Stonecap keeps SilverCrest Mines at "Outperform" after "strong" Q3 earnings
Stonecap Securities has retained its "Outperform" rating on SilverCrest Mines () after the company posted "strong" third-quarter earnings.
It has a $3.85 target price on SilverCrest, which is a Canadian precious metals producer whose flagship property is the 100 per cent-owned Santa Elena Mine, located 150 km northeast of Hermosillo, near Banamichi in Sonora, Mexico.
"SilverCrest’s Santa Elena mine has delivered another strong quarter of production and the company has increased its silver production guidance for 2012," Stonecap analyst Christos Doulis said in a note.
"SilverCrest remains on track with its plan to double annual production to approximately 4 million ounces Ag Eq at Santa Elena by 2014."
Stonecap said cash costs came in at $7.60 per silver equivalent ounce (Ag eq oz) beating both management’s guidance of $8.20/oz and Stonecap's own estimate of $10/oz.
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