First Majestic Silver Corp. (TSX:FR) announces total production in the third quarter of 2019 reached 6.6 million silver equivalent ounces, representing a 4% increase compared to the prior quarter. Total production consisted of 3.4 million ounces of silver, 35,791 ounces of gold, 1.9 million pounds of lead and 1.0 million pounds of zinc. By the end of the third quarter, total production in 2019 has reached 19.3 million silver equivalent ounces, or approximately 77% of the Company’s guidance midpoint of producing 24.4 to 26.0 million ounces.
THIRD QUARTER OPERATIONAL HIGHLIGHTS
“Total production increased 4% quarter over quarter due to higher grades and recoveries at both our Santa Elena and La Encantada operations,” said Keith Neumeyer, President and CEO. “At La Encantada, silver recoveries averaged 82%, making it the highest recovery rate since owning this operation, following successful plant modifications to optimize ore handling and processing. In addition to higher recoveries, silver grades at La Encantada increased 59% pushing silver production to the highest level since 2014. Production at Santa Elena also reached a new record as higher gold grades were produced from the Main Vein and overall higher metallurgical recoveries were achieved following the start-up of the new HIG mill. This new mill is proving to be a major asset for this operation and I would like to recognize our projects and innovations team for a job well done.”
|Ore processed/tonnes milled||655,967||864,056||-24||%||736,896||-11||%|
|Total production – ounces of silver eqv.||6,636,716||6,740,315||-2||%||6,410,483||4||%|
|Silver ounces produced||3,367,740||3,505,344||-4||%||3,193,566||5||%|
|Gold ounces produced||35,791||35,260||2||%||33,576||7||%|
|Pounds of lead produced||1,907,305||4,443,290||-57||%||2,452,803||-22||%|
|Pounds of zinc produced||1,026,739||1,234,385||-17||%||1,398,922||-27||%|
Total ore processed during the quarter at the Company’s mines amounted to 655,967 tonnes, representing an 11% decrease compared to the previous quarter. The decrease in tonnes processed was primarily due to the continued inactivity at San Martin and a decrease in processed ore at La Parrilla following the decision to temporarily halt milling operations in order to build adequate surface stockpiles to be used during the commissioning phase of the new high-recovery microbubble flotation cells in early 2020.
Consolidated silver grades in the quarter averaged 181 g/t compared to 159 g/t in the previous quarter. This 14% increase was primarily the result of a higher silver grades at La Encantada, San Dimas, Santa Elena and La Parrilla. Consolidated gold grades averaged 1.76 g/t compared to 1.48 g/t in the prior quarter representing a 19% increase primarily due to higher gold grades from the Main Vein at Santa Elena.
Consolidated silver and gold recoveries averaged 88% and 96%, respectively, during the quarter. Higher recoveries were achieved at Santa Elena following the successful installation and ramp up of the new 3,000 tpd HIG mill. In addition, La Encantada achieved average silver recoveries of 82%, representing a significant 23% increase compared to the prior quarter and the highest recovery rate in recent history at this mine, following several plant optimization modifications.
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|
*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: $16.98 per ounce; Gold: $1,472 per ounce; Lead: $0.92 per pound; Zinc: $1.07 per pound.
At the San Dimas Silver/Gold Mine:
At the Santa Elena Silver/Gold Mine:
At the La Encantada Silver Mine:
At the La Parrilla Silver Mine:
At the Del Toro Silver Mine:
At the San Martin Silver Mine:
Q3 EARNINGS ANNOUNCEMENT
The Company is planning to release its third quarter 2019 unaudited financial results on Thursday, November 7, 2019.
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 12.8 to 13.5 million silver ounces or 24.4 to 26.0 million silver equivalent ounces in 2019.
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We acknowledge the [financial] support of the Government of Canada.