First Majestic Silver Corp. (NYSE:AG) (TSX:FR) (FRANKFURT:FMV)
("First Majestic" or the "Company") announces total production in
the second quarter of 2018 from its seven operating silver mines
reached a new Company record of 5.1 million equivalent ounces of
silver. Total production consisted of 2.8 million ounces of silver,
25,449 ounces of gold, 3.9 million pounds of lead and 1.4 million
pounds of zinc.
The Company has increased its 2018 annual silver
production to a new range of 12.0 to 13.2 million ounces, or 20.5
to 22.6 million silver equivalent ounces primarily due to the
addition of the San Dimas Silver/Gold mine which was acquired on
May 10, 2018. This compares to the previous annual production
guidance of 10.6 to 11.8 million ounces of silver, or 15.7 to 17.5
million silver equivalent ounces.
“During the quarter, the integration of the
newly acquired San Dimas mine into our Mexican portfolio was our
primary focus,” said Keith Neumeyer, President & CEO. “The
world-class San Dimas operation, which contributed only seven weeks
of production in the second quarter, propelled the Company to a new
quarterly production record of 5.1 million silver equivalent ounces
and has become our cornerstone asset and will remain a major focus
for the next several quarters as we optimize the operation. Short
term, we are focused on reducing underground dilution and
implementing mill automation processes, including the installation
of high intensity grinding technologies in order to increase
efficiencies and reduce production costs. In addition, under the
new streaming agreement, we are going back to mine numerous
high-grade silver veins that were previously deemed uneconomic by
the previous operator. In 2018, all-in sustaining costs at San
Dimas are projected to be between $6.99 to $8.19 per ounce, making
it our lowest cost and our largest producing mine.”
Mr. Neumeyer continued, “At La Encantada, the
construction of the new roaster is in its final stages.
Commissioning and start up procedures are expected to begin in late
August before ramping up to commercial production by the end of the
year. These are exciting times for the Company, our employees and
our stakeholders.”
PRODUCTION TABLE
|
Q2 |
Q2 |
Y/Y |
Q1 |
Q/Q |
2018 |
2017 |
Change |
2018 |
Change |
Ore processed/tonnes milled |
851,349 |
691,833 |
23% |
809,775 |
5% |
Total production - ounces of silver equivalent |
5,137,318 |
3,888,944 |
32% |
3,879,678 |
32% |
Silver ounces produced |
2,756,263 |
2,287,188 |
21% |
2,167,030 |
27% |
Gold ounces produced |
25,449 |
15,186 |
68% |
15,887 |
60% |
Pounds of lead produced |
3,949,410 |
7,625,328 |
-48% |
4,448,378 |
-11% |
Pounds of zinc produced |
1,382,760 |
860,939 |
61% |
1,611,699 |
-14% |
QUARTERLY REVIEW
Total ore processed during the quarter at the
Company's seven operating silver mines: San Dimas, Santa Elena, La
Encantada, La Parrilla, Del Toro, San Martin and La Guitarra,
amounted to 851,349 tonnes, representing a 5% increase compared to
the previous quarter. The increase in tonnes compared to the prior
quarter was primarily due to the addition of the San Dimas
production, offset by a 14% decrease in throughput at La
Encantada.
Consolidated silver grades in the quarter
averaged 127 g/t compared to 111 g/t in the previous quarter. The
14% increase in silver grades was primarily the result of the
addition of seven weeks of production from San Dimas.
Consolidated silver recoveries averaged 79%,
representing a 6% increase compared to the previous quarter. The
Company expects further improvements in recoveries with the
anticipated installation and commissioning of the microbubble
flotation columns at La Parrilla in the third quarter of 2018,
followed by Del Toro in the first quarter of 2019. In
addition, delivery and installation of the High Intensity Grinding
(“HIG”) mills at Santa Elena and San Dimas are planned for October
and November, respectively, followed by commissioning over the
following quarter. The benefits of this new technology, most
notably higher recoveries and lower operating costs, are expected
to be realized after completing ramp up to commercial production in
the first half of 2019.
The Company's underground development in the
second quarter consisted of 17,838 metres, reflecting a 20%
increase compared to 14,914 metres completed in the previous
quarter. Additional development contractors were brought in during
the second quarter at La Encantada and Del Toro to focus on
increasing development rates to support production. Development
remains focused on opening new production areas, exploring high
potential zones and new stope preparation.
