What are your favorite Gold and Silver mining stocks and why? Any Australian mines you like?

There are tons, it's all about how hard you are willing to look. To name a few East Asia Minerals, and Grande Portage Resources.

East Asia minerals (TSX-V: EAS) is an Indonesia focused gold miner with two projects, Miwah and Sangihe. Both are owned 70% by the company, 30% by local landowners, so they have a social license. Their current focus is on Sanghie and building a small scale mine (1k oz a month) over the next 6 months. The cash generated by that mine will go towards bringing the 43-101 on Sangihe from 200k oz to 1M oz over approximately six months after first pour, as well the mine will be expanded to an eventual total of 40k+ ozs per year. While that is happeneing the company will also tend to Miwah, which the CEO says had 10M oz during the last bull market before there were some forestry issues. Those have since been cleared and the company hopes to shore up the 3.14M oz 43-101. Both deposits are open at depth and in all directions. 

Grande Portage Resources (TSX-V: GPG) is an explorer with a project in Alaska known as the Herbert project. It currently has an indicated + inferred resource of ~850k oz, with 600k grading at 10 g/t, and 250k at a grade of 14 g/t. The project consists of a series of mesothermal veins which are known to run up to 3km deep with various thicknesses that each run about 1km in length, and are expected to run very deep. Something like 15 parallel structures have been identified all with smaller splays off them. We are currently waiting on some drill results from their recent program in which every hole has hit at least two veins with numerous intervals of visible gold as well.

EAS is currently valued at about $25M Canadian, and GPG is valued at about $45M Canadian. The risk is relatively small whereas the reward is massive, obviously do your own DD but these are currently my two largest positions.

I like Aurcana Silver for entering production next year at their high grade Revenue Virginius mine in Colorado. As the cashflow begins to come in they'll probably be priced way higher.

 I like First Mining Gold for being started by Keith Neuymeyer and for having him on the board; their Springpole project has lots of low grade gold which is great if you foresee gold prices going way higher. Their Goldlund Goliath project with Treasury looks great too and they've recently gotten a great drill intercept. 

Newfound Gold is a pricey speculation on what might be the next world class mine in Newfoundland. 100000m drill program has began and I think they'll find a lot of gold.  Brigadier Gold is another speculation I like for holding the property between GR Silver and Viszla resources; they'll be drilling soon.

Goldmining inc has been a big winner for me as well, I really appreciated that the CEO executed on his plan to buy gold properties for pennies at the bottom of the gold bear market. It shows that he has foresight and plans ahead, and is able to execute on his strategies over the span of years.

If you want asx-listed Auteco Minerals (ASX:AUT) is worth a look for a long term hold. Exploration / development company with a management team that has done it before (Bellevue Gold ASX:BGL). Picked up the high grade Pickle Crow asset (historically underexplored) at the start of the year. Currently drilling with a plan to earn in 80% of the project over 5 years (noting that ~50% of required exploration expenditure will likely be spent by years end). Has a JORC compliant Resource of 1Moz at 11.3 g/t gold. 45,000m drilling program underway with mineralisation open in every direction. Well funded with ~AU$33M in cash at end of July.

Disclosure: I do not own but  wth recent sell off (20c to 15c) I am looking to pull the trigger.

Nova Gold - half ownership of a project that will yield the largest amount of proven reserves in the world.

I really depends on what you're looking for based on risk/reward. Personally I like exploration and junior mining stocks. Some of my favourites are:
- VanGold (VGLD) : They have an exploration program at one of Mexico's highest grade silver mines back in 1906.  Back then they had a cutoff grade of 15gr/ton Au eq. The mine has been closed 100 years ago and no modern exploration has been done. They probably have unmined veins and a 'mother vein' that is feeding the entire region crossing their property at depth. Best thing is, they have 3M in the bank and a stockpile with 'waste' material that is worth more than the current market cap and could pay for all exploration the next 24 months +. No debt and a very strong management team including Dan Oliver from Myrmikan Capital (search RV). 

Others are Vizsla resources and Blackrock Gold. Both cashed up, strong management, no debt and an incredible Maiden discovery.