Pan American Silver Corp. (PAAS) Trade Alert – PAAS Reports High Grade Results at Morro Solar Vein
Pan American Silver Corp. (PAAS) shares closed yesterday at $14.05, up 22.49% from the precious close of $11.47. Pan American Silver is engaged in silver mining and related activities, including exploration, mine development, extraction, processing, refining and reclamation.
The company recently announced high grade drill results from the newly discovered Morro Solar vein at its Morococha mine in Peru. The Morro Solar vein was identified during surface exploration and has been mapped over a continuous distance of more than 2.5 km along strike. At present, the exploration drill program has covered only 800 meters along strike and 150 meters down dip of this major structure.
The vein shows the typical characteristics of the district with large high grade ore shoots separated by lower grade intervals. In addition to Morro Solar, exploration drilling has identified at least 10 additional parallel veins in the area.
At present, exploration activities at Morro Solar consist of 26 surface and four underground diamond drill holes.
Pan American Silver also announced its unaudited production and financial results for the third quarter of 2008 will be released Thursday, November 13, 2008, before the market opens. A conference call and live audio Web cast to discuss the results the same day.
The company's mission is to be the world's largest and lowest cost primary silver mining company by increasing its low cost silver production and silver reserves.
It has seven operating mines in Mexico, Peru and Bolivia. An eighth mine in Argentina is scheduled to commence operations in the fourth quarter of 2008.
In today's daily chart, PAAS' MACD reflects a weak bullish signal, with the indicator trending above the 9-day moving average signal line but still below the 0 level, indicating bearish moving averages. Trading within its Bollinger Bands, the stock reflects neither an overbought nor oversold condition relative to its recent price trend. With share prices currently above the stock's 13-day moving average, a bullish trend is generally indicated.
