Apex Updates San Cristobal

Bnamericas Published: Wednesday, May 05, 1999
Denver-based Apex Silver Mines (Amex: SIL) announced that it had spent a total of US$3.4mn on development and in-fill exploration in the first quarter this year at its San Cristobal silver project in Bolivia. The company also spent US$1.3mn on other exploration costs, primarily related to drilling outside San Cristobal's current open-pit boundaries and the Platosa property in central Mexico. Kvaerner Metals (Davy) are lead engineers on the bankable feasibility study currently underway for the San Cristobal, which Apex expects to complete in mid-1999. It is also working towards a lump-sum, turnkey contract proposal to help with project financing. San Cristobal's proven and probable ore reserves are 259Mt containing 509Moz silver, 4.1Mt zinc and 1.4Mt lead. The company also reported a first-quarter loss of US$2.4mn (US$0.09/share) US$1.7mn greater than the US$0.7mn (US$0.03/share) in the same period of 1998.

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