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Author Topic: SVM the next best bet in mining.*4.35
BCmouser
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The Emerging GOLDCORP of SILVER!
Anyone who knows anything about the mining business knows that the richest gold mine in the world, (highest grade ore on the planet), is owned by Goldcorp. Recently, I have discovered the silver counterpart to Goldcorp, aptly named Silvercorp.
When talking about companies with exceptionally high-grade silver ore, you would be hard pressed to find one better than this. Silvercorp’s Ying resource is quickly moving the company toward becoming a leading silver producer with full-scale production expected within a year. Revenues from production currently are paying for underground tunneling and further exploration work that looks to double the size of this amazing high grade resource. During the quarter ended March 31, 2005, 457 tonnes of direct-to-smelter silver-lead ores (valued at about $1,000 per tonne) and 12 tonnes of direct-to-smelter zinc ores, were sold to a smelter nearby. A further 327 tonnes of silver-lead concentrates (valued at about $1400 per tonne) were produced from lower grade by-product ores which were custom milled off-site. Sales of these direct-to-smelter ores and milled concentrates have generated CDN $1 million cash, which is greater than the expenditures in completing not only the tunneling, but all other development work during the quarter. This self-financing (as an investor in juniors you’ve got to love that) is expected to continue while the company carries through the rest of theUS$5 million exploration and development program for 2005. But here is the real kicker! This ore is being mined at extremely low costs in the neighborhood of tens of dollars per tonne. That means we have huge profits selling a tonne of ore at $1000 to $1400 per tonne. By the time current exploration work is completed, it is hoped the company will have 2 million tonnes of ore! This represents moving the current resource from 100 million ounces of silver to 200 million ounces of silver. With numbers like that it is easy to see why this stock has such great potential to be our next big winner!
I have been keen on Silvercorp for quite some time, but have held back from making a formal recommendation because I had not yet met the CEO. As I talk about often, picking junior mining stocks is more about the jockeys than the horses. In this case we have a great jockey and a great horse. During my recent trip to the Vancouver Gold Show, I had the time to sit and talk with Chairman & CEO Rui Feng, who I found to be very pleasant and refreshingly straight forward. After my meeting, since I was already familiar with the company story, I couldn’t wait to write up Silvercorp as a new recommendation.
What is even better for us as investors is that the market still has not caught on to these facts. I expect that to change in the very near future. At its current share price this stock has ten-bagger written all over it. I hope to visit the property in China in the next several weeks but recommend Silvercorp for immediate purchase for no more than 10% of your overall mining stock portfolio. Look to buy on any weakness if there is any.

Greg McCoach

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The Mouse

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BCmouser
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Starting to go boys and girls. Finished at 4.92 today and Mr Lundin had another buy rating on stockwatch today. If drilling proves up some more ore at depth we may be looking at double figures in no time.

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The Mouse

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BCmouser
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Finished the year at 5.25 and believe me it will be off to the races as silver and zinc head for new highs.

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The Mouse

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BCmouser
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Attended the gold show in Van -went to the SVM booth and chatted with Rui Feng and Cathy Fong and then watched their presentation the next day at the Kitco forum.Was very , very impressed -will be buying more even at these prices.
Finished Friday at 6.32

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BCmouser
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Silvercorp cuts 6,546 gpt silver on 0.4 m at Ying


2006-02-02 09:49 ET - News Release

Mr. Rui Feng reports

TUNNEL INTERCEPTS 5.94 METRES OF 1,940 GRAMS PER TONNE OR 62.3 OUNCES PER TONNE SILVER, AND 30% LEAD AND ZINC IN S16W VEIN, YING SILVER PROJECT, HENAN PROVINCE, CHINA

