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First Majestic Silver Corp. is committed to building a senior Silver producing mining company based on an aggressive development and acquisition plan with a focus on Mexico. The Company presently owns and operates three producing silver mines in Mexico; the La Parrilla Silver Mine, the San Martin Silver Mine and the La Encantada Silver Mine. Production from these three mines is anticipated to be over 7.5 million ounces of silver in 2011.
Management of First Majestic is committed to building a senior silver producing mining company based on the Company's current portfolio of projects focused on silver in Mexico.
First Majestic owns three producing silver mines and two development projects through four separate wholly owned Mexican subsidiaries. The La Encantada Silver Mine is held by Minera La Encantada, S.A. de C.V., the La Parrilla Silver Mine and the Del Toro Silver Mine are held by First Majestic Plata, S.A. de C.V., the San Martin Silver Mine is held by Minera El Pilon, S.A. de C.V., and the Real de Catorce Silver Project is held by Minera Real Bonanza, S.A. de C.V.
First Majestic's largest operation; the La Encantada Silver Mine was expanded several times since 2006 to reach the current capacity of 3750 tpd. Production reached close to 3.8 million ounces of silver in 2010 and is anticipated to reach approximately 4.5 million ounces of silver in the form of Dore bars in 2011.
The Company's second mine, the La Parrilla is located conveniently outside the city of Durango. First Majestic commissioned a new 800tpd mill in mid 2007 and expanded the operation again to 850 tpd at the end of 2008. Production in 2010 was 1.8 million ounces of equivalent Silver. A major expansion is currently underway to double the capacity at La Parrilla for 2012.
First Majestic's third operating mine, the San Martin Silver Mine was expanded to 950 tpd in late 2008. Annualized production is approximately 1.3 million ounces of silver in dore bars.
Management feels strongly that investors will continue to witness a dramatic bull market in precious metals over the coming years. For this reason, a focus to continue to develop and increase production at its core assets will continue. In addition, management is determined to expand First Majestic's asset base and thus continues to investigate other interesting advanced stage silver projects in Mexico. With a Management team comprised of proven company and mine builders; shareholders are poised to capitalize on First Majestic's rapid evolution into a world class silver producer.
Thu May 14, 2009
First Quarter Financial Results
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FIRST MAJESTIC SILVER CORP. (FR-T) (the "Company") is pleased to announce the unaudited financial results for the Company's first quarter ending March 31, 2009. The full version of the financial statements and the management discussion and analysis can be viewed on the Company's web site at www.firstmajestic.com or on SEDAR at www.sedar.com.
1st Quarter Highlights
Gross Revenue
$17.5 million
Net Revenue
$14.4 million
Mine Operating Earnings
$4.5 million
Net Profit after taxes
$0.9 million
Direct Cash Costs per ounce
US$4.94
Silver Equivalent Production
1,040,117 oz. Ag eq.
Silver Equivalent Oz. Sold
996,595 oz. Ag eq.
FINANCIAL HIGHLIGHTS
Total production for the quarter ended March 31, 2009 was 1,040,117 ounces of silver equivalents consisting of 929,964 ounces of silver, 491 ounces of gold and 1,828,739 pounds of lead. This compares to the 1,061,720 ounces of silver equivalents produced in the quarter ended March 31, 2008, which consisted of 895,358 ounces of silver, 240 ounces of gold, 1,857,897 pounds of lead and 318,539 pounds of zinc. Total production for the quarter ended December 31, 2008 was 1,056,219 ounces of silver equivalents which included 930,120 ounces of silver, 403 ounces of gold and 2,093,988 pounds of lead.
Gross revenue for the quarter ended March 31, 2009, prior to smelting, refining, transportation charges and metal deductions, was $17.5 million compared to $16.2 million in the same quarter of 2008; an increase of 8%. In the quarter ended March 31, 2009, the Company shipped 996,595 silver equivalent ounces including 67,620 ounces of coins, ingots and bullion at an average price of $17.52 per ounce (US$14.07) compared to 1,019,490 equivalent ounces in the quarter ended March 31, 2008 at an average price of $15.94 (US$15.87) per ounce. The Company has been successful in realizing an average selling price of US$14.07, higher than the average trading price of silver in the quarter of US$12.61 per ounce (Source - London Bullion Marketing Association). Compared to the quarter ended December 31, 2008, the Company increased shipped ounces by 20% compared to the 827,845 ounces of silver equivalent previously shipped, at an average price of $14.15 per ounce (US$11.67).
The Company generated net income after taxes of $0.9 million for the first quarter ended March 31, 2009 compared to net income after taxes of $1.1 million for the quarter ended March 31, 2008, and a net loss after taxes of $5.5 million for the fourth quarter ended December 31, 2008. The net income after taxes for this quarter was after recording non-cash stock-based compensation expense of $0.9 million, a foreign exchange loss of $1.0 million and an income tax recovery of $0.1 million.
Sales revenue (after smelting, refining, transportation charges and metals deductions) for the quarter ended March 31, 2009 was $14.4 million; an increase of 11% compared to $13.0 million for the quarter ended March 31, 2008. Smelting, refining, transportation charges and metal deductions decreased by 3.3% of gross revenue to $3.1 million in the quarter ended March 31, 2009 compared to $3.3 million in the quarter ended March 31, 2008, and $2.6 million in the quarter ended December 31, 2008. This was attributed to the revised smelting and refining agreements renegotiated effective December 1, 2008; as well as the new smelting and refining relationships entered into in February 2009. Average smelting and transportation charges for doré in the quarter ended March 31, 2009 were US$0.51 per equivalent ounce whereas for concentrates were US$3.23 per equivalent ounce. The smelting rates for concentrate were higher than expected as final settlements of concentrates occur 60 days after shipment, therefore the settlement lag resulted in older shipments of November and December settling in Q1-2009 under previous smelting agreements.
Direct cash costs per ounce of silver for the quarter ended March 31, 2009 decreased to US$4.94 per ounce of silver, compared to US$6.51 per ounce of silver for the quarter ended March 31, 2008, due to higher silver ounces produced in 2009 and reduction of mining expenses and indirect costs. Direct cash costs for the quarter ended December 31, 2008 were US$6.37 per ounce.
Mine operating earnings for the quarter ended March 31, 2009 were $4.5 million, a decrease of $0.2 million or 4% compared to mine operating earnings of $4.7 million for the quarter ended March 31, 2008, and a mine operating loss $1.1 million for the quarter ended December 31, 2008.
The Company had operating income of $1.8 million for the first quarter ended March 31, 2009 compared to operating income of $1.5 million for the quarter ended March 31, 2008, an increase of $0.3 million or 23%. Operating loss for the fourth quarter ended December 31, 2008 was $3.8 million.
At the La Encantada Silver Mine, construction is progressing according to plan on the US$21.6 million, 3,500 tonnes per day ("tpd") cyanidation plant. The plant is scheduled to commence operations in July 2009. Once completed, the new plant is anticipated to produce over four million ounces of silver annually in the form of doré bars. Total capitalized construction in progress consisted of $12.9 million with a further $1.4 million being un-capitalized advances to contractors.
During the quarter ended March 31, 2009, the Company invested $1.8 million on its mineral properties and a further $1.6 million on additions to plant and equipment on a cash basis. This compares to $4.6 million invested on its mineral properties, and a further $3.0 million on additions to plant and equipment in the quarter ended March 31, 2008, and $0.7 million invested on its mineral properties, and a further $0.4 million on additions to plant and equipment in the quarter ended December 31, 2008.
On March 5, 2009, the Company completed a public offering with a syndicate of underwriters who purchased 8,487,576 units at an issue price of $2.50 per unit for gross proceeds to the Company of $21,218,940.
OPERATIONAL HIGHLIGHTS
The primary focus in the first quarter of 2009 was reducing operating costs and completing the La Encantada mill expansion program. As shown in the financial results, the Company has been successful in reducing operating costs across all of its mines. Presently, only two drill rigs are operating compared with 23 drill rigs in the third quarter of 2008. In addition, underground mine development is being financed from cash flow versus capital as was the case in 2008. These scaled back exploration and development measures will remain in force for the balance of 2009.
Prior to the decision to reduce the Company's exploration program, the Company met its target on Resource development. The Company released two NI 43-101 Reports on both the La Parrilla Silver Mine and the San Martin Silver Mine in the first quarter which substantially increasing previously released estimates. As at the latest NI 43-101 Reports published in Q1, the Company has defined a global Resource of 300 million ounces of silver equivalents in all categories.
La Parrilla Silver Mine
At the La Parrilla mine, production continued from the Rosarios/La Blanca and Quebradillas areas. The flotation circuit was operating more efficiently and recoveries are now closer to the target of 75%, however, at the cyanidation circuit recoveries had been affected by the mix of ores and short leaching times. Efforts are being made in order to improve the recoveries by increasing leaching time increasing the oxygenation in the cyanidation circuit.
During the quarter, the La Parrilla mine received the Clean Industry Certification from PROFEPA (Procuradoria Federal de Protecion al Ambiente). This certification resulted from a concerted effort over a period of more than two years.
San Martin Silver Mine
During the quarter the production at the San Martin was focused on improving head grades and reducing operating costs. Management was very pleased with the progress at this operation as can be seen by the cost reductions achieved in the quarter. These improvements were largely achieved due to a better mix of ore produced from the mine and the recovery of some backfills and dumps, which allowed the mine to operate in a more efficient way which resulted in a cost reduction of 61% compared to the first quarter of 2008.
La Encantada Silver Mine
At the La Encantada mine, a special effort is underway to improve the recoveries at the flotation plant which had been affected in the last few quarters by the mix of ore from the Azul y Oro vein which was found to contain manganese. Several new reagents and different mixes of ores are being tested in order to improve recoveries. In addition a new washing screen has been installed in order to wash the dump material which is anticipated to increase the grades of the recovered ore. This new process is expected to be operational during the last part of May.
Construction of the new 3500 tpd cyanidation mill continues to be the primary focus at the La Encantada and is proceeding well. All the leaching tanks and CCD thickeners are constructed with the installation of the mechanisms now underway. New pieces of equipment are arriving regularly and the plant is still anticipated to be commissioned in July. Once this new circuit is completed, the silver precipitates produced from the concentrates will be shipped to the La Parrilla mill for the production of doré bars.
