First Majestic Silver Achieves New Quarterly Production Record

First Majestic Silver Corp. (TSX:FR,NYSE:AG) announced its production results for the first quarter of 2016, commenting that its six operating silver mines put out 5.1 million silver equivalent ounces. That’s a new record, and a 30-percent increase from the year-ago quarter.
As quoted in the press release:

Total ore processed during the quarter at the Company’s six operating silver mines: Santa Elena, La Encantada, La Parrilla, Del Toro, San Martin and La Guitarra, amounted to 789,591 tonnes, reflecting an 11% decrease compared to the previous quarter. The decrease in tonnes was primarily due to reduced processing rates at La Encantada, due to mechanical issues; and lower throughputs at Del Toro to improve profitability.
Average silver grades in the quarter increased by 10% to 161 g/t compared to 146 g/t in the previous quarter. The increase in silver grades is primarily due to the improvement in accessing higher grade stopes at La Encantada. Combined silver recoveries averaged 75% during the quarter, a slight improvement compared to 74% in the previous quarter.
The Company’s underground development in the first quarter consisted of 10,007 metres, reflecting an 8% increase compared to 9,261 metres completed in the previous quarter. The Company also completed 6,697 metres of diamond drilling in the quarter compared to 5,819 metres in the prior quarter, representing a 15% increase.

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

The Company’s strong performance in the first quarter is primarily due to higher production at the La Encantada and Santa Elena mines. Over the past two quarters, our team has been diligently integrating Santa Elena’s previous operating systems into the First Majestic operating model and we are seeing increased production and improved efficiencies as a result. Also, at each operation we are achieving great strides due to initiatives put in place and implemented over the past two years.

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