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HALIFAX, NS (MINEWEB) - The path to silver production in early 2013 grows clearer forSantacruz Silver (TSX-V:SCZ). Mineweb last reported in late April the recently-listed junior had raised C$20 millionto fund the 500-tonne-per-day Rosario silver project to production.Since then Santacruz has made two more crucial steps. First the Mexican government issued an environmental permit forRosario mine construction and underground mine development,Santacruz said in late May. Then, as announced Thursday, Santacruzbrought on board an old hand at silver mine construction in Mexicoas chief operating officer. Santacruz said it hired Francisco Ramos, a mine engineer andco-founder of Great Panther Silver, a silver miner focused onMexico, as its chief operating officer. Meanwhile, progress continues on other fronts with millingfacilities on the way to Rosario, in the Charcas mining district,central Mexico. Santacruz bought a 500-tonne-per-day flotationplant from Goldcorp for $800,000 and President and CEO ArturoPréstamo told Mineweb in early April disassembly and transport of the mill to Rosariohad started. The mill is located about 800 kilometres away inGuerrero state. While Rosario is to be a narrow-vein undergroundsilver-polymetallic mine, Santacruz plans to develop an open pitfirst, to quickly build some feed stockpiles, and then start miningunderground. Based on a 2011 scoping study of Rosario, Santacruzpegged capital costs at $11 million for a mine with an expiry dateafter five years in prodution. In the first year of mining Santacruz plans to produce 660,000ounces silver equivalent. That rises to 1.3 million ounces thefollowing year, as Santacruz opens more underground stopes, andthen to about two million ounces a year for the remaining threeyears. Cash costs, Santacruz estimated, would be under $6 per ouncesilver. If all goes smoothly - and so far it must be said crucial hurdleshave been jumped - it means Santacruz will become one of Mexico'snewest silver producers, the driving force behind which isPrestamo. According to Prestamo, the company's creation story is a matter ofclose ties. Along with friends and family Prestamo said he formedthe company in 2009, first taking an option on Rosario from afamily known to him for a decade. Two additional options followed,Gavilanes and San Felipe, which now serve as core explorationproperties that might lead to resoure and production expansion forSantacruz. Institutions have since climbed on board. Of the $20 millionfinancing Santacruz completed in April, Prestamo said institutionsaccounted for 70 percent of subscriptions. Founding friends andfamily took 20 percent and the balance was retail, Prestamo said. SUBSCRIBE to Mineweb.com's free daily newsletter now. The e-commerce company in China offers quality products such as Volkswagen Evaporator Manufacturer , Ford Condenser, and more. For more , please visit Ford Condenser today!
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