In Summary
Equally important to increasing silver production is further cost reductions where possible. The 2009 operating plan thus far represents a year of reduced operating costs as a result of the Company's pursuit of aggressive growth based on the expansion of its operations and Resources. Management is pleased with the many cost cutting measures underway, and it is believed that further improvements in profitability can be achieved with additional improvements expected going forward.
Finally, in this turbulent financial and commodity environment, First Majestic has been reacting by cutting costs wherever possible. The Company is continuing to analyze various options to reduce operating costs and to squeeze out the most optimum margins possible. During the quarter a new smelting agreement was executed for the sale of all the lead concentrates produced in 2009, and a new agreement was also signed for the sale of all doré produced by the Company in 2009. Both these agreements include terms better than previous agreements and are expected to go a long way in improving profitability.
First Majestic is a producing silver company focused in México and is aggressively pursuing its business plan to become a senior silver producer through the development of its existing assets and the pursuit through acquisition of additional assets that contribute to achieving its corporate growth objectives.
Oct 06, 2009 12:08 ET First Majestic Silver Corp.: Third Quarter Production Results
VANCOUVER, BRITISH COLUMBIA--(Marketwire - Oct. 6, 2009) - First Majestic Silver Corp. ("First Majestic" or the "Company") (TSX:FR)(OTCQX:FRMSF)(FRANKFURT:FMV)(WKN:A0LHKJ) announces today that production in the third quarter ending September 30, 2009 reached 1,089,481 equivalent ounces of silver, representing a 14% increase over the previous quarter's production and a 30% increase over the same quarter in 2008.
The equivalent silver production for the third quarter consisted of 935,996 ounces of silver, representing a 13% increase from the previous quarter and 30% increase over the third quarter of the previous year, 1,690,354 pounds of lead, representing a 13% increase from the previous quarter and an increase of 11% over the same quarter of the previous year and 732 ounces of gold, representing a decrease of 2%, compared to the previous quarter and an increase of 37% over the same quarter in 2008.
During the quarter the combined recoveries of silver at the three operating silver mines in Mexico showed an increase from 64% to 66%. The overall average silver head grade in the quarter for the three mines increased to 205 g/t of silver, compared to the previous quarter of 196 g/t of silver.
The ore processed during the quarter at the Company's three mines; the La Encantada Silver Mine, the La Parrilla Silver Mine and the San Martin Silver Mine increased to 215,459 tonnes, representing a 5% increase over the previous quarter and an increase of 27% when compared to the third quarter of 2008.
The Company's development programs resulted in 6,597 metres of underground development globally over all mines, which represented an increase of 34% when compared to the 4,919 metres of underground development completed in the previous quarter. The diamond drill programs underway are for the purpose of assisting in mining activities only, and consisted of 498 meters of definition drilling in the quarter compared to 363 metres of drilling in the previous quarter, all of which was at the San Martin mine.
Keith Neumeyer, CEO & President stated; "our operations team deserves to be congratulated for delivering a solid quarter. Even though our focus continues to be on the completion of the large construction project at La Encantada, this quarter's results are an excellent accomplishment. It should be further noted, that even though commissioning of our new 3500 tpd plant commenced in the third quarter, no production in this quarter was attributed to this expansion as first revenues won't be recognized until the fourth quarter".
First Majestic is a producing silver company focused in Mexico and is aggressively pursuing its business plan to become a senior silver producer through the development of its existing assets and the pursuit through acquisition of additional assets that contribute to achieving its corporate growth objectives.
First Majestic Silver Corp. (the "Company") (TSX:FR - News)(OTCQX: FRMSF)(Frankfurt:FMV - News)(WKN: A0LHKJ) is pleased to announce that the Company's new 3,500 tpd Cyanidation Plant at its La Encantada Silver Mine in Coahuila, Mexico is in the final stages of construction and the commissioning process commenced in last week of August.
The completion of this new world-class cyanidation plant will have a significant impact on the Company's production growth going forward. The first deliveries of silver precipitates are expected by mid November. Full production, at an annualized rate of over 4 million ounces of silver dore bars is expected to be achieved by year end.
All major components of this new mill have either been constructed and / or installed with only some final wiring and piping required for completion. Testing of the major components and equipment have been ongoing for the past few weeks.
The mill input plan during the coming weeks is as follows: initial production reaching 1000 tpd by the end of October, ramping up to 2000 tpd by the end of November, and full production at the rate of 3500 tpd anticipated by the end of December.
The Company will hold the official inauguration on November 19, 2009. Over 300 people are expected to attend the inaugural ceremonies, including; state and federal government officials, business partners, shareholders, analysts and brokers.
Keith Neumeyer, CEO & President stated; "As the completion of construction draws near and the testing and commissioning process continues, another major milestone for First Majestic is approaching. This state of the art, large scale operation has been constructed during a very difficult economic environment and under a very tight timeline. Congratulations should go out to all our management, staff and construction crew for their perseverance, resolve and commitment. Our attention is now turning to the production and shipment of the first precipitates for dore production, and reaching the full operating capacity of the plant."
Ramon Davila, COO commented, "This plant has been constructed using the best design elements, and using state of the art equipment. When full production rates for this plant have been reached, our achievements will definitely be noticed in the mining and investment communities. These are exciting times for First Majestic; particularly for our construction crew, management and staff."
First Majestic is a producing silver company focused in Mexico and is aggressively pursuing its business plan to become a senior silver producer through the development of its existing assets and the pursuit through acquisition of additional assets that contribute to achieving its significant corporate growth objectives.
FIRST MAJESTIC SILVER CORP.
Keith Neumeyergemäß § 34 WpHG darf der Autor zu jederzeit Short- oder Long-Positionen in der/den behandelte(n) Aktie(n) halten.
Nov 12, 2009 09:02 ETFirst Majestic Silver Corp.: Record Third Quarter Financial Results
VANCOUVER, BRITISH COLUMBIA--(Marketwire - Nov. 12, 2009) - FIRST MAJESTIC SILVER CORP. (the "Company") (TSX:FR)(OTCQX:FRMSF)(FRANKFURT:FMV)(WKN:A0LHKJ) is pleased to announce the unaudited financial results for the Company's third quarter ending September 30, 2009. The full version of the financial statements and the management discussion and analysis can be viewed on the Company's web site at www.firstmajestic.com or on SEDAR at www.sedar.com.
3rdQuarter Highlights ($CAD)
Gross Revenue $16.8 million
Net Revenue $13.7 million
Mine Operating Earnings $4.1 million
Net Income after taxes $1.8 million
Direct Cash Costs per ounce US$5.56
Silver Equivalent Production 1,089,481 oz. Ag eq.
Silver Equivalent Oz. Sold 1,018,417 oz. Ag eq.
Average Revenue per Ounce Sold $16.54 (US$ 15.07)
FINANCIAL PERFORMANCE AND HIGHLIGHTS
Mine operating earnings increased 141% from $1.7 million to $4.1 million due to operational efficiencies, higher production and higher metals prices in the third quarter.
Consolidated gross revenue for the third quarter ended September 30, 2009, increased 22% to $16.8 million (US$15.4 million) compared to $13.9 million (US$13.3 million) in the third quarter of 2008, and increased 6% compared to $15.8 million (US$13.5 million) in the second quarter of 2009.
The Company generated net income of $1.8 million or $0.02 per common share for the quarter ended September 30, 2009 compared to a net loss of $0.4 million or $(0.01) per common share for the quarter ended September 30, 2008, and a net income of $1.0 million or $0.01 per common share for the second quarter ended June 30, 2009. The net income for this quarter was after recording non-cash stock-based compensation expense of $0.5 million, a foreign exchange loss of $0.4 million, and an income tax recovery of $0.6 million.
Direct cash costs per ounce of silver for the quarter ended September 30, 2009, decreased 27% to US$5.56 per ounce of silver, compared to US$7.65 per ounce of silver for the quarter ended September 30, 2008. During the quarter ended September 30, 2009, the Company's operations achieved operational efficiencies including reductions in production costs per tonne and cash costs per ounce. Direct cash costs for the quarter ended June 30, 2009 and the nine months ended September 30, 2009, were US$6.31 per ounce and US$5.58 per ounce, respectively.
Total production for the quarter ended September 30, 2009, was up 30% to 1,089,481 ounces of silver equivalents, consisting of 935,996 ounces of silver, 732 ounces of gold, 1,690,354 pounds of lead and 8,913 pounds of zinc, when compared to 840,918 ounces of silver equivalents produced in the quarter ended September 30, 2008, consisting of 719,399 ounces of silver, 536 ounces of gold and 1,518,271 pounds of lead. Total production for quarter was up 14% when compared to the second quarter ended June 30, 2009, which consisted of 957,936 ounces of silver equivalents which included 827,720 ounces of silver, 746 ounces of gold and 1,493,162 pounds of lead.
In the third quarter ended September 30, 2009, the Company sold 1,018,417 silver equivalent ounces including 38,088 ounces of coins, ingots and bullion, with a combined average price of $16.54 (US$15.07) per ounce compared to 850,461 equivalent ounces of silver (with no coin sales) in the quarter ended September 30, 2008 at an average price of $16.29 (US$15.64) per ounce and 1,073,129 equivalent ounces, with 103,867 ounces of coins, ingots and bullion (none in 2008), at a combined average price of $14.70 per ounce (US$12.60) in the second quarter ended June 30, 2009. The LBMA average spot price of silver in the third quarter of 2009 was US$14.69 per ounce compared to US$15.09 per ounce in the third quarter of 2008, and US$13.76 per ounce in the second quarter ended June 30, 2009.
Sales revenue (after smelting and refining charges and metals deductions) for the quarter ended September 30, 2009 was $13.7 million, an increase of 27% compared to $10.8 million for the quarter ended September 30, 2008. Smelting and refining charges and metal deductions decreased to 19% of gross revenue in the third quarter ended September 30, 2009 compared to 22% in the third quarter ended September 30, 2008 but increased slightly from 17% of gross revenue in the second quarter ended June 30, 2009. Average smelting charges for dore in the quarter ended September 30, 2009 were US$0.54 per equivalent silver ounce whereas for concentrates average smelting charges were US$4.34 per equivalent ounce.
