VANCOUVER, BRITISH COLUMBIA — (Marketwired) — 04/15/13 — First Majestic Silver Corp. („First Majestic“ or the „Company“) (TSX: FR)(NYSE: AG)(FRANKFURT: FMV) is pleased to announce that total production at its five operating mines in Mexico for the first quarter ending March 31, 2013, reached 2,731,792 equivalent ounces of silver, representing a 36% increase compared to the same quarter in 2012.
Total silver production for the quarter consisted of 2,437,664 ounces of silver, representing an increase of 33% compared to the same quarter in 2012. In addition, 4,058,114 pounds of lead and 1,679,378 pounds of zinc were produced representing an increase of 28% and 27%, respectively, compared to the same quarter of the previous year. Also, 1,584 ounces of gold was produced, representing an increase of 159% compared to the first quarter of 2012.
Keith Neumeyer, President & CEO of First Majestic, states, „The first quarter of 2013 marked yet another milestone for First Majestic. We announced the inauguration of Del Toro after 21 months of construction. We-re also now in the final stages of expanding mine and mill capacities at both our San Martin and La Guitarra operations. With four major projects underway simultaneously, our entire team needs to be congratulated for their hard work, persistence and dedication ensuring First Majestic-s aggressive growth plans remain intact.“
Production Details Table:
Other Developments:
First Majestic proudly inaugurated its fifth operating silver mine in Mexico in January 2013. The Del Toro Silver Mine has been under construction since April 2011 and will ultimately become the Company-s largest mine. As previously announced, this mine was not deemed to produce at commercial levels until April 1, 2013, therefore there was no commercial production attributed to the first quarter from Del Toro.
The total ore processed during the quarter at the Company-s five operating silver mines, La Encantada, La Parrilla, San Martin, La Guitarra and Del Toro, amounted to 730,357 tonnes milled, representing an increase of 4% over the previous quarter. The average head grade in the quarter for the five mines increased by 3% over the previous quarter to 181 g/t of silver. The combined silver recoveries decreased minimally from 58% to 57% in the quarter.
The Company-s underground development in the first quarter consisted of 15,575 metres, a 5% increase compared to 14,802 metres completed in the previous quarter. The Company-s development program is primarily focused on preparing the underground accesses and stopes for increased production rates during the year.
There are currently 17 diamond drill rigs operating at the Company-s five operations. The Company completed 16,962 metres of diamond drilling in the quarter compared to 25,940 metres in the prior quarter, representing a 35% decrease. The exploration program consists of definition drilling to define Reserves and Resources and assist in mining activities at the Company-s five operating mines as well as some regional exploration in areas of interest previously defined. In addition, the current drill program will support updated NI 43-101 Technical Reports coming out during the year, as the Company-s objective is to complete new Technical Reports for each of the Company-s mines in 2013.
At the Del Toro Silver Mine:
At the La Guitarra Silver Mine:
At the La Encantada Silver Mine:
At the La Parrilla Silver Mine:
At the San Martin Silver Mine:
First Majestic is a silver producing company with operations focused in Mexico. The Company 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
Cautionary Note Regarding Forward-Looking Statements
This press release contains „forward-looking statements“, within the meaning of the United States Private Securities Litigation Reform Act of 1995 and applicable Canadian securities legislation, concerning the business, operations and financial performance and condition of First Majestic Silver Corp. Forward-looking statements include, but are not limited to, statements with respect to the future price of silver and other metals, the estimation of mineral reserves and resources, the realization of mineral reserve estimates, the timing and amount of estimated future production, costs of production, capital expenditures, costs and timing of the development of new deposits, success of exploration activities, permitting time lines, hedging practices, currency exchange rate fluctuations, requirements for additional capital, government regulation of mining operations, environmental risks, unanticipated reclamation expenses, timing and possible outcome of pending litigation, title disputes or claims and limitations on insurance coverage. Generally, these forward-looking statements can be identified by the use of forward-looking terminology such as „plans“, „expects“ or „does not expect“, „is expected“, „budget“, „scheduled“, „estimates“, „forecasts“, „intends“, „anticipates“ or „does not anticipate“, or „believes“, or variations of such words and phrases or state that certain actions, events or results „may“, „could“, „would“, „might“ or „will be taken“, „occur“ or „be achieved“.
Forward-looking statements are subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of First Majestic Silver Corp. to be materially different from those expressed or implied by such forward-looking statements, including but not limited to: risks related to the integration of acquisitions; risks related to international operations; risks related to joint venture operations; actual results of current exploration activities; actual results of current reclamation activities; conclusions of economic evaluations; changes in project parameters as plans continue to be refined; future prices of metals; possible variations in ore reserves, grade or recovery rates; failure of plant, equipment or processes to operate as anticipated; accidents, labour disputes and other risks of the mining industry; delays in obtaining governmental approvals or financing or in the completion of development or construction activities, as well as those factors discussed in the section entitled „Description of the Business – Risk Factors“ in First Majestic Silver Corp.-s Annual Information Form for the year ended December 31, 2012, available on , and Form 40-F on file with the United States Securities and Exchange Commission in Washington, D.C. Although First Majestic Silver Corp. has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. First Majestic Silver Corp. does not undertake to update any forward-looking statements that are incorporated by reference herein, except in accordance with applicable securities laws.
Contacts: First Majestic Silver Corp. (604) 688-3033 or Toll Free: 1-866-529-2807 (604) 639-8873 (FAX)
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