Aurcana Silver Corp V.AUN.H

Metals & Mining Silver

Aurcana Silver Corporation is a Canada-based company, which is engaged in the exploration, development, and operation of natural resource properties. The Company’s development properties are the Revenue-Virginius mine (the Revenue-Virginius mine or Ouray), located in Ouray Colorado and held through the Company’s 100% owned United States subsidiary, Ouray Silver Mines, Inc. (OSMI) and the Shafter silver property (the Shafter Silver Project or Shafter), located in Presidio County, Texas and held Aurcana Silver Corporation. The Revenue-Virginius mine is located in southwestern Colorado about 5.5 miles southwest of the town of Ouray. Access to the mine site is via County Road 361. The Shafter Silver Project, which is 375 miles southeast of El Paso, in Presidio County, southwest Texas, within a historic mining district.

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Aurcana Silver Corp

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Comment by peegoon Apr 13, 2014 1:25pm

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Post# 22445319

RE:RE:RE:RE:RE:RE:RE:RE:RE:RE:RE:RE:potential default scenario?

This is what the $50M loan NR says EXACTLY:

"

Aurcana has agreed to sell silver and gold produced from the Shafter mine to Orion Mine Finance at market prices for either a 6 year period, or until Aurcana has sold a minimum of 27 million oz of silver, whichever is later, subject to an early buy-out provision.

Read it carefully, and then read it again. It does NOT say 27M oz must be delivered in 6 years! What it does mean, is that AUN must sell silver from shafter to them for 6 years at mkt price, OR until a total of 27Moz has been sold to them in total. So if they have not met the 27Moz goal after six years, they will continue to sell UNTIL the 27Moz amount is met.

But with Shafter down....

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