The Company had operating income of $1.9 million for the third quarter ended September 30, 2009 compared to an operating loss of $0.8 million for the quarter ended September 30, 2008, an increase of $2.8 million or 329%. The operating loss for the second quarter ended June 30, 2009 was $1.2 million.
During the third quarter of 2009, the commissioning process of the new La Encantada plant was initiated and is expected to conclude during the fourth quarter. Once completed, this new plant will have a capacity of 3,500 tpd and is expected to produce more than four million ounces of silver annually in the form of dore.
During the quarter ended September 30, 2009, the Company invested $4.1 million in its mineral properties, including $1.7 million in Mineral La Encantada, $1.8 million in La Parrilla and $0.6 million in San Martin, and a further $6.9 million in additions to plant and equipment on a cash basis. This compares to $11.3 million invested in its mineral properties, and a further $8.5 million in additions to plant and equipment in the quarter ended September 30, 2008. $3.2 million was invested in mineral properties, and a further $5.9 million in additions to plant and equipment in the second quarter ended June 30, 2009.
In August and September 2009, the Company completed non-brokered private placements consisting of an aggregate of 4,167,478 units at a price of $2.30 per unit for net proceeds to the Company of $9,440,069. Each unit consisted of one common share and one-half of one common share purchase warrant, with each full warrant entitling the holder to purchase one additional common share of the Company at an exercise price of $3.30 per share for a period of two years after closing. Finder's fee in the amount of $101,016 and 50,000 warrants were paid in respect to a portion of these private placements. The finder's warrants are exercisable at a price of $3.30 per share and expire on August 20, 2011. The net proceeds of the offering are being used for general working capital purposes.
During the third quarter of 2009, the Company reduced current liabilities by $19.1 million by: (1) derecognizing $14.3 million pursuant to a consent order with respect to the vendor liability and interest relating to the acquisition of First Silver (the consent order requires that the $14.3 million be held in trust pending the outcome of litigation); (2) settling certain current liabilities amounting to $2.7 million by the issuance of 1,191,852 common shares of the Company; and (3) through a $2.1 million reduction of accounts payable and accrued liabilities from cash flow.
In August 2009, the Company entered into an agreement for a six-month pre-payment facility for advances on the sale of lead in its concentrate production. Under the terms of the agreement, US$1.5 million was advanced against the Company's lead production from the La Parrilla Silver Mine for a period of six months. Interest accrues at an annualized floating rate of one-month LIBOR plus 5%. Interest is payable monthly and the principal amount is repayable based on the volume of lead concentrate shipped with minimum monthly instalments of US$250,000 required.
In September 2009, First Majestic agreed to acquire Normabec Mining Resources Ltd. ("Normabec"). The acquisition will be an all-share transaction by way of plan of arrangement (the "Arrangement"). The agreement provides that First Majestic will acquire Normabec in exchange for the issuance directly to Normabec's shareholders of 0.060425 First Majestic shares for each Normabec common share outstanding. Normabec's primary asset is the Real de Catorce Silver Project which is located in the northern portion of San Luis Potosi state, Mexico. The proposed Arrangement has already received shareholder approval, regulatory and court approvals, and is expected to close on November 13, 2009.
In October 2009, the Company entered into an agreement with the Mexican Mining Development Trust - Fideicomiso de Fomento Minero (also known as FIFOMI) for a capital asset loan and a working capital loan, with both facilities totalling $53.8 million Mexican pesos (CAD$4.3 million). The funds from these loans will contribute to the completion of the 3,500 tpd cyanidation plant at the La Encantada Silver Mine and for working capital necessary for the commissioning of the new plant.
In Summary
First Majestic has had a very active quarter of operations with a significant improvement in cash flow from operations related to lower costs of operations combined with higher production and increased revenues from silver sales. The Company is now commissioning the new La Encantada plant which will increase daily production significantly, taking the Company from current levels to approximately 6.3 million ounces in 2010. The Inaugural Ceremony at the La Encantada Silver Mine is being held on November 19, 2009.
The Company has also been focused on completing the acquisition of Normabec thereby adding another valuable asset to the Company's portfolio, the Real de Catorce Silver Project which management expects will ultimately become a producing mine in the future.
In the third quarter the Company has also strengthened its balance sheet with a $9.4 million private placement, a $4.3 million development loan, and a $2.7 million settlement of current liabilities and a further reduction of accounts payable of $2.1 million. With the completion of the capital investment at the La Encantada Silver Mine, the focus of the Company is now on generating cash flow from operations to further bolster our balance sheet.
First Majestic is a producing silver company focused in Mexico and is aggressively pursuing its business plan to become a senior silver producer through the development of its existing assets and the pursuit through acquisition of additional assets that contribute to achieving its corporate growth objectives.
FIRST MAJESTIC SILVER CORP.
Keith Neumeyer, President & CEO
This press release includes certain "Forward-Looking Statements" within the meaning of section 21E of the United States Securities Exchange Act of 1934, as amended. All statements, other than statements of historical fact, included herein, including without limitation, statements regarding potential mineralization and reserves, exploration results and future plans and objectives of First Majestic Silver Corp. are forward-looking statements that involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements.
First Majestic Silver Corp.: Year End & Fourth Quarter Financial Results
VANCOUVER, BRITISH COLUMBIA--(Marketwire - March 22, 2010) - FIRST MAJESTIC SILVER CORP. (TSX:FR)(OTCQX:FRMSF)(FRANKFURT:FMV)(WKN:A0LHKJ) (the "Company") is pleased to announce the audited financial results for the Company's year ending December 31, 2009 and its fourth quarter ending December 31, 2009. The full version of the financial statements and the management discussion and analysis can be viewed on the Company's web site at www.firstmajestic.com or on SEDAR at www.sedar.com.
Year End Highlights
Gross Revenue CDN$71.5 million
Net Revenue CDN$59.5 million
Mine Operating Earnings CDN$18.5 million
Net Income after taxes CDN$6.3 million
Earnings Per Share (EPS) CDN$0.08
Silver Equivalent Production 4,337,103 oz. Ag eq.
Silver Equivalent Oz. Sold 4,233,703 oz. Ag eq.
Direct Cash Costs per ounce US$5.61
Cash Costs per Ounce (all in) US$8.49
Average Gross Revenue per Ounce Sold CDN$16.89 (US$ 14.79)
Fourth Quarter Highlights
Gross Revenue CDN$21.4 million
Net Revenue CDN$18.4 million
Mine Operating Earnings CDN$8.1 million
Net Income after taxes CDN$2.5 million
Earnings Per Share (EPS) CDN$0.03
Silver Equivalent Production 1,249,568 oz. Ag eq.
Silver Equivalent Oz. Sold 1,145,562 oz. Ag eq.
Direct Cash Costs per ounce US$5.69
Average Gross Revenue per Ounce Sold CDN$18.71(US$ 17.72)
2009 ANNUAL AND Q4 FINANCIAL PERFORMANCE AND HIGHLIGHTS
Consolidated gross revenue (prior to smelting, refining and metal deductions) for the year ended 2009 was $71.5 million compared to $56.1 million in 2008, an increase of $15.4 million or 27.5%.
Consolidated gross revenue (prior to smelting, refining and metal deductions) for the quarter ended December 31, 2009 (Q4) was $21,436,456 compared to $11,712,165 for the quarter ended December 31, 2008 for an increase of $9,724,291, or 83%. The improvement in revenues in the fourth quarter of 2009 is attributable to a 38% increase in equivalent silver ounces sold and a 32% increase in the average gross revenue per ounce realized. These improvements resulted in net revenue for the fourth quarter increasing from $9,106,605 in 2008 to $18,374,117 in 2009, an increase of 102%.
In 2009 the Company shipped (sold) 4,233,703 ounces of silver equivalent at an average price of $16.89 per ounce (US$14.79) compared to 3,590,202 ounces in 2008 at an average price of $15.63 per ounce (US$14.66), representing an increase of 18% in shipments. The average COMEX trading price of silver in 2009 was US$14.68 per ounce.
Total production for 2009 was 4,337,103 ounces of silver equivalents consisting of 3,797,520 ounces of silver, 2,670 ounces of gold, 6,587,074 pounds of lead and 8,913 pounds of zinc. This compares to the 4,229,998 ounces of silver equivalents produced in 2008, which consisted of 3,654,698 ounces of silver, 1,661 ounces of gold, 7,457,707 pounds of lead and 425,710 pounds of zinc.
Net sales revenue (after smelting and refining charges and metals deductions) for 2009 was $59.5 million, an increase of 34.3% compared to $44.3 million for 2008. Smelting and refining charges and metal deductions decreased to 17% of gross revenue in 2009 compared to 21% of gross revenue in 2008. Average smelting charges for dore in 2009 were US$0.48 per equivalent silver ounce whereas for concentrates charges were US$3.96 per equivalent silver ounce.
The Company generated net income for 2009 of $6.3 million, or earnings per common share (EPS) of $0.08 compared to a net loss in 2008 of $5.1 million or a loss per common share of ($0.07). Net income for 2009 was after deducting non-cash stock-based compensation expense of $3.3 million, a write-down of mineral properties of $2.6 million, a write-down of marketable securities of $0.4 million and an income tax recovery of $3.2 million. Neglecting the effect of write-downs, earnings per share in 2009 would have been $0.11 per share.
Net income for the quarter ended December 31, 2009 was $2,492,488 or $0.03 per common share compared to a net loss of $5,538,906 or ($0.08) per common share in the quarter ended December 31, 2008, for an increase of $8,031,394.
Direct cash costs per ounce of silver for 2009 decreased to US$5.61 per ounce of silver, compared to US$5.87 per ounce of silver for 2008. During 2009, the Company's operations achieved operational efficiencies resulting in reductions in production costs per tonne and cash costs per ounce.
Direct cash costs per ounce of silver for Q4 of 2009 decreased to US$5.69 per ounce of silver, compared to US$6.37 per ounce of silver for Q4 of 2008.
