Mining Stocks News: SilverCrest Mines (TSX: SVL) (NYSE MKT: SVLC) Reports 2nd Quarter Production of 173,000 Ounces Silver and 3,995 Ounces Gold - Video News Alert on InvestmentPitch.com
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Vancouver, BC - July 18, 2014 (Investorideas.com Mining Stocks Newswire) SilverCrest Mines Inc. (TSX:SVL) ( NYSE MKT: SVLC) announced the silver and gold production numbers for the second quarter of 2014 from its Santa Elena Mine. The 100% owned Santa Elena Mine, located in the State of Sonora, Mexico, is a high-grade, epithermal silver and gold producer, which is currently transitioning from an open pit heap leach to a conventional 3,000 tonne per day mill facility and underground operation.
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Highlights of the second quarter of 2014 versus the second quarter of 2013 include:
- Silver production of 173,000 ounces, an 11% decrease
- Gold production of 3,995 ounces, a 46% decrease
- Silver equivalent production of 412,700 ounces, a 38% decrease
- Bullion inventory at quarter-end included 68,530 ounces of silver and 1,304 ounces of gold
- New mill started up in May with commissioning throughout June; average June throughput of 1,166 tonnes per day
N. Eric Fier, President and COO stated: "As expected, Santa Elena's second quarter production was lower than the first quarter of 2014 as a result of closing the open pit ahead of schedule, phasing out production from the heap leach operation and starting up the new processing facility. Our current focus is to continue to address commissioning issues as they arise to assure the nameplate design capacity of 3,000 tonne per day continuous throughput is achieved by early August."
Metal production for the 2nd quarter was down 14% for silver and 47% for gold compared to the 1st quarter, primarily related to the closure of the open pit on April 4, 2014. The mill is now running at 2,130 tonnes per day on a continuous basis, and is undergoing further fine-tuning during ramp up to 3,000 tonnes per day.
Management maintains its guidance of 3.3 to 3.6 million ounces of silver equivalent for 2014, since the second half is expected to be heavily weighted with significantly higher metal recoveries, and full production through the mill.
Exploration programs continue to make new discoveries at Santa Elena and have rapidly advanced the definition of a large polymetallic deposit at the La Joya property in Durango State, Mexico.
SilverCrest currently trades at $2.20 on the Toronto Stock Exchange, and with 118.7 million shares outstanding, the company is capitalized at $261 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 ext 108 or email firstname.lastname@example.org.
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Published at Investorideas.com Newswire
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