Mining Stocks News: SilverCrest (TSX: SVL) (NYSE
MKT: SVLC) Announces 2014 Production and Provides 2015 Guidance
·
Annual Record 2.81M AgEq
Ounces Produced in 2014
·
Record 936,472 AgEq Ounces
Produced in Q4
Vancouver, BC - January 15, 2015 (Investorideas.com Mining
Stocks Newswire) SilverCrest Mines Inc. (TSX:SVL) ( NYSE MKT: SVLC) is pleased to announce record production of 2.81
million ounces AgEq(1) for 2014, record production of 936,742 ounces AgEq(1)
for the fourth quarter ("Q4") of 2014, and guidance for 2015 from its
100% owned Santa Elena Mine located in Sonora, Mexico . In 2014, the Santa
Elena Mine successfully transitioned from an open pit heap leach operation to
an underground mining and milling operation. For additional information and to
view photos and videos, please visit the Company's website at www.silvercrestmines.com.
2014 Production Highlights (Compared to 2013)
·
AgEq(1) production record of 2.81 million ounces; a
6% increase with 2.9 million ounces AgEq(1) sold.
·
Silver production record of 1.16 million ounces; a
49% increase.
·
Gold production of 27,609 ounces; an 11% decrease.
Q4 2014 Production Highlights (Compared to Q4 2013)
·
AgEq(1) production record of 936,472 ounces; an 18%
increase.
·
Silver production record of 397,509 ounces; a 74%
increase.
·
Gold production of 8,983 ounces; a 3% decrease.
N. Eric Fier , President and COO stated;
"SilverCrest is pleased to report record quarterly and annual AgEq(1)
production at Santa Elena . I would like to thank our hard working team for
their contributions and our shareholders for their ongoing support. SilverCrest
achieved 93% of its 2014 metal production guidance(3) in spite of the early
closure of the open pit and short-term delays relating to the first underground
stope. As of today, we have temporarily reopened the pit to provide
approximately 6 months of low cost production. Our current operational focus is
to improve underground stope production and continue to optimize the mill to
ensure throughput tonnages at or above the nameplate capacity of 3,000 tonnes
per day ("tpd") and increase metallurgical recoveries to our budget
rates of 92% for gold and 70% for silver. Stringent cost controls continue to
ensure that positive operating and all-in sustaining cash flow are generated at
current metal prices. SilverCrest expects annual production for 2015 to range
between 4.0 – 4.4 million ounces of AgEq(1), a significant increase over 2014
production of 2.81 million AgEq ounces."
The new 3,000 tpd mill was commissioned in August
of 2014 and the 526,525 tonnes of mill throughput represents approximately 7
months of production, including pre-commissioning milling. Metal production
from the mill is estimated at 761,882 ounces for silver and 15,628 ounces of
gold. Milling grades were impacted due to approximately 78% of the mixed mill
ore coming from the leach pad reserve which has a lower grade than the 22% from
the underground reserve grades. The expectation, in the first half of 2015, is
that higher grade underground and open pit ore will be approximately 60 to 70%
of the mill feed versus the lower grade leach pad ore. Final 2014 mill metal
recoveries were slightly below design criteria of 67.5% silver and 92% gold.
Mill recoveries are still being optimized (grinding size and cyanide rates)
with 2015 targets of 70% silver and 92% gold.
In addition to production from the mill, an
estimated 213,017 tonnes were placed on the leach pad during the first half of
2014. Metal production of an estimated 395,139 ounces of silver and 11,981
ounces of gold were recovered through heap leaching processing at Santa Elena.
2015 SilverCrest Production Outlook and Cost Guidance*:
·
Achieve estimated 2015 production guidance of 4.0 –
4.4 million ounces of AgEq (Ag:Au 66.7:1).
·
Silver production is expected to range between 1.6
– 1.8 million ounces.
·
Gold production is expected to range between 36,000
– 39,000 ounces.
·
Achieve estimated cash operating cost of $10 - $11
per AgEq ounce sold* (Ag:Au 66.7:1).
·
Achieve estimated all-in sustaining cash cost of
$14 - $15 per AgEq ounce sold* (Ag:Au 66.7:1).
*These are Non-IFRS performance measures. Refer to
"CAUTIONARY NOTE REGARDING NON-IFRS PERFORMANCE MEASURES".
Release of 2014 Financial Results and Conference Call
SilverCrest plans to release its audited annual
financial statements and MD&A after market closes on Wednesday March 11,
2015. A telephone conference call to discuss these results will be held at 10am
PDT (1pm EDT) on Thursday, March 12, 2015.
Upcoming Conference:
SilverCrest will be attending the Vancouver
Resource Investment Conference held at the Vancouver Convention Centre on
January 18 to 19, 2015. Management looks forward to meeting its shareholders and
interested parties at booth #1310.
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.
Read this release in full at http://www.investorideas.com/CO/SVL/news/2015/01151.asp
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 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; expected processing recoveries; cash operating costs and outflows,
all-in sustaining cash cost; life of mine; and prices of metals and minerals.
These forward-looking statements relate to analyses
and other information that are based on, without limitation, the following
estimates and assumptions: 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.
CAUTIONARY NOTE REGARDING NON-IFRS PERFORMANCE MEASURES
This news release includes the terms "Cash
operating cost per AgEq ounce sold" and "All-in sustaining cash cost
per AgEq ounce sold". These terms are commonly used in the mining industry
but are 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. The data presented 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. The Company calculates Cash
operating costs per AgEq as cost of sales over total AgEq ounces sold and
All-in sustaining cash cost per AgEq as the sum of cost of sales, general and
administrative expenses and sustaining capital expenditures from Santa Elena over
total AgEq ounces sold.
SOURCE: SilverCrest Mines Inc.
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
Published at
Investorideas.com Newswire
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