SilverCrest Mines (TSXV:SVL) (NYSE-MKT:SVLC) Reports Q3 Results from Santa Elena Mine in Mexico, Net Earnings Increased 194% to $0.03 Per Share - Video News Alert on InvestmentPitch.com
(Thomson Reuters ONE) -
Vancouver, British Columbia, November 15, 2013 - SilverCrest Mines (TSXV:SVL)
(NYSE-MKT:SVLC) has reported results for its 3rd quarter ended September
30, 2013 from its flagship 100% owned Santa Elena Mine, located in the State of
Sonora, Mexico.
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.
Highlights of the report include cash flow from operations of $7.1 million or
$0.07 per share, down 30% from $10.2 million in the same quarter in 2012.
However, net earnings increased to $3.71 million, an increase of 194% from $1.26
million in the same quarter in 2012, resulting in earnings per share of $0.03,
up from $0.01 per share in the previous period.
The increase in net earnings during the quarter was primarily driven by the
elimination of the marked-to-market derivative impact from Hedge Facility
deliveries and lower income taxes in the period, partially offset by a decrease
in revenue resulting from significantly lower realized prices and lower gold
sales.
Silver prices fell 31% to $22 per ounce, with gold prices declining 21% to
$1,346 per ounce.
Although gold sales were down slightly to 7,522 ounces, silver sales at 204,947
ounces, were up 35% for another quarterly record.
For a complete breakdown of these numbers, please refer to SilverCrest's current
news release.
N. Eric Fier, President and COO stated, "During Q3, despite sustained lower
metal prices, SilverCrest generated strong positive cash flows and net earnings.
Our free cash flow continues to be reinvested at Santa Elena as capital
expenditures for the expansion plan with $14.4m invested in Q3. Management
continues to focus on improving operating performance and profit margins
especially in light of the new mining taxes currently being legislated in
Mexico. We remain on track to achieve or better our cost guidance of $8.50 per
silver equivalent ounce and production guidance of 2.44 million ounces of silver
equivalent."
The company's immediate focus is to continue to efficiently operate its Santa
Elena low cost open pit silver and gold mine, where production has been reaching
daily highs of 5.8 grams per tonne gold and 175 grams per tonne silver.
Major expansion and construction of a new 3,000 tonne per day mill facility is
underway to significantly increase production.
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.
All numbers previously mentioned refer to US dollars.
SilverCrest currently trades at $1.70 on the TSX Venture Exchange, and with
108.8 million shares outstanding, the company is capitalized at $185 million.
For more information please visit 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: 15.11.2013 - 12:25 Uhr
Sprache: Deutsch
News-ID 317158
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