FIRST MAJESTIC SILVER CORP. (TSX:FR)
(NYSE:AG) (Frankfurt:FMV) (the "Company" or “First Majestic”) is
pleased to announce its 2017 Mineral Reserve and Resource estimates
for its existing mineral property assets in Mexico with an
effective date of December 31, 2017 and with an exploration cut-off
date of October 31, 2017.
2017 Highlights:
- Proven and Probable Reserves increased 11%, or 11.8 million
ounces, to 120.2 million silver equivalent ounces
- Santa Elena Reserves up 38%, or 8.5 million ounces, to 30.7
million silver equivalent ounces; average silver and gold grades up
9% and 7%, respectively
- La Parrilla Reserves up 26%, or 2.9 million ounces, to 14.3
million silver equivalent ounces; average silver grade up 9%, zinc
grade up 54%, lead grade up 28%
- San Martin Reserves up 24%, or 4.1 million ounces, to 20.8
million silver equivalent ounces; average silver and gold grades up
24% and 20%, respectively
- Measured and Indicated Resources increased 9%, or 10.8 million
ounces, to 137.1 million silver equivalent ounces
- Inferred Resources increased 22%, or 41.0 million ounces, to
226.8 million silver equivalent ounces
- Significant maiden Inferred Resource of 40.8 million silver
equivalent ounces at Ermitaño West project in Santa Elena
“First Majestic embarked on its most aggressive
exploration program in 2017 by completing 156,540 metres of diamond
drilling across its Mexican assets which I’m pleased to see a
healthy 11% increase in the global reserve base as well as a number
of significant new discoveries at La Parrilla and Santa Elena,”
stated Keith Neumeyer, President and CEO. “Total reserve grades
also improved at each of the operating mines with the exception of
La Encantada which remained unchanged compared to 2016. These
2017 estimates did not capture the full year’s worth of drilling
due to time delays for assay reporting and block modelling,
however, it’s very encouraging to see that the renewed investment
in exploration are showing positive results on our reserves and
resources. Our aggressive exploration program is continuing
into 2018 with 183,000 metres of diamond drilling planned across
our core assets in Mexico. A major focus of the 2018 program will
be to continue expanding known resources at the Cerro de Santiago
discovery in La Parrilla and the Ermitaño West project in Santa
Elena in order to further increase the mine life at each of these
assets.”
The following table shows the total tonnage
mined from each of the Company’s six producing properties during
2017, including total ounces of silver and silver equivalent ounces
produced from each property and the tonnage mined from delineated
Reserves and Resources at each property. A portion of the
production from each mine came from material other than Reserves or
Resources, as set out below under the heading “Material Not in
Reserves”.
2017 Production Table
|
|
SANTA ELENA |
LA ENCANTADA |
|
LA PARRILLA |
|
DEL TORO |
|
SAN MARTIN |
|
LA GUITARRA |
|
TOTAL |
|
TONNES OF ORE
PROCESSED |
|
927,737 |
825,486 |
|
|
543,985 |
|
|
278,204 |
|
|
278,252 |
|
|
127,842 |
|
|
|
2,981,506 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
OZ OF SILVER
PRODUCED |
|
2,282,182 |
2,178,032 |
|
|
1,730,383 |
|
|
1,124,992 |
|
|
1,822,297 |
|
|
611,705 |
|
|
|
9,749,591 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
OZ OF SILVER EQ.
PRODUCED FROM OTHER METALS (1) |
|
3,644,950 |
5,867 |
|
|
426,816 |
|
|
1,112,738 |
|
|
500,538 |
|
|
407,406 |
|
|
|
6,098,315 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL OZ OF SILVER EQ.
