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Gold/Mining/Energy : Rare Earth Elements and Exotic Metals

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From: LoneClone	8/19/2009 10:19:54 PM
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Pirquitas tin start-up later this year Release date: 10 Aug 2009 itri.co.uk The start-up of Silver Standard Resources’ Pirquitas silver-tin-zinc mine in Argentina’s Jujuy province was put back by unexpectedly harsh winter weather in the second quarter, leading the company to half its estimate of silver production in 2009. However commissioning of the mine’s tin circuit is due to start in the current quarter and production will be 3,000 tpy of tin-in-concentrate from 2010, the company’s Senior VP Operations, George Paspalas, said in a conference call on Friday. With the delays caused by start-up issues, Pirquitas is now expected to produce approximately 3 million ounces of silver in 2009 and to achieve full production in 2010 of approximately 10 million ounces of silver. As of June 30, 2009, the company had expended US$221 million in construction costs. With the delays in start up, capital costs are now estimated to be $233 million. At current metal prices, tin will represent about 20% of Pirquitas' revenue, Paspalas added. Zinc production is also under consideration but resources must be delineated before a strategic decision can be made, CEO Robert Quartermain said during the call.

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