First Majestic Silver Corp.: Silver Production Increases 4% in 1st Quarter
April 27, 2009
Majestic Silver Corp. (“First Majestic” or the “Company”) is pleased to
announce that production in the first quarter ending March 31, 2009
consisted of 1,040,117 equivalent ounces of silver.
The equivalent silver production for the quarter consisted of 929,964
ounces of silver representing an increase of 4% compared with the first
quarter of 2008 and a minor decrease of 156 ounces of silver when
compared with the fourth quarter of 2008. 1,828,739 pounds of lead were
produced in the quarter representing a 2% decrease over the first
quarter of 2008 and a decrease of 13% or 265,248 pounds when compared
with the fourth quarter of 2008. 491 ounces of gold were produced in the
quarter representing an increase of 105% when compared with the first
quarter of 2008 and an increase of 22% compared with the fourth quarter
The ore processed during the quarter at the Company’s three operating
silver mines: La Parrilla Silver Mine, the San Martin Silver Mine and La
Encantada Silver Mine; amounted to 216,047 tonnes showing an increase
of 36% over the same quarter of 2008 and a modest increase of 401 tonnes
over the fourth quarter of 2008.
The overall average silver head grade in the quarter for the three mines
increased to 222 g/t silver compared to 207 g/t Ag achieved in the
fourth quarter of 2008.
Total combined recoveries of silver at the Company’s three different
mills were 60% compared to 65% in the prior quarter. At the La Encantada
operation low recoveries were caused by high manganese in the ore and
increased throughput through the mill. At the San Martin operation, some
high carbonaceous ore affected metallurgy however this was compensated
by increased head grades. Steps are being taken at La Encantada to
improve recoveries; however, until the new 3500 tpd cyanidation plant is
completed in June of this year, recoveries are only expected to
As reported previously the Company has reduced exploration and
development programs at each of its operations in the fourth quarter of
2008. The Company continues to analyze its expenditures in order to
optimize the operations and improve profitability.
A total of 4,610 meters of underground development was completed in the
quarter compared to 6,006 metres of development completed in the first
quarter of 2008 and 5,847 metres completed in the fourth quarter of
2008. This program is important as it provides access to new areas
within the different mines and prepares the mines for continued growth
of silver production going forward. The Company has recently reduced its
drilling program to two rigs operating at San Martin only; however, in
the first quarter 31 holes were completed marking an end to those drill
programs commenced last year. A total of 5,048 meters of diamond
drilling was completed during the quarter compared to 10,256 metres
drilled in Q1 2008 and 4,193 metres drilled in Q4 2008.
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 significant corporate growth objectives.
FOR FURTHER INFORMATION contact firstname.lastname@example.org, visit our
website at www.firstmajestic.com
or call our toll free number
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.