VANCOUVER, British Columbia,
April 13, 2015 /PRNewswire/ --
465,391 Ounces Silver and 13,255 Ounces Gold
TSX: SVL NYSE MKT: SVLC
SilverCrest Mines Inc. ("SilverCrest" or the "Company") is
pleased to announce record silver and gold production results for
the first quarter ("Q1") of 2015 from its 100% owned Santa Elena
Mine located in Sonora, Mexico.
Record production of 1,349,527 ounces silver equivalent ("AgEq")
for Q1 2015 is in line with 2015 corporate budget forecasts and the
production guidance announced on January 15,
2015. For additional information and to view photos and
videos of the Company's Santa Elena Mine, please visit the
Company's website at http://www.silvercrestmines.com.
Production Highlights of Q1, 2015, vs. Q1,
2014;
- Silver production record of 465,391 ounces; a 131%
increase.
- Gold production record of 13,255 ounces; a 76% increase.
- AgEq[(3)] production record of
1,349,527 ounces; a 92% increase. (1,196,842 ounces
AgEq(3) sold).
- Average mill throughput of 3,015 tonnes per day ("tpd"); in
line with nominal capacity of 3,000 tpd.
- Average silver and gold recovery rates(2) of 60% and
91%, respectively.
- Bullion inventory at the end of Q1 2015 included 82,445 ounces
of silver and 2,524 ounces of gold.
N. Eric Fier, Chief Operating
Officer, stated; "We are very pleased that Santa Elena has started 2015 strongly with
record production of 1,349,527 AgEq(3) ounces,
representing an increase of 92% over Q1, 2014, and 35% over Q4,
2014. Since the beginning of 2015, we have seen a dramatic
improvement with mining of underground stopes, and consider the
underground operations to have been substantially de-risked. During
Q1, 2015, recovery rates for silver in the mill were lower than
anticipated, but several improvements being implemented are
expected to enable us to achieve our 2015 target recovery rate of
70%. We are continuing our optimization of the processes to improve
efficiencies throughout every facet of the operation. Today's
announcement marks the first step of reaching our target of 4.0 -
4.4 million AgEq(3) ounces for 2015. SilverCrest remains
attentive to strict cost controls to maintain positive cash flows
at current metal prices."
Santa Elena Mine Operating
Statistics: Q1 2015 Q1 2014(1) % Change Q4 2014 % Change
Tonnes milled (t) 271,392 - 100% 268,287 1%
Average tpd milled 3,015 - 100% 2,916 3%
Average silver grade processed (g/t) 88.27 - 100% 73.83 20%
Average gold grade processed (g/t) 1.66 - 100% 1.17 42%
Silver recovery (%)(2) 60% - 100% 62% -3%
Gold recovery (%)(2) 91% - 100% 89% 2%
Silver ounces produced 465,391 201,101 131% 397,509 17%
Gold ounces produced 13,255 7,545 76% 8,983 48%
AgEq ounces produced (3) 1,349,527 704,353 92% 996,656 35%
Silver ounces sold 413,250 198,800 108% 422,250 -2%
Gold ounces sold 11,748 7,650 54% 8,968 31%
AgEq ounces sold (3) 1,196,842 709,055 69% 1,020,416 17%
Ag : Au Ratio (3) 66.7:1 66.7:1 0% 66.7:1 0%
(1) Silver and gold ounces produced for Q1 2014
consist of ounces recovered from the leach pad which commenced
decommissioning during Q2 2014.
(2) Estimated recoveries for Q1, 2015 and Q4, 2014 are
as reported, based on calculated grade.
(3) Silver equivalent ("AgEq") ratio for Q1, 2015 of
66.7 was calculated using metal prices of $1,200/oz for gold and $18/oz for silver. For consistency with,
comparative periods, the AgEq ratio reported during 2014 was
changed from 60:1 to 66.7:1.
During Q1, 2015, the mill processed a quarterly record of
271,392 tonnes, with a daily average of 3,015 tpd. The plant
processed 48% higher grade fresh ore (blended mix of open pit and
underground ore) and 52% leach pad ore ("pad ore"). The average
blended grades processed during Q1, 2015 for fresh ore were 124.78
grams per tonne ("gpt") silver and 2.55 gpt gold, and for pad ore
grades were 54.80 gpt silver and 0.85 gpt gold.
Final shutdown of the Santa
Elena open pit operations due to exhausted pit reserves is
planned for Q2, 2015. After shutdown of the open pit, a mill feed
blend of 50% underground ore and 50% pad ore is anticipated.
