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Monday, March 30, 2015

SilverCrest (TSX: SVL) (NYSE MKT: SVLC) Announces Surface Drilling Results at Santa Elena Mine

Mining Stocks News: SilverCrest (TSX: SVL) (NYSE MKT: SVLC) Announces Surface Drilling Results at Santa Elena Mine

Vancouver, BC - March 30, 2015 (Investorideas.com Mining Stocks Newswire) SilverCrest Mines Inc. (TSX:SVL) (NYSE MKT: SVLC) is pleased to announce results of the exploration and resource expansion drilling program completed in late 2014 at the 100% owned Santa Elena Mine in Sonora, Mexico. Twenty-one (21) drill holes, totalling 9,393 metres were completed to explore the western and eastern extensions of the Santa Elena Main Mineralized Zone ("MMZ") along strike and down dip as well as the adjacent Tortuga and El Cholugo Zones (See attached Figures). The results of all holes will be included in the Santa Elena Resource and Reserve update, scheduled to be released on March 31, 2015. Please refer to the Company's website at www.silvercrestmines.com for more information.

N. Eric Fier, CPG, P.Eng, Chief Operating Officer stated; "This drill program was successful in confirming continuity of the Santa Elena MMZ beyond current resource model limits and better defining geological boundaries where future infill underground drilling might be required. Moving forward, our focus for expanding Santa Elena resources with subsequent conversion to reserves will be on the El Cholugo (I & II), Tortuga and Santa Elena East. We also look to our 30/60 kilometre regional exploration program to provide new discoveries that might be treated at the Santa Elena facility."

The most significant assay results from this drilling program are shown in the following table. Intervals are considered near-true thickness. A location map for the drill holes is attached.



All samples were independently prepared and assayed at Inspectorate Labs of Reno, NV.

The purpose of this surface drill program was to further explore the western extension ("Santa Elena West") of the MMZ, better define and expand the current resources at both Tortuga and El Cholugo, and to explore the eastern extension ("Santa Elena East") of the high grade plunging MMZ that is currently being mined.

Hole SE-14-01 was a geotechnical hole and was not meant to intercept mineralization. Holes SE-14-05, 8, 13, 19, and 20 did not intercept significant mineralization or were lost before intercepting the target area. Hole SE-14-18A is a wedge hole off of hole 18 that was lost while drilling.

The drill hole SE-14-21 represents a step out of 250 metres down plunge along the Santa Elena Vein from the closest existing drill hole results (see attached Figures), supporting continuity of the MMZ with similar mineralogy and hydrothermal textures of a low sulphidation Ag-Au system.

The Santa Elena West drilling showed that the MMZ becomes discontinuous and lower grade beyond the current ultimate pit west wall. Further drilling in this area is not warranted except for follow up of deep intercepts associated with Tortuga.

Tortuga and El Cholugo zones were better defined with higher grade near the intersection with MMZ with decreasing grades in more distal intercepts. Further interpretation work is ongoing with the anticipation of follow up underground drilling in the future.

Santa Elena East drilling showed lower grade intercepts within the MMZ outside the projected high grade plunge (see attached long section. Follow up drilling to intercept the projected high grade plunge will be completed in H1 2015. Further drilling from underground is anticipated only when the underground ramp bottom (est. 325 metre elevation) is reached in late 2015 or early 2016. The Company is planning on driving an exploration drift to the east once the current underground ramp reaches the target depth. This drift will be utilized to explore for potential deeper resources as the MMZ continues to the east.

Note that the depths of drill hole intercepts are within vertical elevations currently planned for underground mining except for hole SE-14-21.

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 of 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 flagship property is the 100%-owned Santa Elena Mine, located 150 kilometres northeast of Hermosillo, near Banamichi in the State of Sonora, México. The mine is a highgrade, epithermal silver and gold producer, with an estimated life of mine of 7 years at an average operating cash costs of $11 per ounce of silver equivalent (55:1 Ag:Au). SilverCrest anticipates that the new 3,000 tonnes per day conventional mill facility at the Santa Elena Mine should recover an average of 1.5 million ounces of silver and 32,800 ounces of gold per annum over the current reserve life. Exploration programs continue to result in new discoveries at Santa Elena and also have rapidly 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. 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 and 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; the amount 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; cash operating costs; and life of mine.
These forward-looking statements relate to analyses and other information that are based on, without limitation, the following estimates and assumptions: the presence of and continuity of metals at the Company's projects; cost of production and productivity levels; plant and equipment function as anticipated; the availability of skilled labour; contracted parties provide goods and services on agreed time frame; ability to develop and finance projects; accuracy of the interpretations and assumptions used in calculating reserve and resource estimates; and operations not being disrupted or delayed by unusual geological or technical problems.
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 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 included in this news release if these beliefs, estimates and opinions or other circumstances should change, except as otherwise required by applicable law.