PRODUCED |
|
5,927,132 |
2,183,899 |
|
|
2,517,199 |
|
|
2,237,730 |
|
|
2,322,835 |
|
|
1,019,111 |
|
|
|
16,207,906 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TONNES MINED FROM
MATERIAL IN RESERVES |
|
804,045 |
2,965 |
|
|
538,650 |
|
|
261,607 |
|
|
219,914 |
|
|
67,368 |
|
|
|
1,894,548 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TONNES
MINED FROM MATERIAL NOT IN RESERVES |
|
123,692 |
822,521 |
|
|
5,335 |
|
|
16,597 |
|
|
58,338 |
|
|
60,474 |
|
|
|
1,086,958 |
|
|
(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 2017 Annual Information Form.(2) Totals
may not add up due to rounding.
The silver price assumption used to estimate the
2017 Reserves remained unchanged at $18.00/oz compared to the
previous estimate. However, the price assumptions for gold, lead
and zinc were increased slightly to $1,300/oz for gold (+$50/oz),
$1.20/lb for lead (+$0.20/lb) and $1.40/lb for zinc (+$0.25/lb)
compared to the previous estimate.
2017 Exploration Results
The Company completed a total of 156,540 metres
of diamond drilling at its six operating mines in 2017,
representing a 60% increase in metres drilled compared to the prior
year. The Company was successful at discovering multiple new ore
bodies across the portfolio of assets, however, the two most
significant discoveries were the Cerro de Santiago in La Parrilla
and the Ermitaño West project in Santa Elena.
The Cerro de Santiago area is located in the
valley to the east of the San Marcos mine and consists of a hill
made of silica lying over Cretaceous limestones. The silica forming
the hill has characteristics of a silica sinter deposit but further
studies are needed to confirm this hypothesis. The Cretaceous
limestones that surround the Cerro de Santiago host a system of
quartz-calcite-fluorite veins and breccias that strike
predominantly NNW. The company conducted a diamond drilling
campaign under the silica cap and confirmed the presence of
Fresnillo-type epithermal mineralization. In 2017, five holes were
drilled at the northern portion of the hill where a system of veins
and stockwork ranging in apparent widths from 0.3 to 3.0 metres
were intercepted approximately 300 metres below the silica cap. The
newly discovered veins are located approximately 1,500 metres east
and 150 metres below haulage level 11 in San Marcos mine. The
Company is planning to drill approximately 11,000 exploration
metres at Cerro de Santiago in 2018 and plans on advancing
underground development in the second half of 2018, pending
additional drill results, to bring Cerro de Santiago into
production in late 2019 to early 2020.
Another significant 2017 discovery occurred at
the Ermitaño West project in Santa Elena located 4 kilometres to
the south of the operating mill. The project contains epithermal
mineralization in the main Ermitaño West vein which consists of
massive and banded quartz vein material associated with stockwork
and narrower veins at the hanging wall. Ten diamond drill holes
were completed in 2017 along the main Ermitaño West vein which has
initially defined an Inferred Resource of 40.8 million silver
equivalent ounces with average silver and gold grades of 68 g/t and
4.0 g/t, respectively. In late 2017, the Aitana vein was discovered
at the hanging wall of Ermitaño West with an estimated true
thickness of 5.7 metres, 0.7 g/t Au and 11 g/t Ag; the vein was
intercepted by one hole approximately 50 metres below surface
elevation and remains to be explored at depth where higher
concentrations of gold and silver are expected to be recovered. Due
to the exploration success in 2017, the Company is planning to
complete a 13,000 metre drill program at Ermitaño in 2018 for
infill and expansion drilling at depth as well as explore the
recently discovered Aitana vein.
2018 Exploration Program
For 2018, First Majestic is planning to invest a total of
$27.4 million towards exploration to drill approximately 183,000
metres across its core Mexican assets. The 2018 exploration program
will consist of approximately 25,000 metres of diamond drilling
intended to upgrade Resources to Reserves at the six operating
mines; approximately 136,000 metres of diamond drilling intended to
increase or add new Measured & Indicated or Inferred Resources
at the six operating mines, with a focus at Cerro de Santiago in La
Parrilla, Nazareno in La Guitarra and the Ermitaño West project in
Santa Elena; and drill approximately 22,000 metres at the Plomosas
Silver Project.
