“San Jose is a silver/gold mine operating in Santa Cruz province, Argentina. It’s been in operation since late 2007. We own a 49% interest, whereas Hochschild Mining PLC are the operators of the mine. And they had fantastic exploration results during 2010.
“[Today] we’re just basically giving a comprehensive summary of what was accomplished in 2010, as well as an update. In November 2010, we put out our release announcing the discovery of a number of high-grade veins, so we just wanted to round out the rest of the exploration results from the rest of the year. The new reserve numbers should be out from Hochschild, in conjunction with their year-end financial statements, by the end of March.
“The results today show that there’s still plenty of room at the mine to grow, pretty much parallel to existing workings. It’s a big plus to discover material that is mineable and that will definitely extend mine life. It also shows that the material we’re hitting is similar to, if not slightly better than, the average reserve grade at the mine.
“For 2011, we’ll continue to drill aggressively. The exploration budget for 2011 will be consistent with 2010 at between, say, $6 million and $7 million. Hopefully, 2011 will be just as successful. The progress of the project has been very positive.”
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