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Share Name | Share Symbol | Market | Type |
---|---|---|---|
First Majestic Silver Corp | TSX:FR | Toronto | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 9.81 | 9.76 | 9.85 | 0 | 01:00:00 |
TSX – FR
NYSE - AG
Frankfurt – FMV
Mexico - AG
VANCOUVER, April 13, 2015 /CNW/ - First Majestic Silver Corp. ("First Majestic" or the "Company") is pleased to announce that total production at its five operating silver mines in Mexico for the first quarter ending March 31, 2015 reached 3,905,270 equivalent ounces of silver, representing an 8% increase compared to the same quarter in 2014.
Total silver production for the quarter consisted of 2,776,855 ounces of silver, representing a 4% decrease compared to the same quarter in 2014. In addition, 11,286,880 pounds of lead and 6,349,692 pounds of zinc were produced, representing an increase of 31% and 136%, respectively, compared to the same quarter of the previous year. Also, 2,970 ounces of gold were produced, representing a 12% decrease compared to the first quarter of 2014.
Keith Neumeyer, President & CEO of First Majestic, states, "First quarter production of 3.9 million silver equivalent ounces was in-line with our annual guidance projections even though production was slightly behind our record fourth quarter numbers. Unusually high mill maintenance was required at three of our operations which negatively impacted the quarter. In addition, reduced underground development has restricted the operations. With the irregular maintenance now behind us, we are expecting to see an improvement in production in the second quarter. Also, with the recently announced $30 million financing, we will be increasing development at both the La Encantada and La Guitarra mines in order to improve those operations in time for the second half of the year. We also witnessed the best metallurgical recoveries during the quarter of 74% representing the highest consolidated recovery rate over the past 24 quarters - a testament to our teams focus in this area".
Consolidated Production Results:
Q1 |
Q1 |
Y/Y |
Q4 |
Q/Q | |||||
2015 |
2014 |
Change |
2014 |
Change | |||||
Ore processed/tonnes milled |
631,609 |
637,663 |
-1% |
683,528 |
-8% | ||||
Total production - ounces of silver equivalent |
3,905,270 |
3,631,672 |
8% |
4,247,527 |
-8% | ||||
Total silver ounces produced |
2,776,855 |
2,895,497 |
-4% |
3,074,567 |
-10% | ||||
Silver grade (g/t) |
186 |
214 |
-13% |
201 |
-8% | ||||
Silver recovery (%) |
74 |
66 |
12% |
70 |
6% | ||||
Pounds of lead produced |
11,286,880 |
8,593,807 |
31% |
11,764,160 |
-4% | ||||
Pounds of zinc produced |
6,349,692 |
2,689,274 |
136% |
4,580,260 |
39% | ||||
Gold ounces produced |
2,970 |
3,375 |
-12% |
3,326 |
-11% |
Quarterly Operational Review:
The total ore processed during the quarter at the Company's five operating silver mines: La Encantada, La Parrilla, Del Toro, San Martin and La Guitarra, amounted to 631,609 tonnes, relatively unchanged compared to the first quarter of the prior year and an 8% decrease from the previous quarter. The decrease in tonnes compared to the prior quarter was primarily due to lower throughput rates at La Encantada, Del Toro and San Martin. Higher than usual mill maintenance was required at each of these mines in the quarter. In addition, due to the persistently low metal prices, management decided to curtail certain underground development projects which impacted throughput levels.
Average silver grades in the quarter for the five mines decreased by 13% to 186 g/t compared to 214 g/t in the first quarter of 2014 and decreased 8% compared with the previous quarter. Combined silver recoveries averaged 74% during the quarter, up from 66% in the same quarter of the prior year and higher than the fourth quarter average of 70%.
The Company's underground development in the first quarter consisted of 9,828 metres, a 17% decrease compared to 11,772 metres completed in the previous quarter.
During the quarter, 13 diamond drill rigs were operating at the Company's five operations. The Company completed 5,425 metres of diamond drilling in the quarter compared to 5,990 metres in the prior quarter, representing a 9% increase.
On March 31, 2015, the Company released a new NI 43-101 Technical Report on the La Guitarra Silver Mine following an aggressive two-year exploration program which included an extensive 35,575 metres of diamond drilling over 262 holes along with the examination of over 900 historical drill holes. The Company is now working towards updating the NI 43-101 Technical Report on the La Encantada Silver Mine which it expects to be released in the second half of 2015.
The table below represents the operating parameters at each of the Company's five producing silver mines.
Mine by Mine Quarterly Production Table:
Mine |
Ore |
Tonnes |
Silver Grade |
Silver |
Silver Oz |
Gold Oz |
Pounds of |
Pounds of |
Equivalent |
La Encantada |
167,270 |
1,859 |
176 |
58% |
544,735 |
47 |
- |
- |
548,124 |
La Parrilla |
172,647 |
1,918 |
142 |
79% |
622,237 |
269 |
1,629,240 |
6,349,692 |
1,080,445 |
Del Toro |
157,934 |
1,755 |
212 |
78% |
841,026 |
182 |
9,657,640 |
- |
1,327,628 |
San Martin |
88,362 |
982 |
258 |
78% |
571,937 |
1,511 |
- |
- |
682,071 |
La Guitarra |
45,396 |
504 |
160 |
84% |
196,920 |
961 |
- |
- |
267,002 |
Total |
631,609 |
7,018 |
186 |
74% |
2,776,855 |
2,970 |
11,286,880 |
6,349,692 |
3,905,270 |
The following prices were used in the calculation of silver equivalent ounces: Silver: $16.72 per ounce; Gold: $1,219 per ounce; Lead: $0.82 per pound;
|
At the Del Toro Silver Mine:
At the La Encantada Silver Mine:
At the La Parrilla Silver Mine:
At the San Martin Silver Mine:
At the La Guitarra Silver Mine:
First Majestic is a mining company focused on silver production in Mexico and is aggressively pursuing the development of its existing mineral property assets and the pursuit through acquisition of additional mineral assets which contribute to the Company achieving its corporate growth objectives.
FIRST MAJESTIC SILVER CORP.
"signed"
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, 2014, available on www.sedar.com, 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.
SOURCE First Majestic Silver Corp.
Copyright 2015 Canada NewsWire
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