Silvercorp Metals Inc. is providing an update on the tunnelling program, under way on the S16W and S16E veins since mid-September, 2005. Previously reported assay results for the two veins have mainly been derived from drift tunnels on the 570-metre and 534-metre elevations, and reveal extremely high-grade massive galena sheet mineralization. The newly developed drift tunnels along the two veins on the 640-metre and 610-metre elevations have extended the high-grade massive galena sheets upward for both veins. The significant results from the new tunnels completed are:


on the S16W vein, tunnelling on the 640-metre elevation intercepted 5.94 m true width of massive galena sheet, grading 1,940 grams per tonne (g/t) or 62.36 ounces per tonne silver (Ag), 27.24 per cent lead (Pb) and 2.81 per cent zinc (Zn); and
on the S16E vein the best interception contains 6,546 g/t (210.47 ounces per tonne) Ag, 9.77 per cent Pb and 23.64 per cent Zn over 0.4 m true width on the 640-metre elevation.

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The Mouse

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BCmouser
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Last closed at 6.80 so up over 50% since Dec 14, the first post here.

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The Mouse

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BCmouser
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Nice pop today on the news update- finished at 11.62

Silvercorp plans 2006 tunnelling, drilling on Ying


2006-03-02 10:23 ET - News Release

Mr. Rui Feng reports

2006 WORK PROGRAM ON YING SILVER PROJECT: 30,600 METRES OF TUNNELLING AND 32,800 METRES OF DRILLING

Silvercorp Metals Inc. has released a summary of its 2005 exploration and development program, and the 2006 plan and budget for its high-grade silver-lead-zinc Ying project in Henan province, China. Work is carried out through Silvercorp's 77.5-per-cent subsidiary, Henan Found Mining Co. Ltd. The 2006 budget, which runs from Jan. 31 to Dec. 31, 2006, is anticipated to be financed entirely by cash flow generated from production.

Exploration and development summary for 2005

On the Ying project in 2005, Silvercorp completed 25,590 metres of tunneling and 10,795 metres of drilling in 73 surface and underground drill holes. Three 3.8-metres-diameter shafts were commenced and are well under way, with headframes installed in all three and hoists installed in two. The 2005 program was generally completed on time, or ahead of schedule. Based on the extensive exploration and development work completed in 2005, SRK Consulting has been retained to complete a review of resources, which should be completed by the end of April, 2006, and is expected to substantially increase the last resource estimate released in April, 2005. Exploration-and-development-phase production during 2005 included:


31,642 tonnes of ore were recovered as a byproduct during the tunnel development process;
1,874 tonnes of direct-to-smelter massive galena ore were manually picked out of the byproduct ore, of which 1,300 tonnes were sold to local smelters at an average price of $803 (U.S.) per tonne; and
off-site custom milling processed 27,630 tonnes of diluted low-grade ore, yielding 2,581 tonnes of lead-silver concentrate and 1,178 tonnes of zinc concentrate, which was sold to local smelters in a 30-kilometre radius from the SGX area at average prices of $1,059 (U.S.) and $536 (U.S.) per tonne, respectively. The detailed work completed in 2005 is listed in the table below.


Exploration tunnels 12,453.8 m

Mine development tunnels 13,536.49 m

Underground drilling 7,613.07 m

Surface drilling 3,181.9 m

Shafts sunk 70 m

Channel samples 2,290

Drill core samples 675

Byproduct ore 31,642.47 t

Including massive
galena ore 1,873.59 t

Low-grade Ag-Pb ore 7,590.51 t

Low-grade Ag-Pb-Zn ore 22,178.37 t

Custom-milled ore 27,630.34 t

Concentrate production 3,759.2 t

Including Pb-Ag
concentrate 2,581.04 t

Zn concentrate 1,178.16 t

Housing and industrial
facilities built 1,755 square m

Office complex
completed 70 per cent) 1,200 square m

Mine access road 915 m

Settling pond 160 cubic m

Crush plant for
direct-to-smelter
massive galena ore 900 square m

Retaining wall for
erosion control 2,916 cubic m


Development and mining program for 2006

In 2006, Henan Found Mining has budgeted substantial funds for exploration, mine development, mining and processing of ores, as well as construction of a 600-tonne-per-day mill. Infrastructure, exploration and development tunneling completed to date is extensive enough for production to commence immediately upon the issuance of the mining permit (see Stockwatch news dated Feb. 14, 2006). The details of the expenditures are as follows.

