Hecla reports record level of silver reserves – by Neils Christensen Kitco.com – February 5, 2020)


(Kitco News) – Helca Mining Co. (NYSE: HL) appears to bucking the trend of dwindling reserves, according to its exploration update.

The silver producer said Wednesday that its reserves of silver, lead and zinc reached the highest level in the company’s 129-year history during the fourth quarter.

Looking at silver, Hecla said that total company proven and probable reserves increased 11% last year. Meanwhile measured and indicated silver ounces rose 4% to a record 217 million ounces, an increase of 9 million ounces over 2018 with increases at Greens Creek, Lucky Friday and San Sebastian.

“In the last 12 years, Hecla has not only replaced silver production but added another 234 million ounces through exploration,” the company said. The company also said that its exploration program helped to replace 60% of its gold production.

“The foundation of value creation for any mining company is increasing reserves, and Hecla’s silver, lead and zinc reserves are the most in our 129-year history,” said Phillips Baker, Jr., president and chief executive officer.

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