First Majestic owns six producing silver mines including the La Encantada Silver Mine, the La Parrilla Silver Mine, the San Martin Silver Mine, the La Guitarra Silver Mine, Del Toro Silver Mine, and the Santa Elena Silver Mine.
The Company's first operating mine, the La Parrilla Silver Mine, was acquired
in 2004 and is located conveniently outside the city of Durango. The property
underwent its fifth major development project in 2012 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 parallel 1,000 tpd flotation
and 1,000 tpd cyanidation circuits became fully operational. At the current run
rate of 2,000 tpd, it is anticipated that La Parrilla will produce
approximately 3.0 million ounces of silver (or 4.5 million silver equivalent
ounces) per year.
First Majestic next acquired the La Encantada Silver Mine,
located in the state of Coahuila, in 2006. The Company began the construction
of a 4,000 tpd cyanidation circuit in 2008.
By April 2010, commercial production was achieved increasing annual silver production
by 200% to approximately 4.0 million ounces of silver, all in the form
of silver doré bars. In 2015, the Company further expanded the crushing and
grinding area at La Encantada by installing a new 12’ X 14’ ball mill which is
estimated to increase silver production by an additional 1.0 million ounces per
First Majestic's third operating mine, the San Martin Silver Mine, was also
acquired in 2006 and recently underwent an expansion from 950 tpd to 1,300 tpd.
This expansion was completed in October 2013. At full capacity, San Martin's
annual silver production is projected to reach 2.0 million ounces of silver in
the form of doré bars plus modest amounts of gold.
In 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. Since acquiring the mine, First Majestic has increased the mill
capacity from 350 tpd to 500 tpd which is projected to produce approximately
1.0 million ounce of silver per year plus modest amounts of gold. Further
planning and permitting is underway for an additional mill upgrade to 1,000
The Del Toro Silver Mine, began operations in the first quarter of 2013. Del Toro has a throughput capacity of 4,000
tpd (2,000 tpd flotation + 2,000 tpd cyanidation). Following an operational
review in late 2014, the Company decided to reconfigure the plant and process all
of the underground ore through the 2,000 tpd flotation circuit. The 2,000 tpd cyanidation circuit remains on
care and maintenance until further notice. At, 2,000 tpd, the mine is projected
to produce approximately 3.0 million ounces of silver per year (or 4.0 million
silver equivalent ounces) .
Recently added with the
completion of the acquisition of SilverCrest Mines Inc., are the Santa Elena
Silver Mine and La Joya Silver Project.
Santa Elena is located in the State of Sonora, Mexico. The operation
comprises a high‐grade, epithermal silver and gold deposit, along with a 3,000
tpd conventional milling facility. Santa Elena is projected to produce
approximately 5 million silver equivalent ounces per year.
The La Joya property is approximately 75kim southeast of the
state capital city of Durango, state of Durango, Mexico. The property consists of 15 concessions with
a total nominal area of 4,647 hectares.
Management feels strongly that investors will continue to
witness another 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.
First Majestic is a mining company focused on silver
production in México and is aggressively pursuing the development of its
existing mineral property assets and the pursuit through acquisition of
additional mineral assets which contribute to the Company achieving its
corporate growth objectives.