Investorideas Featured Company: SilverCrest Mines Inc. (TSX:SVL) (NYSE MKT:SVLC)

SilverCrest Mines Inc.

SilverCrest Mines Inc. (NYSE MKT:SVLC; TSX:SVL) is a Canadian precious metals producer headquartered in Vancouver, BC. SilverCrest's flagship property is the 100%-owned Santa Elena Mine, located 150 kilometres northeast of Hermosillo, near Banamichi in the State of Sonora, Mexico. The mine is a high-grade, epithermal silver and gold producer, with a current reserve estimated life of mine of 8 years and average operating cash costs of $12 per ounce of silver equivalent (64.5:1 Ag:Au based on ounces sold). SilverCrest anticipates the 3,000 tonnes per day conventional mill facility at the Santa Elena Mine should recover an average of 1.6 million ounces of silver and 33,800 ounces of gold per annum over the current reserve life. Exploration programs continue to result in discoveries at Santa Elena and have advanced the definition of a large polymetallic deposit at the La Joya property in Durango State, Mexico.

Key Facts:


Sector: Mining


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SilverCrest Mines Inc.
Fred Cooper
(604) 694-1730 ext. 108
Toll Free: 1-866-691-1730
(604) 694-1761 (FAX)

Corporate Summary

SilverCrest Mines Inc. (TSX: SVL; NYSE MKT:SVLC) is a precious metals producer based in Vancouver , BC . The Company's flagship property is the 100%-owned Santa Elena Mine, which is located 150km northeast of Hermosillo , near Banamichi in the State of Sonora, Mexico. The mine is a low-cost, high-grade, epithermal gold and silver producer, with an estimated life of mine cash cost of US$8 per ounce of silver equivalent. 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. An aggressive expansion plan is underway to potentially double metals production and to develop underground resources at the Santa Elena Mine by 2014, which will include the installation of a mill.

Since declaring commercial production in July 2011 at Santa Elena, SilverCrest has been reporting robust earnings, revenues and cash flow.

Furthermore, exploration programs, including an 80-hole phase II drill program, are rapidly advancing the definition of a recently discovered large polymetallic deposit at the La Joya property in Durango State , Mexcio. The project hosts a NI 43-101 compliant inferred resource of +100 million silver equivalent ounces. SilverCrest expects to report a resource update at La Joya in Q4 2012.


Santa Elena Mine, August 2014 Update

Expansion, exploration, production growth: Eric Fier takes investors on a tour of the progress SilverCrest Mines has made in 2014.

Produced by Resource Intelligence Video Solutions: May - July, 2014

More video about SilverCrest Mines Inc.: Video LIbrary


Santa Elena Mine

Property Size: 51,172.5 hectares

Location: 150 kilometers northeast of Hermosillo, Sonora, Mexico.

Status: Commercial Underground Production

  • Anticipated production of approximately 4.0 million to 4.4 million ounces silver equivalent in 2015
  • On march 31, 2015, filed Update to Santa Elena Pre-Feasibility Study ("UPFS"), dated effective December 31, 2014


Earliest records of work on the property are from the late 19th to early 20th century when an English company by the name of Consolidated Fields operated a mining operation at Santa Elena until the onset of the Mexican Revolution in 1910.

During the 1960's, Industrias Peñoles S.A de C.V. drilled two or three holes on the property. During the early 1980's, Tungsteno de Baviacora (Tungsteno) mined 45,000 tonnes grading 3.5 g/t gold and 60 g/t silver from an open cut at Santa Elena. Since 2003, Tungsteno has periodically surface mined high silica/low fluorine material from Santa Elena and shipped it to the Grupo Mexico smelter in El Tajo near Nacozari, approximately 60 km to the northeast.

In early 2004, Fronteer Development Group of Vancouver, B.C., completed an extensive surface and underground mapping and sampling program. A total of 145 channel samples (89 underground and 56 surfaces) were collected and analyzed. The property remained under control of Tungsteno. On December 8, 2005, SilverCrest, using its 100% owned subsidiary Nusantara, entered into an option agreement with Tungsteno to acquire a 100% interest in the Santa Elena property through staged option payments over 5 years. SilverCrest completed payments as per the terms of the agreement in August of 2009. SilverCrest has been extensively evaluating the property since 2005.

