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First Majestic Silver Corp T.AG

Alternate Symbol(s):  AG

First Majestic Silver Corp. is a mining company. It is focused on silver and gold production in Mexico and the United States. It owns and operates the San Dimas Silver/Gold Mine, the Santa Elena Silver/Gold Mine, and the La Encantada Silver Mine, and a portfolio of development and exploration assets, including the Jerritt Canyon Gold project located in northeastern Nevada, United States. It also owns and operates its own minting facility, First Mint, LLC, and offers a portion of its silver production for sale to the public. The San Dimas Silver/Gold Mine is located over 130 kilometers (km) northwest of the city of Durango, Durango State, Mexico and consists of 71,868 hectares of mining claims located in the states of Durango and Sinaloa, Mexico. The Santa Elena Silver/Gold Mine is located over 150 km northeast of the city of Hermosillo, Sonora, Mexico. The La Encantada Silver Mine is an underground mine located in the northern Mexico State of Coahuila, 708 km northeast of Torreon.


TSX:AG - Post by User

Bullboard Posts
Post by scissors14on Apr 28, 2006 9:12am
281 Views
Post# 10761642

First U.S. Silver ETF Launches Friday A.M.

First U.S. Silver ETF Launches Friday A.M.First U.S. Silver ETF Launches Friday A.M. By: Dorothy Kosich Posted: '27-APR-06 23:00' GMT © Mineweb 1997-2004 RENO--(Mineweb.com) As the first U.S. Silver ETF is officially launched by Barclays Global Investors Friday morning, Silver Institute President Phil Baker, the Chairman and CEO of Hecla Mining, told Mineweb that he views it as a positive move that will, ultimately, generate more interest in silver equities. Michael DiRenzo, Executive Director of the Silver Institute, noted that the "this investment vehicle will give a wide range of investors the opportunity to diversify their portfolio to silver." Christine Hudako of Barclays confirmed to Mineweb Thursday that the silver ETF will launch Friday morning on AMEX under the name iShares Silver Trust, (SLV). Earlier this week, Barclays deposited 1.5 million ounces of silver with the JP Morgan Chase Bank to back its 150,000 ETF shares. Each share is equivalent to 10 ounces of silver. The SEC cleared the silver ETF Thursday. SEC spokesman John Heinie told the Associated Press that the registration statement had been declared effective. As the news made the round of the markets, spot price silver rose to $13.18/ounce on the COMEX Thursday, but ended the day at $12.60. The Silver Users Association had opposed the silver ETF, contending that the trust would take a large amount of silver off the market and increase prices, which would hurt manufacturers. Silver recently reached a 23-year high of $14.69/oz on the futures market. While Baker admitted that the silver miners who backed the silver ETF may be taking a risk that it will reduce investor interest in equities, he believes that it will attract more potential silver investors to the market, generating increased interest in silver equities. Traders anticipate that the ETF will attract money from family trusts and institutional funds, advisers and retail investors, which would like to get convenient exposure to silver.
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