During the quarter, up to 29 diamond drill rigs
were active across the Company’s properties. A total of 298 drill
holes were completed for a total of 73,899 metres on the seven
producing assets as well as the Plomosas Silver Project,
representing a 65% increase in drilled metres compared to the
previous quarter. Primary exploration activities focused on
replacement deposits at the Quebradillas mine and the epithermal
vein system at Cerro de Santiago at La Parrilla, exploring
extensions of the main Santa Elena vein, vein splays of Santa Elena
and at the Ermitaño-West project at Santa Elena, exploring Santa
Jessica, Santa Regina and Alexa veins in the Central block and
Sinaloa Graben at San Dimas and exploring vein mineralization at
the San Juan mine at the Plomosas Silver Project.
MINE BY MINE PRODUCTION
TABLE
Mine |
Ore Processed |
Tonnes per Day |
Silver Oz Produced |
Gold Oz Produced |
Pounds of Lead |
Pounds of Zinc |
Equivalent Silver Ounces |
San Dimas(1) |
85,765 |
1,649 |
808,923 |
11,348 |
- |
- |
1,698,382 |
Santa Elena |
228,054 |
2,506 |
535,015 |
11,040 |
- |
- |
1,407,880 |
La Encantada |
237,862 |
2,614 |
325,603 |
23 |
- |
- |
327,458 |
La Parrilla |
123,642 |
1,359 |
360,862 |
235 |
1,653,868 |
1,382,760 |
605,826 |
Del Toro |
65,879 |
724 |
167,591 |
73 |
2,295,542 |
- |
323,714 |
San Martin |
74,431 |
818 |
419,815 |
1,331 |
- |
- |
524,843 |
La Guitarra |
35,715 |
392 |
138,454 |
1,399 |
- |
- |
249,214 |
Total |
851,349 |
9,355 |
2,756,263 |
25,449 |
3,949,410 |
1,382,760 |
5,137,318 |
1) San Dimas production was over the period May 10, 2018 to June
30, 2018, or 52 days. *Certain amounts shown may not add exactly to
the total amount due to rounding differences.*The following prices
were used in the calculation of silver equivalent ounces: Silver:
$16.52 per ounce; Gold: $1,300 per ounce; Lead: $1.08 per pound;
Zinc: $1.41 per pound.
At the San Dimas Silver/Gold
Mine:
- For the last seven weeks of the
second quarter after acquiring San Dimas, the operation produced
808,923 ounces of silver and 11,348 ounces of gold for a total
production of 1,698,382 silver equivalent ounces.
- The mill processed a total of
85,765 tonnes with average silver and gold grades of 307 g/t and
4.3 g/t, respectively.
- A total of 2,481 metres of
underground development was completed in the second quarter.
- Six drill rigs completed 22 drill
holes for a total of 10,522 metres of exploration drilling during
the quarter with a primary focus around Santa Jessica, Santa Regina
and Alexa veins in the Central block and Sinaloa Graben.
At the Santa Elena Silver/Gold
Mine:
- During the quarter, Santa Elena
produced 535,015 ounces of silver and 11,040 ounces of gold for a
total production of 1,407,880 silver equivalent ounces, reflecting
a 9% decrease compared to the prior quarter.
- The mill processed a total of
228,054 tonnes, consisting of 128,200 tonnes of underground ore and
99,854 tonnes from the above ground heap leach pad.
- Silver and gold grades from
underground ore averaged 120 g/t and 2.3 g/t, respectively. Silver
and gold grades from the above ground heap leach pad averaged 36
g/t and 0.7 g/t, respectively.
- A total of 2,926 metres of
underground development was completed in the second quarter
compared to 3,030 metres of development in the previous
quarter.
- Four drill rigs completed 35 drill
holes for a total of 10,717 metres of exploration drilling during
the quarter compared to 7,097 metres of drilling in the previous
quarter.
At the La Encantada Silver
Mine:
- For the quarter, silver production
reached 325,603 ounces representing a 28% decrease from the
previous quarter. The decrease in silver production was primarily
due to a 14% decrease in tonnes milled and a 14% decrease in silver
recoveries compared to the prior quarter.
