FMV
First Majestic produces 4.5M AgEq oz in Q1
https://www.stockwatch.com/News/Item/Z-C!FR-3062719/C/FR
2021-04-14 07:26 ET - News Release
Mr. Keith Neumeyer reports
FIRST MAJESTIC PRODUCES 2.9M OZ SILVER AND 23,873 OZ GOLD (4.5M SILVER EQV. OZ) IN THE FIRST QUARTER OF 2021
Total production in the first quarter of 2021 from First Majestic Silver Corp.'s three producing operations in Mexico, the San Dimas silver/gold mine, the Santa Elena silver/gold mine and the La Encantada silver mine reached 4.5 million silver equivalent ounces consisting of 2.9 million ounces of silver and 23,873 ounces of gold. The Company's financial results for the first quarter of 2021 are scheduled to be released on Thursday, May 6, 2021.
FIRST QUARTER HIGHLIGHTS
Total production: The Company produced 4.5 million silver equivalent ounces consisting of 2.9 million ounces of silver and 23,873 ounces of gold, representing a decrease of 16% and 9%, respectively, compared to the Company's record setting production in the previous quarter.
LNG power starts on-schedule: The Liquid Natural Gas ("LNG") facility at Santa Elena successfully completed all commissioning activities during the quarter. At quarter end, the LNG power plant was supplying approximately 85% of power requirements to the Santa Elena operation.
Ermitano activities advance: Underground development activities at the Ermitano project near Santa Elena advanced another 1,453 metres during the quarter. The Company plans to start test stope mining in June and expects to extract between 50,000 to 60,000 tonnes of material over the next six months. On surface, initial construction activities commenced for the access road which will connect the Santa Elena processing plant to the Ermitano portal area.
Strong underground production at Santa Elena: Underground ore production and plant throughput rates at Santa Elena increased throughout the quarter and in the month of March exceeded budgeted levels for the first time in over a year. The strong production was achieved following multiple improvement initiatives enacted at the mine over the last nine months. In the month of March, underground mining produced 55,266 tonnes of ore, or approximately 1,783 tonnes per day, accounting for 41% of Santa Elena's total underground production in the entire quarter.
19 drill rigs active: The Company completed a total of 39,552 metres in exploration drilling, or approximately 21% of the 2021 exploration budget, across the Company's mines and projects during the quarter. At the end of the first quarter, a total of 19 exploration drill rigs were active consisting of 10 rigs at San Dimas, seven rigs at Santa Elena and two rigs at La Encantada.
Accretive M&A transaction: As previously announced in a news release on March 12th, the Company has signed a definitive agreement to acquire the Jerritt Canyon Mine located in Nevada, USA from Sprott Mining. The transaction is expected to close by the end of April, subject to meeting all applicable closing conditions.
"After a record-setting previous quarter, silver production in the first quarter came in slightly below budget primarily due to lower average silver grades and an extreme cold weather event in the month of February which reduced milling rates at La Encantada," said Keith Neumeyer, President & CEO. "While the quarter was impacted by some uncontrollable factors, site operations made some significant achievements during the quarter. At Santa Elena, underground ore production reached the highest quarterly rate in over a year following numerous operational improvements over the past nine months and resulted in an 8% increase in silver production compared to the previous quarter. In addition, Santa Elena's new 12.4MW LNG power plant was successfully commissioned at the end of the quarter and began feeding low-cost, clean energy into the Santa Elena electrical power grid. Finally, San Dimas continues to benefit from strong mine development rates and produced over 2.9 million silver equivalent ounces."
Guten Morgen! 