Contact:
Fred Cooper
Telephone: (604) 694-1730 ext. 108
Fax: (604) 694-1761
Toll Free: 1-866-691-1730
Email: 
info@silvercrestmines.com
Website: 
www.silvercrestmines.com
Suite 501 - 570 Granville Street, Vancouver, BC Canada V6C 3P1

Visit this company: SilverCrest Mines Inc.

Published at Investorideas.com Newswire

Disclaimer/Disclosure: The Investorideas.com newswire is a third party publisher of news and research as well as creates original content as a news source. Original content created by investorideas is protected by copyright laws other than syndication rights. Investorideas is a news source on Google news and Linkedintoday plus hundreds of syndication partners. Our site does not make recommendations for purchases or sale of stocks or products. Nothing on our sites should be construed as an offer or solicitation to buy or sell products or securities. All investment involves risk and possible loss of investment. This site is currently compensated by featured companies, news submissions, content marketing and online advertising. Contact each company directly for press release questions. Disclosure is posted on each release if required but otherwise the news was not compensated for and is published for the sole interest of our readers. 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







Thursday, March 26, 2015

SilverCrest (TSX: SVL) (NYSE MKT: SVLC) Announces 2014 Financial Results

Mining Stocks News: SilverCrest (TSX: SVL) (NYSE MKT: SVLC) Announces 2014 Financial Results - Cash Flow from Operations of $13.8 million ($0.12 per share) - Adjusted Earnings of $5.2 million ($0.04 per share)

Vancouver, BC - March 26, 2015 (Investorideas.com Mining Stocks Newswire) SilverCrest Mines Inc. (TSX:SVL) (NYSE MKT: SVLC) is pleased to announce its audited consolidated financial results for the fourth quarter ("Q4") and year ended December 31, 2014. The fourth quarter and 2014 year end financials results reflect a one-time non-cash impairment charge accounting adjustment of $4.96 million. All financial information is prepared in accordance with International Financial Reporting Standards ("IFRS") and all dollar amounts are expressed 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, 2014 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.

Q4 FINANCIALS CONFERENCE CALL
A conference call to discuss the results for the 2014 fourth quarter and year-end financial results will be held on Thursday, March 26, 2015. The call will be held at 10am PDT (1pm EDT). To participate in the conference call, please dial the following:

Updated Participant Dial-In Number(s)
Local/international: (647) 427-3415
North American toll-free: 1 888 241-0551

A replay of the conference call will be archived for later playback on the Company's website www.silvercrestmines.com.

2014 YEAR END FINANCIAL HIGHLIGHTS:
·        Cash flow from operations (1)(2) $13.8 million ($0.12 per share, basic)
·        Cash operating cost per AgEq ounce sold (2) $9.64 (Ag:Au 60:1)
·        All-in sustaining cash cost per AgEq ounce sold (2) $14.35 (Ag:Au 60:1)
·        Revenues reported $45.1 million (net of $8.5 million sales capitalized(3))
·        Metal sales 1,177,936 ounces of silver (annual record) and 28,678 ounces of gold
·        Realized average spot metal prices $18.23 for silver and $1,256 for gold
·        Mine operating earnings $13.4 million
·        Impairment charges $4.96 million (non-cash accounting entry)
·        Net loss $1.5 million ($0.01 per share, basic and diluted)
·        Adjusted earnings $5.2 million ($0.04 per share, basic and diluted)
·        Cash and cash equivalents $31.3 million (at Dec. 31, 2014)
·        Working capital $40.9 million (at Dec. 31, 2014)
·        Scotiabank Credit Facility $15.0 million drawn from $30.0 million available (at Dec. 31, 2014)

