First Majestic Updates Mineral Reserve and Resource Estimates for YE2016 and Files Form 40-F Annual

First Majestic Updates Mineral Reserve and Resource Estimates for YE2016 and Files Form 40-F Annual Report

ID: 534034

(firmenpresse) -
First Majestic Updates Mineral Reserve and Resource Estimates for YE2016 and Files Form 40-F Annual Report

FIRST MAJESTIC SILVER CORP. (the "Company" or First Majestic) is pleased to announce its 2016 Mineral Reserve and Resource estimates for its existing mineral property assets in Mexico as of December 31, 2016. Metal prices used to estimate the 2016 Reserve estimates were increased slightly compared to previous estimates to: $18.00/oz for silver, $1,250/oz for gold, $1.00/lb for lead and $1.15/lb for zinc.

We began 2016 with a small exploration budget of only $9.9 million designed to primarily assist with our mining activities, stated Keith Neumeyer, President and CEO. In the second half of 2016, we increased the exploration budget by 71% and returned our focus on growing the ounces in the ground. For 2017, we are investing $27.0 million to complete over 183,000 metres of diamond drilling across our Mexican assets. This renewed investment is expected to add significant growth to our Reserves and Resources in the years ahead.

The following table shows the total tonnage mined from each of the Companys six producing properties during 2016, including total ounces of silver and silver equivalent ounces produced from each property and the tonnage mined from delineated Reserves and Resources at each property. A portion of the production from each mine came from material other than Reserves or Resources, as set out below under the heading Material Not in Reserves.

2016 Production Table
LA LA DEL SAN LA SANTA TOTAL
ENCAN PARRI TORO MARTI GUITA ELENA
TADA LLA N RRA

TONNES OF 881,07 610,50 337,02 297,80 155,69 988,06 3,270,
ORE 5 9 0 2 6 0 162
PROCESSED


OZ OF 2,706, 2,220, 1,500, 1,902, 923,59 2,598, 11,853
SILVER 516 874 951 963 7 537 ,438




PRODUCED


OZ OF 6,856 1,167, 1,148, 306,07 600,09 3,587, 6,816,
SILVER EQ. 560 375 2 1 408 362
PRODUCED
FROM OTHER
METALS
(1)

TOTAL OZ OF 2,713, 3,388, 2,649, 2,209, 1,523, 6,185, 18,669
SILVER EQ. 372 434 326 035 688 945 ,800
PRODUCED


TONNES 47,722 588,62 315,93 213,36 117,41 932,03 2,215,
MINED FROM 4 7 2 4 3 092
MATERIAL
IN
RESERVES


TONNES 833,35 21,885 21,083 84,440 38,282 56,027 1,055,
MINED FROM 3 070
MATERIAL
NOT IN
RESERVES

(1) -Silver-equivalent ounces are estimated considering: metal price assumptions, metallurgical recovery for the corresponding mineral type/mineral process and the metal payable of the corresponding contract of each mine. Details as to the method of calculation can be found in the applicable tables within the remainder of this section.
(2) -Totals may not add up due to rounding.

The Company completed a total of 97,576 metres of diamond drilling at its six operating mines in 2016, representing a 170% increase in metres drilled compared to the prior year.

For 2017, First Majestic is planning to invest $27.0 million towards exploration to drill approximately 183,000 metres at its core Mexican assets consisting of approximately 43,000 metres of diamond drilling intended to upgrade Resources to Reserves at La Parrilla, Del Toro, La Guitarra and Santa Elena; approximately 100,000 metres of diamond drilling intended to increase or add new Measured & Indicated or Inferred Resources at the six operating mines, with a focus at Nazareno in La Guitarra and the Ermitaño West project in Santa Elena; and drill approximately 40,000 metres at the Plomosas Silver Project. A combination of surface and underground drill rigs will focus on assisting mining activities, definition drilling and to support future updates to the Companys NI43-101 Technical Reports.

As of December 31, 2016, Proven and Probable Reserves totaled 116.7 million silver equivalent ounces, representing a 14% decrease or 18.6 million silver equivalent ounces in metal content compared to the prior estimate. This reduction is primarily due to the production depletion of 14.5 million silver equivalent ounces despite a modest increase of 3% in the assumed silver and gold prices and higher metal prices for lead and zinc. In addition, the reduction is the effect of an average increase of 10% in the cut-off grades for most of the mines. The escalation in the cut-off grade is a reflection of an increase of the mining and sustaining cost per tonne motivated by adopting more selective mining methods and the re-activation of sustaining development and near-mine exploration.

