FIRST MAJESTIC SILVER CORP. (the "Company" or
“First Majestic”) is pleased to announce its updated Mineral
Reserve and Resource estimates for the San Dimas, Santa Elena and
La Encantada producing mines as well as its existing non-material
mineral assets in Mexico with an effective date of December 31,
2019.
- Proven and Probable Mineral Reserves (“P&P”) at the
Company’s three producing silver mines totaled 85.1 million ounces
of silver and 733,000 ounces of gold, or 146.5 million silver
equivalent ounces, representing a 4% decrease compared to previous
estimates
- Consolidated P&P grades increased by 6% to 320 AgEq g/t
(186 g/t silver and 1.6 g/t gold)
- Excluded 16.6 million silver equivalent ounces from Mineral
Reserves as a result of placing the San Martin, La Parrilla and Del
Toro operations on temporary suspension
- Measured and Indicated Mineral Resources (“M&I”) for the
Company’s seven properties increased by 3% to 267.8 million silver
equivalent ounces primarily due to the upgrading of 3.3 million
ounces of silver and 219,000 ounces of gold, or 21.6 million silver
equivalent ounces, from Inferred to Indicated Resources at Santa
Elena’s Ermitaño project
- Indicated grades at Ermitaño increased by 15% to 449 AgEq g/t
(70 g/t silver and 4.59 g/t gold)
- Inferred Mineral Resources at the Company’s seven properties
increased by 8% to 228.7 million silver equivalent ounces
“Our exploration efforts in 2019 were successful
at replacing mine depletion at San Dimas and improving resources at
the Ermitaño project near Santa Elena,” stated Keith Neumeyer,
President and CEO. “Reserves at San Dimas remained relatively
unchanged at 101.3 million silver equivalent ounces following
robust production of 13.8 million silver equivalent ounces in 2019.
At the Ermitaño project, we significantly increased the Indicated
Resource by 245% to 30.4 million silver equivalent ounces and
improved the grade by 15% to 449 AgEq g/t following a successful
infill drill program designed to improve the confidence of the
deposit. With an updated total resource of 67.9 million silver
equivalent ounces, this project is expected to increase production
and reduce costs at Santa Elena once production commences in
2021.”
The following table shows the total tonnage
mined from each of the Company’s producing properties during 2019,
including total ounces of silver, silver equivalent ounces and
tonnage mined. A portion of the production from each mine came from
material other than Reserves, as set out below under the heading
“Material Mined from Areas Not in Reserves”.
2019 PRODUCTION TABLE
|
|
Units |
SAN DIMAS |
SANTA ELENA |
LA ENCANTADA |
SAN MARTIN |
LA PARRILLA |
DEL TORO |
TOTAL |
|
|
Ore
Processed |
Tonnes |
691,576 |
875,435 |
890,008 |
101,362 |
167,535 |
106,083 |
2,831,999 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Material
Mined from Reserves |
Tonnes |
641,859 |
804,976 |
392,074 |
68,188 |
121,401 |
82,752 |
2,111,250 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Material
Mined from Areas Not In Reserves |
Tonnes |
49,717 |
70,459 |
497,934 |
33,174 |
46,134 |
23,331 |
720,749 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Silver
Produced |
Ounces |
6,305,672 |
2,435,604 |
3,083,410 |
555,595 |
557,603 |
303,234 |
13,241,118 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Silver-Equivalent Produced from Other Metals (1) |
Ounces |
7,525,955 |
3,880,673 |
16,307 |
136,946 |
562,887 |
190,402 |
12,313,170 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Silver-Equivalent Produced |
Ounces |
13,831,627 |
6,316,277 |
3,099,717 |
692,541 |
1,120,490 |
493,636 |
25,554,288 |
|
|
|
|
|
|
|
|
|
|
|
|
(1) Silver-equivalent ounces are estimated
considering: metal price assumptions, metallurgical recovery for
the corresponding mineral type/mineral process and the metal
payable of the corresponding contract of each mine. Details as to
the method of calculation can be found in the applicable tables in
each mine section of the 2019 Annual Information Form.(2) Totals
may not add up due to rounding.
