SilverCrest Reports Q1 2012 Financial Results; Cash Flow from Operations of $12.2 Million (.14 Per Share)8 minutes ago by Marketwire Canada
SilverCrest Mines Inc. (the "Company") (TSX VENTURE:SVL)(OTCQX:STVZF)(PINKSHEETS:STVZF) is pleased to announce its financial results for the first quarter ended March 31, 2012 (all figures in U.S. dollars unless otherwise specified.)
Q1 2012 FINANCIAL HIGHLIGHTS:
- Cash flow from operations (1) $12.2 million (.14 per share)- Cash operating cost per silver equivalent $7.00 ounce sold (2)- Revenues reported - IFRS (3) $19.6 million- Comprehensive earnings $6.3 million (.07 per share)- Cash, cash equivalents and short term $36.5 million (at March 31, investments 2012)
J. Scott Drever, President stated; "We had an excellent beginning for 2012. In Q1 we sold 641,546 silver equivalent ounces, with an average cash operating costs of $7.00 per ounce. The Santa Elena open pit heap leach mine operations continue to perform well and generated cash flows of $12.2 million which will help finance the Santa Elena Expansion plan to double metals production by 2014 and accelerate the exploration and development of our polymetallic La Joya Project. During the first quarter, total production was consistent with our plan and cash operating costs were below plan. As a result, we are confident in achieving our 2012 guidance of production of 435,000 silver ounces and 33,000 gold ounces at an average cash operating cost of $8.20 per silver equivalent ounce."