Hecla Mining Company (NYSE: HL) is hoping that high reserves will overshadow mine woes. The troubled silver mining outfit has reported the largest silver reserves and resources in its corporate history. It claims 148 million ounces in reserves and 281 million ounces in resources as of December 31, 2011 after exploration results in the U.s. and Mexico and after updating three pre-development projects.
The company noted that silver reserves were up 4% and resources increased by 13%. WIth silver comes gold and the company noted that its gold resources have risen by about 33% to 597,600 ounces. Lead and zinc resources increased 21% and 26%, respectively.
The company also announced over a 16% gain in the contained metal (silver, lead, zinc) in Lucky Friday’s proven and probable reserve with the addition of high-grade tons.
The company noted, “As a result of these successes, we are planning a significant investment in exploration in 2012.” Later in the release it said that the 2012 exploration budget would be $28 million.
Shares are hardly moving despite the disappointments in recent months. After closing at $5.09 on Thursday, the 52-week trading range is $4.25 to $11.08.
JON C. OGG
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