Scott Drever, Chief Executive Officer and Director, stated; "2014 was another challenging but successful year for SilverCrest, as we transitioned from an open pit heap leaching operation at Santa Elena to an underground mining and milling operation. By the start of the fourth quarter, we had successfully commissioned both the underground mine and the 3,000 tonnes per day ("tpd") mill and processing facilities. SilverCrest achieved 93% of its 2014 metal production guidance, in spite of the early closure of the open pit and short-term delays encountered with underground stope production. Low metal prices and one-time impairment charges totaling $4.96 million impacted our financial performance in 2014. SilverCrest generated cash flow from operations of $13.8 million ($0.12 per share) in 2014 and is confident in Santa Elena's ability to generate positive cash flows in 2015, notwithstanding the lower precious metals price environment. SilverCrest expects annual production for 2015 to range between 4.0 – 4.4 million ounces of AgEq (Ag:Au 66.7:1), a significant increase over 2014 production of 2.81 million AgEq ounces. SilverCrest continues to have a strong balance sheet through disciplined cost controls with $31.3 million in cash (at Dec 31, 2014) and undrawn credit facility of $15 million."


(1) Cash flow from operations before changes in working capital items.
(2) These are Non-IFRS performance measures. Refer to "CAUTIONARY NOTE REGARDING NON-IFRS PERFORMANCE MEASURES". Silver equivalent ("AgEq") ounces consist of the number of ounces of silver production/sold plus the number of ounces of gold production/sold multiplied by a 60:1 gold price to silver price ratio, as determined in the 2014 budget. Prior to Q1 2014, the AgEq ratio was based on the spot gold price to the spot silver price at the quarter end dates for financial reporting. For fiscal 2013 and Q4 2013, the gold price to silver price ratio was 60.5:1 and 61.6:1, respectively. All numbers are rounded.
(3) Prior to completing the commissioning of Santa Elena's Expansion, the Company capitalized proceeds from sales of silver and gold ounces and related expenses attributed to the underground mine, mill and CCD/MC processing facilities. For the year ended December 31, 2014, the Company capitalized sales proceeds of $8,520,350 (2013 – $748,654) related to pre-commercial production to Santa Elena's Mining Assets included within property, plant and equipment.

Fourth Quarter ended December 31, 2014
Adjusted loss(2) for the fourth quarter amounted to $2,035,929 ($0.02 per share, basic and diluted), compared to adjusted earnings of $1,621,246 ($0.01 per share, basic and diluted) in 2013. Net loss was $5,539,328 ($0.05 per share, basic and diluted) for the fourth quarter compared with $4,094,410 ($0.04 per share, basic and diluted) in 2013. The net loss in Q4 2014 was primarily attributed to lower mine operating earnings generated at Santa Elena and non-cash impairment charges totalling $4.96 million. In Q4 2013, the Company recorded a one-time non-cash deferred tax charge of $5.8 million as a result of the enactment of the Mexican Tax Reform.

Silver and gold revenues totalled $16,406,592 (2013 – $12,866,617) in the fourth quarter. Silver sales of 422,250 ounces (2013 – 208,200), were a quarterly record and a 103% increase over the same period in 2013. The foregoing, combined with a 21% lower average realized price of $16.00 (2013 – $20.20) per ounce, resulted in only 61% higher silver revenue. Total gold revenue reported in the fourth quarter increased 3% compared to the same period in 2013. Total gold sales were 8,968 ounces (2013 – 8,220), or 9% higher than in the same period in 2013. The Company sold 7,394 (2013 – 6,576) ounces of gold at an average realized price of $1,185 (2013 – $1,250) per ounce, a 5% decline. The Company delivered 1,574 gold ounces (2013 – 1,644) under the Sandstorm Purchase Agreement at $354 cash (2013 – $350) per ounce.

Cost of sales amounted to $11,427,777 (2013 – $5,185,211). Cash operating cost(2) and all-in sustaining cash cost(2) per AgEq ounce sold in Q4 2014 were $11.90 and $17.98 (Ag:Au 60.0:1) per ounce, respectively, compared to $7.68 and $12.71 (Ag:Au 61.6:1) per ounce in Q4 2013. The increase in cash operating cost per AgEq ounce for Q4 2014 is a result of additional direct production costs due to the transition of Santa Elena during 2014 from an open pit heap leach operation to an underground mining and milling operation. The increase in all-in sustaining cash operating cost per AgEq ounce for Q4 is a result of higher production costs and the inclusion of Santa Elena's sustaining underground development, infrastructure and equipment costs. The Company anticipates operating cash cost to average $10-$11 per AgEq ounce and all-in sustaining cash cost to average $14-$15 per AgEq ounce for 2015 as underground production ramps up and reaches average budgeted levels of 1,320 tpd.

