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Gold/Mining/Energy : Gold and Silver Juniors, Mid-tiers and Producers
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From: loantech5/1/2006 8:57:12 AM
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Good earnings and good news from Genco:
<During fiscal 2006 at La Guitarra the Company will continue work to expand the San Rafael
Mine and develop new reserves in the La Guitarra Mine. Exploration during the year will focus
on targets near existing infrastructure with high potential for success. Additionally the Company
will explore the options of reopening the Nazareno Mine and Mina de Agua as well as exploiting
easily accessed outcrops at surface.
During the second quarter the Company’s Management plans to add a second mill shift and begin
increasing production from the current 145 tonnes per day to over 200 tonnes per day. Initially
some additional mill feed will come from stockpiles and lower grading lower cost areas of the
Mines which may reduce average ore grades. Management feels that the current environment of
high metals prices combined with excess mill capacity presents an opportunity to economically
exploit lower grade lower cost ore. Average milled grades are expected to initially drop, stabilize
and then increase as more new areas of the Mines are brought into production.
Management is confident demand for gold and silver will lead to continued price support and has
no plans to hedge future production at this time. By focusing on Mexico, the Company feels it
will be able to benefit from any US Dollar appreciation in the price of silver and gold while the
strong positive correlation between the US Dollar and Mexican Peso will provide some protection
from rising real costs.
The Company continues to pursue the acquisition of producing or near production stage assets,
but believes any acquisition must be accretive. Management believe the Temascaltepec District
has significant potential for increased production and the discovery of additional resources. La
Guitarra provides a strong platform from which to grow the Company through expansion,
acquisition or both.>

new.stockwatch.com

Genco has two drill programs now finished. An underground of their own and a contracted surface program. Assays are pending on each. Further drilling is expected to be about 1000 meters per month. So they must be hitting or why continue?

Working on potential cheap to mine surface areas large in scope.

Genco is currently having a few analysts and NLW tour the mine. I hope they get good coverage and imagine they will. A Euro promotional tour scheduled for late May.

Things are looking up IMO. I own the stock.

tom
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