based on the results of current resource/reserve modeling and drill programs. These programs will be designed to identify and delineate new mining areas and potentially expand production beyond the current capacity. The district offers incredible potential for growth. With numerous past producing mines on the property as well as newly identified structures, the district has the potential to continue delivering sustainable growth for the foreseeable future.
Silvermex is continuing its extensive review of all past exploration programs completed on the 40,000 ha property. The geological staff has increased from one geologist to six and the total staff from 10 to 25. This team is currently compiling and reviewing an immense amount of data derived from over 80,000 m of surface and underground drilling, 10,000 channel samples, test pits and numerous geotechnical and geophysical programs completed by previous operators. This data will be used to develop a comprehensive new resource model, which will assist the company to gain a better understanding of the existing reserves and resources and identify near-term production targets.
Company Profile
Silvermex Resources Inc. is a publicly traded mining company focused in Mexico and led by a highly qualified team of professionals from some of the most notable companies in the silver mining sector. The Company's portfolio of projects ranges from advanced stage exploration to production. Its core asset is the producing La Guitarra silver-gold mine located in the Temascaltepec Mining District of Mexico. Silvermex is currently working to increase production at the mine to full capacity and is conducting extensive exploration to further develop the district. Silvermex is well financed to further develop resources organically from its multiple projects as well as from the acquisition of additional assets that will drive production growth.
ON BEHALF OF THE BOARD
Duane Nelson, CEO & Director
For more information please visit the Company's website at www.silvermexresources.com.
Terrific writeup imo, and appears to me they waited until the dumpers/shortsellers, associated with the PP coming free, had unloaded millions to give this very positive update.
The last month reported , March had incredible grades and recoveries, 3.48 gpt gold is good enuf on its own for underground mining with 168$ per tonne rock value. Combined with the silver at 196 gpt silver we get a rock value of 463 $ per tonne according to my casey rock value evaluator.
Those are more than just economic numbers, they are incredibly robust, as all in costs should not exceed 100$ per tonne.
SLX was one of the few silver plays the ended up in the green today. Market is selling off silver plays like they have the plague, likely to do with the Crimex ( comex) raising margins on silver for an unprecedented 4th time in 6 months. The only manipulation here is by the comex. I have heard accusations of silver hoarding, and i hate to break it to the accusers, but China and INDIA have been hoarding silver bullion in increasing amounts for the past year. I dont know that increasing margins on the Comex is going to deter that buying.
Be happy the dumbos brainwashed by the media are unloading here, you are getting a great silver play with lots of value inground which is totally accessible. Silver back up to 45.70 as i write here.
Those who jumped offf the bandwagon will be running to get back on here in a few days , when those same pundits who have been calling for a big pullback in silver , will be wrong once more.