Mine operating earnings for 2009 increased by 146% to $18.5 million, an increase of $11.0 million, compared to mine operating earnings of $7.5 million for 2008, due to an increase in sales volume from 3.6 million ounces of silver equivalent in 2008 to 4.2 million ounces in 2009, combined with an increase in sales revenue per ounce from $15.63 (US$14.66) in 2008 to $16.89 (US$14.79) in 2009.
Mine operating earnings increased by 818% to $8,092,993 for the quarter ended December 31, 2009 from a mine operating loss of $1,126,697 for the same quarter in the prior year. This was primarily due to the increase in net revenue.
The Company had operating income of $4.5 million for 2009 compared to an operating loss of $3.7 million for 2008, an increase of $8.2 million or 220%.
Operating income increased by $5,758,869 or 152% to $1,971,450 for the quarter ended December 31, 2009, from an operating loss of $3,787,419 for the quarter ended December 31, 2008, due to the increase in mine operating earnings.
During the fourth quarter of 2009, the new cyanidation plant at the La Encantada Silver Mine was commissioned and the ramp up process commenced. By the beginning of the second quarter of 2010, this new plant is expected to achieve commercial production, reaching full capacity of 3,500 tonnes-per-day and producing at an annualized rate of over four million ounces in Q2 of 2010. Total capitalized construction in progress at La Encantada at December 31, 2009 consisted of $31.3 million (US$29.8 million) with a further $2.9 million (US$2.7 million) advanced to contractors for equipment.
During the year ended December 31, 2009, the Company raised a total of $35.3 million through a combination of debt and equity. New funds consisted of $29.4 million from equity issuances, $4.3 million from a Mexican government sponsored development loan, as well as $1.6 million from the pre-sale of lead concentrates from the La Parrilla mine. This compares to $41.6 million raised in the year ended December 31, 2008.
During the year ended December 31, 2009, the Company invested $14.0 million in its mineral properties and a further $19.4 million in additions to plant and equipment on a cash basis. This compares to $24.5 million invested in its mineral properties and a further $14.9 million in additions to plant and equipment in the year ended December 31, 2008.
During 2009, the Company reduced current liabilities by $19.6 million. This was achieved by (i) placing $14.3 million in a lawyers trust pending the outcome of the Company's action against a previous majority owner of First Silver, (ii) settling certain other current liabilities amounting to $2.7 million by the issuance of 1,191,852 common shares, and (iii) through additional reductions of accounts payable and accrued liabilities by $2.6 million.
In November 2009, First Majestic acquired Normabec Mining Resources Ltd. ("Normabec") in an all-share transaction by way of plan of arrangement (the "Arrangement"). First Majestic acquired Normabec in exchange for the issuance directly to Normabec's shareholders of 0.060425 First Majestic shares and 0.25 shares of Brionor Resources Inc., a newly formed entity, for each Normabec common share outstanding. Normabec's primary asset is the Real de Catorce Silver Project which is located in the northern portion of San Luis Potosi State, Mexico. The results of operations of Normabec were consolidated into the operations of the Company effective November 14, 2009.
In Summary
First Majestic's year ended on a very positive note, with the fourth quarter results being the strongest in the Company's history. It is noteworthy that the strong results in 2009 can be primarily credited to the La Parrilla and San Martin operations as the La Encantada expansion project was commissioned in November and had not delivered significant production increases to year end.
Management is confident that 2010 will be an even better year financially for the Company, due to increases in production and profitability expected from the new 3,500 tpd cyanidation mill at La Encantada which is in the ramp up stage and is expected to reach full production in Q2.
First Majestic is a producing silver company focused in Mexico and is aggressively pursuing its business plan to become a senior silver producer through the development of its existing assets and the pursuit through acquisition of additional assets that contribute to achieving its corporate growth objectives.
FIRST MAJESTIC SILVER CORP.
Keith Neumeyer, President & CEO
This press release includes certain "Forward-Looking Statements" within the meaning of section 21E of the United States Securities Exchange Act of 1934, as amended. All statements, other than statements of historical fact, included herein, including without limitation, statements regarding potential mineralization and reserves, exploration results and future plans and objectives of First Majestic Silver Corp. are forward-looking statements that involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements.
For more information, please contact
First Majestic Silver Corp.
Keith Neumeyer
President & CEO
(604) 688-3033 or Toll Free: 1-866-529-2807
(604) 639-8873 (FAX) info@firstmajestic.com www.firstmajestic.com
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First Majestic Silver Corp.: New Record for Silver Production; Produces 1,538,798 oz Silver
VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 07/08/10 -- First Majestic Silver Corp. (TSX: FR)(OTCQX: FRMSF)(PINK SHEETS: FRMSF)(FRANKFURT: FMV)(WKN: A0LHKJ) -
Highlights
-- Silver production increases by 9% to a quarterly record of 1,538,798
ounces
-- Silver ounces amount to 93% of total equivalent silver production of
1,651,411 ounces
-- Total processed ore in the quarter increased by 20% to a record 404,349
tonnes
First Majestic Silver Corp. ("First Majestic" or the "Company") is pleased to announce that production in the second quarter ending June 30, 2010 increased to a new company record of 1,651,411 equivalent ounces of silver representing a 2% increase over the previous quarter and a 72% increase over the second quarter of 2009.
The total equivalent silver production for the quarter consisted of 1,538,798 ounces of silver, representing a 9% increase from the previous quarter, 1,494,532 pounds of lead representing a 41% decrease from the previous quarter, and 541 ounces of gold representing a decrease of 37% compared to the previous quarter. Total silver production from operations have increased by 86% when compared with the second quarter of 2009.
The total ore processed during the quarter at the Company's three operating silver mines, the La Encantada Silver Mine, the La Parrilla Silver Mine and the San Martin Silver Mine, amounted to a new record 404,349 tonnes milled in the quarter representing a 20% increase over the previous quarter.
Productions Details Table:
---------------------------------------------------------------------------
% Change
Quarter Ended Quarter Ended -----------
June 30, 2010 March 31, 2010 +/-
---------------------------------------------------------------------------
Total Silver ounces produced 1,538,798 1,409,825 9%
---------------------------------------------------------------------------
Total Equivalent silver ounces
produced 1,651,411 1,619,403 2%
---------------------------------------------------------------------------
Total Ore processed/tonnes
milled 404,349 337,110 20%
---------------------------------------------------------------------------
Total Pounds of lead produced 1,494,532 2,542,071 -41%
---------------------------------------------------------------------------
Total Gold ounces produced 541 857 -37%
---------------------------------------------------------------------------
Other Developments
The Company's underground development in the second quarter consisted of 5,063 metres, compared to 5,100 metres completed in the previous quarter. There was 3,090 meters of diamond drilling completed in the quarter which consisted of definition drilling to assist in mining activity, resource upgrading and exploration at the Company's three mines.
At the La Encantada Silver Mine:
-- The new 3,500 tpd cyanidation mill achieved commercial production
effective April 1, 2010. Starting this quarter, all revenues and
associated operating costs will be treated as commercial production
rather than being capitalized, as was the case in the first quarter.
-- Average throughput in the new cyanidation plant averaged 2,908 tpd in
the second quarter.
-- With the cyanidation plant operating at close to capacity a decision was
made to suspend production of lead concentrate through the flotation
circuit and focus on silver Dore production only, thereby dramatically
reducing smelting and refining costs.
-- As throughput reaches capacity in the third quarter and other
efficiencies are achieved, higher production levels are anticipated.
At the La Parrilla Silver Mine:
-- The completion of a new three kilometre ramp at the Quebradillas mining
area in the first quarter is now having a positive impact on current
production levels.
-- Due to a large high grade ore body that was discovered in 2006, this
large sulphide area will allow for the eventual expansion of the La
Parrilla mill which is now in the planning stages.
-- This mill expansion will allow for the production of zinc concentrates
in addition to the lead concentrate and Dore bars currently being
produced.
At the San Martin Mine:
-- The 2010 drilling exploration program from surface commenced in the
second quarter. The La Esperanza vein which was discovered and sampled
in mid 2009 and runs parallel to the main Zuloaga vein returned high
anomalous values of silver on surface and is a high priority target for
San Martin.
Mr. Keith Neumeyer, President and CEO had the following to say about the recent production results: "First Majestic continues to break new records and we are extremely pleased with the second quarter results. Our operational team continues to demonstrate that they are committed to increasing efficiencies to achieve our production goal of 6.35 million silver equivalent ounces in 2010."
Ramon Davila, Ing., Chief Operating Officer for First Majestic, is the Qualified Person who reviewed this news release and oversaw the mining operations.
First Majestic is a producing silver company focused in Mexico and is aggressively pursuing its business plan to become a senior silver producer through the development of its existing assets and the pursuit through acquisition of additional assets that contribute to achieving its corporate growth objectives.
FIRST MAJESTIC SILVER CORP.
Keith Neumeyer, President&CEOGemäß § 34 WpHG darf der Autor jederzeit Short- oder Long-Positionen in der/den behandelte(n) Aktie(n) halten.
Habe Mut, Dich Deines eigenen Verstandes zu bedienen!
Tue Nov 9, 2010 Another Record Quarter of Earnings and Cash Flows
--------------------------------------------------------------------------------
FIRST MAJESTIC SILVER CORP. (FR-T) (the "Company" or "First Majestic") is pleased to announce the unaudited financial results for the Company's third quarter ending September 30, 2010. The full version of the financial statements and the management's discussion and analysis can be viewed on the Company's web site at www.firstmajestic.com or on SEDAR at www.sedar.com.
