SilverCrest Mines Inc. announces continued growth of silver and gold production in the Third Quarter, 2011 from the Santa Elena Mine located in Sonora, Mexico. Silver production was up 43% to 106,636 ounces and gold production was up 61% to 8,805 ounces compared to the Second Quarter, 2011.
The mine is expected to produce over 400,000 ounces of silver and 26,000 ounce of gold in 2011, after declaring commercial production on April 1 of this year. The first full year of production will be 2012 and the mine is expected to produce 478,000 ounces of silver and 32,000 ounces of gold. From 2013 through 2016, silver production is expected to average approximately 921,000 ounces per year and gold production is expected to average approximately 29,000 ounces per year.
J. Scott Drever, President stated;
“We are certainly pleased with the consistent progress being made at the operational level at the Santa Elena Mine. All aspects of the operations are at design capacities and are functioning as expected including the
crusher. This has been reflected in the steady increase in the overall performance statistics and more specifically in the increased number of ounces of silver and gold poured on site and sold out of the refinery. The improvements in production numbers are expected to be reflected in our Q3 financial results to be released towards the end of November. Our strong cash position of $32.4 million and substantial cash flow assures that we can proceed with our 3 year expansion plan to double production at Santa Elena and to implement the Company’s overall strategy for corporate growth.”
For Silvercrest's Full Press Release for Q3 visit http://www.silvercrestmines.com/uploadedFiles/images/Oct12-2011SEQ3OperationsUpdateFinal.pdf
Disclosure:
Neither the Doc or BullRun owns any shares of SilverCrest or plans to own any shares in the next 48 hours
