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SilverCrest Announces Record Q3 Production 385,251 Ounces Silver and 7,085 Ounces Gold

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SilverCrest Announces Record Q3 Production 385,251 Ounces Silver and 7,085 Ounces Gold

 

 

 

 

 

SilverCrest Mines Inc. (TSX:SVL) (NYSE MKT:SVLC) is pleased to announce silver and gold production results for the third quarter of 2014 from its 100% owned Santa Elena Mine located in Sonora, Mexico. The Santa Elena Mine is in the process of finalizing the transition from an open pit heap leach to underground mining and milling operations.

 
Production Highlights of Q3, 2014, vs. Q3, 2013;

 

 
 
--  Silver production quarterly record of 385,251 ounces; a 90% increase. 
--  Gold production of 7,085 ounces; a 2% decrease. 
--  Silver equivalent(1) production record of 810,334 ounces; a 26%
    increase. 
--  Bullion inventory at the end of Q3 2014 included 56,890 oz silver and
    1,045 oz gold. 
--  Santa Elena's new mill was commissioned on budget by August 1st, with
    average throughput of 2,371 tonnes per day during Q3 2014 and currently
    averaging 2,500 tonnes per day.
 

 

 

N. Eric Fier, President and COO stated; “Santa Elena’s third quarter 2014 silver equivalent production was significantly higher than the second quarter 2014 as a result of the successful commissioning of the new processing facility. Our current operational focus is to optimize ball mill grind size in efforts to achieve throughput tonnages at or above the nameplate capacity of 3,000 tpd and manage the short-term delays related to the first underground stope production (refer to news release dated September 26, 2014). Metal production for the first three quarters of 2014 was 1.9 million AgEq(2) and it is expected to significantly increase in the fourth quarter to enable us to meet our revised 2014 metal production guidance between 3.0 to 3.3 million AgEq(2). Free cash flow at current metal prices is anticipated in late Q3 and Q4 2014.”

 

 
 
                                                                            
----------------------------------------------------------------------------
Santa Elena Mine                                      %                    %
 Operating Statistics:      Q3 2014    Q3 2013   Change     Q2 2014   Change
----------------------------------------------------------------------------
Tonnes milled (t)           218,116          -     100%           -     100%
----------------------------------------------------------------------------
Average tpd milled            2,371          -     100%           -     100%
----------------------------------------------------------------------------
Average silver grade                                                        
 processed (g/t)              63.94          -     100%           -     100%
----------------------------------------------------------------------------
Average gold grade                                                          
 processed (g/t)               0.91          -     100%           -     100%
----------------------------------------------------------------------------
Silver recovery (%)           71.55          -     100%           -     100%
----------------------------------------------------------------------------
Gold recovery (%)             91.86          -     100%           -     100%
----------------------------------------------------------------------------
Silver ounces produced                                                      
 (1)                        385,251    202,736      90%     173,000     123%
----------------------------------------------------------------------------
Gold ounces produced (1)      7,085      7,194      -2%       3,995      77%
----------------------------------------------------------------------------
AgEq ounces produced (2)    810,334    642,877      26%     412,700      96%
----------------------------------------------------------------------------
                                                                            
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Silver ounces sold          393,860    204,947      92%     163,026     142%
----------------------------------------------------------------------------
Gold ounces sold              7,317      7,522      -3%       4,743      54%
----------------------------------------------------------------------------
AgEq ounces sold (2)        832,907    665,154      25%     447,606      86%
----------------------------------------------------------------------------
                                                                            
----------------------------------------------------------------------------
Ag : Au Ratio (2)            60.0:1     61.2:1      -2%      60.0:1       0%
----------------------------------------------------------------------------
 
  1. Silver and gold ounces produced consist of ounces recovered from the mill and the leach pad.

    (2) 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. 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. At Q3 2013, the gold price to silver price ratio was 61.2:1. All numbers are rounded.

 

Sonora, Mexico
 

As part of the Santa Elena organic growth plan, exploration drilling has started at the Durazno Target (Ermitano Concession) located approximately 7 kilometres southeast of the mine site. Current plan is to drill 6 to 7 core holes (est. 2,000 metres) to test outcropping, widespread epithermal mineralization in several identified areas. Results from this initial program will be reported as information becomes available.
 
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 at an average operating cash costs of $11 per ounce of silver equivalent (55:1 Ag:Au). SilverCrest anticipates that the new 3,000 tonnes per day conventional mill facility at the Santa Elena Mine should recover an average of 1.5 million ounces of silver and 32,800 ounces of gold per annum over the current reserve life. Major expansion and commissioning of the 3,000 tonnes per day conventional mill facility is complete and is expected to increase metals production at the Santa Elena Mine in the second half of 2014 and beyond. Exploration programs continue to result in 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 October 15, 2014

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