Depletion, depreciation and amortization increased to $3,150,393 (2013 – $1,618,884) with the incorporation of the quarterly deprecation charge for Santa Elena's new mill and CCD/MC processing facilities. General and administrative expenses decreased by 20% to $2,321,740 (2013 – $2,885,989) primarily due to a decrease in remuneration expense. Remuneration expense decreased by 41% to $933,501 (2013 – $1,581,482) primarily from the reduction in annual bonuses paid in Q4 to management and employees.

During Q4 2014, the Company recorded impairment charges totalling $4,956,418 (2013 – $Nil) related to write downs of property, plant and equipment and mineral properties. The Company recorded an impairment charge of $1,911,198 against crushing equipment no longer in use at Santa Elena and wrote-off the book value of the Cruz de Mayo Project ($2,875,168) and other exploration properties ($170,052).

Current income tax expense amounted to $632,000 (2013 – $1,580,000). The decrease in tax expense in Q4 is primarily attributable to the Company taking a 100% tax deduction for 2014 development costs incurred at Santa Elena. The foregoing, combined with lower operating margins, resulted in a lower current income tax charge compared with Q4 2013.
Deferred tax recovery was $2,047,000 (2013 – expense of $5,420,000) primarily as a result of the 2014 non capital loss the Company generated which will be available to utilize against taxable income in future periods. The 2014 Mexican non capital loss was partially offset by additional temporary differences recognized for financial statement carrying amounts and their respective Mexican tax book bases. Recognized within the Q4 recovery is $374,000 (2013 – $nil) drawn down from the $5.8 million deferred taxes recognized in Q4 2013 due to the enactment of the Mexican Tax Reform.

Year ended December 31, 2014
Adjusted earnings(2) for fiscal 2014 amounted to $5,238,021 ($0.04 per share, basic and diluted), compared to $16,147,593 ($0.15 per share, basic and diluted) in 2013. Net loss was $1,515,975 ($0.01 loss per share, basic and diluted) for fiscal 2014, compared with earnings of $8,479,263 ($0.08 per share, basic and diluted) in 2013. The loss recognized in fiscal 2014 was primarily driven by 1) a decrease in revenues from lower realized prices, 2) an increase in direct production costs as Santa Elena transitioned during 2014 from an open pit heap leach operation to an underground mining and milling operation, and 3) Q4 non-cash impairment charges totalling $4.96 million.

Silver and gold revenues totalled $45,132,599 (2013 – $54,893,651) for fiscal 2014. Silver sales amounted to 1,177,936 ounces (2013 – 751,633), which includes 206,323 (2013 – 13,881) capitalized ounces(3), 57% higher when compared to 2013. The foregoing, combined with a 21% lower average realized price of $18.23 (2013 – $22.97) per ounce, resulted in only 24% higher silver revenue. Total gold revenue reported during fiscal 2014 decreased 16% compared to the same period in 2013. Total gold sales were 28,678 ounces (2013 – 30,487), which includes 4,096 (2013 – 409) capitalized ounces(3), or 6% below the same period in 2013. The Company sold 23,162 (2013 – 24,389) ounces of gold at an average realized price of $1,256 (2013 – $1,392) per ounce, a 10% decline. The Company delivered 5,516 gold ounces (2013 – 6,097) under the Sandstorm Purchase Agreement at $353 cash (2013 – $350) per ounce.

Cost of sales amounted to $23,596,973 (2013 – $19,895,374). Cash operating cost per AgEq ounce(2) sold during the year was $9.64 (Ag:Au 60.0:1) per ounce compared to $7.78 (Ag:Au 60.5:1) per ounce in 2013. All-in sustaining cash cost per AgEq ounce(2) sold in fiscal 2014 was $14.35 (Ag:Au 60.0:1) per ounce compared to $13.04 (Ag:Au 60.5:1) per ounce in 2013. The primary drivers for the increase in cash operating cost and all-in sustaining cash cost are the same as those outlined above in the fourth quarter comparison.
General and administrative expenses decreased by 6% to $6,504,047 (2013 – $6,951,892). The decrease is primarily from a reduction in remuneration as lower annual bonuses were paid in Q4 to management and employees.