Reserves and Resources
Update
As of December 31, 2017, Proven and Probable
Reserves totaled 120.2 million silver equivalent ounces,
representing an 11% increase in metal content compared to the prior
estimate of December 31, 2016 (as updated pursuant to the technical
reports filed on December 20, 2017 regarding Del Toro, La Parrilla
and San Martin). The most significant increase in reserves were
achieved at Santa Elena, La Parrilla and San Martin, which
increased 38%, 26% and 24%, respectively, compared to the previous
estimates.
The Company’s consolidated Measured and
Indicated Resources totaled 137.0 million silver equivalent ounces,
representing a 9% increase from 2016 estimates despite depletion
from production. In addition, Inferred Resources increased 22% to
227.8 million silver equivalent ounces primarily due to positive
exploration results in Santa Elena and La Encantada.
The complete 2017 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, 2017
|
Mine / Project |
Category |
Mineral Type |
k tonnes |
Ag (g/t) |
Au
(g/t) |
Pb
(%) |
Zn
(%) |
Ag-Eq
(g/t) |
Ag (k Oz) |
Au (k
Oz) |
Ag-Eq (k Oz) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SANTA
ELENA |
Proven (UG) |
Sulphides |
247 |
174 |
2.96 |
- |
- |
402 |
1,390 |
23.5 |
3,200 |
|
|
|
Probable (UG) |
Sulphides |
3,206 |
104 |
1.39 |
- |
- |
211 |
10,690 |
143.7 |
21,750 |
|
|
|
Probable
(Pad) |
Oxides |
1,736 |
36 |
0.87 |
- |
- |
103 |
2,010 |
48.6 |
5,750 |
|
|
|
Total Proven and
Probable (UG+Pad) |
Oxides + Sulphides |
5,189 |
84 |
1.29 |
- |
- |
184 |
14,090 |
215.8 |
30,700 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LA
ENCANTADA |
Proven (UG) |
Oxides |
261 |
257 |
- |
- |
- |
257 |
2,150 |
- |
2,150 |
|
|
|
Probable (UG) |
Oxides |
1,610 |
209 |
- |
- |
- |
209 |
10,820 |
- |
10,820 |
|
|
|
Probable (UG) |
Oxides - Flotation |
809 |
147 |
- |
2.35 |
- |
196 |
3,820 |
- |
5,090 |
|
|
|
Probable
(Tailings) |
Oxides |
4,138 |
110 |
- |
- |
- |
110 |
14,630 |
- |
14,630 |
|
|
|
Total Proven and
Probable (UG) |
Oxides + Tailings |
6,817 |
143 |
- |
0.28 |
- |
149 |
31,420 |
- |
32,690 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LA
PARRILLA |
Proven (UG) |
Oxides |
- |
- |
- |
- |
- |
- |
- |
- |
- |
|
|
Probable
(UG) |
Oxides |
573 |
211 |
0.11 |
- |
- |
220 |
3,890 |
2.1 |
4,050 |
|
|
|
Total Proven and
Probable (UG) |
Oxides |
573 |
211 |
0.11 |
- |
- |
220 |
3,890 |
2.1 |
4,050 |
|
|
|
Proven (UG) |
Sulphides |
- |
- |
- |
- |
- |
- |
- |
- |
- |
|
|
|
Probable
(UG) |
Sulphides |
1,004 |
186 |
- |
1.87 |
1.93 |
318 |
5,990 |
- |
10,250 |
|
|
|
Total
Proven and Probable (UG) |
Sulphides |
1,004 |
186 |
- |
1.87 |
1.93 |
318 |
5,990 |
- |
10,250 |
|
|
|
Total Proven and
Probable (UG) |
Oxides + Sulphides |
1,577 |
195 |
0.04 |
1.19 |
1.23 |
282 |
9,880 |
2.1 |
14,300 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SAN
MARTÍN |
Proven (UG) |
Oxides |
473 |
273 |
0.52 |
- |
- |
314 |
4,150 |
8.0 |
4,770 |
|
|
|
Probable
(UG) |
Oxides |
1,810 |
251 |
0.31 |
- |
- |
275 |
14,600 |
18.1 |
16,020 |
|
|
|
Total Proven and
Probable (UG) |
