Silver Mines Ltd (ASX:SVL) (OTCMKTS:SLVMF) (FRA:SWQ) has gained a new substantial holder in New York-based investor Van Eck Associates Corporation (VEAC).
This status was passed on March 22 with VEAC and its associates now holding more than 62.712 million shares, resulting in a 5.29% stake in the company.
Bowdens Silver Project progresses
The company has submitted its Mining Lease Application (MLA 601) for the development of the Bowdens Silver Project, the largest undeveloped silver deposit in Australia.
Bowdens is in Central West New South Wales, east of the town of Mudgee, and lies within exploration licence 5920, which is 100% held by the company.
The proposed Bowdens development comprises an open-cut mine feeding a new processing plant with a conventional milling circuit and differential flotation to produce two concentrates that will be sold for smelting off-site.
Annual plant capacity is designed for 2 million tonnes with a mine life of 16.5 years.
Life of mine production is expected to be around 66 million ounces of silver, 130,000 tonnes of zinc and 95,000 tonnes of lead.