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South American Silver Corp. (TSX:SAC,OTCQX:SOHAF) announced its unaudited condensed interim consolidated financial statements for the three and six months ended June 30, 2013.
As quoted in the press release:
As at June 30, 2013, the Company had a working capital of $14.2 million including cash and cash equivalents of $14.6 million. As at the date of this news release the Company also owns an 18.5% equity interest in High Desert Gold Corporation (TSX VENTURE:HDG)(OTCQX:HDGCF) which had a quoted value as at June 30, 2013 of Cdn. $1.5 million.
At the Escalones copper-gold project in Chile, drilling for the season that started in November 2012 ended on May 2, 2013 with a total of 9,070 metres of drilling completed. On June 28, 2013, the Company announced an updated NI 43-101-qualified resource estimate for Escalones showing a significant increase in copper, molybdenum and gold resources from the previous estimate as well as a category upgrade of approximately a third of the resource to Indicated from Inferred (See News Release 13-13 dated June 28, 2013). The total exploration costs for the season amounted to $7.6 million of which $6.3 million were incurred during the first half of 2013. Effective June 27, 2013 the Company extended for 5 years the terms of its Option Agreement to acquire the remaining portion of the Escalones property, resulting in a $2.4 million cash savings for the Company in the current year.
Click here to read the South American Silver Corp. (TSX:SAC,OTCQX:SOHAF) press release
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