Despite Low Prices Silver Miners Remain Optimistic Going Forward
NEW YORK, NY -- (Marketwire) -- 08/27/12 -- Silver stocks have been surging in the last month as silver prices have rebounded on renewed optimism in Europe. The Global X Silver Miners (SIL) has soared over 16 percent in the last month, nearly double the iShares Silver Trust ETF (SLV) gain of 9 percent over the same period. Five Star Equities examines the outlook for companies in the Silver Industry and provides equity research on Endeavour Silver Corp. (NYSE: EXK) (TSX: EDR) and Great Panther Silver Ltd. (NYSE: GPL) (TSX: GPR)
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www.FiveStarEquities.com/GPL
Recent financial results of silver miners have shown that silver prices are having a negative impact on profits. While some miners have seen production rise, revenues have fallen as a result of lower prices. Silver prices have fallen approximately 23 percent from the second quarter of last year. Despite the low prices silver companies appear to be optimistic going forward. Companies such as First Majestic and Coeur d'Alene have begun share repurchase programs, while others have expanded their portfolios by either acquiring or investing in other companies.
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Endeavour Silver is a premier, mid-tier silver mining company focused on the growth of its silver production, reserves and resources in Mexico. Since start-up in 2004, Endeavour has posted seven consecutive years of aggressive silver production and resource growth. The company recently reported that silver production climbed 22% to 1,040,026 oz and gold production jumped 59% to 7,695 oz in the second quarter of 2012, compared to the year ago period.
Great Panther Silver's current activities are focused on the mining of precious metals from its two wholly-owned operating mines in Mexico, including the development stage San Ignacio Project. In addition, the Company is also pursuing acquisition opportunities throughout Latin America to add additional mines to its portfolio of properties. The company reported Topia silver production reached a record 148,439 ounces in the second quarter, despite lower throughput.
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