Metal price assumptions used to estimate the
2019 Mineral Reserves were $17.00/oz for silver, $1,350/oz for gold
and $0.95/lb for lead. This compares to the previous metal price
assumptions of $17.00/oz for silver, $1,250/oz for gold and
$1.00/lb for lead used to calculate the Company’s 2018 Mineral
Reserves.
RESERVES AND RESOURCES
UPDATE
As of December 31, 2019, Proven and Probable
Mineral Reserves at the Company’s three operating mines (San Dimas,
Santa Elena and La Encantada) totaled 85.1 million ounces of silver
and 733,000 ounces of gold, or 146.5 million silver equivalent
ounces, representing a 4% decrease in metal content compared to
prior estimates. This variation takes into consideration the effect
of mine depletion offset by the conversion of Mineral Resources to
Mineral Reserves. Additionally, consolidated P&P grades
increased by 6% to 320 AgEq g/t (186 g/t silver and 1.6 g/t gold)
at the three operating mines.
The Company reclassified the San Martin, La
Parrilla and Del Toro mines as non-material properties following
management’s decision to place these operations on temporary
suspension in 2019. As a result, a total of 16.6 million silver
equivalent ounces were excluded from Mineral Reserves comprised of
5.6 million silver equivalent ounces at San Martin, 2.3 million
silver equivalent ounces at La Parrilla and 8.7 million silver
equivalent ounces at Del Toro. These excluded ounces will remain in
M&I Resources subject to sufficient economic improvements at
Del Toro and La Parrilla, as well as a reduction in security
concerns at San Martin, to justify a restart of operations.
The Company’s consolidated Measured and
Indicated Mineral Resources have increased by 3% in terms of silver
equivalent metal content as the result of the exploration programs
designed to sustain mineral resources in San Dimas and Santa Elena.
Indicated Mineral Resources at Santa Elena’s Ermitaño project
increased by 245% to 4.7 million ounces of silver and 311,000
ounces of gold, or 30.4 million silver equivalent ounces.
Furthermore, Indicated Resource grades at Ermitaño increased by 15%
to 449 AgEq g/t (70 g/t silver and 4.59 g/t gold) following another
successful exploration program in 2019 which primarily focused on
infill drilling of the main ore body.
Consolidated Inferred Mineral Resources
increased by 6% in terms of silver equivalent metal content as a
result of the exploration programs designed to identify new mineral
resources. In addition, consolidated Inferred grades increased by
2% to 405 AgEq g/t (224 g/t silver, 2.03 g/t gold, 0.31% lead and
0.31% zinc).
