SilverCrest Mines (TSXV:SVL) (NYSE-MKT:SVLC) Reports Profit for Second Quarter from Mexican Gold & Silver Production - Video News Alert on InvestmentPitch.com
(Thomson Reuters ONE) -
Vancouver, British Columbia, August 16, 2013 - SilverCrest Mines (TSXV:SVL)
(NYSE-MKT:SVLC). has reported results for its second quarter ended June
30, 2013. Highlights of the report include cash flow from operations of US$5.58
million or $0.05 per share, and net earnings of US$2.87 million or $0.03 per
share.
InvestmentPitch.com has produced a "video news alert" about SilverCrest based on
this news. If this link is not enabled, please visit www.InvestmentPitch.com and
enter "SilverCrest" in the search box.
SilverCrest, a precious metals producer, operates its flagship 100% owned Santa
Elena Mine, located in the State of Sonora, Mexico. The Santa Elena Mine is a
high-grade, epithermal gold and silver producer, with an estimated life of mine
cash cost of US$8.00 per ounce of silver equivalent.
J. Scott Drever, Chairman and CEO stated, "As with most of the industry, second
quarter financial results for SilverCrest were less robust when compared to
previous quarters. However, we were able to sell a record amount of silver, and
in spite of persistent metal price declines and volatility, we were able to
generate both positive cash flow and net earnings. Our operating team continues
to focus on controlling operating costs which resulted in an average cash
operating cost of US$7.80 per silver equivalent ounce for the quarter, which was
substantially better than our corporate guidance of US$8.50 per silver
equivalent ounce. "
Silver sales were a quarterly record of 181,398 ounces, 45% higher than the same
period in 2012, while the average price realized was 24% lower at $22 per ounce
versus $29 the previous year. The decrease in net earnings from $0.11 per share
to $0.03 per share, was primarily driven by a decrease in revenue resulting from
lower gold sales, lower average realized prices, and absence of marked-to-market
derivative impact from Hedge Facility deliveries.
The company ended the quarter with cash and cash equivalents totalling USD$29.6
million, after capital investments of US$12.4 million.
The company's immediate focus is to continue to efficiently operate its Santa
Elena low cost open pit operation and complete the construction of the new
3,000 tonne per day mill facility on schedule and on budget.
SilverCrest is also advancing the large silver, copper, gold deposit at the La
Joya Property in Durango State, which has stated resources nearing 200 million
ounces of silver equivalent, by completing a Preliminary Economic Assessment.
Depending on the results of this report, further evaluation and infill drilling
of the resource area may be completed in late 2013. Other exploration targets in
the vicinity of La Joya are under review.
J. Scott Drever further stated, "Our operating team continues to optimize
production to ensure we meet our market production guidance of 675,000 ounces of
silver and 33,000 ounces of gold for 2013."
SilverCrest currently trades at $1.84 on the TSX Venture Exchange, and with
108.7 million shares outstanding, the company is capitalized at $200 million.
For more detailed information please refer to today's news release on the
company's website www.silvercrestmines.com, or contact Fred Cooper at
1-866-691-1730 or email info(at)silvercrestmines.com.
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Datum: 16.08.2013 - 16:29 Uhr
Sprache: Deutsch
News-ID 288573
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