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Gold/Mining/Energy : Hecla Mining(HL)

HL 12.91

+3.0%

Oct 30 3:59 PM EDT

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From: Bob Fairchild	12/27/2010 7:49:17 AM
	of 629

Silver Miner Delivers Explosive Profits thestreet.com NEW YORK (TheStreet ) - Hecla Mining's(HL_) silver story is so good you have to wonder if this shining success story can last. The oldest silver miner in America produced 2.7 million ounces of silver in the third quarter for negative cash costs of $1.01 an ounce. The company made 6 cents a share and Hecla estimates that for 2010 it will produce 10 million to 11 million ounces of silver with total cash cost of negative 50 cents. With silver prices trading around $30 an ounce, these results can look staggering. Hecla has two producing silver mines -- Greens Creek and Lucky Friday -- as well as two development projects in Colorado and Mexico. For now, Greens Creek is carrying the weight for Hecla. It's one of the largest silver mines in the world and produced 1.9 million ounces of silver last quarter for negative $3.05 an ounce. Lucky Friday is good but not as lucky producing 0.8 million ounces for $3.38 an ounce. Hecla's success and silver's growing popularity seem to be a perfect storm for profits. The price of silver has jumped 70% in 2010 and so have shares of Hecla as investors seek to profit from the metal's rise. The silver exchange-traded fund, iShares Silver Trust(SLV_), added more than 1,400 tons of silver in 2010 adding fuel to silver's fame. I recently sat down with Hecla CEO Phillips Baker to see if Hecla's gangbusters quarter could repeat itself and the biggest challenges the miner faces in the future. ..........cont'd

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