DENVER, Colorado APEX SILVER MINES expects to net about US$161 million from its recent share offering. The money will be used to finance a portion of construction and development of the San Cristobal silver project in Bolivia.
San Cristobal is considered to be one of the world's largest primary silver mine projects, to say nothing of its zinc reserves. Reserves were estimated at the end of 2002 to be 218.72 million tonnes grading 64.63 g/t Au, 1.67% Zn, and 0.59% Pb. The feasibility-estimated cash operating costs will be US$1.95/oz for silver and US$0.26/lb for zinc over the life of the project.
Complete details of the project are available at www.apexsilver.com.