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SilverCrest Announces Q3 Record Silver Production 202,736 Ounces Silver-7,194 Ounces Gold

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SilverCrest Announces Q3 Record Silver Production 202,736 Ounces Silver-7,194 Ounces Gold

 

 

 

 

 

 

SilverCrest Mines Inc. (TSX VENTURE:SVL)(NYSE MKT:SVLC) is pleased to announce production numbers for the third quarter of 2013 from its 100% owned Santa Elena Mine located in Sonora, Mexico.

 

Production Highlights of Q3, 2013 vs Q2, 2013;

 



--  Record silver production of 202,736 ounces; a 4% increase.
--  Gold production of 7,194 ounces; a 4% decrease.
--  Silver equivalent(1) production of 642,877 ounces; a 3% decrease.
--  Waste to ore ratio was consistent with the mine plan at 1.34; a 47%
    decrease.
--  Ore Tonnes crushed decreased 18% to 251,374 tonnes with throughput
    averaging 2,732 tpd.
--  Average grades loaded on pad increased significantly by 26% for silver
    and 10% for gold.
 

 

 

N. Eric Fier, President and COO stated; “Santa Elena continued its solid operating performance during the third quarter closely matching our projections. For the first nine months of 2013, silver production was 550,239 ounces and gold production was 21,881 equaling 1.87 million ounces AgEQ(1) . We maintain our expectation that full year production will meet original guidance of 2.44 million silver equivalent ounces (55:1 Ag:Au), comprised of 725,000 ounces of silver (revised from 625,000 ounces) and 30,000 ounces of gold (revised from 33,000 ounces). Our continued effective efforts at controlling costs will ensure we maintain 2013 market guidance cash cost at or below US$8.50 per silver equivalent ounce with positive cash flow from operations at current metal prices.”




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Santa Elena Mine Operating
 Statistics:                 Q3 2013   Q2 2013  % Change   Q3 2012  % Change
----------------------------------------------------------------------------
Silver ounces produced       202,736   194,022        4%   151,368       34%
Gold ounces produced           7,194     7,463       -4%     7,184        0%
Silver equivalent ounces
 produced (1)                642,877   665,684       -3%   519,587       24%
Silver ounces sold           204,947   181,398       13%   152,088       35%
Gold ounces sold               7,522     7,375        2%     7,923       -5%
Silver equivalent ounces
 sold (1)                    665,154   647,504        3%   558,185       19%
Tonnes Ore                   267,565   339,256      -21%   257,784        4%
Tonnes waste                 357,846   856,144      -58%   992,950      -64%
Waste / ore ratio (2)           1.34      2.52      -47%      3.85      -65%
Ore tonnes crushed           251,374   307,091      -18%   265,598       -5%
Average ore tonnes crushed
 per day                       2,732     3,375      -19%     2,887       -5%
Average silver ore grade
 (gpt) loaded on pad           83.21     65.99       26%     48.41       72%
Average gold ore grade
 (gpt) loaded on pad            1.63      1.48       10%      1.37       19%
Silver ounces delivered to
 pad                         672,495   651,572        3%   413,426       63%
Gold ounces delivered to
 pad                          13,181    14,612      -10%    11,681       13%
Ag : Au Ratio (1)             61.2:1    63.2:1       -3%    51.3:1       19%
----------------------------------------------------------------------------
(1) Silver equivalence is based on market spot prices per ounce of silver
 and gold at the quarter end dates for financial reporting. All numbers are
 rounded.
(2) Average strip ratio for 2013, is tracking to mine plan at 2.7:1.
 

 

 

Higher grades mined and crushed (1.63 gpt Au and 83.2 gpt Ag) in Q3 should be reflected in Q4 ounces produced with a current leach cycle lag time on the pad of 30 to 60 days based on increasing pad height. Silver grades continue to increase and gold grades remain consistent with depth. In Q3, the internal cutoff grade for open pit ore was maintained at 0.49 g/t AuEQ (metal spot prices and applicable metallurgical recoveries) to reflect current metal prices. A total of 11,620 tonnes of underground ore were crushed in Q3 at an average grade of 0.87 g/t Au and 123 g/t Ag.

 

Total and average throughput of ore at the crusher decreased due to adverse weather (rainy season), longer hauls from the pit bottom and contractor equipment availability.

Base on the first three quarters of 2013, production market guidance has been revised to reflect continued record silver production and a decrease in gold production. Silver guidance is increased from the original 625,000 to 725,000 and gold is decreased from 33,000 to 30,000 for an unchanged silver equivalent of 2.44 million ounces (55:1 Ag:Au).

 

Q3 2013 Santa Elena Expansion Update:

 



--  The Santa Elena Expansion is currently on time and budget (+/- 5%) with
    scheduled initial mill start up in January 2014 and subsequent
    commissioning thereafter.
--  80% of the budgeted 2013 capital cost of US$65M has now been committed.
--  The 3,000 tpd mill and CCD/MC processing plant is 67% physically
    complete. All major equipment except the ball mill is on site.
    Anticipate ball mill delivery in November. Concrete work is at 95%
    complete, Crusher installation is 70% complete, Reclaim Tunnel is 95%
    complete, CCD circuit and thickeners are 90% complete, Filter presses
    are 15% complete, MC is 15% complete, Genset power house is 40%
    complete, major structure is 50% complete. Refer to
    www.silvercrestmines.com for detailed construction photos.
--  Underground works for the quarter primarily consisted of mobilization of
    a new u/g contractor, ramp reconditioning in preparation for continued
    decline work, and continual pumping of u/g water at an average estimated
    rate of 300-350 gpm.
--  A permit was submitted to the Mexico government for upgrading onsite
    power generation. Receipt of permit is anticipated prior to mill start
    up. Permitting for use of underground water for processing purposes and
    other matters is underway.
--  A planned 1,500 metres underground drill has been completed to assist
    with detailed design of initial production stopes. Mining of these
    stopes is anticipated in late 2014. Drill results to be reported
    separately.
 

 

 

Third Quarter Financial Results Release:

The Company plans to issue its third quarter financial results on Thursday, November 14, 2013.

 

The Qualified Person under NI 43-101 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 cash cost of US$8 per ounce of silver equivalent (55:1 Ag:Au) for the open pit heap leach. SilverCrest anticipates that the 2,500 tonnes per day open pit heap leach facility at the Santa Elena mine should recover approximately 725,000 ounces of silver and 30,000 ounces of gold in 2013. Major expansion and construction of a 3,000 tonnes per day conventional mill facility is underway to significantly increase metals production at the Santa Elena Mine (open pit and underground) by 2014. 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 with stated resources nearing 200 million ounces of Ag equivalent.

Posted October 15, 2013

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