Geology & Mineralization

Santa Elena is located in the Basin and Range Province, which is part of the Sonora Desert subprovince. The region is near the Proterozoic rifted continental margin of the North American plate, which was the site of deposition of a thick sequence of shallow marine shelf carbonate and siliclastic rocks. Subduction of the Farallon Plate beneath the North American Plate during Jurassic time resulted in continental volcanism. In late Jurassic time, a northwest-trending rift basin formed which was the site of sedimentation and felsic and intermediate volcanism.

Locally, the primary rock types are early Tertiary andesite and rhyolite flows which exhibit propylitic to silicic alteration. The main mineralized zone is a cross-cutting structure trending approximately east-west and dipping about 45° to the south. Alteration is widespread and pervasive with significant silicification, kaolinization and chloritization. Gangue minerals consist of quartz, calcite, chlorite and fluorite.

The Santa Elena deposit is considered to be high calcium, low-sulfidation type with replacements, stockworks and hydrothermal breccias similar to other high level low-sulfidation deposits found in Mexico, Chile and Nevada and Arizona in the United States.

Reserves and Resources (December 31, 2014)

















































Note: All numbers are rounded. Underground and Leach Pad Reserves and Resources are based on LOMP metal price trends of $19.50/oz silver, $1,300/oz gold and metallurgical recoveries of 92% Au and 67.5% Ag. All Mineral Resources and Reserves conform to NI 43-101 and Canadian Institute of Mining, Metallurgy and Petroleum definitions for Resources and Reserves. Inferred Resources have been estimated from geological evidence and limited sampling and must be treated with a lower level of confidence than Indicated Resources.
* Underground Probable Reserve is based on a cutoff grade of 2.49 gpt AuEq with an estimated average 10% dilution and 90% mine recovery. Average true thickness of the designed stopes is 10 metres.
** Open Pit Reserve is based on a cutoff grade of 0.20 gpt AuEq in a constrained pit shell with applied capping of 8 gpt Au and 300 gpt Ag.
*** Leach Pad Reserve is based on production and drill hole data for volumetrics and grade model using a cutoff grade of 0.5 gpt AuEq. No capping was applied.
****Mineral Resources exclude Mineral Reserves and are based on a 1.5 gpt AuEq cut off grade using assumptions for prices and recoveries as stated in note above. Capping was applied at 12 gpt Au and 700 gpt Ag.

Life of Mine Plan

The Santa Elena mine life with update to Reserves is scheduled to continue for 8 years at nominal milling rate of 3,000 tonnes per day with reduced throughput in the last two years upon depletion of leach pad reserves. The mine schedule is based on mining long hole stopes (89% by reserve volume) early in the mine life at attractive lower costs with small reserve being mined using cut and fill stopes (11% by reserve volume) being mined towards the end of the mine schedule. The 2013 PFS showed long hole and cut and fill stopes were 69% and 31% by volume, respectively. The average width of proposed optimized stopes is 10 metres, which is advantageous for lower cost bulk mining methods. SilverCrest envisions a continued blending strategy during operations at variable rates for mill feed to achieve optimum throughput. A summary of the mine and production schedule is presented below with proposed initial blending strategy.

Aspect of operations










Life of Mine

Total Tonnes Underground










Total Tonnes Leach Pad










Total Tonnes Open Pit










Total Tonnes Processed










Total Gold Ounces Sold*










Total Silver Ounces Sold*










Note: All numbers rounded.
*Ounces based on sold, not insitu Reserve.

Reserve Criteria

The updated Santa Elena Mineral Reserves as stated above were completed using GEMS resource models for defining open pit, underground and leach pad Reserves along with criteria as presented in the following table.