- Silver grades and recoveries during
the quarter averaged 83 g/t and 51%, respectively. The San Javier
breccia produced 27,500 tonnes with an average silver grade of 103
g/t. Silver grades began to show improvements starting in June as
some of the existing ore extraction points passed through a
low-grade column of ore blocks and began producing from a
high-grade column. Further grade improvements are expected in the
second half of 2018 due to higher production rates from San Javier
and the start-up of production at the La Prieta breccia.
- The roasting project advanced in
the second quarter with the completion of the rotary kiln brick
lining, grate cooler and thermal insulation of the tertiary air
duct. At the end of June, approximately 87% of the project was
completed. The coal pulverizing facility, motor control center and
electrical wiring are scheduled to be completed by the end of July.
Initial production from the roaster is now estimated to begin in
late August and ramp up to commercial production by the end of the
year.
- A total of 1,718 metres of
underground development were completed in the second quarter
compared to 1,445 metres of development in the previous
quarter.
- Two drill rigs completed 41 drill
holes for a total of 7,020 metres of exploration drilling during
the quarter compared to 4,574 metres of drilling in the previous
quarter.
At the La Parrilla Silver
Mine:
- During the quarter, the flotation circuit processed 70,771
tonnes (778 tpd) with an average silver grade of 131 g/t and a 78%
recovery while the cyanidation circuit processed 52,871 tonnes (581
tpd) with an average silver grade of 105 g/t and a 71% recovery for
total production of 605,826 silver equivalent ounces.
- The lead circuit processed an average lead grade of 1.4% with
recoveries of 77% for total lead production of 1.7 million pounds,
representing a 3% increase compared to the previous quarter.
- The zinc circuit processed an average zinc grade of 1.5% with
recoveries of 60% for total zinc production of 1.4 million pounds,
representing a 14% decrease compared to the previous quarter.
- Underground development completed in the quarter totaled 2,761
metres compared to 3,254 metres developed in the previous
quarter.
- Five drill rigs completed 41 drill holes for a total of 10,444
metres of exploration drilling during the quarter compared to 8,358
metres of drilling in the previous quarter.
At the Del Toro Silver
Mine:
- During the quarter, Del Toro produced a total of 323,714 silver
equivalent ounces reflecting a 26% decrease compared to the prior
quarter primarily due to a 17% decrease in throughput, and a 12%
decrease in silver grade.
- Silver grades and recoveries during the quarter averaged 117
g/t and 68%, respectively.
- Lead grades and recoveries averaged 2.7% and 58%, respectively,
producing a total of 2.3 million pounds of lead representing a 19%
decrease compared to the previous quarter.
- Underground development completed in the quarter totaled 3,044
metres compared to 2,836 metres developed in the previous
quarter.
- Three drill rigs completed 70 drill holes for a total of 9,145
metres of exploration drilling during the quarter compared to 5,824
metres of drilling in the previous quarter.
At the San Martin Silver
Mine:
- During the quarter, San Martin
produced 419,815 ounces of silver and 1,331 ounces of gold for a
total production of 524,843 silver equivalent ounces, reflecting a
9% decrease compared to the prior quarter. The decrease in
production was primarily attributed to a 13% decrease in silver
grades.
- Silver grades and recoveries
averaged 203 g/t and 87%, respectively, during the quarter. In
addition, gold grades and recoveries averaged 0.6 g/t and 87%,
respectively.
- Underground development completed
in the quarter totaled 2,957 metres compared with 2,966 metres of
development in the previous quarter.
- Three drill rigs completed 36 drill
holes for a total of 9,781 metres of exploration drilling during
the quarter compared to 4,928 metres of drilling in the previous
quarter.
At the La Guitarra Silver
Mine:
- During the quarter, La Guitarra
produced 138,454 ounces of silver and 1,399 ounces of gold for a
total production of 249,214 silver equivalent ounces reflecting a
2% decrease compared to the prior quarter.
- Silver grades and recoveries
averaged 154 g/t and 78%, respectively, during the quarter. In
addition, gold grades and recoveries averaged 1.5 g/t and 79%,
respectively.
- A total of 1,950 metres of
development were completed in the second quarter compared to 1,384
metres of development in the previous quarter.
