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