The complete 2019 Mineral Reserve and Resource
estimates for all metals, tonnage and grades are shown below in the
following tables:
PROVEN AND PROBABLE MINERAL RESERVES WITH AN EFFECTIVE DATE
OF DECEMBER 31, 2019 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Mine |
Category |
Mineral Type |
Tonnage |
Grades |
Metal Content |
|
|
|
|
k tonnes |
Ag (g/t) |
Au (g/t) |
Pb (%) |
Ag-Eq (g/t) |
Ag (k Oz) |
Au (k Oz) |
Ag-Eq (k Oz) |
|
|
|
|
|
|
|
|
|
|
|
|
|
SAN DIMAS |
Proven
(UG) |
Sulphides |
1,918 |
313 |
4.38 |
- |
671 |
19,270 |
270 |
41,360 |
|
|
Probable (UG) |
Sulphides |
3,199 |
327 |
3.12 |
- |
582 |
33,650 |
321 |
59,900 |
|
|
Total Proven
and Probable (UG) |
Sulphides |
5,117 |
322 |
3.59 |
- |
615 |
52,920 |
591 |
101,260 |
|
|
|
|
|
|
|
|
|
|
|
|
|
SANTA ELENA |
Proven
(UG) |
Sulphides |
819 |
120 |
1.57 |
- |
252 |
3,170 |
42 |
6,640 |
|
|
Probable
(UG) |
Sulphides |
1,900 |
91 |
1.34 |
- |
202 |
5,530 |
82 |
12,360 |
|
|
Probable (Pad) |
Oxides |
898 |
32 |
0.64 |
- |
86 |
920 |
19 |
2,470 |
|
|
Total Proven
and Probable (UG+Pad) |
Oxides + Sulphides |
3,616 |
83 |
1.22 |
- |
185 |
9,620 |
142 |
21,470 |
|
|
|
|
|
|
|
|
|
|
|
|
|
LA ENCANTADA |
Probable
(UG) |
Oxides |
576 |
221 |
- |
- |
221 |
4,090 |
- |
4,090 |
|
|
Probable
(UG) |
Oxides -
Flotation |
809 |
147 |
- |
2.35 |
196 |
3,820 |
- |
5,090 |
|
|
Probable (Tailings) |
Oxides |
4,128 |
110 |
- |
- |
110 |
14,600 |
- |
14,600 |
|
|
Total
Probable (UG) |
Oxides +
Tailings |
5,513 |
127 |
- |
0.34 |
134 |
22,510 |
- |
23,780 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Consolidated FMS |
Proven (UG) |
All
mineral types |
2,737 |
255 |
3.54 |
- |
546 |
22,440 |
312 |
48,000 |
|
|
Probable (UG) |
All mineral types |
11,510 |
169 |
1.14 |
0.17 |
266 |
62,610 |
421 |
98,510 |
|
|
Total Proven and Probable |
All mineral types |
14,246 |
186 |
1.60 |
0.13 |
320 |
85,050 |
733 |
146,510 |
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Mineral Reserves have been classified
in accordance with the Canadian Institute of Mining, Metallurgy and
Petroleum (“CIM”) Definition Standards on Mineral Resources and
Mineral Reserves, whose definitions are incorporated by reference
into National Instrument 43-101 (NI43-101).(2) The Mineral
Reserves statement provided in the table above is based on internal
estimates prepared as of December 31, 2019. The information
provided was reviewed and prepared under the supervision of Ramon
Mendoza Reyes, PEng, and a Qualified Person ("QP") for the purposes
of NI43-101.(3) Silver-equivalent grade is estimated
considering metal price assumptions, metallurgical recovery for the
corresponding mineral type/mineral process and the metal payable of
the corresponding contract of each mine. Assumptions details are
listed in each mine section of the 2019 Annual Information Form.(4)
Metal prices considered for Mineral Reserves estimates were
$17.00/oz Ag, $1,350/oz Au and $0.95/lb Pb.(5) A two-step
constraining approach has been implemented to estimate reserves for
each mining method in use: A General Cut-Off Grade (GC) was used to
delimit new mining areas that will require development of access
and infrastructure and all sustaining costs. A second Incremental
Cut-Off Grade (IC) was considered to include laterally adjacent
mineralized material which recoverable value pays for the following
costs: variable cost of mining and processing, indirect costs,
treatment costs, administration costs and plant sustaining costs,
but excludes: fixed costs of mining and processing, and development
sustaining costs.(6) The cut-off grades, metallurgical
recoveries, payable terms and modifying factors used to convert
Mineral Reserves from Mineral Resources are different for all
mines. These cut-off grades and economic parameters are listed in
the applicable section describing each mine in the Company’s 2019
Annual Information Form.(7) Tonnage is expressed in thousands
of tonnes; metal content is expressed in thousands of ounces.(8)
Totals may not add up due to rounding.