Oxides |
2,283 |
255 |
0.36 |
- |
- |
283 |
18,750 |
26.1 |
20,790 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
DEL
TORO |
Proven (UG) |
Transition +
Sulphides |
392 |
159 |
0.08 |
3.38 |
1.53 |
295 |
2,000 |
1.0 |
3,730 |
|
|
|
Probable
(UG) |
Transition + Sulphides |
815 |
159 |
0.19 |
3.34 |
2.90 |
313 |
4,170 |
4.8 |
8,200 |
|
|
|
Total Proven and
Probable (UG) |
Transition +
Sulphides |
1,207 |
159 |
0.15 |
3.35 |
2.46 |
307 |
6,170 |
5.8 |
11,930 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LA
GUITARRA |
Proven (UG) |
Sulphides |
253 |
233 |
1.47 |
- |
- |
337 |
1,890 |
12.0 |
2,730 |
|
|
|
Probable
(UG) |
Sulphides |
664 |
245 |
1.19 |
- |
- |
329 |
5,230 |
25.4 |
7,020 |
|
|
|
Total Proven and
Probable (UG) |
Sulphides |
917 |
242 |
1.27 |
- |
- |
331 |
7,120 |
37.4 |
9,750 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Proven and Probable |
All mineral types |
17,991 |
151 |
0.50 |
0.44 |
0.27 |
208 |
87,430 |
287.2 |
120,160 |
|
(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 NI 43-101.(2) Metal prices considered for Mineral Reserves
estimates were $18.00 /oz Ag, $1,300 /oz Au, $1.10 /lb Pb, and
$1.40 /lb Zn.(3) The Mineral Reserves information provided above is
based on internal estimates prepared as of December 31, 2017.
The information provided was reviewed and validated by Ramon
Mendoza Reyes, P. Eng., QP Mining for First Majestic, who has the
appropriate relevant qualifications, and experience in mining and
reserves estimation practices.(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.
Estimation details are listed in each mine section of the 2017
Annual Information Form.(5) The cut-off grades and modifying
factors used to convert Mineral Reserves from Mineral Resources are
different for all mines. The cut-off grades and factors are listed
in each mine section of the 2017 Annual Information Form.
Measured and Indicated Mineral Resources
with an effective date of December 31, 2017
|
Mine / Project |
Category |
Mineral Type |
k tonnes |
Ag (g/t) |
Au
(g/t) |
Pb
(%) |
Zn
(%) |
Ag-Eq
(g/t) |
Ag (k Oz) |
Au (k
Oz) |
Ag-Eq (k Oz) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SANTA
ELENA |
Measured (UG) |
Sulphides |
560 |
178 |
2.65 |
- |
- |
383 |
3,210 |
47.7 |
6,890 |
|
|
Indicated (UG) |
Sulphides |
2,580 |
129 |
1.77 |
- |
- |
266 |
10,720 |
147.1 |
22,080 |
|
|
Indicated
(Pad) |
Oxides |
1,496 |
39 |
0.97 |
- |
- |
114 |
1,870 |
46.5 |
5,470 |
|
|
Total Measured and
Indicated (UG+Pad) |
Oxides + Sulphides |
4,635 |
106 |
1.62 |
- |
- |
231 |
15,800 |
241.3 |
34,440 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LA
ENCANTADA |
Measured (UG) |
Oxides |
244 |
320 |
- |
- |
- |
320 |
2,510 |
- |
2,510 |
|
|
|
Indicated (UG) |
Oxides |
1,001 |
285 |
- |
- |
- |
285 |
9,160 |
- |
9,160 |
|
|
|
Indicated (UG) |
Oxides - Flotation |
734 |
246 |
- |
4.07 |
- |
325 |
5,810 |
- |
7,670 |
|
|
|
Indicated
(Tailings) |
Oxides |
4,222 |
110 |
- |
- |
- |
110 |
14,930 |
- |
14,930 |
|
|
|
Total Measured and
Indicated (UG) |
Oxides + Tailings |
6,201 |
163 |
- |
0.48 |
- |
172 |
32,410 |