- Three drill rigs completed 21 drill
holes for a total of 7,613 metres of exploration drilling during
the quarter compared to 5,806 metres of drilling in the previous
quarter.
SAN DIMAS OPTIMIZATION
PLANS
Given its extensive 250-year production history
in Mexico, San Dimas is one of the country’s most prominent silver
and gold mines as well as the largest producing underground mine in
the state of Durango. However, due to poor economic conditions over
recent years caused by weak metal prices and the previous streaming
agreement, the operation suffered from a lack of investment. Under
the new streaming arrangement as of May 10th, the operation is now
generating significant cash flows allowing First Majestic to deploy
capital towards exploration and underground development in areas of
the mine that were previously deemed uneconomic.
Since the acquisition announcement in January
2018, First Majestic has been developing a long-term mine and mill
automation plan for the future of the operation. The Company has
identified numerous projects that will be implemented over the next
12 to 18 months to improve production costs at the mine and
processing plant, including:
- Implementation of High Intensity Grinding technology
- Lime automation and pH control
- Upgrading the tailings filtration plant
- Modernization of the Merrill-Crowe and smelting operations
- Installation of the third counter-current decantation tank
- Estimated 40% reduction in ore drive development dimensions
allowing for reduced dilution and reductions in costs associated
with standard ground support
- Pillar recoveries from Tayoltita, Santa Rita and Noche Buena
mines
In the second half of the 2018, production rates
at San Dimas are expected to average 1,700 tpd with estimated
average silver and gold grades of 345 g/t and 3.9 g/t,
respectively. It should be noted that many of the anticipated
benefits from these mine and mill modifications are not yet
reflected in the forecasted operating results below and is expected
to take several operating quarters to materialize.
OUTLOOK
Following the transformational acquisition of
the San Dimas operation, the Company will be implementing various
cost saving programs and operational modifications in order to
improve profitability across the portfolio of assets. The Company
has revised its annual production guidance to incorporate the
following operational adjustments:
- The addition of
approximately 3.7 to 4.0 million ounces of silver (or 7.1 to 7.7
million silver equivalent ounces) of production in 2018 from San
Dimas. On an annualized rate, production at San Dimas is projected
to be 5.8 to 6.4 million ounces of silver (or 10.8 to 12.0 million
silver equivalent ounces).
- Increased silver grades at Santa
Elena to 94 g/t compared to the previous estimate of 89 g/t, due to
mine sequencing into areas of the mine with higher silver grades
and lower gold grades. Blended gold grades from the heap
leach pad together with fresh underground ore are expected to
average 1.5 g/t for the full year compared to 1.7 g/t which was
achieved in the first half of the 2018.
- Reduction of head grades at La
Encantada to 110 g/t, from previous estimates of 150 g/t, due to a
delay in accessing higher grade material from sub-level caving at
the San Javier and La Prieta breccias. The slight production delay
was due to difficult ground conditions affecting drilling and
support in the cave initiation and have since been resolved. Grades
and tonnage from these two areas are expected to increase in the
second half of 2018 and improve silver production. In addition,
initial production from the new roaster is now scheduled to begin
at the end of August, previous start-up guidance was March, and
ramping up to commercial production by the end of the year. The
delays with the roaster and accessing higher grade ounces from
sub-level caving resulted in approximately a 1.0 million ounce
deferral in annual silver production at La Encantada compared to
the original guidance.
- Reduction in throughput at Del Toro
in the second half of the year to 800 tpd due to decreased
development rates in the San Juan and Dolores mines. In addition,
silver recoveries are now planned at 67% compared to 78% due to a
higher volume of transitional ore being processed through the
flotation circuit. The microbubble flotation cells which are
planned to be installed in the first quarter of 2019 are expected
to improve these recoveries.
- Following an extensive review of
the La Guitarra operation, the Company has decided to place the
mine and mill under care and maintenance and review strategic
options including the potential sale of the operation. The decision
to place the operation under care and maintenance, which is
scheduled for August 1st, has been a difficult decision for
management. Unfortunately, the reallocation of capital and
resources to projects that have better economics and internal rates
of return such as the newly acquired San Dimas operation are taking
priority. The Company will continue with current permitting
activities and remediation programs to prepare the operation for a
potential reopening in the future, subject to a sufficient
improvement in the economic situation to justify a restart of the
operation.
