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Thursday, March 28, 2013

Mining Stock News: SilverCrest (TSX.V: SVL) (NYSE MKT: SVLC) Files La Joya Technical Report Updated Resources & Positive Preliminary Metallurgy; Potential For High Grade Cu-Ag-Au Concentrate With Over 30% Copper

VANCOUVER, BRITISH COLUMBIA - March 28, 2013 (Investorideas.com Mining Stocks Newswire) SilverCrest Mines Inc. (TSX.V:SVL) ( NYSE MKT: SVLC) (CW5.F) ("SilverCrest" or the "Company") is pleased to announce the filing of a National Instrument 43-101 compliant updated La Joya resources Technical Report ("Technical Report") including preliminary metallurgical test results for the La Joya Property in Durango, Mexico. The Technical Report - titled "Updated Resource Estimate for the La Joya Property, Durango, Mexico" dated March 27, 2013 - has been filed on SEDAR and is available at www.sedar.com. This Technical Report supports the Company's January 29, 2013 news release which announced the updated resource estimation.
The updated Inferred Resources** and sensitivities are summarized as (refer to tables below for details);
  • Cutoff grade of 15 gpt silver equivalent (Ag Eq*,Global Case): 198.6 million ounces Ag Eq
  • Cutoff grade of 30 gpt Ag Eq (Base Case); 159.8 million ounces Ag Eq
  • Cut-off grade of 60 gpt Ag Eq (High Grade Case); 100.8 million ounces of Ag Eq
  • Cut-off grade of 0.05% WO3; 75.1 million pounds (35,700 tonnes) of WO3
* Silver equivalency includes silver, gold and copper and excludes lead, zinc, molybdenum and tungsten values. Ag:Au is 50:1, Ag:Cu is 86:1, based on 5 year historic metal price trends of US$24/oz silver, US$1200/oz gold, US$3/lb copper. 100% metallurgical recovery is incorporated until further information is available.
** Classified by EBA, A Tetra Tech Company and conforms to NI 43-101 and CIM definitions for resources. All numbers are rounded. Inferred Resources have been estimated from geological evidence and limited sampling and must be treated with a lower level of confidence than Measured and Indicated Resources. The reported Mineral Resource is based on the 30 gpt AgEQ and 0.050% WO3 cut-off.
The Company believes that the 60 gpt Ag Eq portion of the deposit, with an estimated tonnage of 27.9 million tonnes grading 112 grams per tonne Ag Eq*, constitutes a priority area to be examined as a potential "Starter Pit" for initial conceptual operations. A Preliminary Economic Assessment (PEA) that commenced in January 2013 will examine the Starter Pit concept in detail. The La Joya Property has excellent potential for additional resources with the deposits (Main Mineralized Trend - "MMT", Santo Nino and Coloradito) being open in most directions. Further infill and expansion drilling has been recommended to increase and convert resources from Inferred to Indicated.
After the initial metallurgical test work was completed in 2011 at the Laboratories of Instituto Tecnologico de Saltillo, Mexico, subsequent metallurgical test work was completed in 2012 and is being continued in 2013 at ALS Metallurgy ("ALS") in Kamloops, BC, Canada. Current results from batch cleaner flotation tests indicate that the MMT mineralization at La Joya is amenable to conventional flotation processes for production of high grade copper concentrates with high silver and gold credits. The near-surface (priority) Manto composite produced a bulk concentrate (the 3rd cleaner concentrate Cu-Ag-Au) grading up to 40% Cu, 4,780 gpt Ag and 13.1 g/t Au. Structure composite produced a bulk concentrate containing up to 38% Cu, 4,760 gpt Ag, and 9.4 gpt Au. The bulk concentrate produced from Contact Zone composite grades up to 29% Cu, 818 gpt Ag, and 18.8 gpt Au. Concentrates in excess of 25% copper are considered to be a premium product for smelter feed. The high copper grades in La Joya bulk concentrates are mostly attributable to the varied amounts of bornite, covellite and chalcocite in the tested materials.
J. Scott Drever, President stated: "The significant increase of Inferred Resources at La Joya and the identification of a potential high grade starter pit have increased the attractiveness of the project. Confirmation by preliminary metallurgical test work that a high grade, copper-silver-gold concentrate, with high recoveries of copper, silver and gold can be produced is extremely important and encourages us to push forward with our Preliminary Economic Assessment to define preliminary operating and capital parameters for the project."
Updated Resource Estimates
The resource update for La Joya has been independently estimated by EBA Engineering Consultants Ltd., a Tetra Tech Company utilizing Company Phase I and Phase II drill results and surface sampling programs along with independently-validated historic data. Drilling to date has been relatively widespread in the Main Mineralized Trend (MMT) as well as the independent deposits of Coloradito and Santo Nino. The MMT which includes the Phase I and II drilling areas, has a length of 2.5 kilometres and an average minimum width of over 700 metres.
The La Joya resource models separate the deposits into two broad categories based on the predominant mineralogy. The first category is comprised of silver, gold and copper mineralization (Manto and Structure Zones), with lesser amounts of tungsten (WO3), molybdenum (Mo), lead (Pb), and Zinc (Zn). The second category is predominantly tungsten and molybdenum mineralization (Contact Zone) with lesser amounts of Ag, Cu, Au, Pb, and Zn. The mineralogy of these categories is often gradational and overprinted in some areas. The Manto and Structure Zones generally lies spatially above the Contact Zone and generally follows the contours of the underlying intrusive, which outcrops in several areas. The summaries of the resource estimates below show the resources attributed to each of these mineralization categories for each of the current deposits, specifically, the MMT, Santo Nino, and Coloradito.
Manto and Structure Zones Resource Summary
Investorideas.com Newswire
* Silver equivalency includes silver, gold and copper and excludes lead, zinc, molybdenum and tungsten values. Ag:Au is 50:1, Ag:Cu is 86:1, based on 5 year historic metal price trends of US$24/oz silver, US$1200/oz gold, US$3/lb copper. 100% metallurgical recovery is incorporated until further information is available.
** Classified by EBA, A Tetra Tech Company and conforms to NI 43-101, 43-101CP, and CIM definitions for resources. All numbers are rounded. Inferred Resources have been estimated from geological evidence and limited sampling and must be treated with a lower level of confidence than Measured and Indicated Resources. Mineralization boundaries used in the interpretation of the geological model is based on a cutoff grade of 15 gpt Ag Eq using the metal price ratios described above. The reported Mineral Resource is based on the 30 gpt AgEQ cut-off.
*** Manto and Structure Resource blocks and associated volumes are exclusive of Contact Zone blocks.
Contact Zone Resource Summary
