The Top 20 Silver Producing Countries in 2008

Top 20 Silver Producing Countries in 2008 (in millions of ounces)

1. Peru - 118.3

2. Mexico - 104.2

3. China - 82.8

4. Australia - 61.9

5. Chile - 44.9

6. Poland - 38.9

7. Russia - 36.1

8. United States - 36.0

9. Bolivia - 35.8

10. Canada 21.5

11. Kazakhstan - 20.2

12. Turkey - 10.1

13. Argentina - 9.9

14. Sweden - 8.4

15. Indonesia - 8.0

16. Morocco - 7.8

17. India - 7.1

18. Guatemala - 3.2

19. Iran - 3.2

20. South Africa - 2.7

Source: The Silver Institute. 2010. http://www.silverinstitute.org/supply_demand.php#supply

Two Silver Mining Companies Updated -Yahoo Finance

Yahoo Finance: In Play
"Silver Wheaton announced that attributable proven and probable reserves more than doubled in 2009, to include an increase of 431 million ounces of silver. The company announced that attributable proven and probable reserves more than doubled in 2009, including an increase of 431 million ounces of silver for a record of 875 million silver equivalent ounces. Over the same period, attributable measured and indicated resources increased by 72%, including an increase of 141 million ounces of silver to a record 366 million silver equivalent ounces. Attributable inferred resources increased by 4%, including an increase of 12 million ounces of silver and 50,000 ounces of gold, to a record 408 million silver equivalent ounces. Silver Wheaton acquired 25% silver production from the Pascua-Lama project for the life of the mine, as well as 100% of the silver production from the Veladero, Lagunas Norte and Pierina mines until the end of 2013, these mines were responsible for much of the Wheatons's total reserve growth in 2009."

"Silvercorp Metals (SVM) reported results of a new Technical Report updating the resources and reserves at its silver-lead-zinc projects in the Ying Mining District in Henan Province, China. The report is the first to establish Proven and Probable reserves at the district of 63.4 mln ounces of silver.  Inclusive of the mineral reserves, the updated in-situ mineral resource estimate at the district is 69.0 mln ounces of silver in the Measured & Indicated categories and an additional 87.7 mln ounces of silver in the Inferred category."

I think a lot of this silver is being bought up and used by industry as fast as they can mine it. Even the US Government did not mint some coin proofs this year for lack of silver reserves. Where do you think all of that silver is going?

Silver Mine in Mexico Reports Exceptional Find!

I do not know how many of the silver investors that follow this blog invest in physical silver, paper silver, silver ETF's or silver mine stocks.  Maybe I should put up a poll.  Anyhow, Today Pan Am Silver, stock symbol PAAS, reported 'exceptional' exploration results at its La Colorada mine in the State of Zacatecas, Mexico.  PAAS closed yesterday at $25.33 a share.  Pan Am provided an update on its continuing underground exploration drilling program at the La Colorada mine.  In 2009,  a major vertical extension of the NC2 vein was discovered, which is a primary source of sulphide ore production at the mine. Furthermore, they also discovered the NC3 vein and several high grade mantos (Even though I am a biologist by training I had to look manto up). A manto is a body of ore occurring in flat-lying depositional layers.

Silver grades within the new NC2 vein average over 600 g/t with the highest grade intersect yielding more than 2,000 g/t Ag over 6.65 meters. Silver grades in two of the newly discovered mantos of the NC3 structure were even higher at 3,900 g/t Ag and 4,500 g/t Ag, respectively.
 
Generally, I invest in physical silver and trade a silver ETF (SIVR).  I shy away from paper silver, but I will save my investment strategies for another post; however, I will look into this mine stock.  Remember to always do your due dilligence.  Do not buy a stock based on mine or anyone elses advice.