Third Quarter 2010 Highlights ($CAD) Change from Q3-2009
Gross Revenue $36.1 million Up 114%
Net Revenue $33.5 million Up 144%
Mine Operating Earnings $16.9 million Up 307%
Net Income after Taxes $10.3 million Up 458%
Cash Flow Per Share (non-GAAP measure) $0.17 per share Up 279%
Earnings Per Share – basic $0.11 per share Up 450%
Silver Ounces Produced (excluding equivalent ounces of gold and lead) 1,823,370 ounces Ag Up 95%
Silver Equivalent Production 1,920,498 eq. oz. Up 76%
Silver Equivalent Ounces Sold 1,869,393 eq. oz. Up 84%
Total Cash Costs per Ounce US$ 7.42 Down 14%
Direct Cash Costs per Ounce US$ 5.79 Up 4%
Average Revenue per Ounce sold US$ 18.57 Up 23%
Cash and Cash Equivalents (as at Sept 30 th) $25.5 million Up $19.6 million
Results of Operations
Consolidated gross revenue (prior to smelting & refining charges, and metal deductions) for the quarter ended September 30, 2010 increased 114% to $36.1 million (US$34.7 million) compared to $16.8 million (US$15.4 million) for the quarter ended September 30, 2009, for an increase of $19.2 million. Compared to the second quarter ended June 30, 2010, consolidated gross revenue increased by $4.3 million or 13%. The increase in revenues in the third quarter of 2010 is primarily attributable to a 15% increase in silver ounces sold compared to the previous quarter. The increase in ounces sold is due to increased production from the plant at the La Encantada Silver Mine as well as from improving operating levels at the La Parrilla Silver Mine which combined to contribute a 95% increase in silver production when compared to the third quarter of 2009.
Net sales revenue (after smelting and refining charges and metals deductions) for the quarter ended September 30, 2010 was $33.5 million, an increase of 144% compared to $13.7 million for the third quarter of 2009. Net sales revenue for the quarter ended September 30, 2010 increased by 16% compared to $29.0 million in the second quarter of 2010. Smelting and refining charges and metal deductions decreased to 7% of gross revenue in the third quarter of 2010 compared to 19%of gross revenue in the third quarter of 2009, due to a shift in the production mix toward silver doré which is a benefit from the new cyanidation plant at La Encantada. Average smelting charges for doré in the third quarter of 2010 were US$0.39 per silver ounce as compared to US$3.84 per silver ounce for concentrates.
Net income after taxes was $10.3 million in the third quarter of 2010 resulting in basic earnings per common share ("EPS") of $0.11, compared to a net income in the third quarter of 2009 of $1.8 million or an EPS of $0.02. Net income for the third quarter of 2010 was after taking a non-cash future income tax provision of $3.5 million or $0.04 per share and a foreign exchange loss (due to a stronger Peso) which increased by $1.0 million or $0.01 per share over the previous quarter, when net income after taxes was $8.9 million and basic EPS was $0.10.
Mine operating earnings for the third quarter of 2010 increased by 307% to $16.9 million, compared to mine operating earnings of $4.1 million for the third quarter of 2009, and are associated with an increase in net revenue during the third quarter of 2010. When compared to the second quarter of 2010, mine operating earnings increased by 29% from $13.1 million to $16.9 million.
Operating income increased by 617%, or $11.8 million, to $13.8 million for the quarter ended September 30, 2010, from $1.9 million for the quarter ended September 30, 2009, due to the 84% increase in ounces sold and the 23% increase in average US$ revenue per ounce of silver sold. When compared to the second quarter of 2010, operating income increased by 38% from $10.0 million to $13.8 million.
Production of silver, excluding any equivalents from gold, lead or zinc, increased 95% compared to the third quarter of 2009. The Company produced 1,823,370 ounces of silver in the current quarter, 1,538,798 ounces of silver in prior quarter and 935,996 ounces in the third quarter of 2009. In the current quarter, 95% of First Majestic's revenue resulted from the sale of pure silver making it the purest silver producer relative to its peers.
Total silver equivalents production for the third quarter of 2010 increased 76% from the same quarter of the prior year and 16% from the prior quarter to 1,920,498 ounces of silver equivalents consisting of 1,823,370 ounces of silver, 323 ounces of gold, 1,248,086 pounds of lead and 228,517 pounds of zinc. This compares to the 1,089,481 ounces of silver equivalents produced in the third quarter of 2009, which consisted of 935,996 ounces of silver, 732 ounces of gold, 1,690,354 pounds of lead, and 8,913 pounds of zinc and compares with production in the previous quarter of 1,656,165 ounces of silver equivalents consisting of 1,538,798 ounces of silver, 541 ounces of gold and 1,494,548 pounds of lead.
In the third quarter of 2010, the Company sold 1,869,393 ounces of silver equivalent at an average price of $19.30 per ounce (US$18.57) compared to 1,018,417 ounces in the third quarter of 2009 at an average price of $16.54 per ounce (US$15.07), representing an increase of 84% in shipments over the same quarter in 2009 and a 15% increase over the preceding quarter. The average trading price for silver in the third quarter was US$18.96.
The new La Encantada cyanidation plant achieved average throughput of 3,477 tonnes per day in the third quarter compared to 2,900 tonnes per day in the second quarter. The La Encantada plant produces silver doré bars which are 93-97% silver with small amounts of lead, gold and other metals making up the balance of the contents in these bars. The economic differences between doré and concentrate production are significant and are beginning to reflect in improved financial numbers. The economics of switching from concentrate production to doré production resulted in a 56% savings of smelting and refining costs per silver ounce for consolidated operations in the third quarter of 2010 compared to the third quarter of 2009.
Total cash costs per ounce (including smelting, refining, metal deductions, transportation and other selling costs, and byproduct credits, which is a non-GAAP measure) for the third quarter of 2010 was US$7.42 per ounce of silver compared to US$8.64 per ounce of silver in the third quarter of 2009 and US$8.20 per ounce in the second quarter of 2010. The cost decrease was attributed to reduced smelting & refining costs (US$1.34 per ounce this quarter versus US$3.08 per ounce for the same quarter last year) related to the converting the production at La Encantada plant to doré production instead of concentrate production.
On a year to date basis, the Company's cash position has increased by $19.6 million to $25.5 million at the end of the third quarter, and working capital increased by $19.3 million to $24.1 million over the same period. The Company achieved these increases while also investing $11.6 million in plant and equipment and $10.0 million in its mineral properties. In addition, in September and October the Company repaid in advance 100% of the $4.1 million balance of the FIFOMI loans outstanding leaving the Company debt free, excluding the small prepayment facility and capital leases.
First Majestic Silver Corp. is pleased to announce the expansion of its 100% owned La Parrilla Silver Mine, located in Durango, Mexico has commenced. The extremely successful completion of the expansion of the Company’s La Encantada Silver Mine has allowed management to focus its efforts on the Company’s next major expansion project with ground breaking that started on December 1st, 2010.
During the past three years the La Parrilla mine has undergone extensive development to prepare the mine for higher production levels. During the past six months this expansion plan has been assessed and defined to optimize the La Parrilla operation into the future. Once this construction project is completed, the La Parrilla mine will be operating at twice current levels. This expansion will result in the mill capacity reaching 1,600 tpd from the current 850 tpd and will effectively double the current output of the La Parrilla operation from approximately 1.5 million ounces to 3.0 million ounces of silver equivalent annually.
The following activities have been achieved to date:
· Engineering and design work has been completed for the expansion of the processing plant including a new and larger crushing area, the addition of a third ball mill and the increase of capacity of both the flotation and cyanidation circuits. Each circuit’s capacity is currently 425 tpd and once the expansion is completed, each circuit will continue to run in parallel but at the higher rate of 800 tpd for a total capacity of 1,600 tpd.
· Engineering plans for the Rosarios/La Rosa, San Marcos, Quebradillas and Vacas mines have been defined and scheduled, including the planning of development and preparation of required production areas, planning and scheduling the construction of a new production shaft for the Rosarios mine, and all other required mine infrastructure to achieve the expanded production levels.
· All final documentation required for the Environmental Impact Statement and the ‘Change of use of Land’ have been submitted to the SEMARNAT (the government environmental authorities) office in Durango, with final approvals expected prior to year end.
Timelines for the Construction Project:
· Land clearing and preparation activities commenced on December 1st, 2010
· Construction of the new crushing area will begin in January 2011. A new third ball mill has already been purchased and is on site and is expected to be ready for installation by June 2011.
· The expansion of the flotation circuit is planned for completion by the end of July 2011. This new circuit will produce both a lead and zinc concentrate. A full year of production at 800 tpd is expected to produce 5,673,096 pounds of lead and 5,236,704 pounds of zinc. In flotation, the silver will report to the lead concentrate which is expected to contain 1,429,991 ounces of silver annually.
· The expansion of the cyanidation circuit will follow in the second half of 2011 with the replacement and expansion of eight leach tanks and the construction of four additional leach tanks. Several new technologies will also be utilized; similar to those adopted in the Company’s recently completed La Encantada operation. These items will include; new clarification filters, new induction furnaces and new filter presses for the tailings in order to recover and re-use solution and to save on water consumption. In addition, the plan includes new systems for automation of feeding processes for chemicals and reagents.
· Inauguration of this newly expanded cyanidation circuit is expected to take place early in the first quarter of 2012. Once completed, this larger 800 tpd cyanidation circuit will produce an additional 899,792 ounces of silver in the form of silver Doré bars annually.
The total capital budget for this expansion is US$27.3 million, consisting of: US$17.5 million for plant equipment and construction costs; US$2.8 million for additions to the underground fleet; US$8.1 million for underground mine development and US$4.0 million for infrastructure including a new power line and substation. All required capital for this expansion project will be funded internally from cash flows.
The internal rate of return (IRR) on this investment is expected to be 126% considering a price of silver of US$20.00 per ounce and lead and zinc prices of US$1.00 per pound.
Once in full operation at the newly expanded rate of 1,600 tpd, the La Parrilla Silver Mine will produce 3.0 million silver equivalent ounces annually consisting of 2.3 million ounces silver and 0.7 million ounces of silver equivalents in the form of lead and zinc. The expected Total Cash Costs are anticipated to be US$5.50 per ounce of silver.
First Majestic is a producing silver company focused in Mexico and is aggressively pursuing its business plan to become a senior silver producer through the development of its existing assets and the pursuit through acquisition of additional assets that contribute to achieving its corporate growth objectives.
FOR FURTHER INFORMATION contact info@firstmajestic.com, visit our website at www.firstmajestic.com or call our toll free number 1.866.529.2807.gemäß § 34 WpHG darf der Autor zu jederzeit Short- oder Long-Positionen in der/den behandelte(n) Aktie(n) halten.