Impairment charges totalled $4,956,418 (2013 – $Nil) and current and deferred tax expense totalled $262,000 (2013 – $5,450,000) and $514,000 (2013 – $7,418,000) respectively. Refer to the fourth quarter comparison for explanations of the primary drivers.

OUTLOOK FOR 2015
SilverCrest's immediate focus is to (i) continue the efficient operation of its flagship Santa Elena low cost silver and gold mine, (ii) increase underground ore production rates from current average rates of 1,200 tpd to average rates of 1,500 tpd by the end of 2015 to achieve an average rate of 1,320 tpd for fiscal 2015, (iii) SEDAR file a Technical Report by March 31, 2015 to update the Santa Elena Reserves, Resource estimates, and life of mine plan, (iv) expand resources and associated reserves at Santa Elena by continued systematic exploration of the deposit, (v) continue to evaluate and acquire low cost exploration properties in proximity to Santa Elena, (vi) update the La Joya resource model for a new resource estimate in 2015, and (vii) manage a strong cash position to support growth while sustaining existing operations.

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 and Director of 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 flagship property is the 100%-owned Santa Elena Mine, located 150 kilometres northeast of Hermosillo, near Banamichi in the State of Sonora, México. The mine is a highgrade, epithermal silver and gold producer, with an estimated life of mine of 7 years at an average operating cash costs of $11 per ounce of silver equivalent (55:1 Ag:Au). SilverCrest anticipates that the new 3,000 tonnes per day conventional mill facility at the Santa Elena Mine should recover an average of 1.5 million ounces of silver and 32,800 ounces of gold per annum over the current reserve life. Exploration programs continue to result in new discoveries at Santa Elena and also have rapidly 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. 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 and 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; the amount 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; cash operating costs; and life of mine.
These forward-looking statements relate to analyses and other information that are based on, without limitation, the following estimates and assumptions: the presence of and continuity of metals at the Company's projects; cost of production and productivity levels; plant and equipment function as anticipated; the availability of skilled labour; contracted parties provide goods and services on agreed time frame; ability to develop and finance projects; accuracy of the interpretations and assumptions used in calculating reserve and resource estimates; and operations not being disrupted or delayed by unusual geological or technical problems.
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 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 included in this news release if these beliefs, estimates and opinions or other circumstances should change, except as otherwise required by applicable law.

Contact:
Fred Cooper
Telephone: (604) 694-1730 ext. 108
Fax: (604) 694-1761
Toll Free: 1-866-691-1730
Email: 
info@silvercrestmines.com
Website: 
www.silvercrestmines.com
Suite 501 - 570 Granville Street, Vancouver, BC Canada V6C 3P1

Visit this company: SilverCrest Mines Inc.

Published at Investorideas.com Newswire

Disclaimer/Disclosure: The Investorideas.com newswire is a third party publisher of news and research as well as creates original content as a news source. Original content created by investorideas is protected by copyright laws other than syndication rights. Investorideas is a news source on Google news and Linkedintoday plus hundreds of syndication partners. Our site does not make recommendations for purchases or sale of stocks or products. Nothing on our sites should be construed as an offer or solicitation to buy or sell products or securities. All investment involves risk and possible loss of investment. This site is currently compensated by featured companies, news submissions, content marketing and online advertising. Contact each company directly for press release questions. Disclosure is posted on each release if required but otherwise the news was not compensated for and is published for the sole interest of our readers. 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





Friday, March 06, 2015

TSX Mining News: Garibaldi (TSX.V: GGI) Drills Into Bonanza Grades On 150-meter Step-out From Silver Eagle Discovery Hole

TSX Mining News: Garibaldi (TSX.V: GGI) Drills Into Bonanza Grades On 150-meter Step-out From Silver Eagle Discovery Hole

2.5-km Long Structural Zone Links Silver Eagle and Reales Targets

Vancouver, British Columbia - March 6, 2015 (Investorideas.com Mining stocks newswire) Garibaldi Resources Corp. (TSX.V: GGI) (the "Company" or "Garibaldi") is pleased to report that a combination of ongoing Phase 2 drilling and surface exploration continues to expand the scale of the Rodadero Silver-Gold Project in Sonora State, Mexico, with multiple high-grade drill intercepts, two linked targets and new target areas.