Development and mining tunnels

A total of 13,177 metres of mining and development tunnels are planned, at an estimated cost of $1.37-million (U.S.), averaging $104 (U.S.) per metre. The work will be mainly concentrated at the SGX camp, to extend main tunnels CM101 (2,150 metres), CM102 (5,385 metres), CM103 (3,262 metres), PD700 (500 metres), PD650 (650 metres) and newly developed tunnel PD680 (400 metres), with the balance set for the YLG camp, to extend YPD01 (500 metres) and YM01 (330 metres).

Exploration tunnels on known veins

A total of 10,790 metres of underground tunnelling are planned with a budget of $1.1-million (U.S.), or about $102 (U.S.) per metre. These crosscutting and drifting tunnels will be developed on the 14 known veins through access tunnels CM101, CM102, CM103, PD640, PD680, PD700, YPD01, YPD02 and YM01 at the SGX area, and C29 and C31 veins at the SDG area. The intent is to upgrade and expand silver resources from the veins.

Exploration tunnels on 12 additional veins

A total of $670,000 has been budgeted to complete 4,540 metres of tunnelling designed to intersect S9, S11, S12, S13 and S14 at the east of northeast the end of the S8 vein at the YLG camp. Another 2,100 metres of tunnels will be developed at the southwest end of the S8 vein to detect the seven northeast-trending veins at the HZG camp, where massive galena sheet mineralization grading over 80 ounces of silver per ton was recently discovered.

Drilling

A total of $1.08-million (U.S.) is budgeted for 32,800 metres of drilling, averaging $33 (U.S.) per metre. The drilling includes 71 underground holes totalling 25,705 metres and 16 surface holes totalling 7,090 metres. Underground drill holes together with exploration tunnels are to test continuity of mineralized veins to depth and along strike.

Completing three shafts with hoists

A total of $1.07-million (U.S.) is budgeted to sink the three shafts a total of 900 metres and to install cages. By the end of the year, the three shafts are each expected to have been sunk to the 200-metre elevation, and cages and pumps will have been installed. Two of the shafts will be used to haul ore and waste with the third providing ventilation for the mine. When the shafts are operational at the beginning of 2007, tunnels will be developed at depth on six elevations (500 metres, 460 metres, 410 metres, 360 metres, 310 metres and 260 metres).

Surface facilities, camp construction and reclamation

A total of $260,000 (U.S.) is budgeted to cover completion of the 1,200-square-metre office complex, building a 600-tonne-per-day manual direct-to-smelter ore-picking belt corridor, erosion- and flood-control facilities, additional housing and business centre construction, tree planting, water supplies, sewage handling, and other civil infrastructure.

Mining

With the mining permit anticipated to be in place toward the end of the first quarter of 2006, $1.3-million (U.S.) is allocated to extract 140,000 tonnes of ore (containing 50 per cent high-grade ores plus 50 per cent waste rocks), from which 10,000 tonnes of massive galena are expected to be manually picked up for direct-to-smelter shipping, and 40,000 tonnes of waste rock will be hand-picked for dumping, with 90,000 diluted lower-grade ores shipped to third party mills for custom-mill concentration.

Shipping and custom milling cost

A total of $1.8-million (U.S.) is budgeted to ship and process 90,000 tonnes of ore at an average cost of $20 (U.S.) per tonne. Since the proposed new mill will not be completed until the end of the first quarter of 2007, off-site custom mills will be used to process the SGX ore during 2006.

Material and equipment will cost $710,000 (U.S.).

