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First Majestic Produces 4.3M Silver Eqv. Oz in First Quarter
Apr. 20, 2017 09:59AM PST
Base Metals Investing
First Majestic Silver Corp. (TSX:FR)(NYSE:AG)(FRANKFURT:FMV)(BVM:AG) (“First Majestic” or the “Company”) is pleased to announce that total production in the first quarter of 2017 from its six operating silver mines reached 4.3 million equivalent ounces of silver. Total production consisted of 2.7 million ounces of silver, 15,095 ounces of gold, 7.5 million pounds of lead and …
First Majestic Silver Corp. (TSX:FR)(NYSE:AG)(FRANKFURT:FMV)(BVM:AG) (“First Majestic” or the “Company”) is pleased to announce that total production in the first quarter of 2017 from its six operating silver mines reached 4.3 million equivalent ounces of silver. Total production consisted of 2.7 million ounces of silver, 15,095 ounces of gold, 7.5 million pounds of lead and 0.9 million pounds of zinc.
Keith Neumeyer, President & CEO commented:
During the first quarter, total production from our six producing mines met our quarterly guidance expectations. With the renewed investment in underground development and brownfields exploration, we continue to execute on our long-term growth plan to have additional production levels prepared in order to increase throughput rates and head grades at Del Toro, La Parrilla and La Encantada. Our 2017 silver production guidance of 11.1 – 12.4 million ounces, or 16.6 -18.5 million silver equivalent ounces, remains unchanged.
Quarterly Operational Review
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 822,336 tonnes representing a 3% decrease compared to the previous quarter. The slight decrease was primarily due to mechanical challenges at Santa Elena causing a temporary reduction in the mill feed from the heap leach pad in the month of February.
Silver grades in the quarter averaged 136 g/t compared to 137 g/t in the previous quarter.
Combined silver recoveries averaged 75%, relatively unchanged compared to the previous quarter’s average of 76%.
The Company’s underground development in the first quarter consisted of 13,571 metres, reflecting a 9% decrease compared to 14,918 metres completed in the previous quarter. The Company also completed 29,000 metres of diamond drilling in the quarter, representing an 18% decrease compared to 36,351 metres in the prior quarter.
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