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SilverCrest Announces Q1 Production; 201,101 Ounces Silver and 7,545 Ounces Gold

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SilverCrest Announces Q1 Production; 201,101 Ounces Silver and 7,545 Ounces Gold

 

 

 

 

 

SilverCrest Mines Inc. (NYSE MKT:SVLC) (TSX:SVL) is pleased to announce silver and gold production numbers for the first quarter of 2014 from its 100% owned Santa Elena Mine located in Sonora, Mexico. For additional information and to view photos and videos, please visit the Company’s website at www.silvercrestmines.com.
Production Highlights of Q1, 2014 vs. Q1, 2013;

 

 
 
--  Silver production of 201,101 ounces; a 31% increase. 
--  Gold production of 7,545 ounces; a 4% increase. 
--  Silver equivalent(1) production of 653,801 ounces; a 17% increase. 
--  Waste to ore ratio of 0.94 was consistent with the mine plan; a 78%
    decrease. 
--  Ore Tonnes crushed decreased 21% to 200,982 tonnes with throughput
    averaging 2,233 tpd. 
--  Average grades loaded on pad increased from 62.1gpt to 86.8 gpt (40%)
    for silver and from 1.54 to 1.79 gpt (16%) for gold.
 

 

 

N. Eric Fier, President and COO stated; “During the first three months of 2014, Santa Elena experienced lower ore and waste tonnes mined from the open pit as it approached the end of its mine life. However, metal production exceeded corporate guidance projections for the quarter. The Company continues to focus on the completion stages of the Santa Elena Expansion Plan which should significantly increase our annual precious metal production starting in mid-2014. The recently announced pit closure at Santa Elena may have some impact on Q2 production but SilverCrest maintains the previously announced 2014 corporate production guidance of 3.3 to 3.6 million ounces AgEq (60:1).”

 

 
 
                                                                            
----------------------------------------------------------------------------
Santa Elena Mine                                                            
 Operating                                                                  
 Statistics:            Q1 2014    Q1 2013   % Change     Q4 2013   % Change
----------------------------------------------------------------------------
Silver ounces                                                               
 produced               201,101    153,481        31%     228,787       -12%
----------------------------------------------------------------------------
Gold ounces produced      7,545      7,225         4%       9,218       -18%
----------------------------------------------------------------------------
AgEq ounces produced                                                        
 (1)                    653,801    556,667        17%     796,751       -18%
----------------------------------------------------------------------------
                                                                            
----------------------------------------------------------------------------
Silver ounces sold      198,800    157,088        27%     208,200        -5%
----------------------------------------------------------------------------
Gold ounces sold          7,650      7,370         4%       8,220        -7%
----------------------------------------------------------------------------
AgEq ounces sold (1)    657,800    568,380        16%     714,678        -8%
----------------------------------------------------------------------------
                                                                            
----------------------------------------------------------------------------
Tonnes Ore              161,879    257,726       -37%     248,725       -35%
----------------------------------------------------------------------------
Tonnes waste            151,695  1,100,362       -86%     405,616       -63%
----------------------------------------------------------------------------
Waste / ore ratio          0.94       4.27       -78%        1.63       -43%
----------------------------------------------------------------------------
Ore tonnes crushed      200,982    252,830       -21%     263,097       -24%
----------------------------------------------------------------------------
Average ore tonnes                                                          
 crushed per day          2,233      2,809       -21%       2,860       -22%
----------------------------------------------------------------------------
Average silver ore                                                          
 grade (gpt) loaded                                                         
 on pad                   86.89      62.09        40%       81.58         7%
----------------------------------------------------------------------------
Average gold ore                                                            
 grade (gpt) loaded                                                         
 on pad                    1.79       1.54        16%        1.82        -2%
----------------------------------------------------------------------------
Silver ounces                                                               
 delivered to pad       561,485    504,711        11%     690,104       -19%
----------------------------------------------------------------------------
Gold ounces                                                                 
 delivered to pad        11,587     12,536        -8%      15,363       -25%
----------------------------------------------------------------------------
Ag : Au Ratio (1)        60.0:1     55.8:1         8%      61.6:1        -3%
----------------------------------------------------------------------------
(1)   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,  
      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. All numbers are rounded.
 

 

 

 

First quarter of 2014 metal production was down 12% and 18% for silver and gold, respectively, compared to Q4, 2013. The decrease in silver and gold production was related to reduced ore tonnes mined and crushed in Q1 2014, which was somewhat offset by higher gold and silver grades. Open pit mining and crushing activities were reduced in Q1 and ultimately discontinued on April 04, 2014. No further ore will be loaded on the leach pad with ongoing stockpiling of high grade underground ore for milling. Silver and gold production will continue from the pad until at least August 2014.
SilverCrest is now focusing on the accelerated development of the underground mine at Santa Elena with 2,480 metres of the main ramp driven to date (570m level), which will provide access to high grade mill feed starting in Q2 2014. Initially, the mill will process leach pad ore only and underground ore will be stockpiled. In late Q2, blending of leach pad and underground ore should begin with testing of optimal mix ratios in H2, 2014.
First Quarter Financial Results Release:
The Company plans to issue its first quarter financial results on Thursday, May 15, 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. 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, Mexico. The mine is a high-grade, epithermal silver and gold producer, with an estimated life of mine of 8 years and operating cash costs of $11 per ounce of silver equivalent (55:1 Ag:Au) for the open pit heap leach and underground mine. SilverCrest anticipates that the new 3,000 tonnes per day conventional mill facility at the Santa Elena Mine should recover an average annual rate of 1.5 million ounces of silver and 32,800 ounces of gold over the current reserve. Major expansion and construction of the 3,000 tonnes per day conventional mill facility is nearing completion and is expected to significantly increase metals production at the Santa Elena Mine (open pit and underground) in 2014 and beyond. Exploration programs continue to make 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.

Posted April 15, 2014

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