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SilverCrest Completes Exercise of La Joya West Option

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SilverCrest Completes Exercise of La Joya West Option

 

 

 

 

 

SilverCrest Mines Inc. (TSX-V: SVL; NYSE MKT: SVLC) is pleased to announce that the Company, through its wholly-owned subsidiary, SilverCrest de Mexico S.A. de C.V., has completed the exercise of the Company’s option to acquire a 100% interest in the nine (9) La Joya West concessions which comprise approximately 529 hectares located 75 kilometres southeast of the city of Durango, Mexico.  The Company exercised the option by making a final payment of US$2.5 million to the concession owners, one-half was paid in cash and one-half was paid by issuing a total of 615,776 common shares of the Company at an issue price of Cdn$2.06 per share (totaling $1,268,499 or US$1.25 million).  The concession owners retain a 2% net smelter return (“NSR”) royalty from mineral production on the property covered by the concessions.  The nine La Joya West concessions, together with the three La Joya East concessions (which the Company has an option to acquire a 100% interest), and five other concessions staked by the Company, comprise the Company’s La Joya Project which is approximately 10,660 total hectares.


 

J. Scott Drever, President stated: “The La Joya West concessions contain the large La Joya silver-copper-gold resource as well as the Coloradito tungsten-molybdenum deposit. Exercise of the option is consistent with SilverCrest’s ongoing strategy of acquiring 100% ownership in its projects once substantial shareholder value has been created at minimal financial risk. We have commenced a Preliminary Economic Assessment (PEA) to determine the broad economic parameters for potential development of a  higher grade starter pit with a conventional processing facility.”

 

 

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, México. The mine is a high-grade, epithermal gold and silver producer, with an estimated life of mine cash cost of US$8 per ounce of silver equivalent (55:1 Ag: Au). SilverCrest anticipates that the 2,500 tonnes per day open pit heap leach facility at the Santa Elena mine should recover approximately 625,000 ounces of silver and 33,000 ounces of gold in 2013. An expansion plan is well underway to nearly double the annual metals production in 2014 at the Santa Elena Mine (open pit and underground). Exploration programs 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 May 27, 2013

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