MEASURED AND INDICATED MINERAL RESOURCES WITH AN EFFECTIVE
DATE OF DECEMBER 31, 2019 |
|
|
|
|
|
|
|
|
|
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|
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|
|
|
Mine |
Category |
Mineral Type |
Tonnage |
Grades |
Metal Content |
|
|
|
k tonnes |
Ag (g/t) |
Au (g/t) |
Pb (%) |
Zn (%) |
Ag-Eq (g/t) |
Ag (k Oz) |
Au (k Oz) |
Ag-Eq (k Oz) |
|
|
|
|
|
|
|
|
|
|
|
|
MATERIAL PROPERTIES |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SAN DIMAS |
Measured
(UG) |
Sulphides |
1,860 |
487 |
6.99 |
- |
- |
1,050 |
29,110 |
418 |
62,810 |
|
Indicated (UG) |
Sulphides |
2,957 |
438 |
4.26 |
- |
- |
782 |
41,620 |
405 |
74,290 |
|
Total
Measured and Indicated (UG) |
Sulphides |
4,816 |
457 |
5.32 |
- |
- |
885 |
70,730 |
823 |
137,100 |
|
|
|
|
|
|
|
|
|
|
|
|
SANTA ELENA |
Measured
Santa Elena (UG) |
Sulphides |
757 |
165 |
2.19 |
- |
- |
346 |
4,020 |
54 |
8,420 |
|
Indicated
Santa Elena (UG) |
Sulphides |
2,050 |
113 |
1.58 |
- |
- |
244 |
7,450 |
104 |
16,080 |
|
Indicated
Ermitano (UG) |
Sulphides |
2,107 |
70 |
4.59 |
- |
- |
449 |
4,730 |
311 |
30,390 |
|
Indicated (Leach Pad) |
Oxides |
919 |
36 |
0.74 |
- |
- |
97 |
1,070 |
22 |
2,870 |
|
Total
Measured and Indicated (UG+Pad) |
Oxides + Sulphides |
5,833 |
92 |
2.62 |
- |
- |
308 |
17,270 |
491 |
57,760 |
|
|
|
|
|
|
|
|
|
|
|
|
LA ENCANTADA |
Indicated
Veins Systems (UG) |
Oxides |
691 |
326 |
- |
- |
- |
326 |
7,250 |
- |
7,250 |
|
Indicated
Breccias (UG) |
Oxides |
213 |
200 |
- |
- |
- |
200 |
1,370 |
- |
1,370 |
|
Indicated
Ojuelas (UG) |
Oxides -
Sulphides |
854 |
216 |
- |
2.90 |
8.93 |
314 |
5,950 |
- |
8,630 |
|
Indicated (Tailings) |
Oxides |
4,121 |
111 |
- |
- |
- |
111 |
14,730 |
- |
14,730 |
|
Total
Measured and Indicated (UG) |
Oxides +
Tailings |
5,880 |
155 |
- |
0.42 |
1.30 |
169 |
29,300 |
- |
31,980 |
|
|
|
|
|
|
|
|
|
|
|
|
MATERIAL |
Total Measured |
All
mineral types |
2,617 |
394 |
5.60 |
- |
- |
847 |
33,130 |
472 |
71,230 |
PROPERTIES |
Total Indicated |
All mineral types |
13,913 |
188 |
1.88 |
0.18 |
0.55 |
348 |
84,170 |
843 |
155,610 |
|
Total Measured and Indicated |
All mineral types |
16,529 |
221 |
2.47 |
0.15 |
0.46 |
427 |
117,300 |
1,315 |
226,840 |
|
|
|
|
|
|
|
|
|
|
|
|
NON-MATERIAL PROPERTIES |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SAN MARTÍN |
Measured
(UG) |
Oxides |
44 |
293 |
0.24 |
- |
- |
312 |
410 |
0 |
440 |
|
Indicated (UG) |
Oxides |
719 |
321 |
0.61 |
- |
- |
369 |
7,390 |
14 |
8,530 |
|
Total
Measured and Indicated (UG) |
Oxides |
763 |
319 |
0.58 |
- |
- |
366 |
7,800 |
14 |
8,970 |
|
|
|
|
|
|
|
|
|
|
|
|
LA PARRILLA |
Indicated
(UG) |
Sulphides |
944 |
187 |
0.08 |
1.98 |
1.83 |
321 |
5,680 |
2 |
9,720 |
|
Indicated (UG) |
Oxides |
145 |
272 |
0.15 |
- |
- |
284 |
1,270 |