As the Phase 2 drill program continues, the latest highlights include:
·        SE-14-15, collared 150 meters north of Silver Eagle discovery hole SE-14-01 (the furthest step-out to date), has returned a shallow exceptional intercept of 1,307 g/tAg (42 oz/ton) over 1.5 meters within a broader interval of 6 meters (19.8 feet) grading 346 g/t Ag (11.1 oz/ton);
·        The Silver Eagle discovery is now confirmed to be structurally linked with the adjoining Reales target to the south to form the newly-named "SR High-Grade Zone” with a potential strike length in excess of 2 km;
·        A total of 12 silver-gold mineralized centers (Silver Eagle is the first one to be drilled) have now been outlined at Rodadero over 50 sq. km after the identification through surface sampling of a distinct east-west trending system more than 4 km north of Silver Eagle.

Dr. Craig Gibson, Ph.D., Msc., CPG, a director of Garibaldi and a renowned exploration expert who has been involved in several major discoveries in Mexico, commented: "Increasingly at Rodadero we are seeing the near-surface expression of what appears to be a very large system with perhaps multiple overprinting events. Mineralization is open laterally in all directions. What’s also exciting is the potential at depth - we’ve yet to drill below 100 meters where we would expect to discover the feeder zones which often exist in a system such as this. Deeper holes are coming.

"Approximately 70% of the drill holes at Silver Eagle have successfully intersected high-grade mineralization within just 50 meters of surface, a remarkable start at this target. Excitingly, we’re still in the early stages of exploration at this project,” Gibson stated.

Moving Forward At Rodadero
Key priorities as the Phase 2 drill program continues:
·        Additional drilling at Silver Eagle and initial drilling at Reales aimed at building potential near-term surface tonnage within the SR High-Grade Zone;
·        Testing of gold-rich drill targets to the east of Silver Eagle, specifically Tarichi and La Tortuga;
·        Testing of a new vein system mapped over the northern tip of Rodadero, an apparent extension onto Garibaldi ground from a former producing mine more than 4 km north of Silver Eagle.

Silver Eagle Discovery
Results for 15 drill holes at Silver Eagle confirm the geometry of this deposit target as a nearly flat lying tabular mineralized body. Most holes have produced significant silver values, and higher grades at Silver Eagle appear to have formed near a crosscutting fault that generally trends northerly and has been mapped for about 750 meters along strike.

The SR High-Grade Zone - Silver Eagle, Reales Targets
Significantly, after an extensive review of data, Company geologists and technical advisers now believe that the Silver Eagle and Reales targets along the western side of Rodadero are indeed linked as part of a north-northwest trending structural zone extending for at least 2.5 km.

Mineralization at Silver Eagle is hosted in silicified conglomerate and overlying andesitic volcanic rocks, while mineralization at Reales is hosted by limestone that underlies the conglomerate as well as andesitic volcanic rocks. The continuing drill program will include a series of holes at Reales in an attempt to confirm high-grade surface samples and extend the mineralized body to the south.

"These latest results from Rodadeo demonstrate that this is indeed an important new mineral camp discovery in central Sonora State,” commented Steve Regoci, Garibaldi President and CEO.

"Between Rodadero and our La Patilla Gold Project, we are uniquely positioned to capture more value for Garibaldi in Mexico. With the strategic initiatives we’re executing in Mexico, combined with the fully funded British Columbia exploration programs already under way in the prolific Sheslay district in preparation for first-ever drilling there, 2015 is shaping up to be a very exciting and rewarding year for our shareholders. We’re into a period of accelerated news flow,” Regoci concluded.

Significant Assay Results – Silver Eagle Discovery (Phase 2 Drilling)


Above widths are downhole core lengths and true widths are estimated at approximately 80%. Results for holes SE-14-01 to SE-14-06 were previously published in a news release Aug. 5, 2014. Holes SE-14-05 and SE-14-10 contained no significant values. *Holes SE-14-02 and 2A experienced technical issues and were stopped short; only 2B was completed to the target depth.

