First Majestic Silver Corp.: First Quarter Production Results and Full Commencement of Commercial Production at La Parrilla
(firmenpresse) - VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 04/16/12 -- First Majestic Silver Corp. ("First Majestic" or the "Company") (TSX: FR)(NYSE: AG)(FRANKFURT: FMV)(WKN: A0LHKJ) is pleased to announce that total production at its three mines in Mexico for the first quarter ending March 31, 2012 reached 2,007,219 equivalent ounces of silver.
The total equivalent silver production for the quarter consisted of 1,826,803 ounces of silver, representing a 7% decrease compared to the prior quarter but an increase of 3% compared to the same quarter in 2011. In addition, 3,176,662 pounds of lead was produced representing a 7% decrease from the previous quarter and an increase of 167% compared to the same quarter in the previous year and 1,320,726 pounds of zinc was produced compared with 152,664 pounds from the previous quarter and none in the same quarter of the previous year. Also, 611 ounces of gold was produced, representing an increase of 39% compared to the previous quarter and an increase of 74% compared to the first quarter of 2011.
The Company is pleased to announce that the new La Parrilla cyanidation circuit has been deemed commercial effective March 1, 2012. Effective March 1, 2012, all revenues and costs will henceforth be treated as normal course operations and recorded in the Company's income statement. The connection of the new power line to the national grid and the construction of the Merrill-Crowe circuit are now completed. The installation of the new tailings filters is expected to be completed during the second quarter.
Keith Neumeyer, President & CEO of First Majestic states, "Our focus in the first quarter paid off with the completion of the new cyanidation circuit at La Parrilla. With two major construction projects underway our operations staff deserve to be commended by achieving close to budget in this quarter. The way is now paved for a great start to 2012."
Other Developments:
The total ore processed during the quarter at the Company's three operating silver mines, the La Encantada Silver Mine, the La Parrilla Silver Mine and the San Martin Silver Mine, amounted to 558,183 tonnes milled representing a decrease of 1% over the previous quarter due to fewer operating days. The average head grade in the quarter for the three mines decreased by 12% over the previous quarter to 177 g/t of silver. The combined recoveries of silver increased from 54% to 57% in the quarter.
The Company's underground development, including Robbins raises in the first quarter consisted of 16,088 metres, compared to 12,841 metres completed in the previous quarter. There were 29,194 metres of diamond drilling completed in the quarter compared with 19,916 metres of diamond drilling in the fourth quarter 2011 representing a 47% increase. The expanded exploration program consists of definition drilling to define Reserves and Resources at the Company's three operating mines to assist in mining activities and at the Del Toro Silver Mine which is being prepared for production later in 2012. The Company had 19 diamond drill rigs operating during the first quarter.
At the La Encantada Silver Mine:
At the La Parrilla Silver Mine:
At the San Martin Silver Mine:
At the Del Toro Silver Mine:
At the La Luz Silver Project:
First Majestic is a producing silver company focused in Mexico and is aggressively pursuing its business plan to become a senior silver producer through the development of its existing assets and the pursuit through acquisition of additional assets that contribute to achieving its corporate growth objectives.
FIRST MAJESTIC SILVER CORP.
Keith Neumeyer, President & CEO
Cautionary Note Regarding Forward Looking Statements
This press release contains "forward-looking statements", within the meaning of the United States Private Securities Litigation Reform Act of 1995 and applicable Canadian securities legislation, concerning the business, operations and financial performance and condition of First Majestic Silver Corp. Forward-looking statements include, but are not limited to, statements with respect to the future price of silver and other metals, the estimation of mineral reserves and resources, the realization of mineral reserve estimates, the timing and amount of estimated future production, costs of production, capital expenditures, costs and timing of the development of new deposits, success of exploration activities, permitting time lines, hedging practices, currency exchange rate fluctuations, requirements for additional capital, government regulation of mining operations, environmental risks, unanticipated reclamation expenses, timing and possible outcome of pending litigation, title disputes or claims and limitations on insurance coverage. Generally, these forward-looking statements can be identified by the use of forward-looking terminology such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or state that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved".
Forward-looking statements are subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of First Majestic Silver Corp. to be materially different from those expressed or implied by such forward-looking statements, including but not limited to: risks related to the integration of acquisitions; risks related to international operations; risks related to joint venture operations; actual results of current exploration activities; actual results of current reclamation activities; conclusions of economic evaluations; changes in project parameters as plans continue to be refined; future prices of metals; possible variations in ore reserves, grade or recovery rates; failure of plant, equipment or processes to operate as anticipated; accidents, labour disputes and other risks of the mining industry; delays in obtaining governmental approvals or financing or in the completion of development or construction activities, as well as those factors discussed in the section entitled "Description of the Business - Risk Factors" in First Majestic Silver Corp.'s Annual Information Form for the year ended December 31, 2011, available on , and Form 40-F on file with the United States Securities and Exchange Commission in Washington, D.C. Although First Majestic Silver Corp. has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. First Majestic Silver Corp. does not undertake to update any forward-looking statements that are incorporated by reference herein, except in accordance with applicable securities laws.
Contacts:
First Majestic Silver Corp.
Keith Neumeyer
President & CEO
(604) 688-3033 or Toll Free: 1-866-529-2807
(604) 639-8873 (FAX)
Themen in dieser Pressemitteilung:
Unternehmensinformation / Kurzprofil:
Datum: 16.04.2012 - 14:22 Uhr
Sprache: Deutsch
News-ID 135319
Anzahl Zeichen: 0
contact information:
Town:
VANCOUVER, BRITISH COLUMBIA
Kategorie:
Mining & Metals
Diese Pressemitteilung wurde bisher 255 mal aufgerufen.
Die Pressemitteilung mit dem Titel:
"First Majestic Silver Corp.: First Quarter Production Results and Full Commencement of Commercial Production at La Parrilla"
steht unter der journalistisch-redaktionellen Verantwortung von
First Majestic Silver Corp. (Nachricht senden)
Beachten Sie bitte die weiteren Informationen zum Haftungsauschluß (gemäß TMG - TeleMedianGesetz) und dem Datenschutz (gemäß der DSGVO).