Base Case Metal Prices1

All US$














Mining Method

Open Pit

Underground Long Hole

Underground Cut and Fill

Leach Pad

Process Method

CCD Mill

CCD Mill

CCD Mill

CCD Mill

Mining Cost/T ore





Processing Cost/T3





General & Administration4





Overall Metal Recoveries (Life of Pad)5















Ramp Width (metres)

10 to 15




Average Dilution





Ave. Mining Recovery





1 Based on LOMP metal price trends
2 Underground mining costs, dilution and mine recovery are based on stope type, either long hole (89% of design stopes) or cut and fill (11% of designed stopes) mining method.
3 Processing includes leach pad costs, crushing, milling, site refining and dry stack tailings disposal.
4 Estimated based on current operations and may vary on an annual basis.
5 Recoveries for leach pad material are based on recent Company production leach cycles of 300 days for life of pad to assess together with data the available reserves. During the period from 2010 through 2014, an average recovery of 60% Au and 30% Ag was achieved. Recoveries reflect partial 300 day leach cycle with pad leaching discontinued prematurely in Q2 2014. Leach pad CCD mill recoveries are based on in-situ remaining ounces on the pad.
* For economic analyses, the gold prices range is defined as $1250 (2015), $1275(2016) and $1300 for remaining years for LOMP. For silver prices, the range is defined as $18 (2015), $19(2016), $20 (2017) and $21 for remaining years for LOMP.


The operating cost estimates stated below were compiled using Santa Elena mine site operating experience, SilverCrest financial and operational reports, recent contractor quotes, other local producing mines and industry estimations in Mexico to a Pre-Feasibility level.

Mining Method

Open Pit

Long Hole

Cut & Fill

Leach Pad

Process Method

CCD Mill

CCD Mill

CCD Mill

CCD Mill

Mining Cost/T ore1

    $ 9.90

    $ 28.71

    $ 50.00

    $ 0.002

Processing Cost/T3

    $ 24.49

    $ 24.49

    $ 24.49

    $ 24.49

General & Administration/T4

    $ 5.29

    $ 5.29

    $ 5.29

    $ 5.29

1 Long hole stopes are 89% of designed stopes by volume and cut & fill stopes are 11% of designed stopes by reserve volume. Includes adjustment for exchange ratio impact in the mining costs and excludes ore development costs.
2 Mining cost of spent ore on leach pad is covered under processing costs.
3 Processing cost includes crushing, milling, site refining and dry stack tailings disposal.
4 Estimated based on current operations and may vary on an annual basis. A 4% annual inflation rate has been applied to general and administrative costs.

Ore development costs are estimated at $36/T ore and represent approximately 6% of total underground ore planned to be mined during LOMP.


The sustaining capital cost estimates stated below are based on internal estimates for remaining capital expenses over life of mine.

Sustaining Capital Cost Table Including Exploration Drilling Expense

Site infrastructure


Mill sustaining capital


Underground waste development expenses


Underground equipment and infrastructure


Underground and 2015 surface drilling


Total capital costs


Note: All numbers rounded.


UPFS economic analyses were completed for both pre-tax and post-tax. Base Case pre-tax and post-tax results are stated as follows:

Aspects of Santa Elena UPFS Economic Analyses
(Base Case)


    Gold Ounces Sold - post refiner credit1


    Silver Ounces Sold - post refiner credit






    Gross Sales2


Operating Expenses3

    Total Operating Costs4


    Freight & Refining


    Closure Costs


Sustaining Capital Expenses

    Underground & Surface Drilling5


    Sustaining Capital Costs6


Pre-Tax Undiscounted Cash Flow

    Total Cash Flow


Pre-Tax Financial Results

    Pre-Tax NPV, DCF @ 5%


Post-Tax Financial Results

    Post-Tax NPV, DCF @ 5%


Note: All numbers rounded.
1 Sandstorm to be delivered an estimated 54,000 ounce of gold over remaining LOMP.
2 The financial model adopted a range of realized spot prices from 2015 to 2022. Gold prices ranged from $1,250 to $1,300 per ounce and silver prices ranged from $18 to $21 per ounce.
3 Excludes 0.5% governmental environmental fee of an estimated $3 million.
4 Approximate operating cost per AgEq ounce sold varies between $9 and $16 over the life of mine.
5 All LOMP underground drilling costs and only 2015 surface program costs included.
6Excludes sunk costs, up to December 31, 2014.

