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SilverCrest Announces Q2 Production
139,850 Ounces Silver & 8,584 Ounces Gold
TSX-V: SVL OTCQX: STVZF
For Immediate Release
Dear Subscriber,
VANCOUVER, B.C.
July 23, 2012– SilverCrest Mines Inc.
(the “Company”)
is pleased to announce production figures for the second quarter of
2012 from its 100% ownedSanta Elena Mine located in Sonora, Mexico.
Second Quarter Production Highlights
-- Silver produced oz: 139,850; 87% increase over Q2 2011
-- Gold produced oz: 8,584; 57% increase over Q2 2011
-- Ore Tonnes crushed: 317,958; 33% increase over Q2 2011
-- Silver oz to pad: 403,264; 14% increase over Q2 2011
-- Gold oz to pad; 13,764; 10% decrease over Q2 2011
J.
Scott Drever, President stated; “Operations at the Santa Elena mine
enjoyed a robust second quarter with silver and gold production
comfortably in line with our 2012 production guidance.
This is the
third consecutive quarter that we have operated at full, planned
production rates.
The crusher throughput averaged approximately 3,494
tonnes per day for Q2, 2012, compared to a plan of 2,500 tonnes per
day.
The open pit tonnes and grades continue to track closely with our
geological block models and open pit mine plan.
Cash costs for the
quarter are anticipated to be consistent with our guidance of $8.20 per
silver equivalent ounce.
As a result of the strong first half of the
year and projected production for the second half, the Company
anticipates meeting or exceeding its 2012 production guidance of
435,000 ounces of silver and 33,500 ounces of gold”.
----------------------------------------------------------------------------
Santa Elena Mine
Operating Highlights H1 2012 Q1 2012 Q2 2012 Q2 2011 % Change
----------------------------------------------------------------------------
Silver ounces produced 274,378 134,528 139,850 74,678 87%
Gold ounces produced 17,989 9,405 8,584 5,476 57%
Silver equivalent ounces
produced (1) 1,263,221 616,668 646,553 310,090 109%
Silver ounces sold 264,510 139,771 124,739 44,470 181%
Gold ounces sold 18,467 9,788 8,679 4,300 102%
Silver equivalent ounces
sold (1) 1,278,625 641,546 637,079 229,313 178%
Tonnes ore mined 533,226 263,424 269,802 249,214 8%
Tonnes waste mined 2,722,823 1,439,330 1,283,493 708,049 81%
Waste / ore ratio 5.11 5.46 4.76 2.84 68%
Ore tonnes crushed 582,935 264,977 317,958 238,478 33%
Average ore tonnes
crushed per day 3,203 2,912 3,494 2,621 33%
Average silver ore grade
(gpt) loaded on pad 41.79 44.13 39.45 44.1 -11%
Average gold ore grade
(gpt) loaded on pad 1.48 1.61 1.35 1.91 -29%
Silver ounces delivered
to pad 779,251 375,987 403,264 352,995 14%
Gold ounces delivered to
pad 27,526 13,762 13,764 15,268 -10%
Ag : Au Ratio (1) 51:1 51.2:1 59:1 43:1 37%
----------------------------------------------------------------------------
(1) Silver equivalence is based on market spot prices per ounce of silver
and gold at the quarter end dates.
All numbers are rounded.
Operations during Q1, 2011 were still in ramp up mode so are not
directly comparable to those quarters where steady state production has
been achieved.
The strip ratio for Q2, 2012 remains above the target of
3.9:1due to accelerated waste removal under a revised mine plan to
accommodate additional lower grade material in the footwall of the
deposit and to assure access to higher grade ore for the balance of the
year.
The average revised strip ratio for 2012 is estimated at 5:1 with
projections for 2013 to be less than 2:1.
The crusher throughput was
higher for Q2 due to increased operating hours, improved efficiencies
with greater availability of the crushing circuit.
Silver and gold
grades of ore loaded on the pad were marginally lower due to lower
grades from the open pit and processing of low grade stock pile
material.
For the remainder of 2012, the Company anticipates a lower
strip ratio than Q2 2012, above budget crusher throughput, and higher
mine grades.
N.
Eric Fier, CPG, P.Eng.
and Chief Operating Officer for SilverCrest
Mines Inc.
and Qualified Person for this news release has reviewed and
approved its contents.
SilverCrest Mines Inc.
(TSX-V: SVL; OTCQX: STVZF) is a Mexican precious
metals producer with headquarters based in Vancouver, BC.
