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FR - First Majestic Silver - WKN A0LHKJ
- Ersteller Ollinho
- Erstellt am
- Tagged users Kein(e)
Wed Nov 14, 2012
First Majestic Earns $24.9M in Third Quarter; Revenues of $63.6M, an Increase of 4%
--------------------------------------------------------------------------------
FIRST MAJESTIC SILVER CORP. (AG: NYSE; FR: TSX) (the "Company" or "First Majestic") is pleased to announce the unaudited condensed interim consolidated financial results for the Company for the third quarter ending September 30, 2012. 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.
2012 THIRD QUARTER HIGHLIGHTS
•Silver produced increased by 29% to 2,205,237 ounces compared to 1,708,865 ounces in Q3 2011.
•Increased silver equivalent production by 36% to 2,438,085 ounces compared to Q3 2011.
•Revenue increased to $63.6 million, a 16% increase compared to Q2 2012 and a 4% increase from Q3 2011, despite a 22% decline in silver prices from the same quarter of the prior year.
•Mine Operating Earnings totalled $35.8 million.
•Adjusted Earnings per Share (non-GAAP) amounted to $0.25 after excluding non-cash share-based payments, deferred income tax expense, acquisition costs for the Silvermex Resources Inc., gains from silver futures and marketable securities.
•Basic Earnings per Share (EPS) amounted to $0.22, representing a 49% increase from Q2 2012 and a 19% decrease from Q3 2011.
•Cash Flow per Share (non-GAAP) was $0.31, an increase of 7% compared to Q2 2012 and a decrease of 23% from Q3 2011.
•Total Cash Cost was $9.19 per ounce, a 4% increase compared to Q2 2012 and a 10% increase from Q3 2011 primarily due to the addition of the La Guitarra Silver Mine
•Cash and Cash Equivalents at September 30, 2012 totalled $72.8 million and Working Capital of $84.0 million.
>>>
http://www.firstmajestic.com/s/NewsReleases.asp?ReportID=557385&_Type=News-Releases&_Title=First-Majestic-Earns-24.9M-in-Third-Quarter-Revenues-of-63.6M-an-Increase-o...
First Majestic Earns $24.9M in Third Quarter; Revenues of $63.6M, an Increase of 4%
--------------------------------------------------------------------------------
FIRST MAJESTIC SILVER CORP. (AG: NYSE; FR: TSX) (the "Company" or "First Majestic") is pleased to announce the unaudited condensed interim consolidated financial results for the Company for the third quarter ending September 30, 2012. 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.
2012 THIRD QUARTER HIGHLIGHTS
•Silver produced increased by 29% to 2,205,237 ounces compared to 1,708,865 ounces in Q3 2011.
•Increased silver equivalent production by 36% to 2,438,085 ounces compared to Q3 2011.
•Revenue increased to $63.6 million, a 16% increase compared to Q2 2012 and a 4% increase from Q3 2011, despite a 22% decline in silver prices from the same quarter of the prior year.
•Mine Operating Earnings totalled $35.8 million.
•Adjusted Earnings per Share (non-GAAP) amounted to $0.25 after excluding non-cash share-based payments, deferred income tax expense, acquisition costs for the Silvermex Resources Inc., gains from silver futures and marketable securities.
•Basic Earnings per Share (EPS) amounted to $0.22, representing a 49% increase from Q2 2012 and a 19% decrease from Q3 2011.
•Cash Flow per Share (non-GAAP) was $0.31, an increase of 7% compared to Q2 2012 and a decrease of 23% from Q3 2011.
•Total Cash Cost was $9.19 per ounce, a 4% increase compared to Q2 2012 and a 10% increase from Q3 2011 primarily due to the addition of the La Guitarra Silver Mine
•Cash and Cash Equivalents at September 30, 2012 totalled $72.8 million and Working Capital of $84.0 million.
>>>
http://www.firstmajestic.com/s/NewsReleases.asp?ReportID=557385&_Type=News-Releases&_Title=First-Majestic-Earns-24.9M-in-Third-Quarter-Revenues-of-63.6M-an-Increase-o...
