Mining Stocks News: SilverCrest (TSX: SVL) (NYSE MKT: SVLC)
Announces Record Q3 Production 385,251 Ounces Silver and 7,085 Ounces Gold
Vancouver, BC - October 15, 2014 (Investorideas.com Mining
Stocks Newswire) SilverCrest Mines Inc. (TSX:SVL) ( NYSE MKT: SVLC) is pleased to announce
silver and gold production results for the third quarter (“Q3”) of 2014 from
its 100% owned Santa Elena Mine located in Sonora, Mexico. The Santa Elena Mine
is in the process of finalizing the transition from an open pit heap leach to
underground mining and milling operations. For additional information and to
view photos and videos, please visit the Company’s website at www.silvercrestmines.com
Production Highlights of Q3,
2014, vs. Q3, 2013;
·
Silver
production quarterly record of 385,251 ounces; a 90% increase.
·
Gold
production of 7,085 ounces; a 2% decrease.
·
Silver
equivalent (1) production record of 810,334 ounces; a 26% increase.
·
Bullion
inventory at the end of Q3 2014 included 56,890 oz silver and 1,045 oz gold.
·
Santa
Elena's new mill was commissioned on budget by August 1 st, with average
throughput of 2,371 tonnes per day during Q3 2014 and currently averaging 2,500
tonnes per day.
N. Eric Fier, President and COO
stated;
"Santa Elena's third quarter 2014 silver equivalent production was
significantly higher than the second quarter 2014 as a result of the successful
commissioning of the new processing facility. Our current operational focus is
to optimize ball mill grind size in efforts to achieve throughput tonnages at
or above the nameplate capacity of 3,000 tpd and manage the short-term delays
related to the first underground stope production (refer to news release
dated September 26, 2014). Metal production for the first three quarters of
2014 was 1.9 million AgEq (2) and it is expected to significantly increase in
the fourth quarter to enable us to meet our revised 2014 metal production
guidance between 3.0 to 3.3 million AgEq (2). Free cash flow at current metal
prices is anticipated in late Q3 and Q4 2014".
(1)
Silver and gold ounces produced consist of ounces recovered from the mill and
the leach pad.
(2)
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 60:1 gold price to silver price ratio. 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. At Q3 2013, the gold price to silver price
ratio was 61.2:1. All numbers are rounded.
Sonora, Mexico
As part
of the Santa Elena organic growth plan, exploration drilling has started at the
Durazno Target (Ermitano Concession) located approximately 7 kilometres
southeast of the mine site. Current plan is to drill 6 to 7 core holes (est.
2,000 metres) to test outcropping, widespread epithermal mineralization in
several identified areas. Results from this initial program will be reported as
information becomes available.
Release of Third Quarter, 2014
Financial Results and Conference Call
SilverCrest
plans to release its unaudited third quarter financial statements and MD&A
after market closes on Wednesday November 12, 2014. A telephone conference call
to discuss these results will be held at 10am PDT (1pm EDT) on Thursday,
November 13, 2014.
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,
President and Chief Operating Officer for SilverCrest Mines Inc., who has
reviewed and approved its contents.
SilverCrest Mines Inc. (NYSE MKT:
SVLC; TSX: SVL) is
a Canadian precious metals producer headquartered in Vancouver, BC. SilverCrest's
flagship property is the 100%‐owned Santa Elena Mine, located 150 km northeast of
Hermosillo, near Banamichi in the State of Sonora, México. The mine is a high‐grade,
epithermal silver and gold producer, with an estimated life of mine of 8 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. Major expansion and commissioning of the 3,000 tonnes per day
conventional mill facility is complete and is expected to increase metals
production at the Santa Elena Mine in the second half of 2014 and beyond.
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; expected processing recoveries; cash
operating costs and outflows; life of mine; anticipated free cash flow
generation; and prices of metals and minerals.
These
forward-looking statements relate to analyses and other information that are
based on, without limitation, the following estimates and assumptions:
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 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 environmental laws; 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 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.
CAUTIONARY NOTE REGARDING
NON-IFRS PERFORMANCE MEASURES
This news
release includes the term "Free cash flow". This term is commonly
used in the mining industry but is not defined under International Financial
Reporting Standards ("IFRS"). The Company believes that, in addition
to conventional measures prepared in accordance with IFRS, certain investors
use this information to evaluate SilverCrest's performance and its ability to
generate cash flow. It is intended to provide additional information and should
not be considered in isolation or as a substitute for measures of performance
prepared in accordance with IFRS. Free cash flow is calculated from net cash
provided by operating activities less SilverCrest's capital expenditures on its
mining interests.
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
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
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