Extract from today's edition. GLTA
SILVERCREST MINES (V-SVL) $2.80 -0.10
As we get ever closer to the fiscal cliff in the USA, we
are more than a little concerned about the Yanks failing to
get their act together and the mess that could result should
they not get their financial house on track and we are not
one that has any hope that Obama, with no business experience
at all, is the one to pull the politicians together.
Is a lot of cash not the place to hide as D-day approaches?
Should things start falling apart, will gold not
benefit? We think/hope something like a SilverCrest Mines
For sure the Canaccord folks at the Morning Coffee
seem to be believers...they write, “SilverCrest continues to
keep the good news rolling, reporting drill results from the
110-hole program at the Santa Elena project in Mexico,
where three drill rigs are currently operating.
The results include 5 core holes and 16 RVC holes focused
on: 1) Confirming tonnage and grade of the current
open pit reserves, 2) Testing for further mineralization below
the current open pit, 3) Testing for new mineralization
in the NW highwall of the open pit, and 4) Re-categorizing
and expanding the current underground resources.
Highlights from the infill results include Hole SERCP-9V
that intercepted 52 metres grading 2.19 g/t gold and 95.5 g/
t silver. From the underground, highlights include
SERCH12-37 that intercepted 10 metres grading 1.3 g/t
gold and 225 g/t silver, and hole SERCH12-36 that intercepted
12 metres grading 2.7 g/t gold and 187.5 g/t silver.
The results indicate the potential to increase the underground
resources at Santa Elena while open pit reserve
grades are expected to increase in 2013 and 2014. The
company expects to release a revised resource and reserve
update and a PFS for Santa Elena in Q1/13.
Canaccord Genuity Mining Analyst Nicholas Campbell
is bullish on the company noting that SilverCrest is positioned
to generate significant cash flow over the next 12
months as the open pit operation transitions into higher
grade material with a subsequent increase in production in
2014 with the expected completion of the Santa Elena mill.”