The Companys consolidated Measured and Indicated Resources totaled 139.6 million silver equivalent ounces, representing an 11% decrease from 2015 estimates primarily due to the production depletion and an increase of the production cost per tonne. In addition, Inferred Resources decreased 15% to 233.2 million silver equivalent ounces primarily due to the escalation in the cut-off grade as a reflection of an increase of the mining and sustaining cost per tonne.

The complete 2016 Mineral Reserve and Resource estimates for all metals, tonnage and grades are shown below in the following tables:

PROVEN AND PROBABLE MINERAL RESERVES WITH AN EFFECTIVE DATE OF DECEMBER 31, 2016
Mine Categor Mineral k Ag Au Pb ( Zn Ag-Eq Ag Ag-Eq
y Type ton (g/ (g/ %) (%) (g/t (k (k
nes t) t) ) Oz) Oz)

LA Proven Oxides 289 239 - - - 239 2,22 2,222
ENCANT (UG) 2
ADA

Probabl Oxides 1,5 213 - - - 213 10,3 10,37
e 16 72 2
(UG)

Probabl Oxides 809 147 - 2.3 - 196 3,81 5,093
e - 5 7
(UG) Flotati
on

Probabl Oxides 4,1 110 - - - 110 14,6 14,63
e 38 33 3
(Taili
ngs)

Total Oxides 6,7 143 - 0.2 - 149 31,0 32,31
Proven + 51 8 43 9
and Tailing
Probab s
le
(UG)


LA Proven Oxides 181 200 0.1 - - 210 1,16 1,220
PARRIL (UG) 2 4
LA

Probabl Oxides 671 161 - - - 164 3,46 3,546
e 9
(UG)

Total Oxides 852 169 0.0 - - 174 4,63 4,766
Proven 6 3
and
Probab
le
(UG)

Proven Sulphide 410 185 0.0 1.6 1.5 280 2,44 3,687
(UG) s 1 7 5 2

Probabl Sulphide 649 209 0.0 2.0 2.0 328 4,37 6,853
e s 4 1 1 0
(UG)

Total Sulphide 1,0 200 0.0 1.8 1.8 310 6,81 10,53
Proven s 59 2 8 3 2 9
and
Probab
le
(UG)

Total Oxides 1,9 186 0.0 1.0 1.0 249 11,4 15,30
Proven + 10 4 4 2 45 5
and Sulphid
Probab es
le
(UG)


SAN Proven Oxides 880 246 0.2 - - 267 6,97 7,561
MARTÍN (UG) 8 3

Probabl Oxides 1,3 243 0.1 - - 255 10,2 10,72
e 11 6 20 8
(UG)

Total Oxides 2,1 244 0.2 - - 260 17,1 18,28
Proven 91 1 93 9
and
Probab
le
(UG)


DEL Proven Transiti 708 211 0.0 4.1 1.8 352 4,80 8,010
TORO (UG) on + 9 2 7 0
Sulphid
es

Probabl Transiti 647 233 0.2 4.3 2.9 401 4,84 8,349
e on + 6 9 4 6
(UG) Sulphid
es

Total Transiti 1,3 221 0.1 4.2 2.3 375 9,64 16,36
Proven on + 56 7 5 8 6 0
and Sulphid
Probab es
le
(UG)


LA Proven Sulphide 88 179 1.4 - - 273 509 775
GUITAR (UG) s 7
RA

Probabl Sulphide 1,0 256 1.3 - - 341 8,57 11,42
e s 41 4 7 3
(UG)

Total Sulphide 1,1 250 1.3 - - 336 9,08 12,19
Proven s 29 5 6 8
and
Probab
le
(UG)


SANTA Probabl Sulphide 2,5 110 1.6 - - 215 9,20 17,92
ELENA e (UG s 97 3 8 7
Main)

Probabl Oxides 1,8 31 0.6 - - 71 1,85 4,275
e Spent 82 2 7
(PAD) Ore

Total Oxides 4,4 77 1.2 - - 154 11,0 22,20
Probab + 79 1 65 2
le Sulphid
es

Total All 17, 155 0.4 0.5 0.2 201 89,5 116,3
Proven mineral 977 2 4 9 51 84
and types
Probab
le