Investorideas.com Newswire
* WO3 is based on a standard calculation of tungsten (W) times 1.26. 100% metallurgical recovery is assumed until further information is available.
** Classified by EBA, A Tetra Tech Company and conforms to NI 43-101, 43-101CP, and CIM definitions for resources. All numbers are rounded. Inferred Resources have been estimated from geological evidence and limited sampling and must be treated with a lower level of confidence than Measured and Indicated Resources. Mineralization boundaries used in the interpretation of the geological model is based on a cutoff grade of 200 ppm W. The reported Mineral Resource is based on the 0.050% WO3 cut-off.
*** Contact Zone Resource blocks and associated volumes are exclusive of Manto and Structure blocks.
Much of the Contact Zone resource is considered to be near-surface and potentially amenable to conventional open pit mining. This zone also contains gold, silver, copper and tin (as defined by geochemistry) which may add secondary value as a result of increased metal content.
These resource estimates are based on recent and historical information collected by SilverCrest Mines and previous operators (Luismin/Goldcorp) from 1979 to present. Phase II Company drilling comprising 78 holes (25,812.65 metres), the 26 holes Phase I Company drilling (5,753.70 metres) and 18 validated historic drillholes (5,907.26 metres) were included in the geological database used as source data for the estimation. Drill hole spacing for the 122 holes (37,473.61 metres) used in the resource estimation is approximately 75 metres.
The La Joya deposits are currently interpreted to host three related styles of mineralization. Silver-Copper-Gold (Ag-Cu-Au) mineralization is concentrated within stratiform manto-style skarn controlled along sub-horizontal bedding. Silver-Copper-Gold, Lead-Zinc and Tungsten (Ag-Cu-Au, Pb-Zn, and W) mineralization is concentrated within structurally controlled stockwork and veining related skarn. Finally, tungsten W mineralization is found within late stage retrograde skarn development along the intrusive contact. These mineralized zones are considered to be semi-continuous along strike with true widths ranging from 15 to 50 metres using a cutoff grade of 15 gpt Ag Eq. Eight near-horizontal manto style skarn (semi-continuous disseminated stratabound sulphides) have been modeled within the resource area, which are cross-cut by the stockwork zones and considered the second dominant mineralization. Please refer to News Release dated October 17, 2011 for defined types of mineralization at La Joya.
Preliminary Metallurgy
Depending on mineralization style and conditioning applied on the ALS batch cleaner flotation tests, preliminary metal recoveries to the third cleaner concentrates range from 81.4 to 87.7% Cu, 74.9 to 84.3% Ag, and 18.2 to 56.6% Au for Manto and Structure composites. For the Contact Zone composite recoveries are from 81.4 to 83.6% Cu, 45.9 to 63.7 % Ag, and 57.0 to 66.4 % Au. In general, the obtained metal recoveries and grades indicate that the La Joya (MMT) samples are amenable for the conventional flotation process with the production of a high grade copper concentrate with high silver and gold credits. Gold appears to be amenable to gravity recovery as found in the Contact Zone composite with 24% recovered. Further test work is underway to optimise gold recovery.
The Contact Zone composite was specifically designed for assessment of tungsten recoveries by gravity methods which produced marginal recoveries of 7% W03. Further test work to determine recoveries and concentration grade of W03 is recommended.
Recoveries of molybdenum from Contact Zone composite were considered in the ALS test work. The molybdenum level in the 3rd cleaner concentrate ranges from 2 to 3% at a recovery from 51.4 to 65.4%. That suggests a separate molybdenum concentrate may be produced. Further test work on molybdenum is recommended.
Comminution, grinding and abrasive test work shows the mineralized rock to be of medium hardness and mildly abrasive. Overall, preliminary results show the rock to be amenable to conventional milling. Further test work will be completed for the next phase of work.
The head grades of the composite samples are shown in the following tables. The preliminary results shown for the Baseline concentration results as well as the results of using a cyanide suppressant both indicate excellent concentration ratios for copper, silver, gold and molybdenum.
Batch Cleaner Flotation Test Results - Baseline
Investorideas.com Newswire
Note: all the metal grades are based on weighted average values.
* Silver equivalency includes silver, gold and copper and excludes lead, zinc, molybdenum and tungsten values. Ag:Au is 50:1, Ag:Cu is 86:1, based on 5 year historic metal price trends of US$24/oz silver, US$1200/oz gold, US$3/lb copper. 100% metallurgical recovery is assumed until test work is finalized.
** Contact composite was collected and analyzed to target tungsten and molybdenum recoveries.
Batch Cleaner Flotation Test Results - with Cyanide
Investorideas.com Newswire
Note: all the metal grades are based on weighted average values.
* Silver equivalency includes silver, gold and copper and excludes lead, zinc, molybdenum and tungsten values. Ag:Au is 50:1, Ag:Cu is 86:1, based on 5 year historic metal price trends of US$24/oz silver, US$1200/oz gold, US$3/lb copper. 100% metallurgical recovery is assumed until test work is finalized.
** Contact composite was collected and analyzed to target tungsten and molybdenum recoveries.
The bulk copper concentrates for Baseline results produced from Manto and Structure composites show certain potentially deleterious elements for smelting such as arsenic, antimony and bismuth. An alternative to control the concentration of arsenic in the final high grade copper-silver-gold concentrate has been identified. Adding cyanide at cleaner flotation stages reduces the arsenic content (less than 1%) to acceptable market limits without sacrificing copper, silver and gold recoveries. Additional test work is in progress to assess distribution and concentration of antimony and bismuth. The Contact Zone bulk flotation concentrate has much lower concentrations of arsenic, antimony, and bismuth that are within the limits of market acceptability.
The independent Qualified Persons for the Technical Report who have reviewed and approved the contents of this news release are James Barr., P.Geo. from the consulting firm of EBA Engineering Consultants Ltd., a Tetra Tech Company and Ting Lu, P.Eng. (for Metallurgy) from Wardrop Engineering, a Tetra Tech Company.

