First Majestic Hits Record Silver Production for Q2 2013

Silver Investing

First Majestic Silver Corp. (TSX:FR,NYSE:AG) announced that Q2 2013 production from its five operating Mexico-based silver mines reached a record 3,268,117 silver equivalent ounces. That is a 55-percent increase from the same quarter the previous year.

First Majestic Silver Corp. (TSX:FR,NYSE:AG) announced that Q2 2013 production from its five operating Mexico-based silver mines reached a recordĀ 3,268,117 silver equivalent ounces. That is a 55-percent increase from the same quarter the previous year.

The company continues to work on reducing its costs in this lower price environment; as of May 15, it had cut over US$30 million from its 2013 capital budget.

As quoted in the press release:

Total silver production for the quarter consisted of 2,767,966 ounces of silver, representing an increase of 44% compared to the same quarter in 2012. In addition, 5,946,539 pounds of lead and 2,898,093 pounds of zinc were produced representing an increase of 98% and 104%, respectively, compared to the same quarter of the previous year. Also, 1,995 ounces of gold were produced, representing an increase of 274% compared to the second quarter of 2012.

Keith Neumeyer, president and CEO of First Majestic, commented:

The second quarter was somewhat bitter-sweet as total production achieved a new quarterly record of over three million ounces for the first time in the Companyā€™s history while at the same time unfortunately experiencing one of the most dramatic and violent drops in the price of silver. This low silver price environment is creating a challenging environment for many higher-cost primary producers. Our management team has responded quickly to the situation by implementing prudent cash management practices and disciplined cost reduction measures to ensure that First Majesticā€™s profitability and future growth plans remain intact.

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

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