Flotation mill and tailings dam construction

The flotation mill and tailings dam construction will cost $3.05-million (U.S.). This budget includes mill and tailings dam design, land leasing, ore-hauling road construction, building and installing a 600-tonne-per-day mill (consisting of a crusher, two 300-tonnes-per-day ball mills, separate lead and zinc flotation cells, and filters), and construction of a tailings dam.

Technical reports, general and administration

A total of $2.4-million (U.S.) has been budgeted for the completion of technical reports, assaying, public relations, management and administration, salary and benefits, staff training, mining leasing, contingency, and other expenses. The 2006 budget is expected to be financed entirely by cash flow generated from sales of ore obtained during continued mine development and exploration tunnellings, and from mine production after obtaining the mining permit.

Development of the Ying project is carried out through Silvercorp's 77.5-per-cent subsidiary, Henan Found Mining, a Sino-foreign joint venture company which holds 100 per cent of the Ying project and operates under a 30-year business licence. Myles Gao, PGeo, is the company's qualified person on the project under National Instrument 43-101.

Quality control

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The Mouse

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BCmouser
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After a nice little shakeout yesterday - dropped to 10.25 , it has bounced back quickly and currently trading around 12.70, provided a great entry for those who thought they had missed the boat.JMHO

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The Mouse

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Ripler
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damn looks nice...im hoping u bought at $1 lol

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Bargain Hunter

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BCmouser
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No actually bought in at 4.25 the day before I first posted. Also added at 5.80- have since sold some , but still hold a substantial amount.

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The Mouse

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BCmouser
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Silvercorp releases NI 43-101 report on Ying mine


2006-04-21 17:15 ET - News Release

Ms. Cathy Fong reports

TECHNICAL UPDATE ON THE YING SILVER MINE, HENAN PROVINCE, CHINA

Silvercorp Metals Inc. has completed a new National Instrument (NI) 43-101 technical update report on the Ying project dated April 18, 2006, has been completed and is available for review on the SEDAR system. The update report is in the nature of a preliminary assessment of the Ying mine, based on the measured and indicated resource in place as at April, 2005, and covers the development and exploration work completed to date that has enabled the Ying mine to commence production.

An update of the resource on the Ying project resulting from the extensive work done in the last year is expected to be completed in May, 2006.

The update report is authored by Chris Broili, CPGeo, LPGeo, and Jasman W. Yee, PEng, both independent qualified persons, and Cathy Shuk-yim Fong, PEng, a qualified person and vice-president, corporate development, for Silvercorp. Development of the Ying project is carried out through Silvercorp's 77.5-per-cent subsidiary, Henan Found Mining Co. Ltd., a Sino-foreign joint venture company which holds 100 per cent of the Ying project and operates under a 30-year business licence.

The following summarizes the update report:

Recent work on the Ying property has defined a high-grade silver-lead-zinc underground mineral resource in veins averaging 0.42 metre (m) thick. The resource was established by channel sampling of new underground tunnels, and underground drilling. Mineralization is hosted in a set of quartz-carbonate veins crosscutting Precambrian-age mafic and felsic gneisses.

The update report is based on the resource estimate calculated a year ago in Mr. Broili's April 18, 2005, NI 43-101 technical report, where five veins on the Ying property were reported to have a measured and indicated resource of 420,453 tonnes averaging 0.42 m wide with an average grade of 1,393 gram/tonne (g/t) silver (Ag), 32.76 per cent lead (Pb), 9.99 per cent zinc (Zn). The contained metals for the measured and indicated resource are 18.8 million ounces of Ag, 137,730 tonnes of Pb and 42,004 tonnes of Zn. The inferred resource is 495,205 tonnes also averaging 0.42 m wide, with a grade of 1,539 g/t Ag, 35.01 per cent Pb, 9.56 per cent Zn. This inferred resource contains 24.5 million ounces of Ag, 173,394 tonnes of Pb, and 47,323 tonnes of Zn. Of the 28,957 m of tunnels completed since August, 2004, about 14,000 m are mining development tunnels. As a result, within two months of Found receiving the mining permit, preliminary production could start from over 20 initial stopes that have been developed at the 518 m elevation (L) and 480 m L for S14 and S6 veins, 490 m L and 460 m L for S2 and S2E veins, 534 m L, 570 m L, 610 m L, and 640 m L for S16W, S16W1, and S16E veins, 600 m L for S7 vein, 570 m L and 640 m L for S8 vein.