1 |
1,320 |
|
Total
Measured and Indicated (UG) |
Oxides +
Sulphides |
1,089 |
198 |
0.09 |
1.72 |
1.59 |
316 |
6,950 |
3 |
11,040 |
|
|
|
|
|
|
|
|
|
|
|
|
DEL TORO |
Indicated (UG) |
All Mineral Types |
660 |
215 |
0.36 |
4.32 |
4.82 |
506 |
4,560 |
8 |
10,730 |
|
Total
Measured and Indicated (UG) |
All Mineral
Types |
660 |
215 |
0.36 |
4.32 |
4.82 |
506 |
4,560 |
8 |
10,730 |
|
|
|
|
|
|
|
|
|
|
|
|
LA GUITARRA |
Measured
(UG) |
Sulphides |
384 |
292 |
1.84 |
- |
- |
434 |
3,610 |
23 |
5,360 |
|
Indicated (UG) |
Sulphides |
398 |
270 |
1.40 |
- |
- |
378 |
3,460 |
18 |
4,840 |
|
Total
Measured and Indicated (UG) |
Sulphides |
782 |
281 |
1.62 |
- |
- |
406 |
7,070 |
40 |
10,200 |
|
|
|
|
|
|
|
|
|
|
|
|
NON-MATERIAL |
Total Measured |
All
mineral types |
428 |
292 |
1.67 |
- |
- |
421 |
4,020 |
23 |
5,800 |
PROPERTIES |
Total Indicated |
All mineral types |
2,866 |
243 |
0.46 |
1.65 |
1.72 |
382 |
22,360 |
42 |
35,140 |
|
Total Measured and Indicated |
All mineral types |
3,294 |
249 |
0.62 |
1.43 |
1.49 |
387 |
26,380 |
65 |
40,940 |
|
|
|
|
|
|
|
|
|
|
|
|
CONSOLIDATED |
Total Measured |
All
mineral types |
3,045 |
379 |
5.05 |
- |
- |
787 |
37,150 |
495 |
77,030 |
FMS |
Total Indicated |
All mineral types |
16,779 |
198 |
1.64 |
0.43 |
0.75 |
354 |
106,530 |
885 |
190,750 |
|
Total Measured and Indicated |
All mineral types |
19,824 |
225 |
2.16 |
0.36 |
0.63 |
420 |
143,680 |
1,380 |
267,780 |
|
|
|
|
|
|
|
|
|
|
|
|
(1) Mineral Resources have been classified in
accordance with the Canadian Institute of Mining, Metallurgy and
Petroleum (“CIM”) Definition Standards on Mineral Resources and
Mineral Reserves, whose definitions are incorporated by reference
into National Instrument NI 43-101.(2) The Mineral Resources
information provided above is based on mineral resource estimates
prepared as of December 31, 2019 by FMS Internal QPs, who have the
appropriate relevant qualifications, and experience in geology and
resource estimation. The information provided was compiled by David
Rowe, CPG, Internal QP for First Majestic, and reviewed by Ramon
Mendoza Reyes, PEng, Internal QP for First Majestic.(3) Metal
prices considered for Mineral Resources estimates were $18.50/oz
Ag, $1,450/oz Au, $1.05/lb Pb and $1.30/lb Zn.(4) Silver-equivalent
grade is estimated considering: metal price assumptions,
metallurgical recovery for the corresponding mineral type/mineral
process and the metal payable of the corresponding contract of each
mine. Assumptions details are listed in each mine section of the
2019 Annual Information Form.(5) The cut-off grades used to
estimate Mineral Resources are different for all mines. The cut-off
grades and economic parameters are listed in the applicable section
describing each mine section of the 2019 Annual Information Form.