As a result of these operational modifications,
our 2018 annual silver production has been increased to an
estimated range of 12.0 to 13.2 million ounces, or 20.5 to 22.6
million silver equivalent ounces. This compares to the previous
annual production guidance of 10.6 to 11.8 million ounces of
silver, or 15.7 to 17.5 million silver equivalent ounces.
The Company is also providing guidance for the
second half of 2018 on a mine-by-mine basis below. Cash cost and
AISC guidance is shown per payable silver ounce. Metal price and
foreign currency assumptions for calculating silver equivalent
ounces were unchanged compared to the previous budget; silver:
$16.50/oz, gold: $1,250/oz, lead: $1.10/lb, zinc: $1.40/lb, MXN:USD
19:1.
GUIDANCE FOR SECOND HALF OF
2018
Mine |
Silver Oz (M) |
Silver Eqv Oz (M) |
Cash Costs ($) |
AISC ($) |
San Dimas |
2.9 –
3.2 |
5.4 –
6.0 |
2.71 –
3.74 |
7.12 –
8.64 |
Santa Elena |
1.2 –
1.3 |
2.4 –
2.7 |
5.70 –
6.67 |
9.52 –
10.63 |
La Encantada |
1.4 –
1.6 |
1.4 –
1.6 |
11.74
– 12.52 |
15.47
– 16.58 |
La Parrilla |
0.7 –
0.8 |
1.2 –
1.3 |
8.65 –
9.29 |
14.71
– 15.76 |
Del Toro |
0.4 –
0.5 |
0.8 –
0.9 |
10.74
– 12.08 |
21.61
– 24.20 |
San Martin |
0.9 –
1.0 |
1.0 –
1.2 |
8.60 –
9.30 |
11.83
– 12.82 |
La Guitarra |
0.04 |
0.07 |
15.15
– 16.29 |
29.63
– 31.70 |
Consolidated |
7.6 – 8.4 |
12.4 – 13.8 |
$6.63 - $7.54 |
$13.28 - $14.84 |
*Certain amounts shown may not add exactly to
the total amount due to rounding differences.*Consolidated AISC
includes general and administrative cost estimates and non-cash
costs of $1.99 to $2.22 per payable silver ounce.
In the second half of 2018, the Company expects
silver production to range between 7.6 – 8.4 million ounces,
representing a 55% to 71% increase when compared to 4.9 million
silver ounces produced in the first half of 2018. Additionally,
total production is now expected to range between 12.4 – 13.8
million silver equivalent ounces in the second half of 2018,
representing a 38% to 53% increase when compared to 9.0 million
silver equivalent ounces produced in the first half of 2018.
A mine-by-mine breakdown of the revised full
year 2018 production guidance is included in the table below and
assumes the same metal prices and foreign currency assumptions as
stated previously.
GUIDANCE FOR FULL YEAR 2018
Mine |
Silver Oz (M) |
Silver Eqv Oz (M) |
Cash Costs ($) |
AISC ($) |
San Dimas |
3.7 –
4.0 |
7.1 –
7.7 |
2.88 –
3.66 |
6.99 –
8.19 |
Santa Elena |
2.1 –
2.3 |
5.0 –
5.6 |
2.48 –
3.03 |
7.28 –
8.18 |
La Encantada |
2.1 –
2.3 |
2.1 –
2.4 |
14.25
– 14.79 |
18.52
– 19.47 |
La Parrilla |
1.4 –
1.5 |
2.3 –
2.5 |
9.67 –
10.08 |
15.77
– 16.70 |
Del Toro |
0.7 –
0.8 |
1.5 –
1.6 |
12.16
– 12.91 |
22.25
– 24.15 |
San Martin |
1.7 –
1.9 |
2.0 –
2.2 |
8.61 –
9.00 |
11.53
– 12.20 |
La Guitarra |
0.3 |
0.5 |
11.17
– 11.45 |
20.28
– 21.38 |
Consolidated |
12.0 – 13.2 |
20.5 – 22.6 |
$7.18 - $7.75 |
$14.53 - $15.83 |
*Certain amounts shown may not add exactly to
the total amount due to rounding differences.*Consolidated AISC
includes general and administrative cost estimates and non-cash
costs of $2.42 to $2.69 per payable silver ounce.
