First Majestic Begins Silver Doré Production at Del Toro Mine

First Majestic Silver Corp. (TSX:FR,NYSE:AG) announced that the new 1,000-tonne-per-day cyanidation circuit at its Mexico-based Del Toro silver mine started producing silver doré bars on November 20 of this year.

The move puts the company on track to record its 10th year in a row of growth in silver production, according to Keith Neumeyer, First Majestic’s president and CEO.

As quoted in the press release:

As previously announced, the Company is planning to accelerate the ramp up of the cyanidation circuit to 2,000 tpd in early 2014. However, due to persistently low silver prices, management has determined to delay further investment at Del Toro beyond what is necessary. The installation of the first SAG mill has been delayed and as a result total throughput at Del Toro is expected to reach 2,500 tpd in the first quarter of 2014. Management will determine at which time, the expansion to 3,000 tpd or beyond will occur. With these changes in throughput and assuming the mill is maintained at 2,500 tpd throughout 2014, management estimates production of approximately 3.1 million ounces silver or 3.3 million ounces of silver equivalent, with the majority of these ounces coming in the form of silver doré bars, thereby reducing treatment costs due to less Lead and Zinc concentrate production as outlined in the earlier plant design detailed in the PFS.

Click here to read the full First Majestic Silver Corp. (TSX:FR,NYSE:AG) press release.