(6) Measured and Indicated Mineral Resources are inclusive of the
Mineral Reserves.(7) Tonnage is expressed in thousands of tonnes;
metal content is expressed in thousands of ounces. Totals may not
add up due to rounding.(8) San Martin, La Parrilla, Del Toro and La
Guitarra are currently in temporary suspension of production
activities and are considered non-material properties.
INFERRED MINERAL RESOURCES WITH AN EFFECTIVE DATE OF
DECEMBER 31, 2019 |
|
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|
Mine / Project |
Category |
Mineral Type |
Tonnage |
Grades |
Metal Content |
|
|
|
k tonnes |
Ag (g/t) |
Au (g/t) |
Pb (%) |
Zn (%) |
Ag-Eq (g/t) |
Ag (k Oz) |
Au (k Oz) |
Ag-Eq (k Oz) |
|
|
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|
|
|
MATERIAL PROPERTIES |
|
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|
SAN DIMAS |
Inferred
Total (UG) |
Sulphides |
5,871 |
341 |
3.58 |
- |
- |
630 |
64,350 |
676 |
118,840 |
|
|
|
|
|
|
|
|
|
|
|
|
SANTA ELENA |
Inferred
Santa Elena (UG) |
Sulphides |
1,409 |
97 |
1.21 |
- |
- |
197 |
4,400 |
55 |
8,910 |
|
Inferred
Ermitaño (UG) |
Sulphides |
3,733 |
58 |
3.08 |
- |
- |
312 |
6,980 |
370 |
37,490 |
|
Inferred
Total (UG) |
Sulphides |
5,142 |
69 |
2.57 |
- |
- |
281 |
11,380 |
425 |
46,400 |
|
|
|
|
|
|
|
|
|
|
|
|
LA ENCANTADA |
Inferred
Veins Systems (UG) |
Oxides |
794 |
321 |
- |
- |
- |
321 |
8,190 |
- |
8,190 |
|
Inferred
Breccias (UG) |
Oxides |
663 |
262 |
- |
- |
- |
262 |
5,580 |
- |
5,580 |
|
Inferred
Ojuelas (UG) |
Oxides -
Sulphides |
217 |
179 |
- |
2.05 |
8.22 |
248 |
1,250 |
- |
1,730 |
|
Inferred (Tailings) |
Oxides |
- |
- |
- |
- |
- |
- |
- |
- |
- |
|
Inferred
Total (UG) |
Oxides +
Tailings |
1,675 |
279 |
- |
0.27 |
1.07 |
288 |
15,020 |
- |
15,500 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Inferred Material Properties |
All mineral types |
12,687 |
222 |
2.70 |
0.04 |
0.14 |
443 |
90,750 |
1,101 |
180,740 |
|
|
|
|
|
|
|
|
|
|
|
|
NON-MATERIAL PROPERTIES |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SAN MARTÍN |
Inferred
Total (UG) |
Oxides |
2,078 |
229 |
0.43 |
- |
- |
263 |
15,270 |
29 |
17,570 |
|
|
|
|
|
|
|
|
|
|
|
|
LA PARRILLA |
Inferred
(UG) |
Sulphides |
466 |
250 |
0.07 |
- |
- |
256 |
3,750 |
1 |
3,830 |
|
Inferred (UG) |
Oxides |
898 |
191 |
0.10 |
1.80 |
2.25 |
329 |
5,510 |
3 |
9,500 |
|
Inferred
Total (UG) |
Oxides +
Sulphides |
1,364 |
211 |
0.09 |
1.18 |
1.48 |
304 |
9,260 |
4 |
13,330 |
|
|
|
|
|
|
|
|
|
|
|
|
DEL TORO |
Inferred
Total (UG) |
All Mineral
Types |
824 |
201 |
0.17 |
4.04 |
2.04 |
397 |
5,340 |
4 |
10,510 |
|
|
|
|
|
|
|
|
|
|
|
|
LA GUITARRA |
Inferred
Total (UG) |
Sulphides |
610 |
288 |
0.60 |
- |
- |
334 |
5,640 |
12 |
6,530 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Inferred Non-Material Properties |
All mineral types |
4,876 |
227 |
0.31 |
1.01 |
0.76 |
306 |
35,510 |
49 |
47,940 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Inferred Consolidated FMS |
All mineral types |
17,563 |
224 |
2.03 |
0.31 |
0.31 |
405 |
126,260 |
1,150 |
228,680 |
|
|
|
|
|
|
|
|
|
|
|
|
