The Globe and Mail

Go to the Globe and Mail homepage

Jump to main navigationJump to main content

Globe Investor

News Sources

Take control of your investments with the latest investing news and analysis

Press release from Newsfile Corp

PI Financial Updates Buy Recommendation on SilverCrest Mines - Video Posted on

Friday, March 22, 2013

PI Financial Updates Buy Recommendation on SilverCrest Mines - Video Posted on InvestmentPitch.com13:15 EDT Friday, March 22, 2013Vancouver, British Columbia--(Newsfile Corp. - March 22, 2013) - Investment firm PI Financial has updated their buy recommendation on SilverCrest Mines (TSXV: SVL) (NYSE MKT: SVLC). Following the earnings report for the fourth quarter and full year, analyst Philip Ker reiterated his buy recommendation, maintaining his $4.00 target price, a 60% premium to the $2.50 price the day the report was issued. The company reported cash flow from operations of $40.1 million or $0.44 per share, and net earnings of $30.5 million or $0.33 per share for the year ended December 31, 2012. has produced a “video news alert" about SilverCrest Mines based on this research report. If this link is not enabled, please visit www.InvestmentPitch.comand enter “SilverCrest" in the search box.If you cannot view the video above, please visit: SilverCrest's flagship property is the 100%-owned Santa Elena Mine, which is located 150 kilometres northeast of Hermosillo, in the State of Sonora, Mexico. The mine is a high-grade, epithermal gold and silver deposit, with an estimated life of mine cash cost of US$8 per ounce of silver equivalent, with a 55 to 1 silver/gold ratio. SilverCrest anticipates that the 2,500 tonnes per day facility should recover approximately 4,805,000 ounces of silver and 179,000 ounces of gold over the 6.5 year life of the open pit phase of the Santa Elena Mine. Analyst Philip Ker stated, "We are confident current and future production levels will continue its growth trajectory as the Company begins mining from underground and achieving higher recovery levels from its new processing facility, which is expected to be commissioned later this year in Q4. This plant should allow SilverCrest to increase production levels by 50% for 2014." Company President, J. Scott Drever, stated, "We look forward to another strong financial year in 2013, with an expected increase in silver production to 625,000 ounces, consistent gold production at 33,000 ounces and cash costs remaining steady at or below $8.50 per silver equivalent ounce." SilverCrest currently trades at $2.58, and with 106 million shares outstanding, the company is capitalized at $273 million. For more information, please visit the company's website, or contact Fred Cooper at 1-866-691-1730 or email For more information about PI Financial or to obtain a copy of their research report, contact your nearest PI Financial office. Their branches are listed on their website at InvestmentPitch, a multimedia company that provides a combined solution for creating and hosting financial video content, and distributing it across multiple platforms to investors and financial professionals, specializes in producing three minute videos based on news releases and research reports. CONTACT: Barry Morgan, CFO