SilverCrest Announces Q1 Silver (Up 108%) & Gold Production (Up 198%)

SilverCrest Mines Inc. (TSX-V: SVL; OTCQX: STVZF) is a Mexican precious metals producer with headquarters based in Vancouver, BC. SilverCrest’s flagship property is the 100%-owned Santa Elena Mine, which is located 150km northeast of Hermosillo, near Banamichi in the State of Sonora, Mexico. The mine is a high-grade, epithermal gold and silver deposit, 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.

Production Highlights of First Quarter, 2012 as Compared to First Quarter, 2011

• Silver production increased 108% to 134,528 ounces
• Gold production increased 198% to 9,405 ounces
• Ore Tonnes crushed increased 26% to 264,977
• Silver ounces to pad up 48% to 354,850
• Gold ounces to pad up 67% to 13,342

J. Scott Drever, President stated; “Operations at the Santa Elena mine enjoyed a robust start to 2012 with silver and gold production in line with our 2012 guidance. Cash cost is anticipated to be consistent with our guidance of approximately $8 per silver equivalent ounce. As a result of this stellar quarter, the Company is on target to achieve its 2012 production guidance of 435,000 ounces of silver and 33,000 ounces of gold.”

READ FULL REPORT: [ marketwire.com ]

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Posted by WoodlawnPost on Apr 21 2012. Filed under N. America. You can follow any responses to this entry through the RSS 2.0. Both comments and pings are currently closed.