VANCOUVER, BC - October 16, 2012 (Investorideas.com Mining Stocks Newswire) SilverCrest Mines Inc. (
TSX-V:SVL)(
NYSE MKT:SVLC)
(the "Company") is pleased to announce production figures for the third
quarter of 2012 from its 100% owned Santa Elena Mine located in Sonora,
Mexico.
Third Quarter Production Highlights
- Silver produced oz: 151,368; 42% increase over Q3 2011
- Gold produced oz: 7,184; 18% decrease over Q3 2011
- Ore Tonnes crushed: 265,598; 10% increase over Q3 2011
- Silver oz to pad: 413,426; 5% increase over Q3 2011
- Gold oz to pad: 11,681; 35% decrease over Q3 2011
J. Scott Drever, President stated on the third quarter 2012; "The
Santa Elena Mine continues to produce silver and gold on a consistent
basis. We would like to congratulate our operations team in Mexico for
achieving record silver production of 151,368 ounces for the quarter.
Based on our production to date we are increasing our annual silver
production guidance from 435,000 ounces to 535,000 ounces. We are
maintaining our annual gold production guidance of 33,500 ounces. We
expect another strong operating performance in the fourth quarter, which
in conjunction with our significant operating profit margins should
enhance our overall financial performance".
The Santa Elena operations performed well in the third quarter,
with record silver production of 151,368 ounces or 42% higher than the
comparative quarter in 2011. Silver production was higher than projected
due to improvements in recoveries. Gold production of 7,184 ounces was
18% below the same quarter in 2011 due to lower grades mined in the pit
which was consistent with current mine plan projections. It is expected
that contained gold ounces placed on the pads will increase during the
fourth quarter as higher grade benches are developed in the pit. Open
pit tonnes and grades continue to track closely with the geological
block models and open pit mine plan. The crushing circuit continues to
perform well and crusher throughput averaged 2,887 tonnes per day or 10%
above the same quarter in 2011.
Santa Elena Q3 Highlights
- Phase II leach pad construction was completed on schedule and on
budget. This new pad is being loaded with material from high grade
benches so that the return of metal is almost immediate. This will also
segregate the high grade ore which will be reclaimed first once the
conventional mill is operational.
- The Expansion Plan progressed during the quarter with the
exploration-stage decline advancing to 740 metres including muck bays,
sumps and ventilation. Detailed engineering continues and long lead time
mill equipment is being ordered.
- Three drills continued the exploration and development drilling
for in-pit reserve confirmation, underground reserve delineation and
geotechnical engineering as well as testing the deep extensions of the
Santa Elena ore deposit.
Under a land access and occupation agreement signed in 2007 between
the Company and Bienes Comunales de Banamichi, Sonora (the "BC"), the
Company has acquired the rights to access, for a term of 20 years, a
total of 841 hectares of land owned by the BC where the Company´s mining
operations are situated. During Q3 2012, a small number of dissident
members of the BC engaged in illegal activities that partially
restricted access of some Company employees and contractors to the mine
site for a period of 3 days in order to make demands for an increase to
annual lease payments. Government officials moved quickly to remove the
dissidents and restore the Company’s legal access to its operations.
The restricted access was costly in lost work time for some employees
and onsite contractors. Although the land access agreement signed with
the BC is legally binding upon its terms, the Company has agreed to
engage in a dialogue with the dissident members of the BC in order to
maintain its harmonious relationship with the community.
N. Eric Fier, CPG, P.Eng. and Chief Operating Officer for
SilverCrest Mines Inc. and Qualified Person for this news release has
reviewed and approved its contents.
SilverCrest Mines Inc. (TSX VENTURE : SVL) (NYSE MKT : SVLC) is a
Canadian precious metals producer headquartered in Vancouver, BC.
