VANCOUVER, BRITISH COLUMBIA - April 8, 2013 (Investorideas.com Mining Stocks Newswire) SilverCrest Mines Inc. (
TSX.V:SVL) (
NYSE MKT: SVLC) (
CW5.F)
("SilverCrest" or the "Company") is pleased to announce results of
further delineation drilling at the Santa Elena Mine in Sonora, Mexico.
Since mid 2012, 132 drill holes have been completed to further expand
underground resources and reserves (see attached Figure -
http://media3.marketwire.com/ docs/ svl408-LS.pdf).
This drill program continues to be extremely successful with the most
recent holes identifying additional bonanza grades (as defined below)
and providing further intercepts in the El Cholugo Zone. To date,
resources at Santa Elena have been delineated along a strike length of
over 1,200 metres and to a depth of 600 metres. The results of all holes
included in this news release will be part of the ongoing resource
expansion and reclassification to be included in the Pre-Feasibility
Study for the Santa Elena Expansion Project which is nearing completion.
J. Scott Drever, President stated; "This delineation drill program
has been immensely successful. We have drilled the known portion of the
deposit at 35 to 40 metre centres, the Main Mineralized Zone has been
extended by approximately 300 metres beyond our current resource
boundary and we have identified two new sub-parallel zones, El Cholugo
and El Cholugo Dos. The results of the revised underground resource and
reserve estimations is expected to demonstrate an extended mine life
with a conventional mill facility well beyond the original 5.5 years
estimated for the open pit heap leach operation."
In this reported series, core hole SE-13-126 intercepted further
Bonanza grades (greater than 34 gpt Au or greater than 1,000 gpt Ag)
with 0.60 metres grading 5.2 gpt Au and 1,840 gpt Ag. These high grades
are included in a broader interval of 21.6 metres grading 1.46 gpt Au
and 169.1 gpt Ag (see tables below).
Assay values in this series of holes range from 0.1 gpt to 22.0 gpt
gold and 34.8 gpt to 1,840.0 gpt silver. Mineralized intervals range
from 0.6 metres to 22.7 metres. All mineralized drill intercepts are
near true thicknesses. The most significant assay results in this series
of holes are shown in the following tables.
Santa Elena Main Mineralized Zone
Note: All numbers are weighted averages, uncut and rounded.
El Cholugo Zone
Note: All numbers are weighted averages, uncut and rounded.
All sample analyses were completed by ALS Chemex in Hermosillo, Mexico and North Vancouver, BC.
The El Cholugo Zone continues to expand to the west and to depth
with 6 new drill hole intercepts (above table). The dimensions of this
newly discovered zone is now approximately 400 metres long by 150 metres
high with widths ranging from 1.7 to 17.1 metres.
Several Holes reported above (Holes SE-13-121, 123, 128, and 141)
extend the strong silver and gold mineralization along the Main
Mineralized Zone to the east and to depth. These intercepts are up to
300 metres beyond the boundary of current resource estimates. Core holes
SE-13-132, 135, 137, 139, 140 reported above further expand
mineralization 300 metres to the west under the current operating pit.
Further drilling is underway to help delineate theses area of continued
expansion.
Approximately 48,000 metres of drilling have been completed to date
in the 2012-2103 program to convert underground resources to reserves
and expand total resources. Three drills are currently on site
completing the extended program. Summary results for revised Santa Elena
Resources and Reserves are expected in late April or early May, 2013
with a NI 43-101 Technical Report for the Pre-Feasibility Study of the
Expansion Plan to be filed within 45 days following announcement.
The Qualified Person under NI 43-101 for this News Release is N.
Eric Fier, CPG, P.Eng, and Chief Operating Officer for SilverCrest Mines
Inc., who has reviewed and approved its contents.
SilverCrest Mines Inc. (TSX-V: 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,
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
Published at Investorideas.com Newswire
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