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« Silver Price Manipulation | Main | Endeavour Silver Corporation Q1 Results: Stock Up 4.06% today! »

First Majestic Silver Corporation: A volatile ride!

Majestic chart 22 May 2008

As we can see from the chart this silver stock has ebbed and flowed with the silver tide. However, recent results now show the company in profit, which could be the gateway to a higher stock price in the near future.

The net income of C$1.07 million, or C$0.02 per share for the quarter, compared positively to a net loss of C$3.06 million, or C$0.06 per share, last year. Sales revenues for the quarter was up 28% and total quarterly production consisted of 1,061,720 ounces of silver equivalents, including 895,358 ounces of silver, 240 ounces of gold, and 1,857,897 pounds of lead. First Majestic plans to produce 5,3 million ounces of silver equivalents in 2008 based upon 82,000 meters of drilling and over 46,000 meters of underground development.

Regular readers may recall that we met with the Keith Neumeyer, the President and CEO of First Majestic at the Silver Summit in London on 8th November 2007. At the time we wrote: “In conclusion, we like First Majestic’s projects, past performance, leverage to the silver price and most importantly management team, which combined should prove to be a good investment vehicle to profit from rising silver prices.”

To read the article in full please click this link.

We have had this silver stock on the watch list for a long time but as yet have not made a purchase, however, they are making good progress so we will be looking for a reasonable entry point going forward. This mini rally could well be over, for now, with a period of consolidation ahead, so we will wait for a dull day to come along before making a move.

Have a sparkling day.

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