It's not about the reserves. No one really cares about the reserves. Look at all the silver miners today and yesterday. Same pattern. Silver mining stocks are resting after a good run up. Let the "smart" money cover their shorts, let the weak hands fold. EXK will soar - just wait for it... wait for it...
You are right........., look at the silver miner patterns over the last couple days. Silver Wheaton down today, PAAS down almost 5 percent identical to EXK and GPL, hold on to these shares, the shorts will cover and next week, maybe this week, you will be wishing u had the nerve to buy more shares under ten dollars, this might be the last chance to do that EVER.......... don't live minute to minute in this market, they will shake your shares lose, and make u part with them........
Your article looks sketchy. So do you. I have my doubts. See above article and recent statements from the company.
The article is not sketchy at all, what it focuses on are the priorities in the Reserves outlined by Silver companies. Read the attached link from page 3 thru 8 and you'll see the exact definitions of Proven, probable, indicated etc., then go back to the Reuters' article and realize the concern.
Endeavour's reserves dipped by year-end as a result of mine production exceeding forecast targets and mine development falling behind schedule. Notwithstanding the decrease in reserves the Company's Indicated Resources gained 16% to 27.4 million oz. and Inferred Resources increased by 62% to 29.7 million oz. In addition, the Company plans to accelerate mine development this year in order to once again expand the reserves in 2011. The reserve and resource highlights are as follows:
2010 Reserve/Resource Highlights
Silver Proven and Probable Reserves down 19% to 13.4 million ounces (oz); Guanacevi 12.0 million oz and Guanajuato 1.4 million oz
Gold Proven and Probable Reserves down 9% to 40,000 oz; Guanacevi 22,000 oz and Guanajuato 18,000 oz
Silver Equivalent Proven and Probable Reserves down 18% to 15.9 million oz; Guanacevi 13.4 million oz and Guanajuato 2.5 million oz
Silver Indicated Resources up 16% to 27.4 million oz; Guanacevi 17.2 million oz, Guanajuato 7.6 million oz and Parral 2.6 million oz
Gold Indicated Resources up 53% to 182,000 oz; Guanacevi 34,000 oz, Guanajuato 101,00 oz and Parral 47,000 oz
Silver Equivalent Indicated Resources up 19% to 37.3 million oz; Guanacevi 19.2 million oz, Guanajuato 13.1 million oz and Parral 5.0 million oz
Silver Inferred Resources up 62% to 29.7 million oz; Guanacevi 14.5 million oz, Guanajuato 7.3 million oz, Parral 2.7 million oz and Arroyo Seco 5.2 million oz
Gold Inferred Resources up 52% to 169,000 oz; Guanacevi 30,000 oz, Guanajuato 100,000 oz, Parral 37,000 oz, Arroyo Seco 2,000 oz
Silver Equivalent Inferred Resources up 52% to 38.9 million oz; Guanacevi 16.3 million oz, Guanajuato 12.8 million oz, Parral 4.5 million oz, Arroyo Seco 5.3 million oz
Mineral resources are exclusive of the mineral reserves
Proven Reserves are determined as being with 10 meters of development while Probable reserves are a further 15 meters. In both cases mine plans have been developed on the reserves.
Mine plans are developed on the Reserves and Indicated Resources but the Resources are discounted in the mine plan.
Mineral reserves have demonstrated economic viability whereas mineral resources do not
2009 silver equivalents based on 65:1 silver:gold ratio, base metals not included
2010 silver equivalents based on 50:1 silver:gold ratio for exploration and 65:1 for the mines, base metals not included
All assumptions used are listed at the bottom of the reserve and resource summary table
The company stated reserves were down,not good. The also stated that indicated and inferred resources were up which is ok but measured resourses up would have been so much better. Heres a http://www.minval.com/reserve_mineral.htmllink to better explain.