(1) Mineral Reserves have been classified in accordance with the Canadian Institute of Mining, Metallurgy and Petroleum (CIM) Definition Standards on Mineral Resources and Mineral Reserves, whose definitions are incorporated by reference into NI 43-101.
(2) Metal prices considered for Mineral Reserves estimates were $18.00 /oz Ag, $1,250 /oz Au, $1.00 /lb Pb, and $1.15 /lb Zn.
(3) The Mineral Reserves information provided above for La Encantada, La Parrilla, Del Toro, San Martín, La Guitarra and Santa Elena is based on internal estimates prepared as of December 31, 2016. The information provided was reviewed and validated by the Companys internal Qualified Person, Mr. Ramon Mendoza Reyes, P.Eng., who has the appropriate relevant qualifications, and experience in mining and reserves estimation practices.
(4) Silver-equivalent grade is estimated considering: metal price assumptions, metallurgical recovery for the corresponding mineral type/mineral process and the metal payable of the corresponding contract of each mine. Estimation details are listed in each mine section of the 2016 Annual Information Form.
(5) The cut-off grades and modifying factors used to convert Mineral Reserves from Mineral Resources are different for all mines. The cut-off grades and factors are listed in each mine section of the 2016 Annual Information Form.

MEASURED AND INDICATED MINERAL RESOURCES WITH AN EFFECTIVE DATE OF DECEMBER 31, 2016
Mine / Categor Mineral k Ag Au Pb Zn Ag-Eq Ag Ag-Eq
Projec y Type ton (g/ (g/ (%) (% (g/t (k (k
t nes t) t) ) ) Oz) Oz)

LA Measure Oxides 305 269 - - - 269 2,63 2,637
ENCANT d 7
ADA (UG)

Indicat Oxides 894 297 - - - 297 8,51 8,518
ed 8
(UG)

Indicat Oxides 734 246 - 4.0 - 325 5,79 7,662
ed - 7 5
(UG) Flotati
on

Indicat Oxides 4,2 110 - - - 110 14,9 14,93
ed 22 31 1
(Taili
ngs)

Total Oxides 6,1 161 - 0.4 - 171 31,8 33,74
Measur + 54 9 81 8
ed and Tailing
Indica s
ted
(UG)


LA Measure Oxides 207 225 - - - 235 1,49 1,564
PARRIL d 7
LA (UG)

Indicat Oxides 674 180 0.0 - - 185 3,90 4,003
ed 6 0
(UG)

Total Oxides 881 191 0.0 - - 197 5,39 5,567
Measur 8 7
ed and
Indica
ted
(UG)

Measure Sulphide 420 224 - 1.9 1.8 337 3,02 4,553
d s 9 8 4
(UG)

Indicat Sulphide 596 240 - 2.3 2.3 378 4,60 7,229
ed s 1 2 0
(UG)

Total Sulphide 1,0 233 - 2.1 2.1 361 7,62 11,78
Measur s 16 8 4 4 2
ed and
Indica
ted
(UG)

Total Oxides 1,8 213 0.0 1.1 1.1 284 13,0 17,34
Measur + 97 5 7 4 21 9
ed and Sulphid
Indica es
ted
(UG)


SAN Measure Oxides 1,0 266 0.2 - - 285 8,63 9,254
MARTÍN d 09 7 2
(UG)

Indicat Oxides 1,6 254 0.1 - - 264 13,2 13,82
ed 31 4 92 2
(UG)

Total Oxides 2,6 258 0.1 - - 272 21,9 23,07
Measur 39 9 23 5
ed and
Indica
ted
(UG)


DEL Measure Transiti 980 220 0.0 4.1 1.9 361 6,92 11,36
TORO d on + 7 3 7 5 2
(UG) Sulphid
es

Indicat Transiti 1,3 205 0.2 3.6 3.0 350 8,69 14,88
ed on + 21 5 3 7 0 4
(UG) Sulphid
es

Total Transiti 2,3 211 0.1 3.8 2.6 355 15,6 26,24
Measur on + 01 7 4 0 16 6
ed and Sulphid
Indica es
ted
(UG)


LA Measure Sulphide 83 204 1.6 - - 305 547 818
GUITAR d s 1
RA (UG)

Indicat Sulphide 992 291 1.5 - - 385 9,27 12,28
ed s 1 3 9
(UG)

Total Sulphide 1,0 284 1.5 - - 379 9,82 13,10
Measur s 75 2 1 7
ed and
Indica
ted
(UG)


SANTA Indicat Sulphide 2,6 131 2.0 - - 259 11,0 21,85
ELENA ed s 29 3 83 9
(UG)

Indicat Oxides 1,8 31 0.6 - - 70 1,85 4,230
ed 82 2 7
(Pad)

