This article is about Aurcana Corp. (OTCPK:AUNFF). Aurcana has a market capitalization of $145 million, or $180 million fully diluted. The company operates two silver mines: La Negra in Mexico and Shafter in Texas.
La Negra has been producing for a long time and is estimated to produce over three million ounces of silver in 2013. Over time the company anticipates increasing production at La Negra as it mines (what it hopes will be) higher grade ore. The mine has relatively low costs so that it can produce profitably even at a depressed silver price of $20/ounce.
Shafter is an historically producing mine that Aurcana recently brought back into production. While it has promised to mine 1,500 tons...
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