The custom milling during 2005 of 40,711 tonnes of diluted byproduct ore extracted from exploration and development tunnels indicates that Ag, Pb and Zn metals can be easily recovered from Ying project ore. The Pb-Ag and Zn concentrate produced satisfies smelter requirements. Milling tests have also confirmed the economic viability of using offsite flotation mills to treat diluted ore.

Concentrate sale contracts have been signed with several lead and zinc smelters on terms of delivery at mine site against cash advanced. The payable prices for lead and silver metal in lead-silver concentrate are 76 per cent and 75 per cent of spot prices, respectively, quoted on the Shanghai Metal Exchange (SME) on the delivery date. The payable price for zinc metal in zinc concentrate is 70 per cent of the SME spot price. China levies a 13-per-cent value-added tax (VAT) on sales of lead, zinc, silver, copper and other metal products, and the quoted prices for silver, lead and zinc on the Shanghai Metal Exchange are about 13 per cent above world prices due to the Chinese government levying a 13-per-cent value-added tax on metal imports.

Three shafts, now each equipped with hoists, are being sunk and are expected to reach the intended depth of 210 m L by the end of 2006. The shafts are designed to be 3.8 m in finished diameter. Each shaft will be equipped with a cage guarded by four steel cables. Each shaft is capable of handling 150,000 tonnes of material per year (based on 300 days/year).

Ten shrinkage stopes are currently being extracted at the Ying mine and it is anticipated that an additional 12 to 15 stopes will be under extraction in six months to reach a phase one mining capacity of 600 tonne per day (tpd). As a minimum of five portal accesses to 13 mineralized veins in which high-grade ore shoots have been delineated, the company expects that in time it can reach its production goal, without incurring substantial capital cost. The first three years of production is planned to come mainly through horizontal portals and thereafter, shafts will be used.

Based only on the measured and indicated resources in Mr. Broili's 2005 report and using a 100-per-cent dilution factor and 90-per-cent recovery rate for the high-grade resources, the minable, measured and indicated resources are calculated to be 756,815 tonnes grading 696 g/t (22.3 ounce/t) Ag, 16.36 per cent Pb and 4.99 per cent Zn. Based on a mining rate of 140,000 tonnes for 2006/2007 fiscal year and 200,000 tonnes per year thereafter, the above resource will last for four years mine production. An updated resource estimate based on the extensive exploration and development work completed from April 1, 2005, to March 31, 2006, is being prepared and is expected to be available by the end of May, 2006. Mine production is anticipated to be extended with increased mineral resources.

Construction of a 600 tpd mill is under way about 17 km from the Ying property and is expected to be completed by the end of March, 2007. During the first year of production, Found will continue to use custom mills to process ore. Starting from April 1, 2007, Found's own 600 tpd flotation mill is expected to be in production, producing Pb-Ag and Zn concentrate.

Based on net metal prices of $7.5/ounce Ag, 34 cents/pound Pb and 71 cents/pound Zn, and assuming a total production cost of $48.2 per tonne of ore for the first year and $41.6 per tonne of ore thereafter, and using recovery rates of 95 per cent for Pb, 90 per cent for Ag, and 75 per cent for Zn, Silvercorp's share (77.5 per cent) of projected net profit is anticipated to be $30.06-million for the first year, $43.6-million for the second year and $37.06-million for the third and fourth years, respectively. The capital payback period is projected to be zero as all the capital expenditures are projected to be financed from first-year cash flow. For foreign invested companies such as Found, income is tax free for the first two years, taxable at 15 per cent for the third to fifth years and 30 per cent thereafter.