SilverCrest Mines Inc. (TSX-V: SVL; NYSE MKT: SVLC) is a Canadian precious metals producer headquartered in Vancouver, BC. SilverCrest's flagship property is the 100%-owned Santa Elena Mine, located 150 km northeast of Hermosillo, near Banamichi in the State of Sonora, Mexico. The mine is a high-grade, epithermal gold and silver producer, with an estimated life of mine cash cost of US$8 per ounce of silver equivalent (55:1 Ag:Au). 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. A three year expansion plan is underway to double metals production at the Santa Elena Mine and exploration programs are rapidly advancing the definition of a large polymetallic deposit at the La Joya property in Durango State.
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. Such forward-looking statements concern the Company's anticipated results and developments in the Company's operations in future periods, planned exploration and development of its properties, plans related to its business and other matters that may occur in the future. These statements relate to analyses and other information that are based on expectations of future performance, including silver and gold production and planned work programs. Statements concerning reserves and mineral resource estimates may also constitute forward-looking statements to the extent that they involve estimates of the mineralization that will be encountered if the property is developed and, in the case of mineral reserves, such statements reflect the conclusion based on certain assumptions that the mineral deposit can be economically exploited.
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 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 to raise financing and 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; risks related to governmental regulations and obtaining necessary licenses and permits; risks related to the business being subject to environmental laws and regulations which may increase costs of doing business and restrict our operations; risks related to mineral properties being subject to prior unregistered agreements, transfers, or claims and other defects in title; risks relating to inadequate insurance or inability to obtain insurance; risks related to potential litigation; risks related to the global economy; risks related to the Company's status as a foreign private issuer in the United States; risks related to all of the Company's properties being located in Mexico and El Salvador, including political, economic, social and regulatory instability; and risks related to officers and directors becoming associated with other natural resource companies which may give rise to conflicts of interests. 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 information provided in this news release is not intended to be a comprehensive review of all matters and developments concerning the Company. It should be read in conjunction with all other disclosure documents of the Company. The information contained herein is not a substitute for detailed investigation or analysis. No securities commission or regulatory authority has reviewed the accuracy or adequacy of the information presented.
J. Scott Drever, President
SILVERCREST MINES INC.
Contact:
SilverCrest Mines Inc.
Fred Cooper
(604) 694-1730 ext. 108
Toll Free: 1-866-691-1730
(604) 694-1761 (FAX)
info@silvercrestmines.com
www.silvercrestmines.com
570 Granville Street, Suite 501
Vancouver, British Columbia V6C 3P1
Published at Investorideas.com Newswire
Disclaimer / Disclosure : The Investorideas.com is a third party publisher of news and research Our sites do not make recommendations, but offer information portals to research news, articles, stock lists and recent research. Nothing on our sites should be construed as an offer or solicitation to buy or sell products or securities. This site is currently compensated by featured companies, news submissions and online advertising. Disclosure: SilverCrest Mines has compensated Investorideas.com for the distribution and publishing of this news release (annual news publication 9700) http://www.investorideas.com/About/Disclaimer.asp
BC Residents and Investor Disclaimer : Effective September 15 2008 - all BC investors should review all OTC and Pink sheet listed companies for adherence in new disclosure filings and filing appropriate documents with Sedar. Read for more info: http://www.bcsc.bc.ca/release.aspx?id=6894

Tuesday, March 19, 2013

OTC Mining Stock Alert: Bullfrog Gold (OTCBB:BFGC) Claims More Prospective Land at Newsboy Project

OTC Mining Stock Alert: Bullfrog Gold (OTCBB:BFGC) Claims More Prospective Land at Newsboy Project
Category: Investment, Gold, Mining
 
Visit this company: Bullfrog Gold Corp
GRAND JUNCTION, Colo. - March 19, 2013 (Investorideas.com Mining stocks newswire) Bullfrog Gold Corp (OTCBB:BFGC) is pleased to announce it has staked an additional 160 lode mining claims around its Newsboy Project located 45 miles NW of Phoenix, Arizona. These claims were duly recorded on March 15, 2013 with the US Bureau of Land Management and Maricopa County in Arizona.
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Many shallow shafts, prospect pits and significant mineralized outcrops are present on these new claims, but no significant exploration has been conducted and there are no records of historic production. Project land holdings now approximate 7,400 acres within 250 lode claims, 12 placer claims, 3 State Exploration permits and two patented claims, much of which has been intensely altered by hydrothermal mineralizing solutions.
The Company's Phase 3 drill program was completed on March 9, 2013 and included 8,340 feet of drilling in 26 holes. Results on the first five holes in the Queen of Sheba area were released on February 25, 2013. Remaining Phase 3 results will be released upon receipt and study of final assays and drill data. Upon converting all relevant historic drill data in electronic format, the Company plans to engage an independent group to update resources before the end of 2013.
About Bullfrog Gold Corp.
Bullfrog Gold Corp. is a Delaware corporation that also controls two projects in Nevada, one of which is in the Bullfrog District that produced 2.5 million ounces of gold between 1988 and 1998 and the other has good potential for shallow silver with base metal and barite byproducts. More information on the Company and its projects may be obtained from www.BullfrogGold.com, or by emailing info@BullfrogGold.com.
Cautionary Note Regarding Forward Looking Statements
This press release may contain certain "Forward-Looking Statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the United States Securities Exchange Act of 1934, as amended. All statements, other than statements of historical fact, included herein including those with respect to the objectives, plans and strategies of the Company and those preceded by or that include the words "believes," "expects," "given," "targets," "intends," "anticipates," "plans," "projects," "forecasts" or similar expressions, are forward-looking statements that involve various risks and uncertainties. The Company is presently an exploration stage company. Exploration is highly speculative in nature, involves many risks, requires substantial expenditures and may not result in the discovery of sufficient mineral deposits that can be mined profitably. Furthermore, the Company currently has no reserves on any of its properties. As a result, there can be no assurance that such forward-looking statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements. Additional information regarding important factors that could cause actual results to differ materially from the Company's expectations is disclosed in the Company's documents filed from time to time with the United States Securities & Exchange Commission.
CONTACT:
David Beling, PE, President, CEO & Director, (970) 628-1670
More Info:
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Investorideas.com is a third party publisher of news and research. Our sites do not make recommendations, but offer information portals to research news, articles, stock lists and recent research. Nothing on our sites should be construed as an offer or solicitation to buy or sell products or securities. This site is currently compensated by featured companies, news submissions and online advertising. If you have any questions regarding information in this press release please contact the company listed in the press release.
BC Residents and Investor Disclaimer: Effective September 15 2008 - all BC investors should review all OTC and Pink sheet listed companies for adherence in new disclosure filings and filing appropriate documents with Sedar. Read for more info: http://www.bcsc.bc.ca/release.aspx?id=6894

