Silver Standard Resources Limited Taking Us to the Wire
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| Topic: Silver Mining Companies — December 8th, 2009
Having purchased the December 2009 series Call Options on Silver Standard Resources Incorporated (SSRI) with a strike price of $25.00 (IZULE) the volatility in the metals space is taking us down to the wire.
The trading range for the day oscillated between $0.35 to $0.80, closing at $0.55 with open interest standing at 2422 contracts.
SSRI finally came to rest at $23.83 so we could do with a gain of a buck or two over the next few days as these contracts expire next week. We need one last run at the $25.00 level before the time premium brings the curtain down.
Taking a quick look at the above chart we can see that RSI is now below ‘70′ so there might be just enough room to go a little higher, so stay awake we will have to move rather fast should a reasonable exit price present itself.
All the best.
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VANCOUVER, BRITISH COLUMBIA, Dec 4, 2009 (Marketwire via COMTEX News Network) — Silver Standard Resources Inc. (TSX:SSO)(NASDAQ:SSRI) reports that its wholly-owned Pirquitas Mine in Jujuy, Argentina, achieved commercial production effective December 1, 2009.
Mr. Robert Quartermain, the company’s president and chief executive officer, said that “I am extremely pleased about reaching this significant milestone in the company’s history. Pirquitas will provide the foundation from which to grow the company’s silver production. I congratulate the Pirquitas team who worked diligently to achieve this goal.”
The mill is processing oxide and transitional ore which to date is exceeding the company’s expectations for this material. Silver recoveries are exceeding 50% and silver concentrate grading in excess of 22 kilograms of silver per tonne is being produced. The mine is operating as planned and the mill will operate on oxide and transitional ore until the sulphide ore currently being exposed from the open pit is processed in the first quarter of 2010.
A conference call with management to review progress at the Pirquitas Mine and to discuss the Snowfield and Brucejack mineral resource updates (see News Release dated December 1, 2009) will be held on Thursday, December 10, 2009 at 11:00 a.m. EST.
Comment by Silver Prices — December 8, 2009 @ 5:40 am