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=?UTF-8?Q?SILVERCREST=20REPORTS=20INCREASED=20SANTA=20ELENA=20PRODUCTION=20IN=20
Q3=20SILVER=20PRODUCTION=20UP=2043%=20TO=20106,636=20OUNCES=20GOLD=20PRODUCTION=20UP=2061%=20TO=208,805=20OUNCES
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SilverCrest Reports Increased Santa Elena Production in Q3
* Silver Production up 43% to 106,636 ounces
* Gold Production up 61% to 8,805 ounces
TSX-V: SVL OTCQX: STVZF
For Immediate Release
Dear Subscriber,
VANCOUVER, B.C.
October 12, 2011 – SilverCrest Mines Inc.
(the “Company”)
is pleased to announce 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.
For additional information and to view
production photos, please visit the Company’s website at
[2]www.silvercrestmines.com.
Links:
2.
http://www.silvercrestmines.com
Santa Elena Mine Operating Highlights;
Jan-Mar Apr-Jun July-Sept Q1-Q3, 2011
Q1 2011 Q2 2011 Q3 2011 Total/Average
Silver ounces produced 64,712 74,678 106,636 246,026
Gold ounces produced 3,152 5,476 8,805 17,433
Silver ounces sold 57,390 70,326 96,631 224,346
Gold ounces sold 2,333 4,300 7,627 14,260
Ore tonnes crushed 218,527 249,054 253,496 721,077
Average ore tonnes 2,428 2,737 2,755 2,641
crushed per day
Average silver ore grade (gpt) 34.07 44.09 48.47 42.59
Average gold ore grade (gpt) 1.14 1.91 2.20 1.78
Silver ounces delivered to pad 239,369 352,995 395,068 987,432
Gold ounces delivered to pad 8,006 15,268 17,912 41,186
* The crusher is currently operating above daily designed throughput of 2,500
tpd with an average of 2,755 tpd during Q3, and an average of 2,641 tpd to
date in 2011.
* Estimated silver recovery to date is approximately 22% and estimated
gold recovery to date is 41%.
These recoveries are consistent with
budgeted numbers of 24% for silver and 41% for gold during the ramp up
phase.
Projected life of mine total metal recoveries of 35 to 40% silver
and 65 to 70% gold appear to be achievable, as all mining has now
transitioned to the Main Zone.
All ore mined for the remainder of the
open pit mine life will be from the Main Zone, which provided the bulk
samples for metallurgical testing that is the basis of projected total
metal recoveries.
During the third quarter, high grade ore mined from
the Main Zone averaged approximately 53.83 gpt Ag and 1.99 gpt Au.
* Silver and Gold production has increased significantly from 64,712 ounces
of silver and 3,152 ounces of gold in Q1 to 106,636 ounces of silver and
8,805 ounces of gold in Q3, 2011.
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.”
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) _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 150km northeast of
Hermosillo, near Banamichi in the State of Sonora, México.
The mine is a
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.
This news release contains forward-looking statements, which address future
events and conditions, which are subject to various risks and uncertainties.
The Company’s actual results, programs and financial position could differ
materially from those anticipated in such forward-looking statements as a
result of numerous factors, some of which may be beyond the Company’s
control.
These factors include: the availability of funds; the timing and
content of work programs; results of exploration activities and development
of mineral properties, the interpretation of drilling results and other
geological data, the uncertainties of resource and reserve estimations,
receipt and security of mineral property titles; project cost overruns or
unanticipated costs and expenses, fluctuations in metal prices; currency
fluctuations; and general market and industry conditions.
Forward-looking
statements are based on the expectations and opinions of the Company’s
management on the date the statements are made.
The assumptions used in the
preparation of such statements, although considered reasonable at the time
of preparation, may prove to be imprecise and, as such, undue reliance
should not be placed on forward-looking statements.
“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: [3]
Website: [4]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.
Copyright ©2008 | [5]
SilverCrest Mines Inc.
- 570 Granville St., Suite 501 V6C 3P1, Vancouver BC
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