SilverCrest Mines Announces Record 3rd Quarter Silver Production at Santa Elena Mine in Mexico - Video News Alert on InvestmentPitch.com
Vancouver, British Columbia--(Newsfile Corp. - October 16, 2013) - SilverCrest Mines (TSXV:SVL) (NYSE-MKT:SVLC) has announced record 3rd quarter silver production at its Santa Elena Mine in Mexico. Record silver production of 202,736 ounces was an increase of 4% over the second quarter. Gold production amounted to 7,194 ounces, down 4% from the previous quarter, resulting in a silver equivalent production of 642,877 ounces, a 3% decrease.
InvestmentPitch.com has produced a “video news alert” about SilverCrest based on this news. If this link is not enabled, please visit www.InvestmentPitch.com and enter “SilverCrest” in the search box.
Located in the State of Sonora, the 100% owned Santa Elena Mine is a high-grade, epithermal silver and gold producer.
Although ore tonnes crushed decreased 18% to 251,374 tonnes, with throughput averaging 2,732 tonnes per day, average grades loaded on the leach pad increased significantly by 26% for silver and 10% for gold. This decrease in throughput can be attributed to the adverse weather during the rainy season, as well as the longer hauls from the pit bottom and contractor equipment availability.
With a current leach cycle lag time of 30 to 60 days on the pad, based on increasing pad height, higher grades mined and crushed in Q3 should be reflected in higher Q4 production.
N. Eric Fier, President and COO stated, “For the first nine months of 2013, silver production was 550,239 ounces and gold production was 21,881 ounces equaling 1.87 million ounces silver equivalent. We maintain our expectation that full year production will meet original guidance of 2.44 million silver equivalent ounces, comprised of 725,000 ounces of silver and 30,000 ounces of gold. Our continued effective efforts at controlling costs will ensure we maintain 2013 market guidance cash cost at or below US $8.50 per silver equivalent ounce with positive cash flow from operations at current metal prices.”
Major expansion and construction of a 3,000 tonne per day conventional mill facility is on time and on budget with initial mill start up scheduled for January.
The Santa Elena Mine currently has an estimated life of mine cash cost of US$8 per ounce of silver equivalent for the open pit heap leach, with exploration programs continuing to make new discoveries.
Silver grades continue to increase and gold grades remain consistent with depth.
The company is also rapidly advancing the definition of a large polymetallic deposit at the La Joya property in Durango State.
SilverCrest currently trades at $1.60, and with 108.9 million shares outstanding, the company is capitalized at $174 million.
For more information please refer to the news release of October 15, 2013 on the company’s website www.silvercrestmines.com, or contact Fred Cooper at 1-866-691-1730 or email firstname.lastname@example.org.
InvestmentPitch.com, 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.
Barry Morgan, CFO