Sun Dec 16, 2012
First Majestic Announces Friendly Acquisition of Orko Silver
--------------------------------------------------------------------------------
VANCOUVER, BC, CANADA -- First Majestic Silver Corp. ("First Majestic") and Orko Silver Corp. ("Orko") are pleased to announce that the companies have entered into a definitive agreement (the "Arrangement Agreement") pursuant to which First Majestic has agreed to acquire all of the issued and outstanding common shares of Orko for consideration of 0.1202 of a common share of First Majestic (the "Exchange Ratio") plus $0.0001 in cash per Orko common share. The offer implies a value of C$2.72 per Orko share based on the closing prices of both First Majestic and Orko's common shares on the Toronto Stock Exchange ("TSX") and TSX Venture Exchange, respectively, on December 14, 2012. The offer represents a premium of approximately 69% to Orko's 30-day volume-weighted average price ("VWAP") for the period ending December 14, 2012. The transaction will be implemented by way of a plan of arrangement (the "Arrangement") under the Business Corporations Act (British Columbia).
BENEFITS TO FIRST MAJESTIC SHAREHOLDERS
• Adds La Preciosa, one of the largest undeveloped primary silver resources globally, to First Majestic's already robust growth portfolio of Mexican assets
• Further enhances First Majestic's land position in the Sierra Madre Belt, one of the world's most prolific silver and gold regions
• Increases leverage to silver with very large, predominantly silver, resource base
• La Preciosa's planned development timeline blends well with First Majestic's existing organic growth strategy, with anticipated start up timed after the ramp up of Del Toro and La Guitarra
• La Preciosa, located in the State of Durango, is in close proximity to First Majestic's existing La Parrilla and Del Toro mines, allowing First Majestic to strengthen its position in the area, employ its in-country expertise in mine development and realize potential operational synergies
• The transaction is accretive to First Majestic's net asset value per share, resources per share and longer-term production and cash flow per share
>>> http://www.firstmajestic.com/s/NewsReleases.asp?ReportID=562284&_Type=News-Releases&_Title=First-Majestic-Announces-Friendly-Acquisition-of-Orko-Silver
First Majestic Announces Friendly Acquisition of Orko Silver
--------------------------------------------------------------------------------
VANCOUVER, BC, CANADA -- First Majestic Silver Corp. ("First Majestic") and Orko Silver Corp. ("Orko") are pleased to announce that the companies have entered into a definitive agreement (the "Arrangement Agreement") pursuant to which First Majestic has agreed to acquire all of the issued and outstanding common shares of Orko for consideration of 0.1202 of a common share of First Majestic (the "Exchange Ratio") plus $0.0001 in cash per Orko common share. The offer implies a value of C$2.72 per Orko share based on the closing prices of both First Majestic and Orko's common shares on the Toronto Stock Exchange ("TSX") and TSX Venture Exchange, respectively, on December 14, 2012. The offer represents a premium of approximately 69% to Orko's 30-day volume-weighted average price ("VWAP") for the period ending December 14, 2012. The transaction will be implemented by way of a plan of arrangement (the "Arrangement") under the Business Corporations Act (British Columbia).
BENEFITS TO FIRST MAJESTIC SHAREHOLDERS
• Adds La Preciosa, one of the largest undeveloped primary silver resources globally, to First Majestic's already robust growth portfolio of Mexican assets
• Further enhances First Majestic's land position in the Sierra Madre Belt, one of the world's most prolific silver and gold regions
• Increases leverage to silver with very large, predominantly silver, resource base
• La Preciosa's planned development timeline blends well with First Majestic's existing organic growth strategy, with anticipated start up timed after the ramp up of Del Toro and La Guitarra
• La Preciosa, located in the State of Durango, is in close proximity to First Majestic's existing La Parrilla and Del Toro mines, allowing First Majestic to strengthen its position in the area, employ its in-country expertise in mine development and realize potential operational synergies
• The transaction is accretive to First Majestic's net asset value per share, resources per share and longer-term production and cash flow per share
>>> http://www.firstmajestic.com/s/NewsReleases.asp?ReportID=562284&_Type=News-Releases&_Title=First-Majestic-Announces-Friendly-Acquisition-of-Orko-Silver
Wed Dec 19, 2012
First Majestic Announces US$50M Forward Sale Contract on Base Metals
--------------------------------------------------------------------------------
First Majestic Silver Corp. ("First Majestic" or the "Company") (TSX - FR, NYSE - AG) is pleased to announce that it has entered into a US$50 million forward sale contract with Bank of America Merrill Lynch on a portion of its future lead and zinc production.
