First Majestic Provides Update on Operations in Response to COVID-19
April 03 2020 - 4:49PM
FIRST MAJESTIC SILVER CORP. (the "Company" or “First Majestic”)
today announced that operations at its San Dimas, Santa Elena and
La Encantada mines in Mexico will be temporarily suspended in
accordance with Mexico’s Ministry of Health’s Decree to mitigate
the spread and transmission of COVID-19.
On March 31, 2020, the Ministry of Health
issued the Decree requiring non-essential businesses, including
mining, to temporarily suspend activities until April 30, 2020.
Since the Decree was announced, the Company has been working with
local and state officials, industry task force groups and other
mining companies to make the case to the Federal Government that
mining, especially silver mining, is essential and critical to the
medical industry given silver’s antibacterial properties which is
proven to reduce the spread of viruses. The US Department of
Homeland Security and Canada’s National Strategy for Critical
Infrastructure have previously defined mining an essential business
in their respective countries. Industry and Company discussions to
support silver mining as an essential business continue to be held
in Mexico City, but the Ministry of Health has not changed their
position.
As a result, the Company is in the process of
reducing its workforce on sites in compliance with the Decree and
will implement care and maintenance activities during the
suspension. Appropriate security and environmental procedures will
remain fully functional. At this time, the Company is unable to
determine how the temporary suspension will impact production and
therefore has withdrawn its 2020 production and cost guidance.
First Majestic’s staff consists of 17 full-time
physicians and several health care professionals who are working in
collaboration with local and regional health authorities in Mexico.
The Company has previously implemented several control measures to
assist with preventing the spread of COVID-19. These include social
distancing, the cancellation of any non-essential visit to the
mines, comprehensive sanitation measures for the workplace and
company transportation, and pre-screening for virus symptoms.
Additionally, access restrictions to limit travel in and out of the
local communities have previously been implemented.
"The health and safety and of our employees,
union partners, contractors and the communities in which they work
and live are top priority,” said Keith Neumeyer, President and
CEO of First Majestic Silver. “We will continue to provide
significant medical support to health clinics within our local
communities. To date, First Majestic has not experienced any
incidents related to COVID-19 at its sites or corporate
offices.”
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.
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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