Shouldn't this be good news?
VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 12/16/10 -- Silvercorp Metals Inc. (TSX: SVM)(NYSE: SVM)("Silvercorp" or the "Company") is pleased to report that its GC silver-lead-zinc project in the Guangdong Province has received a mining permit issued by the Ministry of Land and Resources of China. The GC mining permit has a term of 30 years and covers the entire 5.52 square kilometer area of the GC Project. The permit was issued on the terms applied for, and allows for the operation of an underground mine to produce silver, lead and zinc ores.
A qualified Chinese engineering firm is close to finalizing the design of a 1,500 tonne per day mechanized underground mine, a flotation mill, and a dry stack tailing facility. The estimated capital cost is about US$30 million. Following its completion, Silvercorp expects to convert the design report into a NI 43-101 qualified report. With the strong support of the local County government, Silvercorp has completed the acquisition of surface rights required for the construction of the mine and mill and is preparing the site and hiring contractors for the construction. Initial production of 700 tonnes per day mining capacity is expected to be achieved in 12 months with full capacity of 1,500 tonnes per day to be achieved in 18 months. The GC Project is held though a 95% owned Chinese subsidiary.
Receiving the GC Mining Permit represents an important step in Silvercorp's China expansion strategy beyond the Ying Mining camp in Henan Province:
-- creating production footholds in new areas,
-- establishing Silvercorp's reputation for production expertise and
efficiency in the new camp; and
-- build through production increases and potential consolidation of other
nearby mining assets.
Silvercorp intends to rapidly establish the GC Project in Guangdong Province as its second production base and foothold, to be followed by a third production foothold at the recently acquired BYP Gold-lead-Zinc Project in Hunan Province.
nope he bought the options. i bet if he wants time decay he sells options.
I sell options cause they pretty dame high right now 3-5 % is decent. That usually means high volatility though and someone is about to make a play on it.
extreme up or down for short term. then after that calming period and go other way.
Same old same old. Tricks by the poker players.
You are not irreverant. You are irrelevant.
In 2011, QE2 starts to kick in, DXY will turnover and start heading south with great vengeance and furious anger. Investment demand for silver will start to increase rapidly as this happens.
Employment will remain terrible. I know you believe in hopey changey like Obama. But guess what? Those jobs that disappeared are gone forever. Horrible jobs numbers will add to the falling DXY as silver heads to $40-50.
JPM will be brought to its knees as investors buy up silver and take delivery. This started in 2010 but will not happen until next year. More short covering to come by JPM and HSBC. Class action suits against these banks will bring more and more evidence of corruption to main street flouride heads like yourself.
SVM is the lowest cost silver producer in the world by a longshot (-$6.30/oz). It will start to be noticed by retail investors as all of the events above unfold. SVM will benefit from 2011 far more than the bloated pigs like SLW that have gone up greatly in the past year.
If you are a cheerleader for the US Dollar, then buy it. Good luck.
The permit was expected. It's no surprise to anyone so there is no reason for SVM to rally on that news.
It's like you expecting a cookie everytime you show up to work. You are expected to show up to work.
Thus, when you show up to work --- no cookie for you.
Gold and silver will do nothing for the rest of the year. 1Q 2011 will be big.
Good news when it comes at a time of a correction in gold and silver leads to complications...investors do not know what to do buy on good news or sell with the correction.
If this news had come out 2 weeks ago the share price would have galloped.