Exploring Mining Podcast - Aurcana Silver Corporation President and CEO Discusses Current Properties and Future of Silver
Point Roberts, Washington and Delta, British Columbia--(Newsfile Corp. - January 11, 2021) - Investorideas.com, a global investor news source covering mining and metals stocks releases today's edition of Exploring Mining Podcast, featuring stock news from TSX, TSXV ,CSE, ASX, NASDAQ, NYSE companies plus interviews with CEO's and leading experts.
Investor Ideas talks to Mr. Kevin Cameron Drover, President, CEO & Chairman of Aurcana Silver Corporation (TSXV: AUN) (OTC: AUNFF).
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Drover discusses the Company's two properties in the United States; Revenue Mine, in Colorado and the Shafter-Presidio Silver Project in Texas s well as the future of silver.
Drover told Investor Ideas, "The project that we've got the Revenue Mine; it's a stand-alone project. It speaks for itself. It's going to generate a lot of cash."
Continued: "We've been able to raise some money during 2020 and late 2019 that put us on the road to construction. More recently, we've been able to close a $28 million debt facility. That fully funds us through construction. So 2020, although it was a pretty bad year from the pandemic perspective and the effects that it had on business in general, it was a good year for us. We were able to raise capital and had the wind in our sails with the silver price. So right now we've got that $28 million facility in place. We were sitting with about $32 million in the bank at the moment. We purchased most of our long lead time items. We have about 80 people working at the site. So, we're in a very good position all-in-all."
Continued: "So right now, we are forecasting September positive cash flow. We are a very high grade mine at 37 ounces per ton average silver equivalent So looking forward, given the current silver prices, where it sits right now, we're looking at a very positive next few years of operations. We feel we're in a really good place. But, you know, we have to take one task at a time. First thing is that we have to get our construction finished and then get ourselves into production."
Looking at some of the analysts bullish predictions for silver for 2021, he said, "Well, you know, we all hope for $30 plus silver. I really can't predict the future but we built all of our economics for this project based on $18.50 silver."
ABOUT AURCANA SILVER CORPORATION http://www.aurcana.com/
Aurcana Silver Corporation owns the Revenue Mine, in Colorado, and the Shafter-Presidio Silver Project in Texas, US. The primary mineral resource at both the Shafter-Presidio Project and the Revenue Mine is silver. Both are fully permitted for production.
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