Ben Kramer-Miller
Gold & precious metals, macro, research analyst, deep value

Santacruz Silver Mining: A Unique Speculation Stock With Limited Downside Risk

This article is about Santacruz Silver Mining (OTCPK:SZSMF). Santacruz Silver Mining has a market capitalization of $107 million, or $117 million fully diluted. The company currently owns three properties in Mexico: Rosario, which is a small producer, and San Felipe and Gavilanes, which are late and early stage exploration properties, respectively. In addition the company had roughly $17 million in cash as of the end of March.

Silver Mining has an interesting strategy. It is developing small mines on its properties, and spending very little capital to do so, in order to generate a small amount of cash flow in order to further explore its properties. For instance it brought its Rosario mine into production with just $10...

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