SilverCrest’s
flagship property is the 100%-owned Santa Elena Mine, which is located
150 km northeast of Hermosillo, near Banamichi in the State of Sonora,
México.
The mine is a low cost, high-grade, epithermal gold and silver
producer, with an estimated life of mine cash cost of US$8 per ounce of
silver equivalent (55:1 Ag:Au).
SilverCrest anticipates that the 2,500
tonnes per day facility should recover approximately 4,805,000 ounces
of silver and 179,000 ounces of gold over the 6.5 year life of the open
pit phase of the Santa Elena Mine.
A three year expansion plan is
underway to double metals production at the Santa Elena Mine and
exploration programs are rapidly advancing the definition of a large
polymetallic deposit at the La Joya property in Durango, Mexico.
FORWARD-LOOKING STATEMENTS
This news release contains “forward-looking statements” within the
meaning of Canadian securities legislation and the United States
Securities Litigation Reform Act of 1995.
Such forward-looking
statements concern the Company’s anticipated results and developments
in the Company’s operations in future periods, planned exploration and
development of its properties, plans related to its business and other
matters that may occur in the future.
These statements relate to
analyses and other information that are based on expectations of future
performance, including silver and gold production and planned work
programs.
Statements concerning reserves and mineral resource estimates
may also constitute forward-looking statements to the extent that they
involve estimates of the mineralization that will be encountered if the
property is developed and, in the case of mineral reserves, such
statements reflect the conclusion based on certain assumptions that the
mineral deposit can be economically exploited.
Forward-looking statements are subject to a variety of known and
unknown risks, uncertainties and other factors which could cause actual
events or results to differ from those expressed or implied by the
forward-looking statements, including, without limitation: risks
related to precious and base metal price fluctuations; risks related to
fluctuations in the currency markets (particularly the Mexican peso,
Canadian dollar and United States dollar); risks related to the
inherently dangerous activity of mining, including conditions or events
beyond our control, and operating or technical difficulties in mineral
exploration, development and mining activities; uncertainty in the
Company’s ability to raise financing and fund the exploration and
development of its mineral properties; uncertainty as to actual capital
costs, operating costs, production and economic returns, and
uncertainty that development activities will result in profitable
mining operations; risks related to reserves and mineral resource
figures being estimates based on interpretations and assumptions which
may result in less mineral production under actual conditions than is
currently estimated and to diminishing quantities or grades of mineral
reserves as properties are mined; risks related to governmental
regulations and obtaining necessary licenses and permits; risks related
to the business being subject to environmental laws and regulations
which may increase costs of doing business and restrict our operations;
risks related to mineral properties being subject to prior unregistered
agreements, transfers, or claims and other defects in title; risks
relating to inadequate insurance or inability to obtain insurance;
risks related to potential litigation; risks related to the global
economy; risks related to the Company’s status as a foreign private
issuer in the United States; risks related to all of the Company’s
properties being located in Mexico and El Salvador, including
political, economic, social and regulatory instability; and risks
related to officers and directors becoming associated with other
natural resource companies which may give rise to conflicts of
interests.Should one or more of these risks and uncertainties
materialize, or should underlying assumptions prove incorrect, actual
results may vary materially from those described in the forward-looking
statements.
The Company’s forward-looking statements are based on
beliefs, expectations and opinions of management on the date the
statements are made.
For the reasons set forth above, investors should
not place undue reliance on forward-looking statements.
The information provided in this news release is not intended to be a
comprehensive review of all matters and developments concerning the
Company.
It should be read in conjunction with all other disclosure
documents of the Company.
The information contained herein is not a
substitute for detailed investigation or analysis.
No securities
commission or regulatory authority has reviewed the accuracy or
adequacy of the information presented.
“J.
Scott Drever”
J.
Scott Drever, President
For further information, please contact:
Fred Cooper
570 Granville Street, Suite 501
Vancouver, BC V6C 3P1
Telephone: (604) 694-1730
Fax: (604) 694-1761
Email: [2]
Website: [3]www.silvercrestmines.com
Toll Free: 1-866-691-1730 (Canada & USA)
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Neither TSX Venture Exchange nor its Regulation Services Provider (as
that term is defined in the policies of the TSX Venture Exchange)
accepts responsibility for the adequacy or accuracy of this release.
SilverCrest Mines Inc.
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SilverCrest Mines Inc.
- 570 Granville St., Suite 501 V6C 3P1,
Vancouver BC
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