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First Majestic Produces a Record 5.1 Million Silver Eqv. Ounces in First Quarter

Nachrichtenquelle: Marketwired
14.04.2016, 13:00  |  504   |   |   

VANCOUVER, BRITISH COLUMBIA--(Marketwired - April 14, 2016) - First Majestic Silver Corp. ("First Majestic" or the "Company") (NYSE:AG)(TSX:FR)(FRANKFURT:FMV)(BVM:AG) is pleased to announce that total production in the first quarter of 2016 from its six operating silver mines reached a new record of 5.1 million silver equivalent ounces, representing a 30% increase compared to the same quarter in 2015. Total production consisted of 3.1 million ounces of silver, 16,870 ounces of gold, 8.6 million pounds of lead and 4.0 million pounds of zinc.

"The Company's strong performance in the first quarter is primarily due to higher production at the La Encantada and Santa Elena mines," said Keith Neumeyer, President & CEO. "Over the past two quarters, our team has been diligently integrating Santa Elena's previous operating systems into the First Majestic operating model and we are seeing increased production and improved efficiencies as a result. Also, at each operation we are achieving great strides due to initiatives put in place and implemented over the past two years."

Production Details Table:

Q1 Q1 Y/Y Q4 Q/Q
2016 2015 Change 2015 Change
Ore processed/tonnes milled 789,591 631,609 25% 883,377 -11%
Total production - ounces of silver equivalent 5,083,095 3,905,270 30% 4,820,408 5%
Total silver ounces produced 3,074,173 2,776,855 11% 3,055,442 1%
Silver grade (g/t) 161 186 -13% 146 10%
Silver recovery (%) 75 74 2% 74 2%
Pounds of lead produced 8,637,429 11,286,880 -23% 9,040,601 -4%
Pounds of zinc produced 4,030,810 6,349,692 -37% 4,227,296 -5%
Gold ounces produced 16,870 2,970 468% 14,534 16%

Quarterly Operational Review:

Total ore processed during the quarter at the Company's six operating silver mines: Santa Elena, La Encantada, La Parrilla, Del Toro, San Martin and La Guitarra, amounted to 789,591 tonnes, reflecting an 11% decrease compared to the previous quarter. The decrease in tonnes was primarily due to reduced processing rates at La Encantada, due to mechanical issues; and lower throughputs at Del Toro to improve profitability.

Average silver grades in the quarter increased by 10% to 161 g/t compared to 146 g/t in the previous quarter. The increase in silver grades is primarily due to the improvement in accessing higher grade stopes at La Encantada. Combined silver recoveries averaged 75% during the quarter, a slight improvement compared to 74% in the previous quarter.

The Company's underground development in the first quarter consisted of 10,007 metres, reflecting an 8% increase compared to 9,261 metres completed in the previous quarter. The Company also completed 6,697 metres of diamond drilling in the quarter compared to 5,819 metres in the prior quarter, representing a 15% increase.

Mine by Mine Quarterly Production Table:

Mine Ore
Processed
Tonnes
per Day
Silver
Grade
(g/t)
Silver
Recovery
%
Silver
Oz
Produced
Gold
Oz
Produced
Pounds
of Lead
Pounds
of Zinc
Equivalent
Silver
Ounces
Santa Elena 242,539 2,665 98 87% 661,292 13,383 - - 1,725,417
La Encantada 189,140 2,078 224 61% 830,787 27 - - 832,957
La Parrilla 151,916 1,669 144 82% 575,969 223 3,767,247 4,030,810 1,001,359
Del Toro 86,869 955 143 78% 311,400 97 4,870,181 - 578,556
San Martin 75,863 834 243 81% 480,413 1,261 - - 580,922
La Guitarra 43,265 475 189 82% 214,312 1,878 - - 363,884
Total 789,591 8,677 161 75% 3,074,173 16,870 8,637,429 4,030,810 5,083,095

*Certain amounts shown in this news release may not add exactly to the total amount due to rounding differences.

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