The economic analyses considers SilverCrest delivering 54,133 ounces of gold to Sandstorm Gold Ltd. (“Sandstorm”) at an average price of $412 per ounce ($350 to $450 per ounce with annual 1% inflationary increases) under the Sandstorm Purchase Agreement (the “Purchase Agreement”) executed on May 14, 2009. The Purchase Agreement included an option for Sandstorm to participate in the Santa Elena underground mine, which Sandstorm had elected to exercise in February 2014. The Purchase Agreement only applies to the original Santa Elena concessions and excludes recent regional acquisitions.


Further optimization of the mine schedule is warranted to investigate continued grade optimization versus stoping costs (long hole or cut and fill), potential to expand and accelerate increased underground production with a second ramp and expand resources with subsequent reserves. Mineralization at Santa Elena is open in most directions with excellent potential to further increase resources and reserves for increased production and mine life. Further infill and expansion drilling is recommended. El Cholugo zone located immediately adjacent to the Main Mineralized Zone is a priority target in 2015 for potential resource and reserve expansion. Silver recoveries in the new plant facility need further metallurgical work to potentially increase recovery rates. Recommended budget for further work is estimated at $5 million to be spent over several years.

* More Details about Santa Elena Mine

La Joya

SilverCrest Mines Inc. (TSX: SVL; NYSE MKT:SVLC)

Location: 75 kilometres southeast of the city of Durango, Mexico.

  • Excellent Infrastructure & Access: Highway
  • Railway and Power Lines nearby
  • 2 Hour Drive From Durango City & International Airport

Status: Development & Exploration

  • SilverCrest released a Preliminary Economic Assessment, effective date
  • October 21, 2013, as amended March 4, 2014.
  • SilverCrest completed a 17 hole in-fill drilling program (2,698 metres) in 2014. The program provides valuable information that will enable SilverCrest to advance towards an updated resource model in 2015.

2015 Targets:

  • Release an updated resource model incorporating 17 in-fill core hole drill program completed in 2014,
  • Complete or renegotiate final La Joya East staged acquisition payment of $0.6 million,
  • Negotiate access agreements for continued exploration and potential development, and
  • Advance additional metallurgical and economic studies.

La Joya Preliminary Economic Assessment Base Case Pre-Tax NPV(5%) of US$133 Million and 30% IRR for "Starter Pit" (effective October 21, 2013, as amended March 4, 2014)

SilverCrest Mines Inc. (TSX: SVL; NYSE MKT:SVLC)
Geological Model & Completed Phase I & II Drill Program

On December 23, 2013, the Company released a technical report titled, Preliminary Economic Assessment for the La Joya Property, Durango, Mexico, with an effective date October 21, 2013, as amended March 4, 2014 ("PEA"). The PEA was prepared in compliance with NI 43-101 by EBA Engineering Consultants, a Tetra Tech Company (EBA) and is available on our website. Summaries of the current inferred resources used for the PEA, a preliminary Life of Mine Plan (LOMP), operating costs, capital costs and project economics are presented in below. All currency values are presented in US$ unless otherwise specified.

The Company cautions that the PEA is preliminary in nature in that it is based on Inferred Mineral Resources which are considered too speculative geologically to have the economic considerations applied to them that would enable them to be characterized as mineral reserves, and there is no certainty that the PEA will be realized. Mineral resources that are not mineral reserves do not have demonstrated economic viability.

The PEA focuses on the first stage of La Joya development ("Starter Pit") as a low strip, open pit with an initial 9 year life of mine plan ("LOMP") and opportunities for expansion. This approach provides attractive economic returns using conservative metal price estimates and lower initial capital costs, which are more attractive in the current market. The conceptual open pit operation would be in conjunction with a 5,000 tonnes per day (tpd) conventional mill and flotation/leaching plant to produce a high grade silver-copper concentrate with gold credits. The Starter Pit will have a conceptual average annual production of 3.9 million silver equivalent (AgEQ)* ounces per year and approximately 5 million ounces AgEQ* per year for each of the first 4 years of operation. An expansion of the Starter Pit to include additional resources within a larger pit would then be contemplated.

