VANCOUVER, British Columbia, Jan. 15, 2020 (GLOBE NEWSWIRE) -- First Majestic Silver Corp. ("First Majestic" or the "Company") is pleased to announce the Company’s fourth quarter and full year 2019 production results. In addition, the Company is expecting to release its 2020 production, cost and capital guidance, as well as host a conference call, on January 21, 2020. Fourth quarter and full year 2019 financial results are scheduled to be released on February 19, 2020.
2019 HIGHLIGHTS
•Total production reached 25.6 million equivalent ounces of silver, representing a 15% increase over 2018 and at the top end of the 2019 guidance range of producing 24.4 to 26.0 million silver equivalent ounces
•Silver production reached 13.2 million ounces, representing a 13% increase over 2018 and within the 2019 guidance range of producing 12.8 to 13.5 million ounces
•Achieved record consolidated average silver recoveries of 86%, the highest in the Company’s 17-year history
•Successfully commissioned the new 3,000 tpd high-intensity grinding (“HIG”) mill at Santa Elena making it the only whole-ore, hard-rock mining application of this technology in all of Latin America
•Commenced earthwork and ramp development activities at Santa Elena’s Ermitaño project in advance of initial production scheduled for early 2021
•Ended the year with a strong cash and cash equivalents balance of US$169.0 million
FOURTH QUARTER HIGHLIGHTS
•Total production reached 6.2 million equivalent ounces of silver, representing a slight decrease over the prior quarter primarily due to lower gold grades and a reduction in tonnes milled at Santa Elena in the month of December due to heavy rains impacting the ability to produce from the heap leach pads
•Silver production reached 3.3 million ounces, consistent with the prior quarter
•Record average silver recoveries at Santa Elena of 94%, up from 91% in the prior quarter due to the successful installation of the HIG mill
•La Encantada produced 987,630 silver ounces, marking a five-year quarterly production record, up 12% from the prior quarter
Total production in 2019 consisted of 13.2 million ounces of silver, 134,580 ounces of gold, 7.9 million pounds of lead and 3.7 million pounds of zinc. Total production in the fourth quarter of 2019 consisted of 3.3 million ounces of silver, 33,176 ounces of gold and 0.9 million pounds of lead.
“First Majestic posted another record year in 2019 producing 25.6 million silver equivalent ounces following our first full year of production from the San Dimas mine and several successful innovative projects that have significantly increased metallurgical recoveries at our Santa Elena and La Encantada operations,” said Keith Neumeyer, President & CEO. “During the fourth quarter, Santa Elena’s new HIG mill circuit continued to exceed our expectations with silver and gold recoveries achieving new records of 94% and 96%, respectively. At La Encantada, silver production hit another five-year high due to continued improvements in underground production from the San Javier and La Prieta areas. Finally, San Dimas had a strong finish to 2019 producing over 3.5 million silver equivalent ounces in the fourth quarter.”
Production Details Table:
Q4 Q3 Q/Q FY FY Y/Y
2019 2019 Change Consolidated Production Results 2019 2018 Change
626,482 655,967 -4 % Ore processed/tonnes milled 2,831,999 3,375,452 -16 %
6,233,412 6,636,716 -6 % Total production - ounces of silver equivalent 25,554,288 22,243,071 +15 %
3,348,424 3,367,740 -1 % Silver ounces produced 13,241,118 11,679,452 +13 %
33,176 35,791 -7 % Gold ounces produced 134,580 111,084 +21 %
914,370 1,907,305 -52 % Pounds of lead produced 7,935,566 16,135,438 -51 %
- 1,026,739 -100 % Pounds of zinc produced 3,691,100 5,695,657 -35 %
QUARTERLY REVIEW
Total ore processed during the quarter at the Company's silver mines amounted to 626,482 tonnes, representing a 4% decrease compared to the previous quarter. The slight decrease in tonnes processed compared to the prior quarter was primarily due to processing lower volumes at Santa Elena from the old heap leach pad due to heavy rains as well as the temporary suspension of milling activities at La Parrilla on September 2, 2019, partially offset by higher tonnage at La Encantada.
Consolidated silver grades in the quarter averaged 189 g/t compared to 181 g/t in the previous quarter. This 4% increase was primarily due to higher silver grades at Santa Elena and the first full quarter exclusion of La Parrilla’s production following the suspension in September 2019. Consolidated gold grades were relatively unchanged in the quarter averaging 1.71 g/t compared to 1.76 g/t in the prior quarter.
Consolidated silver and gold recoveries averaged 88% and 97% in the fourth quarter of 2019 and consistent with the previous quarter. The Company continues to expect further improvements in recoveries associated with the installation of a new 3,000 tpd HIG mill at San Dimas in 2020.
MINE BY MINE PRODUCTION TABLE
Mine Ore Processed Tonnes per Day Silver Oz Produced Gold Oz Produced Pounds of Lead Equivalent Silver Ounces
San Dimas 182,265 1,981 1,658,721 21,713 - 3,516,117
Santa Elena 196,640 2,137 619,321 11,391 - 1,592,397
La Encantada 221,049 2,403 987,630 49 - 991,856
Del Toro 26,528 288 82,752 22 914,370 133,042
Total 626,482 6,810 3,348,424 33,176 914,370 6,233,412
*Certain amounts shown may not add exactly to the total amount due to rounding differences.
*The following prices were used in the calculation of silver equivalent ounces: Silver: $17.32 per ounce; Gold: $1,481 per ounce; Lead: $0.93 per pound.
*The La Parrilla operation was placed on temporary suspension on September 2, 2019 and thus no production was attributed in the fourth quarter of 2019.
see & read more on
https://firstmajestic.com/news/index.php?content_id=432 |
