SilverCrest Mines Reports Record Silver Production in Mexico - Video News Alert on InvestmentPitch.com
Thursday, July 18, 2013
SilverCrest Mines Reports Record Silver Production in Mexico - Video News Alert on InvestmentPitch.com17:37 EDT Thursday, July 18, 2013
Vancouver, British Columbia--(Newsfile Corp. - July 18, 2013) - SilverCrest Mines (TSXV: SVL) (NYSE-MKT: SVLC) has announced record silver production numbers from its 100% owned Santa Elena Mine, located in the State of Sonora, Mexico.
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Production Highlights for the second quarter of 2013 versus the first quarter showed:
- Record silver production of 194,022 ounces, up 26%
- Gold production of 7,463 ounces, up 3%
- Silver equivalent production of 665,684 ounces, up 20%
- Ore Tonnes crushed increased to 307,091 tonnes, up 18%, with throughput averaging 3,375 tonnes per day
- Total ounces delivered to the pads increased by 25% for silver and 13% for gold
Furthermore, the waste to ore ratio was consistent with the mine plan, decreasing 41% from the first quarter.
J. Scott Drever, Chairman and CEO stated, "We are starting to mine the planned higher ore grades from open pit so anticipate increased ounces produced in the second half of 2013. Based on continually exceeding forecasted silver ounces produced each month, we are increasing our annual silver production guidance from 625,000 ounces to 675,000 ounces. We are maintaining our annual gold production guidance of 33,000 ounces for 2013."
The Santa Elena Mine is a high-grade, epithermal silver and gold producer, with an estimated life of mine cash cost of US$8.00 per ounce of silver equivalent, using a 55 to 1, silver to gold ratio.
Major expansion and construction of a 3,000 tonnes per day conventional mill facility is well underway with earthworks complete, concrete for major foundations poured and CCD tank and thickener construction near completion. Major equipment, including new cone crushers and generators, has been delivered to the site. The company recently posted a number of pictures of the on-going construction on its website ( www.SilverCrestMines.com ).
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The company has completed all drilling required to define and expand the Resources and Reserves and recently announced the revised numbers, and is anticipating filing the Santa Elena Expansion Pre-Feasibility Study later this month. Results from several additional drill holes have yet to be released, which represent potential for further expansion of resources.
An underground definition drilling program, to delineate initial production stopes, is scheduled for completion in the second half of the year, to assist in the preparation for mining in 2014.
SilverCrest currently trades at $1.75, and with 108.6 million shares outstanding, the company is capitalized at $190 million.
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Barry Morgan, CFO