- |
34,270 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LA
PARRILLA |
Measured (UG) |
Oxides |
- |
- |
- |
- |
- |
- |
- |
- |
- |
|
|
|
Indicated
(UG) |
Oxides |
696 |
216 |
0.10 |
- |
- |
224 |
4,830 |
2.2 |
5,030 |
|
|
|
Total Measured and
Indicated (UG) |
Oxides |
696 |
216 |
0.10 |
- |
- |
224 |
4,830 |
2.2 |
5,030 |
|
|
|
Measured (UG) |
Sulphides |
- |
- |
- |
- |
- |
- |
- |
- |
- |
|
|
|
Indicated
(UG) |
Sulphides |
1,021 |
208 |
- |
2.08 |
2.12 |
354 |
6,840 |
- |
11,620 |
|
|
|
Total
Measured and Indicated (UG) |
Sulphides |
1,021 |
208 |
- |
2.08 |
2.12 |
354 |
6,840 |
- |
11,620 |
|
|
|
Total Measured and
Indicated (UG) |
Oxides + Sulphides |
1,718 |
212 |
0.04 |
1.24 |
1.26 |
301 |
11,670 |
2.2 |
16,650 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SAN
MARTÍN |
Measured (UG) |
Oxides |
489 |
287 |
0.55 |
- |
- |
330 |
4,500 |
8.6 |
5,180 |
|
|
|
Indicated
(UG) |
Oxides |
2,103 |
263 |
0.36 |
- |
- |
291 |
17,770 |
24.5 |
19,700 |
|
|
|
Total Measured and
Indicated (UG) |
Oxides |
2,591 |
267 |
0.40 |
- |
- |
299 |
22,270 |
33.1 |
24,880 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
DEL
TORO |
Measured (UG) |
Transition +
Sulphides |
408 |
193 |
0.12 |
4.06 |
2.01 |
360 |
2,540 |
1.6 |
4,720 |
|
|
|
Indicated
(UG) |
Transition + Sulphides |
949 |
195 |
0.28 |
3.91 |
3.69 |
382 |
5,970 |
8.6 |
11,660 |
|
|
Total Measured and
Indicated (UG) |
Transition +
Sulphides |
1,357 |
195 |
0.23 |
3.96 |
3.19 |
375 |
8,510 |
10.2 |
16,380 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LA
GUITARRA |
Measured (UG) |
Sulphides |
228 |
284 |
1.77 |
- |
- |
409 |
2,090 |
12.9 |
3,000 |
|
|
|
Indicated
(UG) |
Sulphides |
584 |
295 |
1.43 |
- |
- |
396 |
5,540 |
26.9 |
7,440 |
|
|
|
Total Measured and
Indicated (UG) |
Sulphides |
812 |
292 |
1.53 |
- |
- |
400 |
7,630 |
39.8 |
10,440 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Measured and Indicated |
All mineral types |
17,315 |
177 |
0.59 |
0.61 |
0.37 |
246 |
98,290 |
326.6 |
137,060 |
|
(1) Mineral Resources have been classified in accordance with
the CIM Definition Standards on Mineral Resources and Mineral
Reserves, whose definitions are incorporated by reference into NI
43-101.(2) In all cases, metal prices considered for Mineral
Resource estimates were $20.00/oz Ag, $1,450/oz Au, $1.20/lb Pb,
and $1.50/lb Zn.(3) The Mineral Resources information provided
above is based on internal estimates prepared as of
December 31, 2017. The information provided was reviewed and
validated by Jesus M. Velador Beltran, MMSA, QP Geology for First
Majestic, who has the appropriate relevant qualifications, and
experience in geology and resource estimation. (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. Estimation details are listed in each mine
section below.(5) The cut-off grades used to estimate Mineral
Resources are different for all mines. The cut-off grades and
silver-equivalent factors are listed in each mine section of the
2017 Annual Information Form. (6) Measured and Indicated
Mineral Resources are reported inclusive of Mineral Reserves.