Total Oxides 4,5 89 1.4 - - 180 12,9 26,08
Indica + 11 4 40 9
ted Sulphid
es


Total All 18, 176 0.4 0.7 0.4 234 105, 139,6
Measur mineral 577 9 6 4 202 14
ed and types
Indica
ted

(1) -Mineral Resources have been classified in accordance with the CIM Definition Standards on Mineral Resources and Mineral Reserves, whose definitions are incorporated by reference into NI 43-101.
(2) -In all cases, metal prices considered for Mineral Resource estimates were $19.00/oz Ag, $1,300/oz Au, $1.00/lb Pb, and $1.20/lb Zn.
(3) -The Mineral Resources information provided above for La Parrilla, Del Toro and San Martín is based on internal estimates prepared as of December 31, 2016. The information provided was reviewed and validated by the Companys internal Qualified Person, Mr. Jesus M. Velador Beltran, MMSA, QP Geology, who has the appropriate relevant qualifications, and experience in geology and resource estimation.
(4) -Mineral Resource estimates for La Guitarra are based on information contained in the 2015 Technical Report compiled by First Majestic with contribution of Amec Foster Wheeler Americas Ltd. which were updated by First Majestic with information to December 31, 2016.
(5) -Mineral Resource estimates for La Encantada are based on information contained in the 2016 Technical Report compiled by First Majestic with contribution of Amec Foster Wheeler Americas Ltd. which were updated by First Majestic with information to 31 December, 2016.
(6) -Mineral Resource estimates for Santa Elena are internal estimates based on the 2014 Update to Santa Elena Pre-Feasibility Study Technical Report compiled by SilverCrest and re-addressed to First Majestic in October, 2015. These estimates were reviewed and validated by the Companys internal Qualified Person, Mr. Jesus M. Velador Beltran, MMSA, QP Geology.
(7) -Silver-equivalent grade is estimated considering: metal price assumptions, metallurgical recovery for the corresponding mineral type/mineral process and the metal payable of the corresponding contract of each mine. Estimation details are listed in each mine section below.
(8) -The cut-off grades for Mineral Resources are different for all mines. The cut-off grades are listed in each mine section below.
(9) -Measured and Indicated Mineral Resources are reported inclusive of Mineral Reserves.
(10)-The technical reports from which the above-mentioned information is derived are cited under the heading "Current Technical Reports for Material Properties".

INFERRED MINERAL RESOURCES WITH AN EFFECTIVE DATE OF DECEMBER 31, 2016
Mine / Catego Miner k Ag Au Pb Zn Cu Ag-Eq Ag Ag-Eq
Projec ry al ton (g/ (g/ (%) (% (% (g/t (k (k
t Type nes t) t) ) ) ) Oz) Oz)

LA Inferr Oxide 35 292 - 0.7 - - 305 325 340
ENCANT ed s - 8
ADA Ojuel Flot
as ation
(UG)

Inferr Oxide 728 232 - - - - 232 5,43 5,430
ed s 0
other
depos
its
(UG)

Inferr Oxide 762 235 - 0.0 - - 235 5,75 5,770
ed s 4 6
Total
(UG)


LA Inferr Oxide 1,4 229 0.0 - - - 232 10,8 11,00
PARRIL ed s 78 4 68 1
LA (UG)

Inferr Sulph 2,9 224 - 2.3 2.4 - 362 21,4 34,52
ed ides 67 2 2 15 0
(UG)

Inferr Oxide 4,4 226 0.0 1.5 1.6 - 319 32,2 45,52
ed s + 45 1 5 2 82 1
Total Sulp
(UG) hides


SAN Inferr Oxide 3,9 259 - - - - 259 32,5 32,59
MARTÍN ed s 18 92 2
Total
(UG)


DEL Inferr Trans 4,6 164 0.1 3.3 3.3 - 293 24,3 43,75
TORO ed ition 37 2 0 7 97 3
Total +
(UG) Sulp
hides


LA Inferr Sulph 679 290 1.4 - - - 380 6,32 8,285
GUITAR ed ides 4 2
RA Total
(UG)


SANTA Inferr Sulph 591 103 2.0 - - - 232 1,96 4,408
ELENA ed ides 4 6
Total
(UG)


LA JOYA Inferr Sulph 27, 58 0.2 - - 0.4 103 51,6 92,90
ed ides 927 8 7 46 7
Total
(OP)

