Issue link: http://resourceworld.uberflip.com/i/581931
12 www.resourceworld.com o c t o b e r / n o v e m b e r 2 0 1 5 Silver stood at us US $14.58/oz on the LBMA London fix on September 11, down from us US $18.70/oz year-on-year. The highs of 2011, when silver crept past US $40/oz on numerous occasions, now seem like a distant memory. The price slide has translated into painful losses for many producers, with efforts to alleviate the pressure by ramping up production and increasing sales. GFMS Thomson Reuters (GFMS) and the Silver Institute recorded an increase in mined silver supply of 42.2 million ounces in 2014, taking the year's total to 877.5 million ounces. Producers have sought to improve operating efficien- cies and productivity as well. Those in the exploration and development space continue to face economic headwinds, having to strike a careful balance between advancing flagship projects and main- taining treasuries. These are tough times, but in a cyclical industry such as mining, those that survive often thrive with the next upswing. Almaden Minerals Ltd. [AMM-TSX; AAU-NYSE MKT] owns the Tuligtic gold- silver project in Puebla State, Mexico. On May 21, the company announced posi- tive results from hole TU-15-453, which intersected multiple zones of silver, including 61.6 g/t silver and 0.21 g/t gold from 83.50-202 metres. The hole is part of a campaign to upgrade the Chemalaco Zone's resources from inferred to the mea- sured and indicated. In the meantime, Almaden has spun out a suite of assets for the formation of Almadex Minerals Ltd. [AMZ-TSXV], although Almaden retains Tuligtic. Americas Silver Corp. [SPM-TSX] operates two flagships: Cosalá in Sinaloa, Mexico, and the Galena Complex in Idaho. The company reported a net loss of $1.5 million in Q2 2015 compared with a net loss of $1.8 million in Q2 2014. Consolidated production for Q2 stood at just over 661,000 ounces silver, or 1.15 million equivalent (eq.) ounces silver for total output, representing declines of 7% and 8% respectively compared with Q1 2015. Production guidance for full-year 2015 remains 2.6 million-3 million ounces silver and 4.6 million-5.2 million Eq. ounces silver. Argonaut Gold Inc. [AR-TSX; ARNGF-OTC] has a sizable silver footprint. Its La Colorada Mine in Hermosillo, Mexico, produced almost 14,000 ounces gold and just over 52,500 ounces silver for Q2. In February, the company announced a PEA for its San Agustin Project in Durango, Mexico, outlining a pit-constrained indicated resource of 845,000 ounces gold and 28 million ounces silver. In July, the com- pany announced that expansion work, including drilling, was under way. Aurcana Corp. [AUN-TSXV; AUNFF- OTCQX] operates the La Negra Mine in Queretaro, Mexico, and is advanc- ing the Shafter silver project in Presidio County, Texas. The company posted a loss of $600,000 for Q2 compared with a $1.4 million loss in Q2 2014. Total silver Eq. production was just over 779,300 ounces for Q2 2015 com- pared with just over 786,500 ounces in Q2 2014. With improvements in metal prices, and an increase in sustaining capital, the company intends to bring production back to 3,000 tpd later in H2 2015. Avino Silver & Gold Mines Ltd. [ASM-TSXV, NYSE MKT; GV6-FSE, Berlin] has a footprint in Canada and Mexico, with two precious metals mines SILVER COMPANY ROUNDUP Looking for the silver lining by Simon Rees