The Company has executed the forward sale contract at fixed prices of US$1.01 per pound (US$2,236 per metric tonne) for lead and US$0.96 per pound (US$2,116 per metric tonne) for zinc. The contract term is valid from January 2013 to June 2016, with a six month repayment holiday from January to June 2013. The forward sale of base metals can be repaid with metal from any of First Majestic's operations and represents approximately 26% of the Company's total estimated lead production and 33% of its estimated zinc production over this period. The purpose of this contract is to fund continuing expansion plans and for general working capital.
Keith Neumeyer, President and CEO of First Majestic comments, "We are pleased to have entered into this agreement to forward sell a portion of our base metal production from both our Del Toro and La Parrilla silver mines. Management considers this arrangement to be very favorable at current market prices and it allows our treasury to be topped up without having to dilute our shareholders. Furthermore, First Majestic remains committed to being un-hedged on its silver production in anticipation of higher silver prices in the future, while only forward selling a minor portion of our lead and zinc base metals."
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.
FOR FURTHER INFORMATION contact info@firstmajestic.com, visit our website at www.firstmajestic.com or call our toll free number 1.866.529.2807.
FIRST MAJESTIC SILVER CORP.
"signed"
Keith Neumeyer,
President & CEO
First Majestic Announces US$50M Forward Sale Contract on Base Metals
--------------------------------------------------------------------------------
First Majestic Silver Corp. ("First Majestic" or the "Company") (TSX - FR, NYSE - AG) is pleased to announce that it has entered into a US$50 million forward sale contract with Bank of America Merrill Lynch on a portion of its future lead and zinc production.
The Company has executed the forward sale contract at fixed prices of US$1.01 per pound (US$2,236 per metric tonne) for lead and US$0.96 per pound (US$2,116 per metric tonne) for zinc. The contract term is valid from January 2013 to June 2016, with a six month repayment holiday from January to June 2013. The forward sale of base metals can be repaid with metal from any of First Majestic's operations and represents approximately 26% of the Company's total estimated lead production and 33% of its estimated zinc production over this period. The purpose of this contract is to fund continuing expansion plans and for general working capital.
Keith Neumeyer, President and CEO of First Majestic comments, "We are pleased to have entered into this agreement to forward sell a portion of our base metal production from both our Del Toro and La Parrilla silver mines. Management considers this arrangement to be very favorable at current market prices and it allows our treasury to be topped up without having to dilute our shareholders. Furthermore, First Majestic remains committed to being un-hedged on its silver production in anticipation of higher silver prices in the future, while only forward selling a minor portion of our lead and zinc base metals."
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.
FOR FURTHER INFORMATION contact info@firstmajestic.com, visit our website at www.firstmajestic.com or call our toll free number 1.866.529.2807.
FIRST MAJESTIC SILVER CORP.
"signed"
Keith Neumeyer,
President & CEO
December 28, 2012
First Majestic Silver Executes Its Fourth Landmark Acquisition Bringing One Of The World’s Largest Undeveloped Silver Projects Into The Fold
By Ryan Jackson in Vancouver
>>> http://minesite.com/news/first-majestic-silver-executes-its-fourth-landmark-acquisition-bringing-one-of-the-worlds-largest-undeveloped-silver-projects-into-the-fold
First Majestic Silver Executes Its Fourth Landmark Acquisition Bringing One Of The World’s Largest Undeveloped Silver Projects Into The Fold
By Ryan Jackson in Vancouver
>>> http://minesite.com/news/first-majestic-silver-executes-its-fourth-landmark-acquisition-bringing-one-of-the-worlds-largest-undeveloped-silver-projects-into-the-fold
Wed Jan 2, 2013
First Majestic Appoints VP of Operations
--------------------------------------------------------------------------------
First Majestic Silver Corp. ("First Majestic" or the "Company") (NYSE:AG; TSX:FR) is pleased to announce the appointment of Mr. Salvador García Ledezma as Vice President of Operations responsible for all operations and new project activities at the Company's growing silver mining portfolio in Mexico.
