IKN

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It’s time to play “This Thing Isn’t Like That Thing”, Velardeña edition

For years, your author had to suffer the idiocies of paid pumper delinquents such as Mexico Mike Kachanovsky, or the utter knownothings at GATA, who’d drone on and on and on about how ECU Silver at its Velardeña property had “over 300m ounces of silver!” (they’d use exclamations a lot) and how it was so cheap and how this and how that. Here’s an example of the type of bullshit the company used to hoodwink teh stooopids:

ECU Silver significantly increases resource estimate at Velardena, Mexico

10th Dec 2008, 12:00 am ECU Silver Mining Inc said the fourth NI 43-101 compliant mineral resource estimate on its Velardena district properties in Mexico’s Durango State has significantly raised the resource forecast there.

The results confirm a 6 percent increase in measured and indicated resources to 40 million ounces of silver equivalent and an Inferred resource increase of 118 percent to 391 million oz of silver equivalent.


Chairman and chief executive Michel Roy said: “Our objective in our recent exploration campaign was to convert some of our mineral potential into the inferred category. This was successfully done and we now have an inferred mineral inventory of 391 million oz and measured and indicated of 40 million oz of silver equivalent establishing Velardena among the larger silver and gold projects in Mexico. This increase in our mineral resources is the largest in the history of the company.”

Today we hear from Golden Minerals (AUMN) (AUM.to), the chumps that bought out ECU Silver, about Velardena. Here’s the NR, here’s the moneyline:

The CAM measured, indicated and inferred resource estimate, which does not include the San Diego property, is shown in the following table:


----------------------------------------------------------------------------
Classification  Tonnes    Gold    Silver     Gold     Silver      Silver
                  (M)     (g/t)    (g/t)    Ounces    Ounces    Equivalent
                                             (M)       (M)      Ounces (M)
----------------------------------------------------------------------------
Measured &        2.3     3.46      195      0.3       14.6        27.6
Indicated
----------------------------------------------------------------------------
Inferred          3.1     3.33      159      0.3       15.8        32.3
----------------------------------------------------------------------------

IKN back with the moral of the story: Do not listen to people paid by junior mining companies to pump junior mining companies.

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