Inferred Mineral Resources with an
effective date of December 31, 2017
|
Mine / Project |
Category |
Mineral
Type |
k tonnes |
Ag (g/t) |
Au
(g/t) |
Pb
(%) |
Zn
(%) |
Ag-Eq
(g/t) |
Ag (k Oz) |
Au (k
Oz) |
Ag-Eq (k Oz) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SANTA
ELENA |
Inferred Santa Elena
Mine (UG) |
Sulphides |
1,063 |
105 |
1.44 |
- |
- |
216 |
3,580 |
49.4 |
7,390 |
|
|
Inferred
Ermitaño (UG) |
Sulphides |
3,365 |
68 |
3.99 |
- |
- |
377 |
7,380 |
432.0 |
40,780 |
|
|
Inferred Total
(UG) |
Sulphides |
4,428 |
77 |
3.38 |
- |
- |
338 |
10,960 |
481.4 |
48,170 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LA
ENCANTADA |
Inferred Ojuelas
(UG) |
Oxides - Flotation |
35 |
292 |
- |
0.78 |
- |
305 |
330 |
- |
340 |
|
|
Inferred Other deposits
(UG) |
Oxides |
1,219 |
226 |
- |
- |
- |
226 |
8,850 |
- |
8,850 |
|
|
Inferred
backfills and stockpiles |
Oxides |
912 |
76 |
- |
- |
- |
76 |
2,240 |
- |
2,240 |
|
|
|
Inferred Total
(UG) |
Oxides |
2,166 |
164 |
- |
0.01 |
- |
164 |
11,420 |
- |
11,430 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LA
PARRILLA |
Inferred (UG) |
Oxides |
659 |
267 |
0.09 |
- |
- |
275 |
5,670 |
1.9 |
5,820 |
|
|
|
Inferred
(UG) |
Sulphides |
1,977 |
211 |
- |
1.89 |
2.36 |
357 |
13,410 |
- |
22,670 |
|
|
|
Inferred Total
(UG) |
Oxides + Sulphides |
2,636 |
225 |
0.02 |
1.42 |
1.77 |
336 |
19,080 |
1.9 |
28,490 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SAN
MARTÍN |
Inferred Total
(UG) |
Oxides |
2,510 |
266 |
0.08 |
- |
- |
272 |
21,430 |
6.9 |
21,970 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
DEL
TORO |
Inferred Total
(UG) |
Transition +
Sulphides |
1,516 |
192 |
0.09 |
4.48 |
1.70 |
369 |
9,370 |
4.4 |
17,970 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LA
GUITARRA |
Inferred Total
(UG) |
Sulphides |
500 |
276 |
1.24 |
- |
- |
363 |
4,430 |
19.8 |
5,840 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LA
JOYA |
Inferred Total
(OP) |
Sulphides |
27,927 |
58 |
0.28 |
- |
- |
103 |
51,650 |
251.4 |
92,910 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
Inferred |
All mineral
types |
41,684 |
96 |
0.57 |
0.25 |
0.17 |
169 |
128,340 |
765.8 |
226,780 |
|
(1) Mineral Resources have been classified in
accordance with the CIM Definition Standards on Mineral Resources
and Mineral Reserves, whose definitions are incorporated by
reference into NI 43-101.(2) In all cases, metal prices considered
for Mineral Resource estimates were $20.00/oz Ag, $1,450/oz Au,
$1.20/lb Pb, and $1.50/lb Zn.(3) The Mineral Resources information
provided above is based on internal estimates prepared as of
December 31, 2017. The information provided was reviewed and
validated by Jesus M. Velador Beltran, MMSA, QP Geology for First
Majestic, who has the appropriate relevant qualifications, and
experience in geology and resource estimation.(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. Estimation details are listed in each mine section below.(5)
The cut-off grades used to estimate Mineral Resources are different
for all mines. The cut-off grades and silver-equivalent factors are
listed in each mine section of the 2017 Annual Information Form.(6)
Inferred Mineral Resource estimates for La Joya Project are based
on the 2013 Preliminary Economic Assessment Technical Report
compiled for SilverCrest.
