Genco Resources
Genco Resources Ltd. is a publicly traded junior silver mining company. Genco's core assets are multiple mining sites including the La Guitarra Mine located in the company's wholly-owned Temascaltepec Mining District of central Mexico.
This district is part of the Sierra Madre silver and gold Metallogenic Province that has historically produced some of the world's most exceptional mines. La Guitarra Mine produces precious metals from a classic epithermal vein system, part of a mineralized corridor which extends 15 kilometers in length and averages 4 kilometers in width.
Genco Resources delays La Guitarra Silver-Gold Mine expansion feasibility study
Genco Resources (TSX:GGC) said that it would delay completion of a Feasibility Study assessing an expansion at the company’s La Guitarra Silver-Gold Mine. Genco is delaying the study as it said the current volatility in input costs, including oil and consumables was making it difficult to complete a study that would be accurate.
Genco's President, Gregory K. Liller said it would be difficult to complete a meaningful study: "The cost of oil, construction components, operating materials and consumables has fallen dramatically in the past several months and continues to do so almost daily, which affects both the capital and operating cost estimates put forth in a Feasibility Study. Accordingly, it was decided to delay the completion of the study until the various factors stabilized and a meaningful study could be completed."
The La Guitarra Silver-Gold underground mine is Genco’s flagship asset.
“Because current variables are highly volatile, it could be potentially misleading if Genco were to complete a Feasibility Study using prices obtained during the third quarter of 2008. As such, Genco believes it is prudent to wait until the markets exhibit a pattern of stability before re-pricing materials and operating cost estimates, which will allow an accurate and current Feasibility Study to be completed,” the company stated.
Shares in Genco have been decimated by a combination of weakening silver prices and a legal dispute with Andover Ventures over the sale of Genco’s 65% interest in Chief Consolidated Mining.
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