| 16 Jan 2013 08:00 ET || |
SilverCrest Mines Inc. (TSX VENTURE:SVL)(NYSE MKT:SVLC)(NYSE Amex:SVLC) (the "Company") is pleased to announce full year and Q4 production figures for 2012 from its 100% owned Santa Elena Mine located in Sonora, Mexico and provide production and cost guidance for 2013.
2012 Operating Highlights for Santa Elena
-- Produced 579,609 ounces of silver in 2012, exceeding market guidance by 33% of original estimation of 435,000 ounces of silver.-- Produced 33,004 ounces of gold in 2012, just below market guidance of 33,500 ounces.-- Produced 2.37 million ounces of silver equivalent using a Ag:Au average ratio of 54.3:1.-- In Q4 surpassed "One Million Ounces of Silver" produced project to date plus a quarterly record of 153,863 ounces silver.-- Crusher throughput averaged 3,162 tonnes per day, 26% above the daily designed capacity of 2,500 tonnes per day.-- Completed Phase II leach pad construction on schedule and on budget adding 2 years of capacity.-- Installed new conveyor and stacker system for ore transport to the leach pad reducing operating costs.-- Secured major long lead time items for construction of a new conventional 3,000 tpd CCD processing facility during 2013.-- Underground decline development progressed to approximately 1,050 metres in length.-- Completion of approximately 30,000 metres of drilling which; -- 1) confirmed and detailed underground resources to be converted to reserves, -- 2) discovered the new high grade "El Cholugo" gold and silver zone adjacent to the Main Mineralized Zone currently being mined and -- 3) extended the Main Mineralized Zone more than 200 metres along strike and down plunge.
J. Scott Drever, President stated; "2012 was a very successful year for SilverCrest that marked our first full year in commercial production. Management congratulates our operating team for delivering on its commitments and meeting or exceeding our production targets. Santa Elena exceeded silver initial production guidance by 33% and produced 2.37 million silver equivalent ounces in 2012. We look forward to another exciting year at Santa Elena, remaining focused on continuing steady production, optimizing operations, and ensuring the expansion plan to double metal production in 2014 is kept on schedule and within budget."
During the fourth quarter of 2012, Santa Elena operations produced a record 153,863 silver ounces or 17% more than the same quarter in 2011. Silver production continues to set quarterly records due to improvement in recoveries and higher grade ore being loaded on the Phase II leach pad. Gold production of 7,831 ounces was consistent with budget but 18% below the same quarter in 2011. Open pit tonnes and grades continue to reconcile closely with the geological block model and mine plan. All aspects of operations continue to function well. The crushing circuit had an excellent fourth quarter with average throughput of 3,355 tonnes per day, 3% below the same quarter in 2011 and 34% above the daily design capacity of 2,500 tonnes per day.