First Majestic is creating the VP of Operations position to reinforce our team for the future growth of the Company, both in operations and in new projects. In this position, Mr. García will lead a team consisting of the Regional Operations Manager, who is in charge of the operations of the La Encantada, La Parrilla, La Guitarra and San Martin Silver Mines and the Regional Projects Manager, who is in charge of the construction and the start-up of the new Del Toro Silver Mine as well as the current expansions underway at the La Guitarra mine. The VP of Operations and the VP of Exploration report to the Company's Chief Operating Officer (COO), Ramon Davila based in Durango, Mexico.
Mr. García has over 35 years of experience in the mining industry in Mexico with extensive experience in development and production including open pit and underground operations. Prior to joining First Majestic, Mr. García was with Luismin (purchased by Goldcorp (NYSE:GG; TSX:G)) for a period of 25 years holding several positions from General Manager to Operations Director and later promoted to the senior management team of Goldcorp as Vice President for Mexico. In those positions, he was in charge of the operations at the Tayoltita and San Antonio mines and was involved in the development, construction and operation of the Los Filos, El Sauzal and Peñasquito mines.
Mr. García holds a B.Sc. degree in Mining Engineering from the Guanajuato University School of Mines in Mexico. In addition, Mr. García has been a member of the Executive Committee of the Mexican Mining Chamber from 2007 to 2012, a member of the Executive Committee of the Canadian Chamber of Commerce from 2008 to 2012, and President of the MTF (Mining Task Force) of the Canadian Chamber of Commerce from 2010 to 2012 which represents 52 Canadian mining companies.
Keith Neumeyer, President and CEO of First Majestic states, "Mr. García is a well-known and highly respected Mexican mining engineer who we are very pleased to appoint as our VP of Operations. His many years of experience in operating both underground and open pit mining projects and mine construction will be a significant benefit in advancing all of First Majestic's projects."
First Majestic is a producing 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 through acquisition of additional mineral assets which contribute to the Company achieving its aggressive 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.
FIRST MAJESTIC SILVER CORP.
"signed"
Keith Neumeyer,
President & CEO
First Majestic Appoints VP of Operations
--------------------------------------------------------------------------------
First Majestic Silver Corp. ("First Majestic" or the "Company") (NYSE:AG; TSX:FR) is pleased to announce the appointment of Mr. Salvador García Ledezma as Vice President of Operations responsible for all operations and new project activities at the Company's growing silver mining portfolio in Mexico.
First Majestic is creating the VP of Operations position to reinforce our team for the future growth of the Company, both in operations and in new projects. In this position, Mr. García will lead a team consisting of the Regional Operations Manager, who is in charge of the operations of the La Encantada, La Parrilla, La Guitarra and San Martin Silver Mines and the Regional Projects Manager, who is in charge of the construction and the start-up of the new Del Toro Silver Mine as well as the current expansions underway at the La Guitarra mine. The VP of Operations and the VP of Exploration report to the Company's Chief Operating Officer (COO), Ramon Davila based in Durango, Mexico.
Mr. García has over 35 years of experience in the mining industry in Mexico with extensive experience in development and production including open pit and underground operations. Prior to joining First Majestic, Mr. García was with Luismin (purchased by Goldcorp (NYSE:GG; TSX:G)) for a period of 25 years holding several positions from General Manager to Operations Director and later promoted to the senior management team of Goldcorp as Vice President for Mexico. In those positions, he was in charge of the operations at the Tayoltita and San Antonio mines and was involved in the development, construction and operation of the Los Filos, El Sauzal and Peñasquito mines.
Mr. García holds a B.Sc. degree in Mining Engineering from the Guanajuato University School of Mines in Mexico. In addition, Mr. García has been a member of the Executive Committee of the Mexican Mining Chamber from 2007 to 2012, a member of the Executive Committee of the Canadian Chamber of Commerce from 2008 to 2012, and President of the MTF (Mining Task Force) of the Canadian Chamber of Commerce from 2010 to 2012 which represents 52 Canadian mining companies.
