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China's Silver company updateBob Moriarty I did a piece on Minco Silver (MSV-T) back in early March. Since they have a couple of important dates coming up, I wanted to do a short update on their progress. Minco is in the midst of a major drill program on their Fuwan silver project located near China's 4th largest city, Guangzhou. The project already has a 43-101 silver resource of 143 million ounces. Minco did a private placement in November of 2006 at $3. There are warrants on 2.8 million shares coming due on May 17, 2008 at $3.45 and the stock is just below that. Since the company could raise about $9.66 million dollars just by having the warrants exercised, you can expect them to release a slew of good news. Minco has announced the selection of an engineering firm to conduct a 43-101 Bankable Feasibility study on their Fuwan silver property. Waldrop Engineering of Canada was picked for the study. Minco expects the work to be completed and announced by the end of 2008 with a production target date of 2010. Minco has been releasing really excellent drill results for months. In February, they announced 22 holes for a total of 5900 meters ranging from 8 ounces over 40 meters to 92 ounces over 1 meter. A couple of weeks ago they announced an additional 19 holes and 5250 meters of drilling. Those results included 4 ounces over 4.4 meters to 47 ounces over 2 meters. If you are a silver bug, you need to have Minco Silver on your radar screen. With 4.58 ounces of silver behind every share now, you are paying about $.70 an ounce for silver in the ground. Silver was worth $1 an ounce in the ground 5 years ago so it's pretty easy to see how cheap Minco is on a per ounce basis. And it's about to get a whole lot better Minco will be announcing an updated 43-101 silver resource in the first half of May. You can look at the results and realize they will be both upgrading the resource caliber and increasing the resource size. Silver at $.70 is pretty hard to beat but it's going to get a lot cheaper in the next couple of weeks. The goal of Minco is to get into production by the first quarter of 2010. They believe they can produce about 4.9 million ounces of silver per year. That would make them the number 7 producer in the world. They are on track, well cashed up with $15 million in the bank and well managed. You can buy silver very cheap if you buy soon. Minco is an advertiser.
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