Highlights Of The Preliminary Economic Assessment

The PEA incorporated Base Case metal prices of $22/oz Ag, $3/lb Cu and $1200/oz Au (5 year historical average). Highlights of the Base Case economic estimates for the Starter Pit are as follows:

  • Pre-tax NPV5% of $133 million and an Internal Rate of Return ("IRR") of 30%
  • After-tax NPV5% of $92 million and an IRR of 22%
  • Payback period of approximately 2.6 years on initial capital
  • Pre- production capital costs of $141 million including contingencies of $17 million
  • Sustaining capital is estimated at $6.3 million
  • Pre-tax undiscounted operating cash flow before capital expenditures totalling $352.6 million
  • A 9 year LOMP with 15.5M tonnes grading 34.4 g/t Ag, 0.28%Cu and 0.23 g/t Au
  • The life of mine stripping ratio is estimated to be 2.9 with total extraction of an estimated 15.5 Mt of mineralized material and 45.5 Mt of waste rock.
  • Life of mine production of an estimated 34.8 million payable AgEQ*ounces, consisting of 19 million ounces of silver and 53 thousand ounces of gold and 93 million pounds of copper in concentrate, and
  • Production of an attractive high grade silver-copper concentrate (averaging 35% Cu and 4kg/t Ag) with a gold by-product.

* Silver equivalency includes silver, gold and copper and excludes lead, zinc, molybdenum and tungsten values. Ag:Au is 50:1, Ag:Cu is 86:1, based on 5 year historic metal price trends of US$22/oz silver, US$1200/oz gold, US$3/lb copper. 100% metallurgical recovery is assumed.

Geology & Mineralization

SilverCrest Mines Inc. (TSX: SVL; NYSE MKT:SVLC)

The La Joya Property is underlain by Cretaceous sediments along the western margin of the Mexican Mesa Central, at the transition from the Sierra Madre Occidental, along the broadly defined San Luis-Tepehuanes fault system. The fault system is commonly referred to as the Mexican Silver Belt based on the country scale distribution of silver producing mines juxtaposed along the trend. The sedimentary package at La Joya consists of the Cuesta del Cura Limestone comprised of limestone with minor chert and siltstone overlain by the younger Indidura Formation comprised of calcareous siltstone, mudstone and siliciclastics.

The La Joya Deposit is a carbonate hosted copper skarn deposit with associated silver and gold mineralization, similar in style to the Fortitude-Copper Canyon deposit in Nevada, USA, and to the Sabinas/San Martin mines in Zacatecas, Mexico. Calcsilicate skarn mineralization is found on the property as andradite garnet, pyroxene, actinolite and wollastonite and is distributed amongst three styles of mineralization recognized to exist on the property. Ag-Cu-Au mineralization is concentrated within stratiform manto-style skarn controlled along sub-horizontal bedding. Ag-Cu-Au, Pb-Zn, and W mineralization is concentrated within structurally controlled stockwork and veining related skarn. Finally, W mineralization is found within late stage retrograde skarn development along the intrusive contact.

Sulphide mineralization generally transitions from chalcopyrite-dominant in proximal skarn to bornitedominant in distal skarn. Late sub-vertical laminated quartz-calcite veins bearing freibergite and arsenopyrite cross-cut pre-existing skarn mineralization and, although related to magmatic fluids, is not considered to be related to the skarn mineralizing events. Trace amounts of oxide from meteoric weathering processes are present within the structural corridors at depth.

* More Details about La Joya


SilverCrest Mines Inc. (TSX: SVL; NYSE MKT:SVLC)

Ermitano I & II Concessions

Property Size: 16,526 hectares

Location: within 8km radius of the Santa Elena Mine

Status: Exploration; drill testing identified targets

These consessions are located along the same "developing regional trend" of mineralization that hosts SilverCrest's Santa Elena Mine. The defined trend is approximately 10 kilometres wide and 20 kilometres long and strikes northwest-southeast.


The concessions host late cretaceous andesite and rhyolite volcanic rocks with major structures controlling the Santa Elena silver and gold low sulphidation epithermal mineralization.

Targets & Mineralization

Several defined main targets have been identified:

1. El Durazno: Comprises of two parallel east-west trending corridors of veining and stockwork mineralization with thickness ranging from 4 metres to 50 metres with outcropping for a defined cumulative strike length of approximately 900 metres. The first corridor ( Figure 2) is defined by outcropping of veining and stockwork in an area of 400 metres along strike and 50 metres wide with a total of 86 surface channel samples averaging 1.28g/t Au. The second corridor is defined by outcropping of veining and stockwork in an area of 500 metres along strike and 50 metres wide with 129 surface channel samples averaging 0.34g/t gold, trace silver. Evidence based on epithermal textures and more detailed mineralogical studies suggest a shallower level exposure in a low sulphidation epithermal environment compared to Santa Elena.