The Company also announces that its 2017 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
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 six producing silver mines; the Santa
Elena Silver/Gold Mine, the La Encantada Silver Mine, the La
Parrilla Silver Mine, the San Martin Silver Mine, the Del Toro
Silver Mine and the La Guitarra Silver Mine. Production from these
six mines is projected to be between 10.6 to 11.8 million ounces of
pure silver or 15.7 to 17.5 million ounces of silver equivalents in
2018.
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 news release includes certain
"Forward-Looking Statements" within the meaning of the United
States Private Securities Litigation Reform Act of 1995 and
applicable Canadian securities laws. When used in this news
release, the words “anticipate”, “believe”, “estimate”, “expect”,
“target”, “plan”, “forecast”, “may”, “schedule” and similar words
or expressions, identify forward-looking statements or information.
These forward-looking statements or information relate to, among
other things: the price of silver and other metals; the accuracy of
mineral reserve and resource estimates and estimates of future
production and costs of production at our properties; estimated
production rates for silver and other payable metals produced by
us, the estimated cost of development of our development projects;
the effects of laws, regulations and government policies on our
operations, including, without limitation, the laws in Mexico which
currently have significant restrictions related to mining;
obtaining or maintaining necessary permits, licences and approvals
from government authorities; and continued access to necessary
infrastructure, including, without limitation, access to power,
land, water and roads to carry on activities as planned.
These statements reflect the Company’s current
views with respect to future events and are necessarily based upon
a number of assumptions and estimates that, while considered
reasonable by the Company, are inherently subject to significant
business, economic, competitive, political and social uncertainties
and contingencies. Many factors, both known and unknown, could
cause actual results, performance or achievements to be materially
different from the results, performance or achievements that are or
may be expressed or implied by such forward-looking statements or
information and the Company has made assumptions and estimates
based on or related to many of these factors. Such factors include,
without limitation: fluctuations in the spot and forward price of
silver, gold, base metals or certain other commodities (such as
natural gas, fuel oil and electricity); fluctuations in the
currency markets (such as the Canadian dollar and Mexican peso
versus the U.S. dollar); changes in national and local government,
legislation, taxation, controls, regulations and political or
economic developments in Canada, Mexico; operating or technical
difficulties in connection with mining or development activities;
risks and hazards associated with the business of mineral
exploration, development and mining (including environmental
hazards, industrial accidents, unusual or unexpected formations,
pressures, cave-ins and flooding); risks relating to the credit
worthiness or financial condition of suppliers, refiners and other
parties with whom the Company does business; inability to obtain
adequate insurance to cover risks and hazards; and the presence of
laws and regulations that may impose restrictions on mining,
including those currently enacted in Mexico; employee relations;
relationships with and claims by local communities and indigenous
populations; availability and increasing costs associated with
mining inputs and labour; the speculative nature of mineral
exploration and development, including the risks of obtaining
necessary licenses, permits and approvals from government
authorities; diminishing quantities or grades of mineral reserves
as properties are mined; the Company’s title to properties; and the
factors identified under the caption “Risk Factors” in the
Company’s Annual Information Form, under the caption “Risks
Relating to First Majestic's Business”.
Investors are cautioned against attributing
undue certainty to forward-looking statements or information.
Although the Company has attempted to identify important factors
that could cause actual results to differ materially, there may be
other factors that cause results not to be anticipated, estimated
or intended. The Company does not intend, and does not assume any
obligation, to update these forward-looking statements or
information to reflect changes in assumptions or changes in
circumstances or any other events affecting such statements or
information, other than as required by applicable law.
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