Hecla Reports Higher Reserves At Two Mines
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Hecla Mining Co. (NYSE: HL) reports higher silver reserves at its Greens Creek Mine in Alaska and increased gold reserves at Casa Berardi in Quebec. At Greens Creek, the company says proven and probable reserves of 107.1 million silver ounces are the highest since 2008, the year Hecla acquired 100% of the mine. The company says the life-of-mine plan extends production to 2030 without including any resources. Meanwhile, measured and indicated resources are 97.4 million silver ounces. At Casa Berardi, gold proven and probable reserves increased 28% to 1.91 million ounces. The life-of mine plan extends production to 2034 without including any resources, and measured and indicated resources are put at 1.2 million gold ounces. “The analysis of capital and operating costs shows these mines are very robust, and that a 15% increase in metals prices could mean about 60% higher life-of-mine cash flow based on reserves at conservative assumptions,” says Phillips S. Baker, Jr., Hecla’s president and chief executive officer. “We have substantial resources, which, when combined with the exploration potential outlined in the report, highlight significant opportunities to further improve and extend the reserve LOM at both mines.”