Keith Neumeyer, President and CEO of First Majestic states, "Mr. García is a well-known and highly respected Mexican mining engineer who we are very pleased to appoint as our VP of Operations. His many years of experience in operating both underground and open pit mining projects and mine construction will be a significant benefit in advancing all of First Majestic's projects."
First Majestic is a producing 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 through acquisition of additional mineral assets which contribute to the Company achieving its aggressive 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.
FIRST MAJESTIC SILVER CORP.
"signed"
Keith Neumeyer,
President & CEO
First Majestic Silver Corp.: Achieved Record Production of 2.6M Silver Eqv. Ounces (2.3M Silver Ounces) in Q4; Produced a Record 9.1M Silver Eqv. Ounces (8.3M Silver Ounces) in 2012 <FR.TO>
Marketwire
First Majestic Silver Corp.
January 9, 2013 - 07:30:00 AM
First Majestic Silver Corp.: Achieved Record Production of 2.6M Silver Eqv.
Ounces (2.3M Silver Ounces) in Q4; Produced a Record 9.1M Silver Eqv. Ounces
(8.3M Silver Ounces) in 2012
VANCOUVER, BRITISH COLUMBIA--(Marketwire - Jan. 9, 2013) - First Majestic
Silver Corp. (TSX:FR)(NYSE:AG)(FRANKFURT:FMV) ("First Majestic" or the
"Company") is pleased to announce the Company's fourth quarter and full year
2012 production results.
Highlights
-- Total production increased by 5% to a new quarterly record of 2.6
million silver equivalent ounces
-- Total silver production increased by 5% to a new quarterly record of 2.3
million ounces
-- Silver production amounted to 90% of total metal production in the
fourth quarter
-- A new yearly record of 9.1 million silver equivalent ounces were
produced representing a 20% increase from 2011
>>> http://www.firstmajestic.com/s/NewsReleases.asp?ReportID=564720&_Type=News-Releases&_Title=Achieved-Record-Production-of-2.6M-Silver-Eqv.-Ounces-2.3M-Silver-Ounces-in...
Marketwire
First Majestic Silver Corp.
January 9, 2013 - 07:30:00 AM
First Majestic Silver Corp.: Achieved Record Production of 2.6M Silver Eqv.
Ounces (2.3M Silver Ounces) in Q4; Produced a Record 9.1M Silver Eqv. Ounces
(8.3M Silver Ounces) in 2012
VANCOUVER, BRITISH COLUMBIA--(Marketwire - Jan. 9, 2013) - First Majestic
Silver Corp. (TSX:FR)(NYSE:AG)(FRANKFURT:FMV) ("First Majestic" or the
"Company") is pleased to announce the Company's fourth quarter and full year
2012 production results.
Highlights
-- Total production increased by 5% to a new quarterly record of 2.6
million silver equivalent ounces
-- Total silver production increased by 5% to a new quarterly record of 2.3
million ounces
-- Silver production amounted to 90% of total metal production in the
fourth quarter
-- A new yearly record of 9.1 million silver equivalent ounces were
produced representing a 20% increase from 2011
>>> http://www.firstmajestic.com/s/NewsReleases.asp?ReportID=564720&_Type=News-Releases&_Title=Achieved-Record-Production-of-2.6M-Silver-Eqv.-Ounces-2.3M-Silver-Ounces-in...