Monday, March 18, 2013

Dynamic Fund Manager Rob Cohen Imagines a Gold-Centric World


Dynamic Fund Manager Rob Cohen Imagines a Gold-Centric World

Published at Investorideas.com Gold and Mining stocks blog -

Source: Sally Lowder of The Gold Report  (3/18/13)

Robert Cohen, lead portfolio manager with Dynamic Funds, has been kicking up dust at conferences and in board rooms with his "revolutionary and simple" idea that gold mining companies should hold gold on their balance sheets and use gold-based loans. But the idea is gaining traction and he suggests in this Gold Report interview from the Prospectors & Developers Association of Canada conference that management teams and investors alike would do well to question their use of U.S. dollars as a functional currency.

The Gold Report: Robert, you presented a paper at the Prospectors & Developers Association of Canada conference that focused on, among other things, the uses of gold as a monetary asset. Please tell our readers about that.

Robert Cohen: Gold is quintessentially a monetary asset. Many people believe it is the most ideal monetary asset on the planet, given that the world's other monetary assets are fiat currencies that can be expanded at the whim of a government.

Every ounce of gold ever produced is still kicking around on the surface, a total of about 160,000 tons. Half of that may be in the banking system. Miners produce about 2,500 tons a year. So only a very tiny expansion of liquid gold accrues every year, especially compared to the global liquidity created by printing money.

Imagine that we could remove currency from the world. We would have to think about hard assets such as real estate, oil, primary and precious metals relative to how one has performed with respect to another. If you do that, you see that since 1971 the average gold-to-oil ratio has been about 16.5 barrels of oil per ounce of gold. If you had been paying the gas station attendant in gold every time you filled up, you would have paid the same amount in gold for the last 40 years without noticing any price inflation.

You can extend it further, to real estate if you filter out the real estate bubbles. Thirty years ago, the average home in America was valued at about 200 ounces (200 oz) of gold. Today, the average home is still about 200 oz of gold.

TGR: So for investors to understand the value of gold, they have to understand gold's historic ability to buy goods and services at a relatively consistent rate.

RC: Right. You need to look at price changes from a macro perspective. From a monetary point of view, the prices of oil, gold, copper or your house have increased for the same reason. Most price levels are driven by the global monetary base, its debasement and the expansion of global liquidity.

One reality check is to look at the cross ratios of gold to other hard assets and that of one hard asset to another.

TGR: In other words, the gold price is fluctuating because of what is going on with the fiat currencies?

RC: Yes, and today's currency war is creating confusion in the market. When the yen falls, the U.S. dollar goes up. But you have to ask yourself if the yen has been engineered by the Japanese government to be devalued or is there fundamental strength in the U.S. dollar?

People think very linearly: If the U.S. dollar is up, gold is supposed to be down. Not necessarily. Think of gold as a sovereign country with a currency called gold. If the yen-dollar ratio drops, so should the yen-gold ratio, but the dollar-gold ratio should remain constant.

I think the right way to think about gold is to ask how many yen it takes to buy an ounce of gold. Gold is most commonly quoted in U.S. dollars, but if you are outside the U.S., it is better to think about the gold price in your local currency. That is an absolute measure of your country's purchasing power against the world's most stable monetary asset.

TGR: And your belief that gold is the most stable monetary asset is why you think gold companies should keep gold as an asset on their balance sheets.

RC: Yes, because investors are trying to escape the ravages of fiat currencies. Gold in the ground is not a liquid asset, but as soon as the gold companies turn it into a liquid asset, they immediately dispose of it and trade it for U.S. dollars.

TGR: Devalued U.S. dollars.

RC: Yes, devalued U.S. dollars or any fiat currency. Gold would be the best functional currency for the industry.

Let's extend this further. Companies can get gold loans instead of paper money loans. With a paper loan, the financier will require the company to hedge some of its gold forward to ensure that the loan is repaid. If the company banked it in gold, it would be producing the exact same asset it will use to repay the loan. There would be no need to hedge.

As you know, the main costs in the gold industry are labor, fuel, energy, steel and chemicals. If there is monetary debasement, labor will be sticky on the upside, but the costs of steel, chemicals and power all move up proportionally with gold. This makes gold a perfect hedge against rising costs.

However, if a company is forced to hedge its revenue line, it no longer has any protection against fluctuation on its cost lines. The best thing gold companies can do is remain unhedged and hold their retained earnings in gold. This allows them to keep their purchasing power for their next project. Banking earnings in dollars erodes their purchasing power.

TGR: How have public companies reacted to your idea?

RC: Reactions vary, and they are not related to the company's market cap. Some big companies think it is a great idea; others do not get it. Same among the mid caps. It is sometimes easier to talk about it with smaller companies and their management teams.

For example, I brought up this idea at the Precious Metals Summit in Beaver Creek, Colorado, in September 2012 on a panel with David Harquail fromFranco-Nevada Corp. (FNV:TSX; FNV:NYSE). He went back and discussed the idea with his board. In Q4/12, the company started taking some of its royalty payments in physical gold. To the company's benefit and surprise, this converts Franco-Nevada from a passive investment company into an active company, which is more tax efficient.

