Aurcana Corporation (AUNFF / AUN.V) is a Canadian junior miner operating silver projects in Texas and Mexico. The CEO does not appear to have a background in geology or mining engineering, yet the company is earning positive net income.
Commercial production at their Shafter project began in December, which is good news for a mine that has a 43-101 report. I find it odd that the 2P numbers aren't readily apparent (I couldn't find them in the 43-101) but they started producing anyway. Their La Negra project is not yet producing but has an updated resource estimate, with huge silver grades and decent copper grades.
A quick SEDAR search for their financial statements reveals profitability, which is helping them dig out of a C$26M retained earnings deficit (as of September 2012). That financial hole reveals just how much value future operations must add for the company's share price to climb out of penny stock land.
I'm not sure why the stock hasn't moved given the existing production at Shafter and large potential at La Negra. The stock is barely above its 52-week low. Let's see if a feasibility study on La Negra makes the share price jump.
Full disclosure: No position in Aurcana at this time.