First Majestic to List on the New York Stock Exchange
VANCOUVER, BRITISH COLUMBIA--(Marketwire - Dec. 13, 2010) - First Majestic Silver Corp. (TSX:FR)(NYSE:AG)(OTCQX:FRMSF)(FRANKFURT:FMV)(WKN:A0LHKJ) (the "Company" or "First Majestic") is pleased to announce that its common shares have been authorized for listing on the New York Stock Exchange ("NYSE"). The Company expects the shares to begin trading on the NYSE on December 15, 2010 under the trading symbol "AG". The Company will retain its primary listing on the Toronto Stock Exchange under the trading symbol "FR".
"We're pleased to welcome First Majestic Silver Corp., a leading Canadian miner, to the NYSE," said Scott Cutler, EVP and Co-Head of U.S. Listings and Cash Execution, NYSE Euronext. "First Majestic is a welcome extension to our fast-growing roster of Canadian mining companies. The Company and its shareholders will benefit from the deep liquidity and global visibility offered to Canadian companies cross-listed on the NYSE."
"First Majestic's increased exposure from this upcoming NYSE listing is a result of management's continued focus to bring additional value to our broadening shareholder base," said Keith Neumeyer, President and CEO of the Company. "We look forward to introducing First Majestic to a wider audience of investors as our profile is expanded internationally."
First Majestic is a producing silver company focused in Mexico and is aggressively pursuing its business plan to become a senior silver producer through the development of its existing assets and the pursuit through acquisition of additional assets that contribute to achieving its corporate growth objectives.
FIRST MAJESTIC SILVER CORP.
Keith Neumeyer, President & CEOgemäß § 34 WpHG darf der Autor zu jederzeit Short- oder Long-Positionen in der/den behandelte(n) Aktie(n) halten.
FIRST MAJESTIC SILVER CORP.: 2010 AUDITED FINANCIAL RESULTS SHOW RECORD EARNINGS & CASH FLOWS; A BREAKOUT YEAR FOR FIRST MAJESTIC
First Majestic Silver Corp. has provided the audited consolidated financial results for the company for the year ending and fourth quarter ending Dec. 31, 2010. The full version of the financial statements and the management discussion and analysis can be viewed on the company's website on SEDAR and on EDGAR.
2010 highlights
Cash flow per share (non-GAAP (generally accepted accounting principles)) of 62 cents per share representing a 676-per-cent increase from 2009;
Earnings per share (basic) amounted to 39 cents representing a 410-per-cent increase over 2009;
Total cash cost was $7.94 (U.S.) per ounce, down 6 per cent compared with 2009;
Gross revenue of $132.2-million showing an 85-per-cent increase from 2009;
Net revenue of $120.8-million showing a 103-per-cent increase from 2009;
Mine operating earnings of $61.2-million showing an increase of 231 per cent from 2009;
Net income after taxes amounted to $36.1-million, a 472-per-cent increase from 2009;
Silver-only production increases by 72 per cent to 6.53 million ounces compared with 3.8 million ounces silver in 2009;
2011 guidance of 7.5 million ounces of silver or 8.0 million ounces of silver equivalent production;
Fully unhedged to silver prices.
>>> http://www.firstmajestic.com/s/Home.aspgemäß § 34 WpHG darf der Autor zu jederzeit Short- oder Long-Positionen in der/den behandelte(n) Aktie(n) halten.
First Majestic Silver Corp.: Another Record Quarter of Silver Production <AG.N>
VANCOUVER, BRITISH COLUMBIA, Jul 07 (MARKET WIRE) --
First Majestic Silver Corp. (TSX:FR)(NYSE
Amex:AG)(FRANKFURT:FMV)(WKN:A0LHKJ) -
Highlights
-- Silver production increases by 16% to a quarterly record of 1,780,379
ounces
-- Silver ounces amount to 97% of total equivalent silver production of
1,843,830 ounces
-- Total processed ore in the quarter increased by 6% to a record 482,075
tonnes
First Majestic Silver Corp. ("First Majestic" or the "Company") is
pleased to announce that production in the second quarter of 2011 reached
1,843,830 equivalent ounces of silver, representing an 11% increase over
the 1,656,165 equivalent ounces of silver produced in the second quarter
of 2010. Production during the quarter consisted of 1,780,379 ounces of
silver, making First Majestic's second quarter production 97% pure
silver, the highest in the silver mining industry.
Silver production in the second quarter of 2011 represents a 16% increase
compared to the second quarter of the prior year of 1,538,798 ounces, and
a 1% increase over the 1,769,208 silver ounces produced in the first
quarter of 2011. In addition to the 1,780,379 ounces of pure silver, the
Company produced 1,392,132 pounds of lead, representing a 7% decrease
from the second quarter of the previous year, and 337 ounces of gold,
representing a decrease of 38% compared to the second quarter of 2010.
Company guidance for 2011 released on January 11, 2011 stated, "Silver
Production is anticipated to exceed 7.5 million ounces of silver in
2011". Results of the second quarter are within this guidance. As
previously announced, the increasing production for the balance of the
year will be achieved once the two-stage mill expansion project at La
Parrilla begins to come on-line over the next three quarters. Firstly,
the expanded flotation circuit is expected to reach 800 tpd during the
third quarter compared to the current rate of 425 tpd. Secondly, the
expanded cyanidation circuit is anticipated to reach 800 tpd, up from the
current 425 tpd, within the first quarter of 2012.
During the second quarter of 2011 the total ore processed at the
Company's three operating silver mines, the La Encantada Silver Mine, the
La Parrilla Silver Mine and the San Martin Silver Mine, amounted to
482,075 tonnes milled in the quarter representing a 6% increase over the
previous quarter of 456,505 tonnes and an increase of 19% over the
404,350 tonnes milled in the second quarter of 2010.gemäß § 34 WpHG darf der Autor zu jederzeit Short- oder Long-Positionen in der/den behandelte(n) Aktie(n) halten.
======================================================================= News Releases - Wednesday, August 03, 2011
Second Quarter Financial Results to be Released on August 11th
FIRST MAJESTIC SILVER CORP. (AG: NYSE; FR: TSX) (the "Company" or
"First Majestic") is pleased to announce that its unaudited 2011 second
quarter results will be released on Thursday, August 11th.
First Majestic is a producing silver company focused on silver
production in México and is aggressively pursuing its business plan of
becoming a senior silver producer through the development of its
existing mineral property assets and the pursuit through acquisition of
additional mineral assets which contribute to the Company achieving its
aggressive corporate growth objectives.
August 11, 2011 13:56 ET First Majestic Silver Corp.: Record Earnings of $30.6 million in Second Quarter
VANCOUVER, BRITISH COLUMBIA--(Marketwire - Aug. 11, 2011) - FIRST MAJESTIC SILVER CORP. (TSX:FR)(NYSE:AG)(FRANKFURT:FMV)(WKN:A0LHKJ) (the "Company" or "First Majestic") is pleased to announce the unaudited consolidated interim financial results for the Company for the second quarter ending June 30, 2011. The full version of the financial statements and the management discussion and analysis can be viewed on the Company's web site at www.firstmajestic.com or on SEDAR at www.sedar.com, and on EDGAR at www.sec.gov.
All financial information is prepared in accordance with IFRS and all dollar amounts are expressed in US dollars unless otherwise indicated. All Cash Costs information is now being presented on a payable ounces basis consistent with the recommendations of the Silver Institute. All prior period information has been restated or reclassified for comparative purposes unless otherwise noted.
2011 SECOND QUARTER HIGHLIGHTS
Cash Flow per share (non-GAAP) of $0.37 representing a 199% increase from Q2 2010
Earnings per share (basic) amounted to $0.30 representing a 150% from Q2 2010
Gross Revenue of $68 million showing a 148% increase from Q2 2010
Net Earnings after Taxes amounted to $30.6 million, a 179% increase from Q2 2010
Mine Operating Earnings of $46.8 million showing an increase of 270% from Q2 2010
Total Cash Cost were US$8.32 per ounce, up 7% compared to Q2 2010
Silver ounces produced increases by 16% to 1,780,379 compared to 1,538,798 ounces in Q2 2010
2011 production guidance remains unchanged at 8.0 million ounces of silver equivalent
Fully un-hedged to silver prices as treasury exceeds $105 million
First Majestic Silver Corp.: Mill Capacity at La Parrilla to Reach 2,000 tpd Following Positive NI 43-101 Pre-Feasibility Study
First Majestic Silver Corp FR 9/13/2011 7:31:31 AMVANCOUVER, BRITISH COLUMBIA, Sep 13, 2011 (MARKETWIRE via COMTEX News Network) --
FIRST MAJESTIC SILVER CORP. (TSX: FR)(NYSE: AG)(FRANKFURT: FMV)(WKN: A0LHKJ) (the "Company" or "First Majestic") is pleased to announce an update regarding its activities in Mexico at the La Parrilla Silver Mine and a new NI 43-101 Reserve/Resource update.
REPORTED HIGHLIGHTS
-- Silver Equivalent Reserves increases 607% to 37.1M ounces
-- Silver Equivalent Measured & Indicated Resources decreased by 74% to 8.1M ounces, resulting from a large portion being upgraded to Reserves
-- Silver Equivalent Inferred Resources increased by 16% to 61.2M ounces
-- Dual-processing mill capacity to reach 2,000 tonnes per day (1,000 tpd flotation; 1,000 tpd cyanidation) by December 31st, 2011
-- Total Estimated Production of over 3M ounces pure silver annually plus approximately 6.0M pounds of lead and 4.8M pounds of zinc over LOM-- Life of Mine (LOM) increases from 2 years to 14 years
-- Post Tax NPV at 5% discount = US$78.6M with an IRR of 40% using $23.85 silver price
-- Cash Costs of $4.16 per ounce of silver on a by-product basis
To date, the La Parrilla resource development has exceeded management's expectations due to the continued success of the Company's current drill program.
The Company's exploration and development efforts have seen exceptional results in upgrading Measured and Indicated Resources to Proven and Probable Reserves. This positive development has resulted in the life of mine (LOM) being extended to fourteen years from the previously disclosed LOM of two years in the 2008 Technical Report.