TGR: How have the shareholders reacted?

RC: It is too early. They may not even be aware of the change.

Miners like Rob McEwen, who used to run Goldcorp Inc. (G:TSX; GG:NYSE), embrace the idea. David Baker from Baker Steel is another proponent.

Miners, for the most part, are taught in mining school to dig up the rock—gold, coal, whatever—to sell it on the market and to take what is left over as profit margin.

But if you look at the situation as an economist, you realize that gold mining produces the only monetary asset outside of the paper money world that is acceptable to central banks. Central banks have been trying to get their hands on more gold because the U.S. dollar has become too prominent as a global banking currency. With nearly $17 trillion ($17T) of U.S. debt, and another $13T of debt in Europe, there is a lot of fear about central banks using the euro and the U.S. dollar because there are very few other choices of paper money for foreign exchange reserves. This makes gold a great diversification agent.

TGR: Why would miners—the people who have first access to the gold—not want to keep it?

RC: That is why I wrote the paper, to get boards and management teams thinking about questions such as: Should we use U.S. dollars, a different currency or gold as our main functional currency?

In a gold-centric world, companies would not experience capital cost increases on their projects because they would have costed the project out in gold ounces.

It is easy to calculate payback in ounces. Say you spend 250,000 ounces (250 Koz) to build a project that produces 125 Koz annually. You will need half of that to pay all your consumables and labor, leaving you with 125 Koz in retained earnings. You will owe taxes on that amount, of course.

This approach offers stability in terms of payback and in terms of capital costs not inflating because everything is expressed in ounces. That way the market can adjust the share price based on what is going on with the currency.

TGR: It also might offer shareholders some comfort to buy shares in a producing mining company that is hoarding gold as a store of value.

RC: For sure. If you look at 10 years of balance sheets for the big gold companies, you can find the ballast in the balance sheet, the point that the cash level never dips below. Had that ballast level been in gold instead of cash or a low-yielding corporate bond, the company would have retained a phenomenal amount of shareholder value.

I think the gold industry should be perceived more like an exchange-traded fund where a company has a hoard of gold and a little machine that converts gold in the ground into aboveground stock. The value of that aboveground stock is indisputable. It is the gold price in your local currency multiplied by the number of ounces, with some adjustment for capital gains tax.

I would run my whole life in gold if I could. I would accept my salary in a gold-denominated bank account and pull cash from an ATM to fill immediate needs and pay bills.

TGR: Had the big mining companies been doing this for 10 years, how would the whole mining landscape would look different?

RC: The landscape you live in would look different. We are seeing a real downdraft in the prices of the gold equities. Looking at profit margins, I think the absolute fall in the gold price and by extension in the oil price was triggered by the devaluation of the Japanese yen. Using round numbers, when gold was $1,700/oz, a typical gold mine was earning a 50% profit margin; $850/oz pre-tax. When the gold price goes down $100/oz, that $850/oz margin also goes down by $100 to $750/oz. The big-cap equities have been hammered by that amount. It is even worse for the small caps, who have to take off that $100/oz and who will never be able to get access to equity or debt. They go down a perceived dilutionary spiral.

TGR: We have definitely seen that.

RC: But assume that 25% of your cost, some $200/oz, was for fuel. The oil price moves day to day, so you pick up $20 or so an ounce in savings from the fall in the oil price. Savings on chemical and steel prices could add more savings. Ultimately, the change in margin is not $100/oz, but more akin to $60 or $80/oz, assuming all the costs are the same. If we take a midrange fall of $75 on what was an $850/oz profit margin, it is less than a 10% change in profit margin.

At the end of the day there is margin respiration, but not to the degree the fear mongers are proclaiming. We have seen herd mentalities before, but this is extreme. We are seeing a complete evacuation of the room.

TGR: That is apparent in the plunging volumes in the TSX Venture and the TSX—across most equities in the mining space.

RC: Everyone is squeezed out through a mouse hole into the other room called the S&P Index and the bond market.

The jack-in-the-box effect of compressing valuations down to all-time lows brings me right back to where I started. As we are speaking, I am putting my finger on my pulse, asking: How is gold? What is gold doing with respect to other hard assets? What is moving in its currencies? Doing this should keep rational investors comfortable that they are not losing purchasing power in real estate or hard assets.

Here is another scenario. Ten years ago, twin brothers started out with $100,000 each to invest. Ted was fearful of the paper money world, and Tom was comfortable with it. Each told his financial adviser he did not want to lose any money in his portfolio.

Tom's financial adviser put all of Tom's money in a bank savings account. At the end of 10 years, Tom could accurately claim that he had not lost any money.

Ted's adviser put all of Ted's money into physical gold and held it for 10 years. Ted still held the same number of ounces, but with the 80% pickup in gold, expressed in U.S. dollars, Ted's investment had more value. In effect, the brother who held cash can buy fewer goods and services with his money than the brother who held gold.

TGR: You mentioned a jack-in-the-box effect that happens when people start to realize that gold miners have value, either in cash or in gold they may be holding. What is its effect on the market?

RC: Gold equities have been through a tailspin. This has not been happening in other sectors. The oil price has come down harder than the gold price, yet recently some oil stocks hit 52-week highs.

Every time gold equities have crashed, it has been part of something else, like the 1997 selloff. The 1990s were characterized by a very strong U.S. dollar, so a low gold price was not unusual. But for the last 13 years, paper money has been constantly devalued, making gold the safer currency for storing wealth.

TGR: Given that, would you be more bullish on selected mining equities?

RC: Yes, with the caveat that the stock market also has to work more akin to the way it has worked in the past.

What would happen if you were the only bidder in an auction room filled with Rembrandts, Picassos and Monets? Even without other bidders, you only have so much money in your pocket. One person cannot make a market. The market as a whole needs to start coming back. Typically, when something is oversold and the profit margins are still there, private equity steps in. Later on, the stock market moves back in.

I cannot predict the speed of the recovery. Is it V-shaped? Is this a short-term financial anomaly or will it take time to change investors' mindset?

