Second Quarter Production Results
July 20, 2009
First Majestic Silver Corp. (“First Majestic” or the “Company”)
announces that production in the second quarter ending June 30th, 2009
equalled 957,937 equivalent ounces of silver which consisted of 827,719
ounces of silver, 1,493,162.02 pounds of lead and 746 ounces of gold.
Overall recoveries of silver at the Company’s three operating silver
mines; the La Encantada Silver Mine the La Parrilla Silver Mine and the
San Martin Silver Mine increased in the quarter from 60% to 64%. The ore
processed during the quarter, amounted to 204,574 tonnes with an
overall average silver head grade in the quarter of 196 g/t of silver.
The Company’s production levels are slightly behind schedule mostly due
to the enormous efforts going into completing the major construction
project at the La Encantada mine. The completion of this new 3500 tpd
mill is expected to have such a dramatic effect on production and
profitability and as a result management has focused most of its efforts
on completing this project.
This major construction project at the La Encantada continued into the
second quarter. This new 3500 tpd Cyanidation mill is expected to begin
the commissioning process in a few weeks and will result in doré
production being ramped up over a three month period. The new plant is
expected to be fully commissioned by the end of October and once
completed will produce 4.3 million ounces of silver doré annually.
With the completion of the La Encantada construction project coming to
an end in October, production levels in the third and fourth quarter are
expected to improve significantly. Once this occurs, management can
then focus its efforts on its other projects in order to further
increase production levels.
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 email@example.com
, 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.