Mill recovery rates for Q1, 2015 averaged 91% (target - 92%) for
gold and 60% (target - 70%) for silver. The current operational
focus continues to be improving silver recoveries and underground
stope production. During Q1, 2015, a daily average of 1,080 tpd was
mined underground. Current development and stope production for
April is approximately 1,400 tpd from multiple stopes.
Release of First Quarter, 2015 Financial Results and
Conference Call
SilverCrest plans to release its unaudited first quarter
financial statements and MD&A after market close on
Wednesday May 13, 2015. A telephone
conference call to discuss these results will be held at
10am PDT (1pm
EDT) on Thursday, May 14,
2015.
The Qualified Person under National Instrument 43-101
- Standards of Disclosure for Mineral Projects
for this news release is N. Eric
Fier, CPG, P.Eng, Chief Operating Officer for SilverCrest
Mines Inc., who has reviewed and approved its contents.
SilverCrest Mines Inc. (NYSE MKT: SVLC; TSX: SVL) is a
Canadian precious metals producer headquartered in Vancouver, BC. SilverCrest's flagship property
is the 100%owned Santa Elena Mine, located 150 kilometres northeast
of Hermosillo, near Banamichi in the State of Sonora, Mexico. The mine is a
highgrade, epithermal silver and gold producer, with a current
reserve estimated life of mine of 8 years and average operating
cash costs of $12 per ounce of silver
equivalent (64.5:1 Ag:Au based on ounces sold). SilverCrest
anticipates the 3,000 tonnes per day conventional mill facility at
the Santa Elena Mine should recover an average of 1.6 million
ounces of silver and 33,800 ounces of gold per annum over the
current reserve life. Exploration programs continue to result in
discoveries at Santa Elena and
have advanced the definition of a large polymetallic deposit at the
La Joya property in Durango State,
Mexico.
CAUTIONARY NOTE REGARDING FORWARD-LOOKING
STATEMENTS
This news release contains "forward-looking statements"
within the meaning of Canadian securities legislation and the
United States Securities Litigation Reform Act of 1995. These
include, without limitation, statements with respect to: the
economic viability of a project; strategic plans and expectations
for the development of the Company's operations and properties;
estimates of mineral reserves and mineral resources; the amount of
future production of gold and silver over any period; the amount of
expected grades and ounces of metals and minerals; expected
processing recoveries; expected cash operating costs and outflows;
life of mine; and prices of metals and minerals.
These forward-looking statements relate to analyses and other
information that are based on, without limitation, the following
estimates and assumptions: presence of and continuity
of metals at the Company's projects; cost of production and
productivity levels at the Santa Elena Mine; availability and costs
of mining equipment and skilled labour; accuracy of the
interpretations and assumptions used in calculating reserve and
resource estimates; operations not being disrupted or delayed by
unusual geological or technical problems; and ability to develop
and finance projects.
Forward-looking statements are subject to a variety of known
and unknown risks, uncertainties and other factors which could
cause actual events or results to differ from those expressed or
implied by the forward-looking statements, including, without
limitation: risks related to precious and base metal price
fluctuations; risks related to the fluctuations in the price of
consumed commodities; risks related to fluctuations in the currency
markets (particularly the Mexican peso, Canadian dollar and
United States dollar); risks
related to the inherently dangerous activity of mining, including
conditions or events beyond our control, and operating or technical
difficulties in mineral exploration, development and mining
activities; uncertainty in the Company's ability fund the
exploration and development of its mineral properties; uncertainty
as to actual capital costs, operating costs, production and
economic returns, and uncertainty that development activities will
result in profitable mining operations; risks related to reserves
and mineral resource figures being estimates based on
interpretations and assumptions which may result in less mineral
production under actual conditions than is currently estimated and
to diminishing quantities or grades of mineral reserves as
properties are mined; and risks related to governmental regulations
and obtaining necessary licenses and permits.
Should one or more of these risks and uncertainties
materialize, or should underlying assumptions prove incorrect,
actual results may vary materially from those described in the
forward-looking statements. The Company's forward-looking
statements are based on beliefs, expectations and opinions of
management on the date the statements are made. For the reasons set
forth above, investors should not place undue reliance on
forward-looking statements. The Company undertakes no obligation to
update or revise any forward-looking statements, except as
otherwise required by applicable law.
Contact: Fred Cooper, Telephone:
+1-604-694-1730 ext. 108, Fax: +1-604-694-1761, Toll Free:
1-866-691-1730, Email: info@silvercrestmines.com, Website:
http://www.silvercrestmines.com , Suite 501 - 570 Granville Street,
Vancouver, BC Canada V6C 3P1