2. Ermitaño West: Contains a network of low sulphidation east-west trending epithermal veins and stockwork within an area of 1,200 metres long 600 metres wide with 546 surface channel samples averaging 0.17g/t Au with surface grades up to 4.8 gpt gold, trace silver over 2.5 metres. Vein textures suggest a shallower level of exposure in the low sulphidation epithermal environment compared to Santa Elena.

3. Ermitaño East: Is an east-west trending galena bearing silver vein system with indications of two different levels of epithermal exposure (deep and shallow) compared to Santa Elena. Several select surface channel samples over 0.1 to 2.0 metres grade over 300 gpt silver.

4. Veta Valentina: Hosts a 1.2 kilometres long and 10 metres wide east-west trending structural corridor with low sulphidation epithermal veining. Results to date show 37 individual surface channel samples from a central zone (50 metres long - 10 metres wide) averaging 1.34g/t gold and 33.2g/t silver.

2015 Exploration Program

SilverCrest Mines Inc. (TSX: SVL; NYSE MKT:SVLC)

The first known exploration drilling of the El Durazno target has been completed. A total of nine holes, relating to an estimated 2,656 metres were drilled. The objective was to initially drill test surface mineralization for potential open pit targets.

The most significant assay results from this initial exploration drilling program at the El Durazno target are shown in the table.

All sample analyses were completed by Inspectorate Labs of Reno, NV. Holes ED-14-002 and 004 had no significant values.

El Durazno is the first of several targets to be drilled in the Ermitano I & II and Cumobabi concessions. Additional exploration work will consists of approximately 6,000 metres of drilling and advance regional surface exploration programs to delineate further targets.

* More Details about Ermitano

SilverCrest Mines Inc. (TSX: SVL; NYSE MKT:SVLC)

Management & Directors

J. Scott Drever - Chief Executive Officer and Director

Scott Drever has 45 years of geological expertise. He has dealt extensively with strategic planning, mergers & acquisitions, and operations for international mining corporations. Mr. Drever has served as an Executive Officer and Director of a number of public companies listed on the TSX and the TSX Venture Exchange, including Placer Dome Ltd., Blackdome Mining Corp., and Goldsource Mines Inc.

N. Eric Fier, CPG, P.Eng - Chief Operating Officer and Director

Eric Fier has over 25 years of international experience in a senior capacity including exploration, acquisition, development and production of numerous mining projects in Chile, Brazil, Honduras, Mexico and Peru. His background includes project evaluation and management, reserve estimation and economic analysis, as well as operations management. Mr. Fier previously served as Chief Geologist with Pegasus Gold Corp., Senior Engineer and Manager with Newmont Mining Corp., and Project Manager with Eldorado Gold Corp.

Dunham L. Craig, P.Geo - Interim President, Director

Dunham Craig has 26 years in the mining industry which has encompassed all aspects of mining projects and operations, progressing from exploration discovery to feasibility, financing, permitting, construction and production related to two mines. He has extensive experience in Canada, Central America and Mexico with groups such as Wheaton River Minerals Inc. and Glencairn Gold Inc. and has worked in development, construction and production in Latin America for over 15 years. In addition to his "discovery to production" experience with Wheaton River Minerals, Mr. Craig was Project, Construction & Interim Mine Manager for a 12,000 tpd gold heap leach operation in Central America. Mr. Craig is currently President and CEO of Geologix Explorations which has successfully acquired and permitted a 38,000 tpd gold/copper project in Mexico.

Barney Magnusson, CA - Chief Financial Officer and Director

Barney Magnusson has spent more than 30 years in corporate finance and public company management. He has actively been a part of management teams responsible for structuring and building rapidly expanding companies. Mr. Magnusson is a former Senior Officer and Director of six mining companies that developed, constructed or operated eight precious metal mines in North- and South America: Dayton Mines Inc. (Chile), High River Gold Mines Ltd. (Manitoba, Canada) and Brohm Resources Inc. (South Dakota, USA).