If Pb and Zn revenue is used to cover production cost, then unit Ag production cost adjusted for Pb and Zn credit is projected to be negative-$6.3 to negative-$6.5 per ounce. If Pb and Zn are treated as free credits and only Ag revenue is used to cover the production cost, then the unit Ag production cost is projected to be $1.99 to $1.79 per ounce.

Myles Gao, PGeo, is the company's qualified person on the project under NI 43-101.

SVM closed today at 19.31

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The Mouse

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paulbest
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Yes SVM.to has just about run its course at the moment, look for few gains in the next month.
HOWEVER, with the price of silver going+++ in the comming years, who knows where SVM.to's price will eventually end up at.
$50 to $100/share canadian price is my best guess.
Sure thats a very wide spread, but a fair and reasonable spread.

I sure wish someone could tell me why Mag Silver has gone down almost 60% value??????
The silver assays are very close to Silvercorp's assays.
Silvercorp has slightly richer viens but are more narrow than Mags.
PLUS Mag has some gold mixed in there.
Do you feel Mag is a great buy at the current price?

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BCmouser
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MAG silver has not even done a 43-101 resource estimate as far as I know I believe most of the properties have historic data . SVM is going to be one of lowest cost silver producers in the world and the way they have gone about developing the Ying project is what sets them apart. Cash cost for their silver will be 0 , after taking into account lead and zinc credits.
Mag silver cannot even begin to estimate costs until they are much further along. So really you are not comparing apples to apples.
SVM will be a fully permitted profitable mine this year producing millions of ozs of silver and tons of lead and zinc.
MAG is still an exploration company with a lot of development to do before even considering becoming a mine. I really think Mag is more hoping for a buyout than doing a feasability study for a possible mine.

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The Mouse

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paulbest
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Interesting. But if we are considering greatest % gains this yr, Mag may have the higher gain, but is , as you say, riskier.
Mag may see several sharp spikes this yr, especially if their assays prove bonanza.
So back to SVM.
We saw it go from US 5.75 in late Feb to US$15 early Marck, thats a 300% increase in 3 weeks.
Now she's on a tight hold pattern, no gains at all.
What will it take to move SVM to the $40-$50 range?
Also we know that silver is overtaking gold % increase, and should see $30/oz yr end.
Do you envision silver at $50/oz+ and thus SVM near $75/share next yr/2007?
Or you do not like future speculations?
Personally I see SVM at $75 in 07.
Paul

Paul

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Do not invest on any of my suggestions

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BCmouser
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I like silver to at least double from current levels in 06. If zinc and lead also sustain good prices then SVM is good for another good % gain in the next few years. You are right tho , in that bigger gains can come from explorers like MAG- you just gotta be willing to get out before the dropoff comes. These are much more speculative and therefore you have to watch them much closer. I have a free riding positon in SVM and am content to just leave it there knowing that in the future this mine will be a moneymaking machine.

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The Mouse

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BCmouser
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SVM backing off quite substantially , but I believe it will be short-lived. They just finished a huge PP at around 20$ , so this little shakeout is for the faint retail investors. Those same guys who bought at 20$ in a substantial quantity will be licking up shares at these levels as well.

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The Mouse

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paulbest
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BC I also think Silvercorp has a long way to go. I can see this baby up near $50 yr end.... 2 yr projection/$100. Considering silver is going "to da moon" = $50/oz.

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Do not invest on any of my suggestions

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SYGY
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anyone here heard of --SOLA RESOURSE CORP-- based out of Calgary?,,,been moving steady upwards ,will move again with every pr..holding well over 100,000 shares now- ticker --SL--tsx-v
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