First Majestic Silver Corp. (TSX:FR) announces total production in the first quarter of 2019 reached 6.3 million silver equivalent ounces. Total production consisted of 3.3 million ounces of silver, 32,037 ounces of gold, 2.7 million pounds of lead and 1.3 million pounds of zinc.
“We had a solid start to 2019 with first quarter production totaling 6.3 million silver equivalent ounces,” said Keith Neumeyer, President and CEO. “Pure silver production increased 2% to 3.3 million ounces as a result of higher grades at the San Dimas and La Encantada mines. The commissioning progress of the new La Encantada roaster improved in the month of March but remained below throughput guidance for the full quarter. Nevertheless, La Encantada recorded a significant 60% increase in silver production in the quarter due to higher grades and tonnes processed. Finally, we continue to expect our investments in new innovations such as high-intensity grinding and microbubbles to begin to bear fruit in the second half of 2019 with higher recoveries and production at the Santa Elena, La Encantada and La Parrilla operations.
PRODUCTION TABLE
Q1 | Q1 | Y/Y | Q4 | Q/Q | |
2019 | 2018 | Change | 2018 | Change | |
Ore processed/tonnes milled | 831,261 | 809,775 | 3% | 850,272 | -2% |
Total production – ounces of silver eqv. | 6,273,677 | 3,879,678 | 62% | 6,485,761 | -3% |
Silver ounces produced | 3,331,388 | 2,167,030 | 54% | 3,250,816 | 2% |
Gold ounces produced | 32,037 | 15,887 | 102% | 34,487 | -7% |
Pounds of lead produced | 2,661,088 | 4,448,378 | -40% | 3,294,360 | -19% |
Pounds of zinc produced | 1,265,438 | 1,611,699 | -21% | 1,466,812 | -14% |
QUARTERLY REVIEW
Total ore processed during the quarter at the Company’s mines amounted to 831,261 tonnes, representing a 2% decrease compared to the previous quarter. The slight decrease in tonnes processed compared to the prior quarter was primarily due to the Company’s decision to reduce throughput at its two concentrate plants, La Parrilla and Del Toro, offset by a 30% increase of tonnes processed at La Encantada.
Consolidated silver grades in the quarter averaged 150 g/t compared to 144 g/t in the previous quarter. This 4% increase was primarily the result of higher grades at San Dimas and La Encantada. Consolidated gold grades averaged 1.26 g/t compared to 1.31 g/t in the prior quarter representing a 4% decrease due to lower underground grades at Santa Elena.
Consolidated silver and gold recoveries averaged 83% and 96%, respectively, and consistent with the previous quarter. The Company continues to expect further improvements in recoveries associated with the installation of the microbubble flotation cells at La Parrilla and the high-intensity grinding (“HIG”) mills at Santa Elena and La Encantada in 2019.
MINE BY MINE PRODUCTION TABLE
Mine | Ore Processed |
Tonnes per Day |
Silver Oz Produced |
Gold Oz Produced |
Pounds of Lead |
Pounds of Zinc |
Equivalent Silver Ounces |
San Dimas | 163,264 | 1,814 | 1,404,454 | 21,095 | – | – | 3,172,270 |
Santa Elena | 219,941 | 2,444 | 587,195 | 9,735 | – | – | 1,403,364 |
La Encantada | 269,611 | 2,996 | 720,959 | 33 | – | – | 723,699 |
San Martin | 62,148 | 691 | 331,539 | 1,069 | – | – | 421,091 |
La Parrilla | 91,158 | 1,013 | 219,485 | 82 | 1,946,096 | 1,265,438 | 441,095 |
Del Toro | 25,138 | 279 | 67,757 | 23 | 714,992 | – | 112,158 |
Total | 831,261 | 9,236 | 3,331,388 | 32,037 | 2,661,088 | 1,265,438 | 6,273,677 |
*Certain amounts shown may not add exactly to the total amount due to rounding differences.
*The following prices were used in the calculation of silver equivalent ounces: Silver: $15.57 per ounce; Gold: $1,304 per ounce; Lead: $0.92 per pound; Zinc: $1.23 per pound.
At the San Dimas Silver/Gold Mine:
At the Santa Elena Silver/Gold Mine:
At the La Encantada Silver Mine:
At the San Martin Silver Mine:
At the La Parrilla Silver Mine:
At the Del Toro Silver Mine:
ABOUT THE COMPANY
First Majestic is a publicly traded mining company focused on silver production in Mexico and is aggressively pursuing the development of its existing mineral property assets. The Company presently owns and operates the San Dimas Silver/Gold Mine, the Santa Elena Silver/Gold Mine, the La Encantada Silver Mine, the La Parrilla Silver Mine, the San Martin Silver Mine and the Del Toro Silver Mine. Production from these mines are projected to be between 14.2 to 15.8 million silver ounces or 24.7 to 27.5 million silver equivalent ounces in 2019.
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