(1) Mineral Resources have been classified in
accordance with the Canadian Institute of Mining, Metallurgy and
Petroleum (“CIM”) Definition Standards on Mineral Resources and
Mineral Reserves, whose definitions are incorporated by reference
into National Instrument NI 43-101.(2) The Mineral Resources
information provided above is based on mineral resource estimates
prepared as of December 31, 2019 by FMS Internal QPs, who have the
appropriate relevant qualifications, and experience in geology and
resource estimation. The information provided was compiled by David
Rowe, CPG, Internal QP for First Majestic, and reviewed by Ramon
Mendoza Reyes, PEng, Internal QP for First Majestic.(3) Metal
prices considered for Mineral Resources estimates were $18.50/oz
Ag, $1,450/oz Au, $1.05/lb Pb and $1.30/lb Zn.(4) Silver-equivalent
grade is estimated considering: metal price assumptions,
metallurgical recovery for the corresponding mineral type/mineral
process and the metal payable of the corresponding contract of each
mine. Assumptions details are listed in each mine section of the
2019 Annual Information Form.(5) The cut-off grades used to
estimate Mineral Resources are different for all mines. The cut-off
grades and economic parameters are listed in the applicable section
describing each mine section of the 2019 Annual Information Form.
(6) Tonnage is expressed in thousands of tonnes; metal content is
expressed in thousands of ounces. Totals may not add up due to
rounding.(7) San Martin, La Parrilla, Del Toro and La Guitarra are
currently in temporary suspension of production activities and are
considered non-material properties.
The Company also announces that its 2019 Annual
Information Form has been filed on SEDAR. In addition, a Form
40-F report has been filed with the United States Securities and
Exchange Commission and is available on EDGAR. Both documents
are also available on the Company’s website at
www.firstmajestic.com.
Shareholders may also receive a copy of First
Majestic’s Annual Report which includes the audited financial
statements, without charge, upon request to First Majestic, Suite
1800 - 925 West Georgia Street Vancouver, B.C., Canada, V6C 3L2 or
to info@firstmajestic.com.
Mr. Ramon Mendoza Reyes, Vice President
Operations and Technical Services for First Majestic, is a
"Qualified Person" as such term is defined under National
Instrument 43-101 and has reviewed and approved the technical
information disclosed in this news release.
ABOUT THE COMPANY
First Majestic is a mining company focused on
silver production in Mexico and is aggressively pursuing the
development of its existing mineral property assets. The Company
presently owns and operates the San Dimas Silver/Gold Mine, the
Santa Elena Silver/Gold Mine and the La Encantada Silver Mine.
Production from these mines are projected to be between 11.8 to
13.2 million silver ounces or 21.5 to 24.0 million silver
equivalent ounces in 2020.
FOR FURTHER INFORMATION contact
info@firstmajestic.com, visit our website at
www.firstmajestic.com or call our toll-free number
1.866.529.2807.
