Americas Silver Corporation (TSX: USA) (NYSE “MKT”: USAS) (“Americas Silver” or the “Company”) today announced consolidated production and operating cost results for the first quarter of 2017 and individually for its Cosalá Operations and Galena Complex. All figures are in U.S. dollars unless otherwise indicated. First Quarter Highlights (compared to Q1, 2016) Consolidated silver production of …

Consolidated silver production of approximately 524,000 silver ounces and 1.1 million silver equivalent1 ounces, representing decreases of 22% and 13%, respectively. Consolidated cash costs2 were approximately $10.49 per silver ounce, an increase of 7%, while consolidated all‐in sustaining costs2 were approximately $14.27 per silver ounce, an increase of 19%.
Cosalá Operations silver production of approximately 250,000 silver ounces and 537,000 silver equivalent ounces, representing decreases of 19% and 11%, respectively, inclusive of El Cajón development ounces. Cash costs were approximately $2.61 per silver ounce and all‐in sustaining costs were approximately $3.21 per silver ounce, down 63% and 63%, respectively, exclusive of El Cajón development ounces and related costs.
Galena Complex silver production for the quarter of approximately 273,000 silver ounces and 571,000 silver equivalent ounces representing decreases of 25% and 14%, respectively. Cash costs were approximately $15.89 per silver ounce and all‐in sustaining costs were approximately $21.86 per silver ounce up 31% and 47%, respectively, due to planned lower grade and longer than expected mill repairs during the quarter.
Guidance for 2017 remains unchanged at 2.0 ‐ 2.5 million ounces in silver production and 5.5 ‐ 6.0 million ounces of silver equivalent production with projected cash costs of $4.00 ‐ $5.00 per silver ounce and all‐in sustaining cash costs of $9.00 ‐ $10.00 per silver ounce.
The San Rafael Project remains on budget and on time for the start of production by the end of Q3, 2017 despite recent ramp development challenges with poor ground conditions. The Company expects to be back into good ground by the end of April.
The Company purchased an option on the San Felipe Project for total payment of $7.0 million (plus VAT) in March 2017.
At the end of the first quarter, the Company drew fully upon the $15 million Glencore facility and fully repaid its existing debt of approximately $8.0 million during the quarter. The Company’s cash balance at March 31, 2017 was $17.6 million.