The Gold Report

Aurcana Corporation TICKER: AUN:TSX.V; AUNFF:OTCQX Visit Company Website Aurcana Corporation, a Canadian junior mining company, is positioned to be the next midtier silver producer. The Shafter silver mine is scheduled to start production within four months and is estimated to produce 3.8 Moz silver in the first year of operation. It has an NI 43-101 Measured and Indicated resource of 24.6 Moz silver and an Inferred resource of 22.8 Moz silver using a 4 ounce per ton cutoff. The 99.9%-owned La Negra silver-lead-zinc-copper mine produced over 1 Moz of contained silver in 2011.

The information provided below is from analysts, newsletters and other contributors. Please contact the company and visit its website before making an investment decision.

Expert Analysis

The Gold Report Interview with Chris Thompson (5/16/12) "Aurcana Corp. may offer growing production growth profiles. . .Aurcana is in production. It has two assets, the La Negra asset in Mexico and the development-stage Shafter project in Texas. Our understanding is that it's in the process of commissioning Shafter right now. We're also anticipating a revised resource estimate on La Negra. We're looking at a company that can deliver just over 4 Moz/year silver production at a little north of $8/oz cash costs." More >

The Gold Report Interview with Chris Marchese (4/13/12) "Aurcana Corporation is a Mexican and soon-to-be American silver producer. It has the Shafter mine in Texas, which is two months ahead of schedule and should be coming on-line relatively soon. That will produce about 4 Moz/year, plus byproducts, and increase total U.S. silver production by 10%. It has the La Negra mine that produces about 1 Moz silver and 500 Koz silver equivalent, with zinc, lead, etc. It's going to have a huge growth spurt—a company that produces 1.5 Moz is going up to 5 Moz in a year and a half. People can buy it under $1/share and should be able to catch a double." More >

Marc Davis, BNW News (3/20/12) "Since Aurcana Corporation acquired new management in 2006, it has gained a new lease on life—it has already turned a small Mexican silver mine into a profitable venture with fast-growing revenues. With its overall income primed to ramp-up in a big way as a result of its new high-octane U.S. business venture, the company is poised to become a silver mining industry standout."

Christos Doulis, Stonecap Securities (2/22/12) "On February 20, Aurcana Corporation announced that it increased its ownership in the La Negra mine to 99.86% from its previous position of 92%. . .management has confirmed that the mill expansion plan (going from 1,500 to 2,500 tpd) for La Negra is on track and almost complete. . .while we have now factored in the mill expansion at La Negra, the company's expansion plans at Shafter could increase production beyond our current forecasts. We are increasing our target to $1.20 from $1.10 and maintaining our Outperform rating."

Michael Niehuser, Beacon Rock Research (1/17/12) "Both Aurcana Corporation's Shafter project and the operating La Negra mine have potential to increase production through technical improvements, optimization of operations and further expansion beyond designed capacity. . .the company has also contracted with top carbonate replacement deposit experts in the exploration industry to fully explore the land holdings away from the immediate mine area at both projects, which could potentially increase the future mine resources and mine life. . .at the time we visited the Shafter mine site, it was clear that the project had made rapid progress in a short time and that progress was accelerating."

• Corporate Presentation (3/12/12)

• Read about AUN in the Streetwise Reports Exclusive Article "Some of the Biggest Silver Bulls in the Herd Speak Up"
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