This new NI 43-101 Technical Report only considers exploration and development work completed up to the cut- off date of June 30th, 2011. The new Reserve / Resource estimates as at cut-off consist of 37.1 million ounces of silver equivalent in Proven and Probable Reserves, which represents a significant increase of 607% percent over previously reported estimates; 8.1 million ounces of silver equivalent in Measured and Indicated Resources, representing a decrease of 74% from the 2008 estimates; plus 61.2 million ounces contained in Inferred Resources representing a 16% increase from the previous estimate. It should also be noted that this significant increase in Reserves comes after continuous mining and production since the previous NI 43-101 released over three years ago which demonstrates not only the Company's ability to identify and process undefined Reserves but the potential of this prolific region of Durango.
Keith Neumeyer, CEO and President of First Majestic Silver, states: "This new Reserve / Resource estimate validates our decision to invest over $40 million to increase the capacity of this operation to 2,000 tpd from the previously announced 1,600 tpd. We are extremely pleased with La Parrilla's results and look forward to the increases in production coming in the next few quarters and the release of updated NI 43-101's on the Company's remaining four assets."
First Majestic Silver Corp.: Mühlenkapazität bei La Parrilla erreicht 2.000 tpd nach positiver vorläufiger Machbarkeitsstudie gemäß NI 43-101
13.09.2011 | 14:23 Uhr | IRW-Press
First Majestic Silver Corp. (NYSE: AG; TSX: FR) („First Majestic“ oder das „Unternehmen“) freut sich, ein Update bezüglich seiner Aktivitäten bei der Silbermine La Parrilla in Mexiko und einer neuen Ressource/Reserve gemäß NI 43-101 bekannt zu geben.
GEMELDETE HIGHLIGHTS
• Die Silberäquivalentreserven steigen um 607 % auf 37,1 Mio. Unzen.
• Die gemessenen und angezeigten Silberäquivalentressourcen gingen um 74 % auf 8,1 Mio. Unzen zurück, da ein Großteil zu Reserven hochgestuft wurde.
• Die abgeleiteten Silberäquivalentressourcen stiegen um 16 % auf 61,2 Mio. Unzen.
• Die Mühle erreicht bis 31. Dezember 2011 dank Doppelverarbeitung eine Kapazität von 2.000 Tonnen pro Tag (1.000 tpd Flotation; 1.000 tpd Cyanidation).
• Die gesamte Produktion wird auf über 3 Mio. Unzen reines Silber pro Jahr sowie auf etwa 6,0 Mio. Pfund Blei und 4,8 Mio. Pfund Zink während der Lebensdauer der Mine geschätzt.
• Die Lebensdauer der Mine steigt von 2 auf 14 Jahre.
• Der Kapitalwert nach Steuerabzug beläuft sich bei einer Ermäßigung von 5 % auf 78,6 Mio. US$; die interne Zinsrate beträgt bei einem Silberpreis von 23,85 $ 40 %.
• Die Investitionskosten belaufen sich auf einer Nebenproduktbasis auf 4,16 $ pro Unze Silber.
Die Ressourcenerschließung bei La Parrilla hat die Erwartungen des Managements aufgrund des anhaltenden Erfolgs des aktuellen Bohrprogramms des Unternehmens bislang übertroffen. Die Explorations- und Erschließungsarbeiten des Unternehmens waren äußerst erfolgreich und führten zur Hochstufung von gemessenen und angezeigten Ressourcen zu geprüften und wahrscheinlichen Reserven. Diese positive Entwicklung führte dazu, dass die Lebensdauer der Mine von ursprünglich 2 (gemäß dem „technischen Bericht“ aus dem Jahr 2008) auf 14 Jahre erweitert wurde.
Dieser neue „technische Bericht“ gemäß NI 43-101 berücksichtigt nur Explorations- und Erschließungsarbeiten, die bis zum Stichtag (30. Juni 2011) abgeschlossen wurden. Die neue Reserven-/Ressourcenschätzungen beinhalten zum Stichtag 37,1 Millionen Unzen Silberäquivalent in der geprüften und wahrscheinlichen Reservenkategorie – im Vergleich zu früheren Schätzungen eine beträchtliche Steigerung von 607 % –, 8,1 Millionen Unzen Silberäquivalent in der gemessenen und angezeigten Silberkategorie – im Vergleich zu den Schätzungen von 2008 ein Rückgang um 74 % – sowie 61,2 Millionen Unzen in der abgeleiteten Ressourcenkategorie – im Vergleich zur früheren Schätzung eine Steigerung um 16 %. Es muss darauf hingewiesen werden, dass diese beträchtliche Steigerung der Reserven auf kontinuierliche Bergbau- und Produktionsarbeiten seit der letzten Veröffentlichung gemäß NI 43-101 vor über drei Jahren zurückzuführen ist, was nicht nur die Fähigkeit des Unternehmens, undefinierte Reserven zu identifizieren und zu verarbeiten, sondern auch das Potenzial der viel versprechenden Region Durango unter Beweis stellt.
Keith Neumeyer, CEO und President von First Majestic Silver, sagte: „Diese neue Reserven-/Ressourcenschätzung rechtfertigt unsere Entscheidung, über 40 Millionen $ in die Steigerung der Kapazität dieses Betriebs von den zuvor gemeldeten 1.600 auf 2.000 tpd zu investieren. Wir sind mit den Ergebnissen von La Parrilla sehr zufrieden und freuen uns bereits auf die Produktionssteigerung in den nächsten Quartalen sowie auf die aktualisierten Veröffentlichungen gemäß NI 43-101 bezüglich der restlichen vier Aktiva des Unternehmens.“
Die folgende tabellarische Zusammenfassung wurde dem vollständigen „technischen Bericht“ gemäß NI 43-101 der Silbermine La Parrilla entnommen, der von Pincock Allan & Holt aus Lakewood (Colorado) („PAH“) erstellt wurde. Aktionäre und Interessierte können diesen positiven Bericht auf SEDAR (www.sedar.com) sowie auf der Website des Unternehmens unter www.firstmajestic.com nachlesen.
Wie bereits zuvor gemeldet, gab das Unternehmen die Entscheidung bekannt, den Betrieb La Parrilla von 850 auf 1.600 tpd zu erweitern. Dieses Bauprojekt begann im Dezember 2010 und geht sehr gut voran. Dieser neue „technische Bericht“ verfolgte mehrere Ziele: 1) die Aktualisierung der Reserven- und Ressourcenschätzung, 2) die Bestätigung der Wirtschaftlichkeit eines Betriebs mit 2.000 tpd und 3) die Erstellung des Budgets für den Rest des Jahres 2011 und des gesamten Jahres 2012, einschließlich der Hochstufung der Untertageerrichtung eines neuen Schachtes sowie der Installation eines Untertagebahnsystems. Dieser Bericht beinhaltet nur jene Arbeiten, die zwischen Januar 2010 und Juni 2011 durchgeführt wurden: 37 Diamantbohrlöcher auf 6.373 Metern und 3.080 Meter an Untertageminenerschließung. Zurzeit sind fünf Bohrgeräte bei La Parrilla im Einsatz. Für den Rest des Jahres 2011 sowie für 2012 sind insgesamt 20.000 Meter an Bohrungen geplant, womit die intensiven Investitionen bei La Parrilla fortgesetzt werden. Seit 30. Juni wurden weitere neun Bohrlöcher auf 3.334 Metern gebohrt. Der Schwerpunkt dieses erweiterten Explorationsprogramms wird auf den Minen Quebradillas, Vacas, San Marcos und La Blanca sowie auf den Gebieten Cerro Santiago, San Nicolás und Sacramento liegen. Die ersten regionalen Explorationen werden auf diesem 69.451 Hektar großen Konzessionsgebiet durchgeführt werden.
Aktuelles Erweiterungsprogramm
Das aktuelle Mühlenerweiterungsprogramm auf 2.000 tpd, die voraussichtlich bis Jahresende erreicht werden, beinhaltet auch die beträchtliche Hochstufung und Zusammenlegung unterschiedlicher Minenbetriebe bei La Parrilla. La Parrilla ist ein Komplex, der aus fünf Minen besteht, die sich in der Nähe der Mühle befinden. Eine wichtige Komponente der Minenplanung ist die Zusammenlegung sämtlicher Minenbetriebe durch die Errichtung eines großen Schachtes sowie durch den Anschluss aller Minen an ein Untertagebahnsystem. Die Schachterrichtung wird bei der nächsten Mühle bei Rosario auf Ebene 11 erfolgen. Nach dem Abschluss werden sämtliche Untertagebergbaugebiete angeschlossen und der Erztransport wird über Untertagezüge erfolgen, die das Erz zu einem neuen Schacht transportieren werden, der zurzeit errichtet wird. Das Erzbeförderungssystem wird schließlich unter den Minengebieten San Marcos, Quebradillas und Vacas sowie unter den Gebieten Rosa-Rosarios und La Blanca-San José erweitert werden. Die wesentlichen Vorteile der Zusammenlegung aller Untertagebetriebe sind ein Hauptförderschacht, der die Effizienz beträchtlich steigern wird, sowie positive Auswirkungen auf die Kosten.
Basierend auf den neuen aktuellen Reserven für La Parrilla sowie auf der wirtschaftlichen Bewertung wurde ein Produktionsplan für die gesamte Lebensdauer der Mine erstellt. Dieser neue „technische Bericht“ gemäß NI 43-101 definiert die vorläufige Machbarkeitsstudie für den geplanten Betrieb, der – basierend auf einer täglichen Produktionsrate von 2.000 Tonnen – von einer Lebensdauer der Mine von zwei Jahren bis zum Jahr 2024 erweitert werden wird. Die Reserven der niedriggradigen Tagebauoxide sollen bis 2018 abgebaut werden. Das Explorationsprogramm ist mit 3,0 Millionen $ pro Jahr sowie mit weiteren 6,6 Millionen für das restliche Jahr 2011 und für 2012 budgetiert. Angesichts des hervorragenden Potenzials in der Nähe der aktuellen Bergbaubetriebe und innerhalb des Bergbaugebiets La Parrilla ist Pincock Allan & Holt der Auffassung, dass bedeutsame Mineralressourcen gefunden und rasch erschlossen werden können. Weitere Ressourcen werden natürlich zu einer längeren Lebensdauer der Mine führen. Untertageminen, die der Mine La Parrilla ähnlich sind, beherbergen im Allgemeinen Reserven für drei bis fünf Jahre. Zwischen 2004 und 2011 ersetzte das Unternehmen sämtliche abgebauten Reserven und steigerte außerdem die Reserven und die Lebensdauer der Mine.