Total All 42, 112 0.2 0.5 0.5 0.3 169 154, 233,2
Infer mine 960 5 2 3 1 961 37
red ral
type
s

(1) -Mineral Resources have been classified in accordance with the CIM Definition Standards on Mineral Resources and Mineral Reserves, whose definitions are incorporated by reference into NI 43-101.
(2) -In all cases, metal prices considered for Mineral Resource estimates were $19.00/oz Ag, $1,300/oz Au, $1.00/lb Pb, and $1.20/lb Zn.
(3) -The Mineral Resources information provided above for La Parrilla, Del Toro and San Martín is based on internal estimates prepared as of December 31, 2016. The information provided was reviewed and validated by the Companys internal Qualified Person, Mr. Jesus M. Velador Beltran, MMSA, QP Geology, who has the appropriate relevant qualifications, and experience in geology and resource estimation.
(4) -Mineral Resource estimates for La Guitarra are based on information contained in the 2015 Technical Report compiled by First Majestic with contribution of Amec Foster Wheeler Americas Ltd. which were updated by First Majestic with information to December 31, 2016.
(5) -Mineral Resource estimates for La Encantada are based on information contained in the 2016 Technical Report compiled by First Majestic with contribution of Amec Foster Wheeler Americas Ltd. which were updated by First Majestic with information to December 31, 2016.
(6) -Mineral Resource estimates for Santa Elena are internal estimates based on the 2014 Update to Santa Elena Pre-Feasibility Study Technical Report compiled by SilverCrest and re-addressed to First Majestic in October 2015. These estimates were reviewed and validated by the Companys internal Qualified Person, Mr. Jesus M. Velador Beltran, MMSA, QP Geology
(7) -Silver-equivalent grade is estimated considering: metal price assumptions, metallurgical recovery for the corresponding mineral type/mineral process and the metal payable of the corresponding contract of each mine. Estimation details are listed in each mine section below.
(8) -The cut-off grades for Mineral Resources are different for all mines. The cut-off grades are listed in each mine section below.
(9) -Inferred Mineral Resource estimates for La Joya Project are based on the 2013 Preliminary Economic Assessment Technical Report compiled for SilverCrest.
(10) The technical reports from which the above-mentioned information is derived are cited under the heading "Current Technical Reports for Material Properties".

The Company also announces that its 2016 Annual Information Form has been filed on SEDAR. In addition, a Form 40-F report has been filed with the United States Securities and Exchange Commission and is available on EDGAR. Both documents are also available on the Companys website at www.firstmajestic.com.
Shareholders may also receive a copy of First Majestics Annual Report which includes the audited financial statements, without charge, upon request to First Majestic, Suite 1805 - 925 West Georgia Street Vancouver, B.C., Canada, V6C 3L2 or to info(at)firstmajestic.com.

Mr. Ramon Mendoza Reyes, Vice President Technical Services for First Majestic, is a "Qualified Person" as such term is defined under National Instrument 43-101, and has reviewed and approved the technical information disclosed in this news release.

ABOUT THE COMPANY

First Majestic is a mining company focused on silver production in Mexico and is aggressively pursuing the development of its existing mineral property assets. The Company presently owns and operates six producing silver mines; the La Parrilla Silver Mine, the San Martin Silver Mine, the La Encantada Silver Mine, the La Guitarra Silver Mine, Del Toro Silver Mine and the Santa Elena Silver/Gold Mine. Production from these six mines is projected to be between 11.1 to 12.4 million ounces of pure silver or 16.6 to 18.5 million ounces of silver equivalents in 2017.

FOR FURTHER INFORMATION contact info(at)firstmajestic.com, visit our website at www.firstmajestic.com or call our toll free number 1.866.529.2807.


FIRST MAJESTIC SILVER CORP.
signed
Keith Neumeyer, President & CEO

FIRST MAJESTIC SILVER CORP.
Suite 1805 - 925 West Georgia Street
Vancouver, B.C., Canada V6C 3L2
Telefon: (604) 688-3033 Fax: (604) 639-8873
Gebührenfrei: 1-866-529-2807
Website: www.firstmajestic.com
E-Mail: info(at)firstmajestic.com


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 Companys 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 Companys title to properties; and the factors identified under the caption Risk Factors in the Companys 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.



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First Majestic ist ein Bergbauunternehmen, dessen Hauptaugenmerk auf der Silberproduktion in Mexiko liegt.



Bereitgestellt von Benutzer: irw
Datum: 03.04.2017 - 15:42 Uhr
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News-ID 534034
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