TGR: We have seen groups with mining assets from Europe to Brazil to Australia choosing not to go public with projects because the market will not give them the value that the asset is worth. Instead, they are keeping certain projects private until the public markets come back.

RC: This goes back to the point I raised suggesting that companies try to get a gold loan in the meantime. In a gold-centric lending and paying environment the returns appear to be totally intact. It is the paper-money environment that interferes with people's thinking patterns.

TGR: As a fund manager in the mining space, how would you encourage investors to get back into the market? How would you entice more people into the auction room, to use one of your images? There is a lot of good art on the walls.

RC: You need a diversified portfolio. If everything in your portfolio is firing on all cylinders at the same time, maybe the portfolio is not diversified. You need to be invested in an asset class, like gold and gold equities, that starts performing when other parts of the portfolio are going wrong. That is a true diversified portfolio.

At the very least, people should start allocating to gold stocks right now with the view of buying through the trough.

TGR: Should those purchases be among the producers that have cash flow or have the potential to hold gold as a store of value? As a portfolio manager, do you invest in explorers?

RC: I do invest in explorers because the alpha generated by this industry is where you get your real pick up. You can buy gold and maintain the purchasing power of your wealth. You can buy gold stocks, seek alpha and get a real wealth pick up.

When you are seeking alpha, you need to look at development companies that might not yet be financed. The economics of discovery lend itself to a two-to-four-year payback, which typically is a 25–50% internal rate of return.

Producers are safer because they have financing and cash flow. As a fund manager, I like to stratify across the gold sector. I want my favorites among the senior and mid-cap producers. I want my favorite development companies.

TGR: Could you give us a few names in each of those categories?

RC: Goldcorp really stands out as one of the top seniors.

TGR: What about the mid-cap producers?

RC: Yamana Gold Inc. (YRI:TSX; AUY:NYSE; YAU:LSE)Osisko Mining Corp. (OSK:TSX), which had some startup hiccups but has resolved the mechanical problems at its Canadian Malartic mine.

TGR: What about the developers?

RC: Perseus Mining Ltd. (PRU:TSX; PRU:ASX) is sort of in-between. Its Edikan mine in Ghana had some crushing issues.

If I had to choose between a mining company with a reserve problem and one with a mechanical problem, I would raise my hand up as an engineer and say mechanical problems can be solved. That is what Osisko and Perseus have done.

Other interesting discoveries that I think have economic deposits include Torex Gold Resources Inc. (TXG:TSX) out of Mexico and Belo Sun Mining Corp. (BSX:TSX.V) in BrazilRoxgold Inc. (ROG:TSX.V) is a smaller company with a project in Burkina Faso and an Australian company called Papillon Resources Inc. (PIR:ASX) has a project in Mali.

Of course, all of those countries have a degree of political risk, but they are the best risk/reward opportunities. All have some critical mass in terms of market cap, a bit of safety on the downside, and all should be financeable. Even Roxgold, the smallest, is financeable because it is a very small, 2,500 ton/day operation, at a very low capital cost.

TGR: Do you want to give us any parting words?

RC: If you stay in a dollar-centric world build a stomach of steel. If you can get into the mental mindset of living in a gold-centric world, you will be fairly comfortable.

TGR: Thanks for your insights, Robert.

A mineral process engineer by training, Robert Cohen has nearly 20 years combined experience in the mining industry and is lead portfolio manager for Dynamic Precious Metals Fund and Dynamic Strategic Gold Class. Named a TopGun portfolio manager by Brendan Wood International in 2009, 2010 and 2011, Cohen has been lead portfolio manager for Dynamic Precious Metals Fund since November 2000 and Dynamic Strategic Gold Class since inception, with top-performing mandates also in distribution in Europe and the United States. Cohen completed his Bachelor of Applied Sciences in mining and mineral process engineering at the University of British Columbia in 1992. In 1998 he received his Masters in Business Administration and in 2003 Cohen received his CFA designation.

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Thursday, March 14, 2013

Mining Stock News: SilverCrest (TSX.V: SVL) (NYSE MKT: SVLC) Announces 2012 Financial Results

VANCOUVER, BRITISH COLUMBIA - March 14, 2013 (Investorideas.com Mining Stocks Newswire) SilverCrest Mines Inc. (TSX.V:SVL) ( NYSE MKT: SVLC) (CW5.F) ("SilverCrest" or the "Company") is pleased to announce its audited consolidated financial results for the year and fourth quarter ended December 31, 2012 (all figures in U.S. dollars unless otherwise specified). The information in this news release should be read in conjunction with the Company''s audited consolidated financial statements for the year ended December 31, 2012 and associated management discussion and analysis ("MD&A") which are available from the Company''s website at www.silvercrestmines.com and under the Company''s profile on SEDAR at www.sedar.com.
2012 YEAR END FINANCIAL HIGHLIGHTS:
Investorideas.com Newswire J. Scott Drever, President stated; "We are extremely pleased with the financial performance achieved in 2012. It is rewarding to deliver strong financial results that mirror Santa Elena''s production performance. Our management group in Vancouver and operating team in Mexico continue to do an excellent job and should be congratulated for achieving cash flow of $0.44 per share and earnings of $0.33 per share. 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."
FINANCIAL AND OPERATING HIGHLIGHTS:
Investorideas.com Newswire
(1) Cash flow from operations before changes in working capital items.
(2) This is a Non-IFRS performance measure. Silver equivalence is a weighted volume average based on market spot prices per ounce of gold and silver at the quarter end dates. The 2011 number excludes the costs and ounces sold in the first quarter of 2011, as prior to commercial production date of April 1, 2011 operating revenues and expenses were capitalized to the Santa Elena Mine.
(3) IFRS 18 - Revenue should be recorded at its fair value, which for gold and silver is the market spot price on the date revenue is recognized.
(4) With the Hedging Facility fully repaid in November, 2012, this non-cash adjustment will be eliminated in future reporting periods.
Fourth Quarter ended December 31, 2012
Net earnings were $13,616,028 ($0.14 per share basic) for the fourth quarter compared with $9,863,459 ($0.11 per share basic) in 2011. The increase in net earnings was mainly driven by a reduction in annual Mexican income tax estimate. The settlement of the Hedging Facility during the fourth quarter made the Company eligible for current income tax deduction.