FIRST MAJESTIC SILVER CORP.“signed”Keith
Neumeyer, President & CEO
SPECIAL NOTE REGARDING FORWARD-LOOKING
INFORMATION
This press release contains “forward‐looking
information” and "forward-looking statements” under applicable
Canadian and U.S. securities laws (collectively, “forward‐looking
statements”). These statements relate to future events or the
Company's future performance, business prospects or opportunities
that are based on forecasts of future results, estimates of amounts
not yet determinable and assumptions of management made in light of
management's experience and perception of historical trends,
current conditions and expected future developments.
Forward-looking statements include, but are not limited to,
statements with respect to: the Company’s business strategy; future
planning processes; commercial mining operations; cash flow;
budgets; the timing and amount of estimated future production;
recovery rates; mine plans and mine life; the future price of
silver and other metals; costs of production; costs and timing of
the development of new deposits; capital projects and exploration
activities and the possible results thereof. Assumptions may
prove to be incorrect and actual results may differ materially from
those anticipated. Consequently, guidance cannot be guaranteed. As
such, investors are cautioned not to place undue reliance upon
guidance and forward-looking statements as there can be no
assurance that the plans, assumptions or expectations upon which
they are placed will occur. All statements other than statements of
historical fact may be forward‐looking statements. Statements
concerning proven and probable mineral reserves and mineral
resource estimates may also be deemed to constitute forward‐looking
statements to the extent that they involve estimates of the
mineralization that will be encountered as and if the property is
developed, and in the case of measured and indicated mineral
resources or proven and probable mineral reserves, such statements
reflect the conclusion based on certain assumptions that the
mineral deposit can be economically exploited. Any statements that
express or involve discussions with respect to predictions,
expectations, beliefs, plans, projections, objectives or future
events or performance (often, but not always, using words or
phrases such as “seek”, “anticipate”, “plan”, “continue”,
“estimate”, “expect”, “may”, “will”, “project”, “predict”,
“forecast”, “potential”, “target”, “intend”, “could”, “might”,
“should”, “believe” and similar expressions) are not statements of
historical fact and may be “forward‐looking statements”.
Actual results may vary from forward-looking
statements. Forward-looking statements are subject to known and
unknown risks, uncertainties and other factors that may cause
actual results to materially differ from those expressed or implied
by such forward-looking statements, including but not limited to:
the duration and effects of the coronavirus and COVID-19, and any
other pandemics on our operations and workforce, and the effects on
global economies and society; risks related to the integration of
acquisitions; actual results of exploration activities; conclusions
of economic evaluations; changes in project parameters as plans
continue to be refined; commodity prices; variations in ore
reserves, grade or recovery rates; actual performance of plant,
equipment or processes relative to specifications and expectations;
accidents; labour relations; relations with local communities;
changes in national or local governments; changes in applicable
legislation or application thereof; delays in obtaining approvals
or financing or in the completion of development or construction
activities; exchange rate fluctuations; requirements for additional
capital; government regulation; environmental risks; reclamation
expenses; outcomes of pending litigation; limitations on insurance
coverage as well as those factors discussed in the section entitled
"Description of the Business - Risk Factors" in the Company's most
recent Annual Information Form, available on www.sedar.com, and
Form 40-F on file with the United States Securities and Exchange
Commission in Washington, D.C. Although First Majestic
has attempted to identify important factors that could cause actual
results to differ materially from those contained in
forward-looking statements, there may be other factors that cause
results not to be as anticipated, estimated or intended.
The Company believes that the expectations
reflected in these forward‐looking statements are reasonable, but
no assurance can be given that these expectations will prove to be
correct and such forward‐looking statements included herein should
not be unduly relied upon. These statements speak only as of the
date hereof. The Company does not intend, and does not assume any
obligation, to update these forward-looking statements, except as
required by applicable laws.
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