Congratulations to Minco Silver for Award
We live in insane times. I've covered Minco Silver a number of times. It was a good deal when it was much higher. As of September 30, 2008, their financial report [pdf] shows they had $11.8 million in assets as of two months ago. (Actually, a keen reader pointed out yesterday that $5.268 million of their cash is a loan to Sterling Mining that probably will never be paid back and that totally changes the numbers. 12/6/2008) As of yesterday, they had a market cap of $10.9 million.
You can buy the company and get 156.7 million ounces of silver for $.04 an ounce . That's insane. Who would want that much silver when the US government is printing $120 billion dollars of new paper every day?
At the recent Annual China Mining Conference they were awarded Prospector/Explorer of the Year for their work on the Fuwan Silver project located near Guangzhou in Guangdong province. Vice Minister Wang Min of the Ministry of Lands and Resources presented the award to Dr Cai, Chairman and CEO of Minco Silver.
In the past 18 months, they increased their Indicated and Inferred resource from about 124 million ounces to 156.7 million ounces. They drilled 150 drill holes totaling 27,000 meters of core drilling. They completed metallurgical testing that showed a 97% recovery of silver.
There are times I want to crawl into a corner and cry, the market is so nuts. I loved this company at $3.94 a share. I'm not going to apologize to anyone for saying it was a good deal. It was and it is and anyone who can buy silver for $.66 an ounce was getting a good deal. In 2002 when silver was $5 an ounce you had to pay $1 an ounce for silver in the ground.
This is one of the most advanced big silver projects in the world, the company is cashed up and the silver is free. Are you waiting for it to get cheaper?
Minco Silver is an advertiser. The management has done a brilliant job of advancing the project. They well deserve this award.
The United States has just ignited hyperinflation. When it hits and all the people not reading 321gold realize Paulson and the gang of fools have destroyed our economy, our financial system and our country, you aren't going to be given free silver any longer.
Dec 4, 2008