Silver and gold revenues totalled $18,243,732 (2011 - $18,258,349) in the fourth quarter. Silver and gold revenues on a cash basis increased by 47% to $17,609,949 (2011 - $12,002,316), from record silver sales and more gold sales realized at market spot prices. Silver sales were a quarterly record of 171,714 ounces (2011 - 120,199), or 43% higher than during the same period in 2011. The average realized price received was consistent at $32 (2011 - $32) per ounce.
Gold sales were 8,444 ounces (2011 - 9,702) or 13% below 2011. The Company sold 6,755 gold ounces (2011 - 400) at market spot realized prices of $1,706 (2011 - $1,744) per ounce. There were no gold ounces (2011 - 7,362) delivered into the Hedging Facility at $926.50 per ounce as the Facility was settled in cash from a portion of the proceeds of the $34.5 million prospectus offering. The Company delivered 1,689 gold ounces (2011 - 1,940) to Sandstorm at $350 per ounce. Non-cash gold revenues attributed to deferred revenue totaled $633,783 (2011 - $728,209). The non-cash amount attributed to the Hedging Facility deliveries in the fourth quarter was $nil (2011 - $5,527,824). The non-cash amounts with respect to the Hedging Facility represented the difference between the market spot price at the date of delivery of gold (2011- average realized price of $1,676 per ounce) and the hedge price of $926.50 per ounce settled.
Cost of sales amounted to $5,156,489 (2011 - $3,764,200). Cash cost per silver equivalent ounce sold amounted to $8.05, Au:Ag 55.6:1 (2011 - $5.65, (Au:Ag 56.3:1), Corporate market guidance for 2012 was $8.20 per silver equivalent ounce, (Au:Ag 55:1)) (This is a NON-IFRS Performance Measure). The main drivers in the increase of cash cost per silver equivalent ounce sold from previous 2012 quarters were higher overall operating costs based on lower grade ore mined using a lower cutoff grade (0.2 gpt Au equivalent versus 0.38 used in 2011), and salary and other benefit increases, which corresponded to an increase in the average silver equivalent ounce value loaded on the leach pad and recorded in cost of sales. General and administrative expenses increased to $2,106,039 (2011 - $1,705,554) primarily due to an increase in remuneration, bonus payments and regulatory expenses for now being dual listed on the TSX-V and NYSE MKT.
In the fourth quarter, current income tax recovery (expense) amounted to $3,494,000 (2011 - ($985,000)), mainly from the eligible deduction for income tax purposes of the Hedging Facility cash settlement. Deferred tax expense amounted to $781,000 (2011 - $364,000), primarily from recognizing an income tax deduction on exploration drilling and related costs incurred during the quarter at Santa Elena and the Cruz de Mayo.
Year ended December 31, 2012
Net earnings were $30,475,744 ($0.33 per share basic) for 2012, compared with $9,456,419 ($0.12 per share basic) in 2011. The significant increase in net earnings is driven by continued improvements in operating performance since commercial production was declared during the second quarter of 2011.
Revenues from silver and gold sales totalled $70,520,085 (2011 - $41,870,124) for 2012, which includes $63,456,934 (2011 - $31,839,825) received on a cash basis, $4,448,553 (2011 - $13,081,984) of non-cash revenues due to adjustments to gold spot market prices related to Hedging Facility deliveries and $2,614,598 (2011 - $1,804,352) related to amortization of deferred revenues associated with the Sandstorm Agreement.
SilverCrest sold 588,312 ounces of silver (2011 - 344,724), 71% higher than 2011 at average realized prices of $32 (2011 - $35) per ounce. SilverCrest sold 34,834 ounces of gold (2011 - 23,962), 45% higher than 2011. The Company sold 21,383 ounces of gold (2011 - 400) at market spot realized price of $1,703 (2011 - $1,744) per ounce. The Company delivered 6,484 ounces of gold (2011 - 18,769) into the Hedging Facility at $926.50 per ounce before it was fully settled in November, and delivered 6,967 ounces of gold (2011 - 4,793) to Sandstorm at $350 per ounce.
Non-cash gold revenues totalled $7,063,151 (2011 - $14,886,336). Gold delivered into the Hedging Facility totalled 6,484 ounces (2011 - 18,769) at an average realized price of $925 (2011 - $926). The non cash amount reported of $4,448,553 (2011 - $13,081,984) represents the difference between the market spot price at the date of delivery for gold (at an average realized price of $1,611 (2011 - $1,588) per ounce) and the hedge price of $926.50 per ounce settled. Amortization of deferred revenue associated with the Sandstorm Agreement was $2,614,598 (2011 - $1,804,352).
Cost of sales amounted to $18,307,681 (2011 - $9,526,888). Cash cost per silver equivalent ounce sold amounted to $7.39, Au:Ag 54.3:1 (2011 - $6.07, (Au:Ag 50.4:1), Corporate market guidance for 2012 was $8.20 per silver equivalent ounce, (Au:Ag 55:1)). (This is a NON-IFRS Performance Measure). General and administrative expenses increased to $5,568,582 (2011 - $4,093,438) primarily from increased compensation and bonuses for management and employees, additional fees for listing on NYSE MKT (trading commenced in August, 2012) and the TSX-V as well as greater attendance at tradeshows, conferences and investor presentations in Europe and throughout North America. Cash cost per silver equivalent ounce sold for the year of $7.39 was approximately 10% better than market guidance of $8.20.
Loss on derivative instruments amounted to $3,839,146 (2011 - $11,497,957). With the Hedging Facility now fully repaid, this non-cash adjustment will be eliminated in future reporting periods.
Current income tax expense amounted to $4,156,000 (2011 - $985,000), which relates to the estimate of annual tax payable from Santa Elena operations. SilverCrest has prepaid $1,841,000 in cash, and $2,315,000 by offset of Mexican value added tax receivable. There was no outstanding tax payable at December 31, 2012. Deferred tax expense increased to $1,261,000 (2011 - $364,000) primarily from recognizing an income tax deduction on exploration drilling and related costs incurred in 2012 at Santa Elena and Cruz de Mayo.
Exchange gain (loss) on translation to US Dollars amounted to $561,523 (2011 - ($1,022,390)), due to the strength in 2012, of the Canadian dollar against the US dollar. The value of the Company''s Canadian assets were translated at US$1.00 = CAD$1.0167 at December 31, 2011, and US$1.00 = CAD$0.9949 at December 31, 2012.
NON-IFRS PERFORMANCE MEASURES
