The 28,000-ha concession is next to the Fresnillo mine, owned by Pe-oles, Mexico’s largest silver miner.
Meanwhile, a geophysical survey has enabled Sunshine to identify six drill targets at the Amador Canyon property in Nevada.
In the second quarter, the company incurred a loss of US$2.1 million (or 1 cents per share), compared with a loss of US$6.6 million (3 cents per share) a year ago. Silver production from Sunshine’s namesake mine in Idaho was down slightly to 1.37 million oz. during the period, compared with 1.42 million oz. in the second quarter of 1998.
Sunshine is seeking financing to develop its Pirquitas silver-tin deposit in Argentina. Capital costs are estimated at US$124 million, with construction expected to last two years.
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