The most significant highlights of the year were: -- 67% increase in net revenues to $26.9 million for the year ended December 31, 2010 from $16.1 million in 2009; -- 154% increase in earnings from mining operations (excluding amortization and depletion) to $10.7 million for the year ended December 31, 2010 from $4.2 million in 2009; -- On December 7, 2010 the Company closed a CDN$ 60 million Equity Financing; -- On December 14,, 2010 the Company bought back the silver stream purchase agreement from Silver Wheaton Cayman in the amount of US$ 25 million and a final silver payment of approximately 206,000 silver ounces; consequently, Aurcana is no longer obligated to sell 50% of its silver production to SW Caymans, and can now receive the full benefits of 100% of its silver production at La Negra on a go forward basis; -- On December 30, 2010 the Company paid out the balance of US$ 3,080,000, covering the notes payable owed to Trafigura; and -- A total of 477,759 tons were mined during the year, 68,219 tons were from NI 43-101 Measured and Indicated (reducing M&I from 604,986 tons to 529,253 during the year), none mined from NI 43-101 Inferred, none mined from Historical and 409,591 tons mined from new discoveries. La Negra -- 40% increase in ore processed to 422,603 tonnes during 2010 year from 300,952 tonnes in 2009; -- 29% increase in copper concentrate produced to 11,656 tonnes during 2010 year from 9,036 tonnes in 2009; -- 12% increase in ounces of silver produced to 838,007 during 2010 year from 749,942 in 2009; -- 51% increase in zinc concentrate produced to 5,218 tonnes during 2010 year from 3,448 tonnes in 2009; -- In July 2010, the Company successfully concluded an on time and on budget expansion of La Negra mine to produce 1,500 tonnes per day from the prior 1,000 tonnes per day; -- La Negra's production increase was successfully supported by a 2010 diamond drilling in-house program of 11,000 metres; and -- La Negra's underground drilling and development indicates 590,000t of mineralized material were located within extensions of six known mineral zones. This material cannot be designated as ore because it is not compliant with NI 43-101 regulations. |
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