Lenic on CNBC got me for a little bit too....break even would be .80 cents for me. I was just going to hold it for one more quarter after Shafter got up and running and the bottom fell out of the silver market.
Silver fix is now history and many silver by-product mines are shut down viz. zinc, copper, therefore, silver will close the silver to gold ratio thus putting silver in the mid 20's soon.
My gut tells me we will get a chance to get our money back.
Aurcana is still trading at a hefty premium for just having the mothballed Shafter mine. I'm going to drive down past it in a month or two, could be sooner. Will let you know what kind of information that I get from old miners and the condition of mine.
They managed to loose LN by improving costs giving bankers big gift,and stuck us with the shaft giving us a plumpin.Now they gonna get the shaft going?Sure to give to others as soon as they find Mr.Right.
if there is a failure in the commercial silver market then shares of silver miners will pop, stocks like EXK GPL and CLGRF, it may even keep AUNFF afloat. There are a lot of PM stocks that are cheaper than AUNFF that look better to me, like MEAOF and CRCUF. Mexico and Canada each seem better places to mine PMs, but maybe that's just me. GLTA
Canarc Resources hired the guy from Aurcana who managed the La Negra mine, he grew it from nothing up to 3000 tpd, Luis something, he will build run the El Compass mine in Zacatecas for Canarc Resources from zip up to 500 tpd, to start with. There is a good article on seeking alpha just out about the company, you can google:"Visiting Canarc Resource's El Compas Mine" GLTA it's pulled back a bit, but it's got a mill leased, and they are working on the financing, with gold up 4% and silver up 3%, the economics are improving by the day. GLTA