Slow progress for Arian’s Mexican silver project
30th May 2012
Arian Silver Corp’s flagship San Jose Vein silver project in Mexico is making slow progress in graduation from small-scale trial mining to a much larger operation.
With silver prices off their mid-2011 highs and remaining volatile, the company has not made much progress in the March (1st) 2012 quarter. While latest silver production at 66,688oz is well up on Q1 2011’s 46,236oz, it was about 10,000oz down on the previous Dec 2011 quarter’s 76,618oz, despite an increase in tonnes milled from 22,970t in the previous quarter to the latest 24,400t. The head grade also slipped to 173g/t from 201g/t in the Dec 2011 quarter and 178g/t in Q1 2011.
The pre-tax profit was better at $US0.9M, compared to the $8.4M loss in Q1 2011, the figures including a gross loss for the San Jose mine of $0.1M, compared to Q1 2011’s $0.2M loss, all on revenue up 102% to $2.3M.
The good news has been Arian’s recent 32% increase in contained silver to more than 117Moz from compliant indicated resources of about 30.61Moz silver, 67.02Mlbs lead and 149.91Mlbs zinc, along with 88.65Moz silver, 205.25Mlbs lead and 410.50Mlbs inferred.
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