Good Q out today SilverCrest Announces Q1 Silver and Gold Production 134,528 Silver Ounces-Up 108%; 9,405 Gold Ounces-Up 198%
| 19 Apr 2012 08:00 ET |  |
Marketwire Canada
SilverCrest Mines Inc. (TSX VENTURE:SVL)(OTCQX:STVZF)(PINKSHEETS:STVZF)(FRANKFURT:CW5) (the "Company") is pleased to announce significant production increases of silver and gold in the First Quarter, 2012 as compared to First Quarter, 2011 from the Santa Elena Mine located in Sonora, Mexico.
Production Highlights of First Quarter, 2012 as Compared to First Quarter, 2011
-- Silver production increased 108% to 134,528 ounces-- Gold production increased 198% to 9,405 ounces-- Ore Tonnes crushed increased 26% to 264,977-- Silver ounces to pad up 48% to 354,850-- Gold ounces to pad up 67% to 13,342
J. Scott Drever, President stated; "Operations at the Santa Elena mine enjoyed a robust start to 2012 with silver and gold production in line with our 2012 guidance. This is the second quarter that we have run at full, planned production rates while the comparative Q1 2011, was still in the commissioning phase. The crusher throughput averaged approximately 2,900 tonnes per day for Q1 2012, compared to a plan of 2,500 tonnes per day and the open pit tonnes and grades tracked closely with our model grades. Cash cost is anticipated to be consistent with our guidance of approximately $8 per silver equivalent ounce. As a result of this stellar quarter, the Company is on target to achieve its 2012 production guidance of 435,000 ounces of silver and 33,000 ounces of gold."
---------------------------------------------------------------------------- Commercial Commissioning Production PhaseSanta Elena Mine Operating Highlights: Q1 2012 Q1 2011 % Change----------------------------------------------------------------------------Silver ounces produced 134,528 64,712 +108%Gold ounces produced 9,405 3,152 +198%Silver equivalent ounces produced (1) 616,682 184,483 +234%Silver ounces sold 139,771 57,390 +144%Gold ounces sold 9,788 2,333 +320%Silver equivalent ounces sold (1) 641,532 146,219 +339%Tonnes Ore 263,424 155,559 +69%Tonnes waste 1,439,330 501,819 +187%Waste / ore ratio (2) 5.46 3.23 +69%Ore tonnes crushed 264,977 207,951 +27%Average ore tonnes crushed per day 2,912 2,311 +26%Average silver ore grade (gpt) loaded on pad 41.67 34.07 +22%Average gold ore grade (gpt) loaded on pad 1.57 1.14 +38%Silver ounces delivered to pad 354,850 239,369 +48%Gold ounces delivered to pad 13,342 8,006 +67%Ag : Au Ratio (1) 51.2:1 38:1 +35%----------------------------------------------------------------------------(1) Silver equivalence is a weighted volume average based on market spotprices per ounce of silver and gold at the quarter end dates.(2) Average strip ratio for 2012, is projected at 3.9:1. Q1, 2012 stripratio of 5.46:1 was higher than projected due to accelerating waste removalto assure access to higher grade ore to balance the strip ratio insubsequent quarters.
N. Eric Fier, CPG, P.Eng. and Chief Operating Officer for SilverCrest Mines Inc. and Qualified Person for this news release has reviewed and approved its contents.
SilverCrest Mines Inc. (TSX VENTURE:SVL)(OTCQX:STVZF)(PINKSHEETS:STVZF)(FRANKFURT:CW5) is a Mexican precious metals producer with headquarters based in Vancouver, BC. SilverCrest's flagship property is the 100%-owned Santa Elena Mine, which is located 150 km northeast of Hermosillo, near Banamichi in the State of Sonora, Mexico. The mine is a high-grade, epithermal gold and silver producer, with an estimated life of mine cash cost of US$8 per ounce of silver equivalent (55:1 Ag:Au). SilverCrest anticipates that the 2,500 tonnes per day facility should recover approximately 4,805,000 ounces of silver and 179,000 ounces of gold over the 6.5 year life of the open pit phase of the Santa Elena Mine. A three year expansion plan is underway to double metals production at the Santa Elena Mine and exploration programs are rapidly advancing the definition of a large polymetallic deposit at the La Joya property in Durango, Mexico.