Vancouver, British Columbia--(Newsfile Corp. - August 12, 2014) - SilverCrest Mines (TSX: SVL) (NYSE MKT: SVLC) has successfully commissioned its new 3,000 tonne per day mill and facilities at its Santa Elena Mine, with all major components completed and operating to the satisfaction of both management and the independent commissioning team.
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The 100% owned Santa Elena Mine, located in the State of Sonora, Mexico, is a high-grade, epithermal silver and gold producer, which is currently transitioning from an open pit heap leach to a conventional 3,000 tonne per day mill facility and underground operation.
For 30 continuous days through to early August, 2014, the mill through-put ranged from 1,485 to 3,144 tonnes per day and achieved an average of 2,524 tonnes per day or 84% of the 3,000 tonnes per day nameplate capacity.
In July, SilverCrest produced 1,516 ounces of gold and 81,818 ounces of silver (excluding residual leached ounces from pad production), which exceeded budgeted production of 1,255 ounces of gold and 74,325 ounces of silver. Startup recoveries of gold and silver in July were 82% and 65%, respectively, compared to budgeted start up recoveries of 83% and 62%. Dore production from the new mill exceeded budget estimates, with the company achieving positive operating cash flows from the expanded operations, including the mill.
As planned, the mill feed during the commissioning period came from the leach pad reserve, with blending of higher grade underground ore expected to commence during the 3rd quarter of 2014. Approximately, 69,000 tonnes of pad ore milled in July graded 0.84 grams per tonne gold and 56.80 grams per tonne silver, which are approximately 33% higher for gold and 58% higher for silver than the budgeted grades.
As of July 31, approximately 32,225 tonnes of underground development ore have been stockpiled for mill processing in the 3rd quarter, with an average stockpile grade of 1.63 grams per tonne gold and 118.91 grams per tonne silver, consistent with current reserve models.
N. Eric Fier, President and COO stated: "The announcement of commissioning completion for the new Santa Elena mill and facilities is another major milestone achieved as SilverCrest continues systematic and responsible growth. We will continue to adjust and optimize all the components of the facilities in efforts to achieve through-put tonnages at or above the nameplate capacity of 3,000 tpd. Our near term focus now turns to achieving further milestones, including underground stope production in August and free cash flow in Q3, 2014."
SilverCrest currently trades at $2.26 on the Toronto Stock Exchange, and with 118.7 million shares outstanding, the company is capitalized at $268.3 million.
The company has scheduled the release of its unaudited 2nd quarter financials and MD & A for after the close on the 13th, with a conference call scheduled for 10:00 am PDT on Thursday the 14th.
For more information please refer to today's news release on the company's website www.silvercrestmines.com, or contact Fred Cooper at 1-866-691-1730 ext 108 or email info@silvercrestmines.com.
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