SilverCrest's flagship property is the 100%-owned Santa Elena Mine,
which is located 150 km northeast of Hermosillo, near Banamichi in the
State of Sonora, Mexico. The mine is a high-grade, epithermal gold and
silver producer, with an estimated life of mine cash cost of US$8 per
ounce of silver equivalent (55:1 Ag:Au). SilverCrest anticipates that
the 2,500 tonnes per day facility should recover approximately 4,805,000
ounces of silver and 179,000 ounces of gold over the 6.5 year life of
the open pit phase of the Santa Elena Mine. A three year expansion plan
is underway to double metals production at the Santa Elena Mine and
exploration programs are rapidly advancing the definition of a large
polymetallic deposit at the La Joya property in Durango State.
FORWARD-LOOKING STATEMENTS
This news release contains "forward-looking statements" within the
meaning of Canadian securities legislation and the United States
Securities Litigation Reform Act of 1995. Such forward-looking
statements concern the Company's anticipated results and developments in
the Company's operations in future periods, planned exploration and
development of its properties, plans related to its business and other
matters that may occur in the future. These statements relate to
analyses and other information that are based on expectations of future
performance, including silver and gold production and planned work
programs. Statements concerning reserves and mineral resource estimates
may also constitute forward-looking statements to the extent that they
involve estimates of the mineralization that will be encountered if the
property is developed and, in the case of mineral reserves, such
statements reflect the conclusion based on certain assumptions that the
mineral deposit can be economically exploited.
Forward-looking statements are subject to a variety of known and
unknown risks, uncertainties and other factors which could cause actual
events or results to differ from those expressed or implied by the
forward-looking statements, including, without limitation: risks related
to precious and base metal price fluctuations; risks related to
fluctuations in the currency markets (particularly the Mexican peso,
Canadian dollar and United States dollar); risks related to the
inherently dangerous activity of mining, including conditions or events
beyond our control, and operating or technical difficulties in mineral
exploration, development and mining activities; uncertainty in the
Company's ability to raise financing and fund the exploration and
development of its mineral properties; uncertainty as to actual capital
costs, operating costs, production and economic returns, and uncertainty
that development activities will result in profitable mining
operations; risks related to reserves and mineral resource figures being
estimates based on interpretations and assumptions which may result in
less mineral production under actual conditions than is currently
estimated and to diminishing quantities or grades of mineral reserves as
properties are mined; risks related to governmental regulations and
obtaining necessary licenses and permits; risks related to the business
being subject to environmental laws and regulations which may increase
costs of doing business and restrict our operations; risks related to
mineral properties being subject to prior unregistered agreements,
transfers, or claims and other defects in title; risks relating to
inadequate insurance or inability to obtain insurance; risks related to
potential litigation; risks related to the global economy; risks related
to the Company's status as a foreign private issuer in the United
States; risks related to all of the Company's properties being located
in Mexico and El Salvador, including political, economic, social and
regulatory instability; and risks related to officers and directors
becoming associated with other natural resource companies which may give
rise to conflicts of interests. Should one or more of these risks and
uncertainties materialize, or should underlying assumptions prove
incorrect, actual results may vary materially from those described in
the forward-looking statements. The Company's forward-looking statements
are based on beliefs, expectations and opinions of management on the
date the statements are made. For the reasons set forth above, investors
should not place undue reliance on forward-looking statements.
The information provided in this news release is not intended to be
a comprehensive review of all matters and developments concerning the
Company. It should be read in conjunction with all other disclosure
documents of the Company. The information contained herein is not a
substitute for detailed investigation or analysis. No securities
commission or regulatory authority has reviewed the accuracy or adequacy
of the information presented.
J. Scott Drever, President
SILVERCREST MINES INC.
Contact:
SilverCrest Mines Inc.
Fred Cooper
(604) 694-1730 ext. 108
Toll Free: 1-866-691-1730
(604) 694-1761 (FAX)
info@silvercrestmines.comwww.silvercrestmines.com570 Granville Street, Suite 501
Vancouver, British Columbia V6C 3P1
Neither TSX Venture Exchange nor its Regulation Services Provider
(as defined in the policies of the TSX Venture Exchange) accepts
responsibility for the adequacy or accuracy of this release.
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