BRIEF-First Majestic Silver sees 2013 production from 12.3 to 13.0 million ounces of silver equivalent
Jan 9 (Reuters) - First Majestic Silver Corp <FR.TO>:
* Achieved record production of 2.6m silver eqv. ounces (2.3m silver ounces) in
Q4; produced a record 9.1m silver eqv. ounces (8.3m silver ounces) in 2012
* 2013 production estimated in a range from 12.3 to 13.0 million ounces of
silver equivalent
* Says 2013 production estimate represents an increase of 34% to 42% of pure
silver production
* Source text [ID:nMKW41a]
* Further company coverage [FR.TO]
Jan 9 (Reuters) - First Majestic Silver Corp <FR.TO>:
* Achieved record production of 2.6m silver eqv. ounces (2.3m silver ounces) in
Q4; produced a record 9.1m silver eqv. ounces (8.3m silver ounces) in 2012
* 2013 production estimated in a range from 12.3 to 13.0 million ounces of
silver equivalent
* Says 2013 production estimate represents an increase of 34% to 42% of pure
silver production
* Source text [ID:nMKW41a]
* Further company coverage [FR.TO]
Ursache des Drucks:
http://www.kerrisdalecap.com/wp-content/uploads/2016/09/First-Majestic-Silver-Corp.pdf
Antworten:
http://www.criticalinvestor.eu/analysis/silver/kerrisdale-analysis-first-majestic-critical-review
http://www.silverdoctors.com/silver/silver-miners/first-majestic-silver-short-sell-report-fraudulent/#more-72835http://
http://www.kerrisdalecap.com/wp-content/uploads/2016/09/First-Majestic-Silver-Corp.pdf
Antworten:
http://www.criticalinvestor.eu/analysis/silver/kerrisdale-analysis-first-majestic-critical-review
http://www.silverdoctors.com/silver/silver-miners/first-majestic-silver-short-sell-report-fraudulent/#more-72835http://
FMV 
October 13, 2016 07:00 ET
First Majestic Achieves New Record in Silver Production; Produces 4.5 Million Silver Eqv. Ounces in Third Quarter
http://www.marketwired.com/press-re...-million-silver-eqv-frankfurt-fmv-2166212.htm
VANCOUVER, BRITISH COLUMBIA--(Marketwired - Oct. 13, 2016) - First Majestic Silver Corp. ("First Majestic" or the "Company") (NYSE:AG)(TSX:FR)(FRANKFURT:FMV)(BVM:AG) is pleased to announce that total production in the third quarter of 2016 from its six operating silver mines reached 4.5 million silver equivalent ounces. Total production consisted of 3.1 million ounces of silver, 14,452 ounces of gold, 8.0 million pounds of lead and 1.5 million pounds of zinc.
"Higher silver grades, throughput rates and recoveries propelled silver production to a new Company record of over 3.1 million ounces during the quarter," said Keith Neumeyer, President & CEO. "We saw significant grade improvements, particularly at Santa Elena, La Guitarra and San Martin, as a result of improved mine sequencing and dilution control. Due to the improved operational cash flows, we've significantly expanded our exploration programs resulting in 19 drill rigs currently active on our properties which will allow us to release updated Reserve and Resource estimates for Del Toro, La Parrilla and San Martin in the first quarter of 2017. At La Encantada, detailed engineering has been completed and furnace manufacturing has started for the construction of our new roasting circuit planned for final completion in the fourth quarter of 2017."
October 13, 2016 07:00 ET
First Majestic Achieves New Record in Silver Production; Produces 4.5 Million Silver Eqv. Ounces in Third Quarter
http://www.marketwired.com/press-re...-million-silver-eqv-frankfurt-fmv-2166212.htm
VANCOUVER, BRITISH COLUMBIA--(Marketwired - Oct. 13, 2016) - First Majestic Silver Corp. ("First Majestic" or the "Company") (NYSE:AG)(TSX:FR)(FRANKFURT:FMV)(BVM:AG) is pleased to announce that total production in the third quarter of 2016 from its six operating silver mines reached 4.5 million silver equivalent ounces. Total production consisted of 3.1 million ounces of silver, 14,452 ounces of gold, 8.0 million pounds of lead and 1.5 million pounds of zinc.
"Higher silver grades, throughput rates and recoveries propelled silver production to a new Company record of over 3.1 million ounces during the quarter," said Keith Neumeyer, President & CEO. "We saw significant grade improvements, particularly at Santa Elena, La Guitarra and San Martin, as a result of improved mine sequencing and dilution control. Due to the improved operational cash flows, we've significantly expanded our exploration programs resulting in 19 drill rigs currently active on our properties which will allow us to release updated Reserve and Resource estimates for Del Toro, La Parrilla and San Martin in the first quarter of 2017. At La Encantada, detailed engineering has been completed and furnace manufacturing has started for the construction of our new roasting circuit planned for final completion in the fourth quarter of 2017."