Silver Eagle Phase 2 Drilling Details
As reported November 26, 2014, recent sampling extended high-grade silver mineralization 150 meters north of discovery hole SE-14-01 along the fault zone referred to in this news release. This area was drill tested by SE-14-15 to explore the Silver Eagle system in a northerly direction, and it cut 6 meters of 346 g/t Ag. Included in that section is an interval of 1.5 meters grading 1,307 g/t Ag, 0.34 g/t Au, 0.60% Cu, 9.0% Zn and 0.90% Pb.

Drill holes SE-14-14 and SE-14-13 were drilled at the southernmost part of the main Silver Eagle mineralized body as exposed at the surface. Hole SE-14-14 was drilled under hole SE-14-06 and cut 3 meters of 250 g/t Ag. Hole SE-14-13 was drilled about 10 meters south of hole SE-14-06 and cut a near-surface interval of 1.7 meters with 31.3 g/t Ag. This hole was possibly stopped short of the main target.

Holes SE-14-09 to SE-14-12 were drilled to the west of the main mineralized structure with the high-grade silver intercepts reported previously to test the hypothesis that silver mineralization may also be stratigraphically controlled within the tabular silicified zone.

These holes generally encountered lower silver grades, but in some cases over significant widths. These holes indicate the possibility for a larger bulk tonnage target in addition to the high-grade target identified previously. Hole SE-14-12a was core recovered from the anchor that was drilled to stabilize the rig while drilling hole SE-14-12. This sample was 1 meter in length and assayed 1,352 g/t Ag, 3.4% Pb, 0.13 g/t Au, 0.50% Cu and 0.60% Zn.

Holes SE-14-07 and SE-14-08 were drilled to test areas adjacent to the high-grade mineralization found previously, and both holes intersected the high-grade system. Hole SE-14-07 was drilled between holes SE-14-01, SE-14-04 and SE-14-05, while SE-14-08 was drilled under SE-14-02, 02a and 02b and returned a wider intercept of 14.95 meters grading 155 g/t Ag.

Rodadero Exploration Update
Surface exploration has confirmed that a previously known and large east-northeast, west-southwest trending vein system near the northern edge of Rodadero, exploited in the past, extends onto ground held by Garibaldi. Past production along this vein system was significant as old mine workings with large dumps are present along with mill tailings.
Two targets, one at each extreme, have been identified and they are now referred to as El Rey and Dolores. They are approximately 2 km apart and replace the previous name of La Guata for the general area. An update on the El Rey and Dolores targets will be provided shortly.

Rodadero Video
To view a 2-minute Garibaldi video on the Rodadero discovery, please visit the homepage of GaribaldiResources.com or the following URL:
http://www.garibaldiresources.com/s/Media.asp#Rodadero

Quality Assurance & Control
Garibaldi maintains strict QA-QC protocols for all aspects of its exploration programs that include the systematic insertion of blanks and standards into each sample batch. Acme Labs (now part of the Bureau Veritis group that includes BSI Inspectorate) has performed assay analyses on Rodadero drill core and some of the rock samples, while ALS Global (formerly ALS Chemex) has also performed some analyses on rock samples. All samples reported in this release were assayed using certified and industry standard assay techniques for gold, and multi-element packages for other elements and for over-limits. Au was analyzed by 30 to 50 gram fire assay with an atomic absorption finish, and other elements were analyzed by multi-element ICP.

Qualified Person
Dr. Craig Gibson, Certified Professional Geologist and a director of Garibaldi, is a non-arms-length Qualified Person for the Company’s Mexico projects and the direct manager of the technical programs operated under contract by Prospeccion Y Desorrollo Minera del Norte (ProDeMin). Dr. Gibson has reviewed this news release and approved the contents thereof.


About Garibaldi
Garibaldi Resources Corp. is an active Canadian-based junior exploration company focused on creating shareholder value through discoveries and strategic development of its assets in some of the most prolific mining regions in Mexico and British Columbia.

We seek safe harbor.

GARIBALDI RESOURCES CORP.
Per: "Steve Regoci"
Steve Regoci, President

Neither the TSX Venture Exchange nor its Regulation Services Provider accepts responsibility for the adequacy or the accuracy of this release.

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