The discussion of financial results in this press release includes reference to cash operating cost per silver equivalent ounce sold which is a non-IFRS performance measure. The Company provides this measure to provide additional information regarding the Company''s financial results and performance. Please refer to the Company''s MD&A for the year ended December 31, 2012, for a reconciliation of this measure to reported IFRS results.
OUTLOOK FOR 2013
For 2013, SilverCrest''s immediate focus is to continue to efficiently operate its flagship Santa Elena low cost open pit silver and gold mine, complete the construction of a new 3,000 tonne per day mill facility on schedule and on budget, announce the revised Santa Elena Resources, Reserves and Life of Mine Plan ("LOMP") and to rapidly advance the delineation of a large polymetallic deposit at the La Joya Property by completing a Preliminary Economic Assessment ("PEA") and further definition drilling of the 198 million ounce silver equivalent resource. Specific corporate targets are as follows:
Santa Elena Open Pit Production Targets
  • Estimated annual production of 625,000 ounces of silver and 33,000 ounces of gold (2.4 million ounces of silver equivalent, Ag:Au 55:1).
  • Estimated annual operating costs of $20.7 million.
  • Estimated cash operating cost of $8.50 per ounce silver equivalent sold (Ag:Au 55:1).
  • Estimated operational sustaining capital expenditure of $1.0 million.
Santa Elena Expansion Targets
  • Complete construction of new conventional 3,000 tpd CCD processing facility on schedule (Q1-2014) and on budget ($53.2 million).
  • Complete underground development of main ramp that will enable physical access to ore underground for direct mill feed commencing in H2-2014. Budget for 2013 is $7.8 million.
  • Complete Pre-Feasibility Study on the Expansion Plan (mill, underground and re-processing leach pad material) including Resource, Reserve and LOMP revisions for filing in Q2-2013.
  • Complete Detailed Engineering on the Expansion Plan in Q2-2013.
  • Complete surface drilling of approximately 15,000 metres to expand additional resources - Capital assigned for 2013 is $3.2 million.
La Joya Project Targets
  • File Updated Resource Estimate NI43-101 Technical Report in Q1 2013.
  • Complete and File a PEA NI43-101 Technical Report evaluating the high grade portion of the deposit as a potential "Starter" Pit.
  • Complete Phase III drilling program of approximately 80 holes: core (60) and reverse circulation (20) drill holes for in-fill and expansion of current resources. Budget for 2013 is $6 million.
  • Complete final staged payments under the La Joya agreements to acquire 100 % of the mineral concessions under agreement for purchase and sale.
  • Continue to explore the Coloradito, La Esperanza and Santo Nino targets which are adjacent to the Main Mineralized Trend.
  • Explore newly defined geophysical targets; La Paloma and El Pino within the current land position.
The Qualified Person under National Instrument (NI 43-101) Standards of Disclosure for Mineral Projects for this News Release is N. Eric Fier, CPG, P.Eng, and Chief Operating Officer for SilverCrest Mines Inc., who has reviewed and approved its contents.
SilverCrest Mines Inc. (TSX-V: SVL; NYSE MKT: SVLC) is a Canadian precious metals producer headquartered in Vancouver, BC. SilverCrest's flagship property is the 100%-owned Santa Elena Mine, located 150 km northeast of Hermosillo, near Banamichi in the State of Sonora, Mexico. The mine is a high-grade, epithermal gold and silver producer, with an estimated life of mine cash cost of US$8 per ounce of silver equivalent (55:1 Ag:Au). 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. A three year expansion plan is underway to double metals production at the Santa Elena Mine and exploration programs are rapidly advancing the definition of a large polymetallic deposit at the La Joya property in Durango State.
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. Such forward-looking statements concern the Company's anticipated results and developments in the Company's operations in future periods, planned exploration and development of its properties, plans related to its business and other matters that may occur in the future. These statements relate to analyses and other information that are based on expectations of future performance, including silver and gold production and planned work programs. Statements concerning reserves and mineral resource estimates may also constitute forward-looking statements to the extent that they involve estimates of the mineralization that will be encountered if the property is developed and, in the case of mineral reserves, such statements reflect the conclusion based on certain assumptions that the mineral deposit can be economically exploited.
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 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 to raise financing and 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; risks related to governmental regulations and obtaining necessary licenses and permits; risks related to the business being subject to environmental laws and regulations which may increase costs of doing business and restrict our operations; risks related to mineral properties being subject to prior unregistered agreements, transfers, or claims and other defects in title; risks relating to inadequate insurance or inability to obtain insurance; risks related to potential litigation; risks related to the global economy; risks related to the Company's status as a foreign private issuer in the United States; risks related to all of the Company's properties being located in Mexico and El Salvador, including political, economic, social and regulatory instability; and risks related to officers and directors becoming associated with other natural resource companies which may give rise to conflicts of interests. 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 information provided in this news release is not intended to be a comprehensive review of all matters and developments concerning the Company. It should be read in conjunction with all other disclosure documents of the Company. The information contained herein is not a substitute for detailed investigation or analysis. No securities commission or regulatory authority has reviewed the accuracy or adequacy of the information presented.
J. Scott Drever, President
SILVERCREST MINES INC.
Contact:
SilverCrest Mines Inc.
Fred Cooper
(604) 694-1730 ext. 108
Toll Free: 1-866-691-1730
(604) 694-1761 (FAX)
info@silvercrestmines.com
www.silvercrestmines.com
570 Granville Street, Suite 501
Vancouver, British Columbia V6C 3P1
Published at Investorideas.com Newswire
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