Monday, February 06, 2006
Hecla Mining Gets 'Lucky'
One mining company had some good news today. "Metals miner Hecla Mining Co. on Monday said it doubled silver reserves at its Lucky Friday mine in 2005 to 17.2 million ounces. The company said the increase in proven and probable silver reserves at the northern Idaho mine was driven by new development, not the rise in metals prices. Hecla calculated the silver reserves at $6.20 per ounce versus the current going rate of $9.77 per ounce."
"'Right now, we have an identified reserve and resource that equals all the silver mined during the past 33 years of production at the Lucky Friday,' said Phillips S. Baker Jr., president and chief executive."
"The company drilled 1,000 feet deeper in 2005 to 5,900 feet below the surface to reach the reserves. In 2006, Hecla said it plans deeper drilling to the 6,700-foot and 7,000-foot levels."
"Hecla shares added 22 cents, or 4.3 percent, to $5.37 in midday trading on the New York Stock Exchange. The stock has traded between $2.95 and $6.22 over the past 52 weeks."
"'Right now, we have an identified reserve and resource that equals all the silver mined during the past 33 years of production at the Lucky Friday,' said Phillips S. Baker Jr., president and chief executive."
"The company drilled 1,000 feet deeper in 2005 to 5,900 feet below the surface to reach the reserves. In 2006, Hecla said it plans deeper drilling to the 6,700-foot and 7,000-foot levels."
"Hecla shares added 22 cents, or 4.3 percent, to $5.37 in midday trading on the New York Stock Exchange. The stock has traded between $2.95 and $6.22 over the past 52 weeks."
# posted by Ben Jones @ 1:05 PM 
Comments:
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In a way, this is slightly bad news for silver holders as more supply will come on the market.
However, the Silver Users Association must love this.
As far as HL goes, their cash flow has been negative. If they can turn that around, they would be in better shape.
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However, the Silver Users Association must love this.
As far as HL goes, their cash flow has been negative. If they can turn that around, they would be in better shape.
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