First Majestic Announces New Record Earnings & Cash Flows for 2011
(firmenpresse) - VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 03/05/12 -- FIRST MAJESTIC SILVER CORP. (TSX: FR)(NYSE: AG)(FRANKFURT: FMV) (the "Company" or "First Majestic") is pleased to announce the audited consolidated financial results for the Company's fourth quarter and year ending December 31, 2011. The full version of the financial statements and the management discussion and analysis can be viewed on the Company's web site at , on SEDAR at and EDGAR at .
2011 HIGHLIGHTS
2011 ANNUAL AND FOURTH QUARTER HIGHLIGHTS
2012 PRODUCTION OUTLOOK
Production in 2012 is expected to increase from 2011 levels with the following upcoming developments:
The estimated production range on a mine-by-mine basis for 2012, anticipated operating costs and price assumptions are included in the following table. These figures are based on existing installed capacity at the Company's operations in the La Encantada and San Martin mines, increasing capacities at the La Parrilla mine for the last three quarters of 2012, and the production of 1,000 tpd at the Del Toro mine in the fourth quarter of 2012. Actual results may vary based on production throughputs, grades, recoveries, changes in economic conditions and operating circumstances.
IN SUMMARY
First Majestic has experienced another year of strong growth. The commercialization of the 1,000 tpd flotation circuit at La Parrilla was a major milestone for 2011. The recent commercialization of the 1,000 tpd cyanidation circuit at La Parrilla also mark the culmination of First Majestic's second largest mill expansion in the Company's history, second only after the La Encantada expansion completed in 2010. However, 2012 will see the Company's largest investment in Mexico ever with the construction of what will become the largest mine in the Company's portfolio, the Del Toro Silver Mine which is progressing well.
In order to continually grow silver production, First Majestic is investing ambitiously in its plants, underground development and exploration, and additional mining equipment, having invested over $104 million in 2011, and with further plant investments in 2012 in excess of $136 million. The Company is working diligently to meet its stated goal of becoming one of the world's largest silver producers.
Keith Neumeyer, President & CEO, stated, "Our dedicated team of management and staff have done an outstanding job and should be congratulated for their efforts in 2011. The year marked the eighth year in a row that First Majestic has achieved record production of silver. Not only is this a great achievement, but our growth is not slowing down. As the fastest growing and purest silver producer in the world, management's focus and top priority remains to continually deliver shareholder value".
First Majestic is a producing silver company focused on silver production in Mexico and is aggressively pursuing its business plan of becoming a senior silver producer through the development of its existing mineral property assets and the pursuit through acquisition of additional mineral assets which contribute to the Company achieving its aggressive corporate growth objectives.
FIRST MAJESTIC SILVER CORP.
Keith Neumeyer, President & CEO
SPECIAL NOTE REGARDING FORWARD-LOOKING INFORMATION
This news release includes certain "Forward-Looking Statements" within the meaning of the United States Private Securities Litigation Reform Act of 1995 and applicable Canadian securities laws. When used in this news release, the words "anticipate", "believe", "estimate", "expect", "target", "plan", "forecast", "may", "schedule" and similar words or expressions, identify forward-looking statements or information. These forward-looking statements or information relate to, among other things: the price of silver and other metals; the accuracy of mineral reserve and resource estimates and estimates of future production and costs of production at our properties; estimated production rates for silver and other payable metals produced by us, the estimated cost of development of our development projects; the effects of laws, regulations and government policies on our operations, including, without limitation, the laws in Mexico which currently have significant restrictions related to mining; obtaining or maintaining necessary permits, licences and approvals from government authorities; and continued access to necessary infrastructure, including, without limitation, access to power, land, water and roads to carry on activities as planned.
These statements reflect the Company's current views with respect to future events and are necessarily based upon a number of assumptions and estimates that, while considered reasonable by the Company, are inherently subject to significant business, economic, competitive, political and social uncertainties and contingencies. Many factors, both known and unknown, could cause actual results, performance or achievements to be materially different from the results, performance or achievements that are or may be expressed or implied by such forward-looking statements or information and the Company has made assumptions and estimates based on or related to many of these factors. Such factors include, without limitation: fluctuations in the spot and forward price of silver, gold, base metals or certain other commodities (such as natural gas, fuel oil and electricity); fluctuations in the currency markets (such as the Canadian dollar and Mexican peso versus the U.S. dollar); changes in national and local government, legislation, taxation, controls, regulations and political or economic developments in Canada, Mexico; operating or technical difficulties in connection with mining or development activities; risks and hazards associated with the business of mineral exploration, development and mining (including environmental hazards, industrial accidents, unusual or unexpected formations, pressures, cave-ins and flooding); risks relating to the credit worthiness or financial condition of suppliers, refiners and other parties with whom the Company does business; inability to obtain adequate insurance to cover risks and hazards; and the presence of laws and regulations that may impose restrictions on mining, including those currently enacted in Mexico; employee relations; relationships with and claims by local communities and indigenous populations; availability and increasing costs associated with mining inputs and labour; the speculative nature of mineral exploration and development, including the risks of obtaining necessary licenses, permits and approvals from government authorities; diminishing quantities or grades of mineral reserves as properties are mined; the Company's title to properties; and the factors identified under the caption "Risk Factors" in the Company's Annual Information Form, under the caption "Risks Relating to First Majestic's Business".
Investors are cautioned against attributing undue certainty to forward-looking statements or information. Although the Company has attempted to identify important factors that could cause actual results to differ materially, there may be other factors that cause results not to be anticipated, estimated or intended. The Company does not intend, and does not assume any obligation, to update these forward-looking statements or information to reflect changes in assumptions or changes in circumstances or any other events affecting such statements or information, other than as required by applicable law.
Contacts:
First Majestic Silver Corp.
Keith Neumeyer
President & CEO
(604) 688-3033 or Toll Free: 1-866-529-2807
(604) 639-8873 (FAX)
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Datum: 05.03.2012 - 12:30 Uhr
Sprache: Deutsch
News-ID 121431
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VANCOUVER, BRITISH COLUMBIA
Kategorie:
Mining & Metals
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