Lower Metal Prices Drive Down SilverCrest’s Q1 Results

SilverCrest Mines Inc.  (TSXVSVL, NYSE:SVLC, AMEX:SVLC) announced their Q1 results.

As quoted in the press release:

Q1 HighlightsCompared to Q1, 2012:

Cash flow from operations decreased 28% to $8.8 million ($0.08 per share).
Cash operating cost per silver equivalent ounce sold  increased 10% to $7.69, but below market guidance of $8.50.
Revenues reported – IFRS  decreased 22% to $15.3 million.

SilverCrest’s President and CEO, J. Scott Drever, said:

We are pleased with the steady start to 2013, for which operating costs and production were consistent with budget and mine plan, however, our financial performance in comparison to the extraordinary stellar first quarter of 2012, was impacted by lower metal prices and our decision to accelerate waste removal resulting in less ore processed and ultimately fewer ounces of gold sold compared to the first quarter 2012.

To view the whole press release, click here.