Die geschätzten Investitionskosten für diese Erweiterung, die im Dezember 2010 begonnen hat und bis Ende 2012 abgeschlossen werden soll, werden auf 67,5 Millionen $ geschätzt. Das gesamte Kapitel beläuft sich während der Lebensdauer der Mine (14 Jahre) auf etwa 169,5 Millionen $ und beinhaltet die neue Doppelverarbeitungsmühle mit einer Kapazität von 2.000 tpd, die Kosten für neues Minen- und Anlagen-Equipment, die Minenerschließung für Tagebau- und Untertagebetriebe sowie die laufenden Explorationen, die Erweiterung der Berge und das erforderliche Kapital. Die daraus resultierende interne Zinsrate liegt unter Anwendung eines Silberpreises von 23,85 US$ pro Unze bei soliden 40 %.
Die unabhängigen „qualifizierten Personen“ gemäß National Instrument 43-101 für das Unternehmen, die den Inhalt dieser Pressemitteilung überprüften und den jüngsten qualifizierenden Bericht verfassten, sind Leonel López, C.P.G., P.G., und Richard Addison, P.E., Principal Process Engineer von Pincock Allen & Holt, die Mitarbeiter von PAH und vom Unternehmen unabhängig sind.
First Majestic ist ein Silberproduktionsunternehmen, dessen Hauptaugenmerk auf die Silberproduktion in Mexiko gerichtet ist und das seinen Geschäftsplan intensiv verfolgt, um durch die Erschließung seiner bestehenden Mineralkonzessionen sowie durch den Erwerb zusätzlicher Mineralaktiva ein führender Silberproduzent zu werden und seine Wachstumsziele zu erreichen.
WEITERE INFORMATIONEN erhalten Sie über info@firstmajestic.com oder auf unserer Website unter www.firstmajestic.com bzw. unter unserer gebührenfreien Rufnummer 1.866.529.2807
FIRST MAJESTIC SILVER CORP.
Keith Neumeyer,
President & CEOgemäß § 34 WpHG darf der Autor zu jederzeit Short- oder Long-Positionen in der/den behandelte(n) Aktie(n) halten.
First Majestic Silver says considering paying a dividend in first quarter of 2012
Sept 20 (Reuters) - First Majestic Silver Corp <FR.TO>:
* Says considering paying a dividend in first quarter of 2012
((New York Equities Desk; tel: +1 646 223 6000))
((For more news about First Majestic Silver Corp click here: [FR.TO]))gemäß § 34 WpHG darf der Autor zu jederzeit Short- oder Long-Positionen in der/den behandelte(n) Aktie(n) halten.
First Majestic Silver Corp.: First Stage of Expansion at the La Parrilla Processing Plant Completed <FR.TO>
Marketwire
First Majestic Silver Corp.
September 20, 2011 - 02:36:20 PM
First Majestic Silver Corp.: First Stage of Expansion at the La Parrilla
Processing Plant Completed
VANCOUVER, BRITISH COLUMBIA--(Marketwire - Sept. 20, 2011) - FIRST MAJESTIC
SILVER CORP. (TSX:FR)(NYSE:AG)(FRANKFURT:FMV)(WKN: A0LHKJ) (the "Company" or
"First Majestic") is proud to announce the completion of the first stage of
expansion at the La Parrilla Silver Mine's processing plant. The new 1,000 tpd
flotation circuit has been operating since September 1, 2011 at an average
rate of 787 tpd, bringing the total mill throughput to 1,254 tpd.
As previously announced on September 13, 2011 in the La Parrilla NI 43-101
Pre-feasibility Study news release, a decision was made to expand the La
Parrilla operation to 2,000 tpd from the previous throughput of 850 tpd due to
the significant increases in Reserves. This expansion, which commenced in
December 2010, was originally planned to reach 1,600 tpd, however, is now
planned to reach 2,000 tpd by year end. This new flotation circuit is still in
the start-up phase and will be ramped up to the end of October. The flotation
circuit is planned to reach its capacity of 1,000 tpd commencing in November
bring the total throughput up to 1,425 tpd.
Meanwhile, the expansion of the cyanidation circuit is continuing well with
progress now reaching approximately 60% completion. Construction is expected
to be finished in October with start-up commencing in November. Once fully
operational, the current 425 tpd cyanidation circuit is anticipated to reach
1,000 tpd by year end.
This new dual processing plant will have a total capacity of 2,000 tpd (1,000
tpd in flotation & 1,000 tpd in cyanidation) and is anticipated to be running
at capacity by December 31, 2011. Once completed, production is estimated at
over three million ounces of pure silver, 6.0 million pounds of lead and 4.3
million pounds of zinc. The total investment to the end of 2011 is budgeted at
US$40.5 million including mine development.
This major expansion project was planned to allow for no disruption in
production during construction. Both circuits for flotation and cyanidation
continued operating during this entire process and will continue while the new
cyanidation circuit is completed. Commercial production for the flotation
circuit will be declared when operating performance reaches 70% of design
parameters for throughput and recovery. The start-up phase has been
progressing well and management anticipates commercial production for the
flotation circuit to commence on October 1, 2011.
In addition to the construction project underway to expand the plant,
preparation of the La Parrilla mining complex is also underway as defined in
the recently announced pre-feasibility study. The La Parrilla is a complex of
five mines surrounding the mill. A key component for the future of this
operation is the consolidation of all these mines by the construction of a
large shaft and connecting all the mines with an underground rail system. The
construction of the shaft commenced at Rosario which is the closest mine from
the mill and is expected to be finished by the end of 2012. Upon completion,
all underground mining areas will be connected and ore haulage will be via
underground trains. This consolidation of underground operations will
dramatically improve efficiencies and should have a positive impact on costs.
Keith Neumeyer, President & CEO, stated; "We are very pleased with the
completion of this first stage of this new expansion at La Parrilla. Our
Mexican construction team should be recognized for their hard work and
tireless efforts and should be congratulated for the completion of this first
stage that will lead to the La Parrilla operation doubling production to over
three million ounces of silver annually."
First Majestic is a producing silver company focused on silver production in
Mexico and is aggressively pursuing its business plan of becoming a senior
silver producer through the development of its existing mineral property
assets and the pursuit through acquisition of additional mineral assets which
contribute to the Company achieving its aggressive corporate growth
objectives.
FIRST MAJESTIC SILVER CORP.
Keith Neumeyer, President & CEOgemäß § 34 WpHG darf der Autor zu jederzeit Short- oder Long-Positionen in der/den behandelte(n) Aktie(n) halten.
First Majestic Silver Corp.: First Stage of Expansion at the La Parrilla Processing Plant Completed
VANCOUVER, BRITISH COLUMBIA--(Marketwire - Sept. 20, 2011) - FIRST MAJESTIC SILVER CORP. (TSX:FR)(NYSE:AG)(FRANKFURT:FMV)(WKN: A0LHKJ) (the "Company" or "First Majestic") is proud to announce the completion of the first stage of expansion at the La Parrilla Silver Mine's processing plant. The new 1,000 tpd flotation circuit has been operating since September 1, 2011 at an average rate of 787 tpd, bringing the total mill throughput to 1,254 tpd.
As previously announced on September 13, 2011 in the La Parrilla NI 43-101 Pre-feasibility Study news release, a decision was made to expand the La Parrilla operation to 2,000 tpd from the previous throughput of 850 tpd due to the significant increases in Reserves. This expansion, which commenced in December 2010, was originally planned to reach 1,600 tpd, however, is now planned to reach 2,000 tpd by year end. This new flotation circuit is still in the start-up phase and will be ramped up to the end of October. The flotation circuit is planned to reach its capacity of 1,000 tpd commencing in November bring the total throughput up to 1,425 tpd.
Meanwhile, the expansion of the cyanidation circuit is continuing well with progress now reaching approximately 60% completion. Construction is expected to be finished in October with start-up commencing in November. Once fully operational, the current 425 tpd cyanidation circuit is anticipated to reach 1,000 tpd by year end.
This new dual processing plant will have a total capacity of 2,000 tpd (1,000 tpd in flotation 1,000 tpd in cyanidation) and is anticipated to be running at capacity by December 31, 2011. Once completed, production is estimated at over three million ounces of pure silver, 6.0 million pounds of lead and 4.3 million pounds of zinc. The total investment to the end of 2011 is budgeted at US$40.5 million including mine development.
This major expansion project was planned to allow for no disruption in production during construction. Both circuits for flotation and cyanidation continued operating during this entire process and will continue while the new cyanidation circuit is completed. Commercial production for the flotation circuit will be declared when operating performance reaches 70% of design parameters for throughput and recovery. The start-up phase has been progressing well and management anticipates commercial production for the flotation circuit to commence on October 1, 2011.
In addition to the construction project underway to expand the plant, preparation of the La Parrilla mining complex is also underway as defined in the recently announced pre-feasibility study. The La Parrilla is a complex of five mines surrounding the mill. A key component for the future of this operation is the consolidation of all these mines by the construction of a large shaft and connecting all the mines with an underground rail system. The construction of the shaft commenced at Rosario which is the closest mine from the mill and is expected to be finished by the end of 2012. Upon completion, all underground mining areas will be connected and ore haulage will be via underground trains. This consolidation of underground operations will dramatically improve efficiencies and should have a positive impact on costs.
Keith Neumeyer, President CEO, stated; "We are very pleased with the completion of this first stage of this new expansion at La Parrilla. Our Mexican construction team should be recognized for their hard work and tireless efforts and should be congratulated for the completion of this first stage that will lead to the La Parrilla operation doubling production to over three million ounces of silver annually."