Graham C. Thody, CA - Non-Executive Chairman and Director

Graham Thody has spent more than 30 years in corporate finance and public company management. His focus has included audits of reporting companies, IPO's, corporate mergers & acquisitions, as well as domestic and international tax matters. Mr. Thody is a former partner of Nemeth Thody Anderson, Chartered Accountants. He is currently a director of several reporting corporations which are involved in mining exploration and development throughout North, Central and South America.

Brent McFarlane - VP Operations

Brent McFarlane has over 25 years of diverse experience, including over 10 years in senior management positions in Latin America.He has managed all phases of open pit and underground mining projects and has been instrumental in leading projects through feasibility, construction, and into production.Mr. McFarlane previously worked as a project engineer with Pegasus Gold Corp, General Manager with Knight Piesold at Yanacocha, and Country Manager for Minefinders Corp. Ltd. in Mexico.

Marcio Fonseca, P.Geo., MSc - VP Corporate Development

Marcio Fonseca has over 20 years experience. He has served as Division Director at Macquarie Metals & Energy Capital with focus on equity and debt financing for the mining sector over the last 9 years. Prior to that, he held corporate positions in business development, project development, operations and exploration with Vale and Phelps Dodge in Latin America.

Marcio Fonseca holds a MSc in Mining Project Appraisal from Imperial College, London in a joint programme between Imperial College Department of Earth Science and Engineering and Imperial College Business School program.

Tom Keating - VP Finance and Administration

Tom Keating leads SilverCrest's financial reporting team, responsible for; regulatory reporting, budgeting and internal controls. Tom joined SilverCrest Mines Inc. as the Corporate Controller in July 2009, having previously worked with PricewaterhouseCoopers LLP and Davidson and Company LLP specializing in the mining sector. Tom is a member of the Institute of Chartered Accountants of Ireland and holds a Bachelor of Computer Science degree from University College Dublin, Ireland.

Michael Rapsch - VP Corporate Communications

Michael Rapsch has more than nine years of investor relations and corporate communications experience with mining and exploration companies. The past three and a half years have been with SilverCrest Mines. Prior to joining the Company he worked in investor relations for Pediment Gold Corp, which was acquired by Argonaut Gold in early 2011. In 2002, he founded and managed his own investor relations firm to create market awareness for resource companies in Europe. Mr. Rapsch has a business administration and accounting education through BCIT and an equivalent University in Germany, and he is a member of the Canadian Investor Relations Institute.

Bernard Poznanski, B.Sc., LLB, LLM- Corporate Secretary

Bernard Poznanski has a broad legal background in corporate finance, mergers & acquisitions and securities law. He has acted for a wide variety of companies listed on the Toronto Stock Exchange, the TSX Venture Exchange, the American Stock Exchange and NASDAQ. Mr. Poznanski is one of the founding partners of Koffman, Kalef and currently heads the firm's securities group.

George W. Sanders - Director

George Sanders has a background spanning almost 30 years in mining and exploration finance. He previously worked as a mining analyst, a stockbroker specializing in resource issues and in managing a wide range of exploration finance activities. Mr. Sanders has held positions with Canaccord Capital Corp., Richmont Mines Inc., Consolidated Cinola Mines Ltd., and Shore Gold Inc. He is currently President and Director of Goldcliff Resource Corporation, a gold explorer focused on new discoveries is historic mining districts.

Ross Glanville, P.Eng., (B.A.Sc., 1970; P.Eng, 1972; MBA, 1974; CGA, 1980) - Director

Mr. Glanville has over forty years of resource-related experience in numerous countries, and has been involved in the exploration, financing, development, and operation of a number of mines. Mr. Glanville has specialized in valuations, fairness opinions, and litigation support, often as expert witness, related to the mining and exploration industry. He has prepared hundreds of valuations and fairness opinions for mining and exploration companies in North America, Africa, Australia, South America, Asia, and Europe. Mr. Glanville has formed public companies, listed on the Toronto Stock Exchange, the Australian Stock Exchange, NASDAQ, and the TSX Venture Exchange, and has served on the Boards of Directors of four companies with producing mines.

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