About the Company
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 five producing silver mines including the La Encantada Silver Mine, the La Parrilla Silver Mine, the San Martin Silver Mine, the La Guitarra Silver Mine and the Del Toro Silver Mine.
First Majestic's largest operation is the La Encantada Silver Mine. This property has been expanded several times since 2006 to reach the current capacity of 4,000 tpd. Running at full capacity, production at La Encantada is approximately 4.2 to 4.5 million ounces of silver, in the form of silver doré bars, annually.
The Company's second mine, the La Parrilla Silver Mine, is located conveniently outside the city of Durango. The property recently underwent a fifth major development project that further expanded the mill to 2,000 tpd (from the previous 850 tpd). The expansion was deemed commercially effective on March 1, 2012 and the new parallel 1,000 tpd flotation and 1,000 tpd cyanidation circuits became fully operational. At the newly designed run rate of 2,000 tpd, it is anticipated that La Parrilla will produce in the range of 3.0 to 3.2 million ounces of silver equivalent annually.
First Majestic's third operating mine, the San Martin Silver Mine was expanded to 950 tpd in late 2008. Annualized production is approximately 1.1 million ounces of silver in the form of silver doré bars.
On July 3, 2012, the Company completed the acquisition of Silvermex Resources which resulted in the La Guitarra Silver Mine becoming the Company's fourth producing silver mine. Moving forward, First Majestic plans to increase the mill capacity from 350 tpd to 500 tpd.
The Company's newest producing mine, the Del Toro Silver Mine, began operations in the first quarter of 2013 at 1,000 tpd through flotation. By the end of the second quarter, management expects phase two of production (1,000 tpd flotation and 1,000 tpd cyanidation) to commence, allowing for the production of silver doré bars. The Company remains on schedule for the final phase of production (2,000 tpd flotation and 2,000 tpd cyanidation) by mid-2014, at which point Del Toro is expected to become the Company's largest operation.
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.