"That experience really showed with Santa Elena, SilverCrest's Sonora mine. It has good grades and pretty much an even mix between gold and silver in value. The team has managed to get it financed at the bottom of the market in 2009, which was no easy feat, and built it for a little more than $20M, which is pretty amazing. It's producing silver equivalent at $8.50/oz. That's quite a bit better than most. Santa Elena expansion is most of the way through. Santa Elena started out as a heap leach, but SilverCrest is building a mill, which should start production early next year. That should bring the company up from, say, 2.5 Moz Aqeq to close to 3.5 Moz next year. As the mine gets into deeper, higher-grade material, it should surpass 4 Moz silver equivalent in 2015. La Joya will be more difficult, but I definitely wouldn't bet against management building it on time and on budget and making sure it makes money."
TGR: SilverCrest recently doubled the contained silver equivalent ounces at its La Joya project from about 102 Moz silver equivalent to 198.6 Moz.
LM: It's enough to develop substantial interest if SilverCrest is aiming toward having the project bought out. But it's also worth noting that SilverCrest is working to steadily increase production at Santa Elena. As long as it can obtain increasing rates of positive cash flow, it might be very interested in keeping the La Joya project and advancing it toward production. I don't know if that decision has been made yet, but it could be attractive as a potential buyout for the La Joya, or as a possible candidate for production.