|Mon Apr 12, 2010|
Production Increases by 30% to 1,619,403 Equivalent Ounces Silver
|First Majestic Silver Corp. ("First Majestic" or the "Company") is pleased to announce that total production at its three mines in Mexico for the first quarter ending March 31, 2010 increased to a new Company record of 1,619,403 equivalent ounces of silver, representing a 30% increase over the prior quarter production and a 56% increase over the first quarter of 2009 production (See Production Details Table below).|
The total equivalent silver production for the quarter consisted of 1,409,825 ounces of silver, representing a 28% increase from the prior quarter, 2,542,071 pounds of lead representing a 61% increase from the previous quarter, and 857 ounces of gold, representing an increase of 22% compared to the previous quarter.
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 337,110 tonnes milled representing a 34% increase over the previous quarter.
As announced on April 8, 2010, the new La Encantada cyanidation plant was deemed commercially operating effective April 1, 2010. Therefore, all production, revenues and operating costs associated with the new mill were capitalized in the first quarter. Effective April 1, 2010, all revenues and costs will be treated as normal course operations and recorded in the Company's income statement rather than being capitalized as pre-production, or pre-operating. For the first quarter, ending March 31st, non-commercial production includes 261,193 ounces of silver in the form of precipitates produced at the La Encantada cyanidation plant.
The average head grade in the quarter for the three mines increased by 8% over the previous quarter to 253 g/t of silver. The combined recoveries of silver increased from 65% to 66% in the quarter. Non-commercial production was not taken into account when calculating head grades or recoveries.
Production Details Table:
The Company's underground development in the first quarter consisted of 5,100 metres, compared to 5,265 metres completed in the previous quarter. There was 308 meters of diamond drilling completed in the quarter which consisted of definition drilling to assist in mining activity and Reserve definition in the Company's three mines.
At the La Encantada Silver Mine:
At the La Parrilla Silver Mine:
At the San Martin Mine:
At the Del Toro Project:
At the Real de Catorce Mine:
Mr. Keith Neumeyer stated; "I am very pleased with our team's efforts and accomplishments during the first quarter of 2010. The completion of the La Encantada construction is obviously a key milestone and production levels at our La Parrilla and San Martin mines have exceeded budget for three consecutive quarters. So far, we're all very pleased that 2010 is shaping up to be a very good year for First Majestic."
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 firstname.lastname@example.org, visit our website at www.firstmajestic.com or call our toll free number 1.866.529.2807.
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.
You can view the Next News Releases item: Tue Apr 13, 2010, REMINDER: Conference Call to discuss First Quarter Silver Production
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