Annual cash costs are now expected to be within
the range of $7.18 to $7.75 per ounce, compared to the previous
guidance of $8.30 to $9.09 per ounce, primarily due to the addition
of the low-cost San Dimas operation. In addition, annual all-in
sustaining costs are now expected to be within a range of $14.53 to
$15.83 per ounce, compared to the previous guidance of $15.21 to
$16.56 per ounce.
REVISED CAPITAL BUDGET
The Company has updated its 2018 capital budget
to include the San Dimas operation as well as the reallocation of
capital for development and exploration across its
operations. As a result, total capital investments for 2018
are now estimated at $148.7 million, consisting of $64.8 million
for sustaining requirements and $83.9 million for expansionary
projects. This represents a 19% increase compared to the original
2018 capital budget of $125.4 million primarily due to the
inclusion of the San Dimas operation and additional investments
related to corporate projects. The revised budget includes $59.2
million to be spent on underground development, $35.6 million
towards property, plant and equipment, $27.4 million in exploration
and $26.5 million towards corporate projects including mill
automation and HIG mill technology. On a mine-by-mine basis,
capital expenditures in the second half of 2018 are estimated to be
$22.4 million at San Dimas, $11.4 million at Santa Elena, $11.1
million at La Encantada, $8.9 million at La Parrilla, $7.9 million
at Del Toro, $5.8 million at San Martin and $2.6 million at La
Guitarra.
Revised 2018 Capital Budget ($millions) |
Sustaining |
Expansionary |
Total |
Underground
Development |
|
32.8 |
|
26.4 |
|
59.2 |
Exploration |
|
4.4 |
|
23.0 |
|
27.4 |
Property, Plant and
Equipment |
|
23.9 |
|
11.7 |
|
35.6 |
Corporate Projects |
|
3.5 |
|
23.0 |
|
26.5 |
Total |
$ |
64.8 |
$ |
83.9 |
$ |
148.7 |
*Certain amounts shown may not add exactly to
the total amount due to rounding differences.
In the first half of 2018, the Company completed
32,752 metres of underground development and 118,726 metres of
exploration drilling. Under the revised 2018 budget, the Company is
now expecting to complete a total of 76,700 metres of underground
development, representing a 6% increase compared the original
budget of 72,477 metres. In addition, the Company is now planning
to complete a total of 203,500 metres of exploration drilling in
2018, representing an 11% increase compared to the original budget
of 183,000 metres, primarily due the addition of 33,400 metres of
exploration drilling planned at San Dimas.
APPOINTMENT OF VP OF
EXPLORATION
The Company is pleased to announce the
appointment of Greg Kulla as Vice President of Exploration who will
lead all exploration activities at the Company’s growing portfolio
of projects in Mexico. Mr. Kulla has over 30 years of experience
exploring and evaluating mineral deposits and resource estimates
that support operating mines. Prior to joining First Majestic, Greg
was with Amec Foster Wheeler (“Amec”), a multinational consultancy,
engineering and project management company, for 13 years holding
the position of Principal Geologist. Additionally, Mr. Kulla also
has 18 years of experience as an exploration geologist prior to
joining Amec covering a diverse set of base, precious metal and
industrial mineral deposit types worldwide including vein-hosted
silver, epithermal and orogenic gold, porphyry
copper-gold-silver-molybdenum, polymetallic skarn, sediment-hosted
copper and sulphide nickel projects. He has extensive experience in
mineral exploration, resource estimation, data quality assurance
and quality control evaluation, technical audits and due diligence
reviews.
CONFERENCE CALL
The Company will be holding a conference call
and webcast on Tuesday, July 17, 2018 at 8am PDT (11 am EDT).
To participate in the conference call, please dial the
following:
Toll Free Canada &
USA: |
1-800-319-4610 |
Outside of Canada &
USA: |
1-604-638-5340 |
Toll Free
Germany: |
0800 180
1954 |
Toll Free
UK: |
0808 101
2791 |
Participants should dial in 10 minutes prior to
the conference. Click on WEBCAST on the First Majestic homepage as
a simultaneous audio webcast of the conference call will be posted
at www.firstmajestic.com.
The conference call will be recorded and you can
listen to an archive of the conference by calling:
Canada & USA Toll
Free: |
1-800-319-6413 |
Outside Canada &
USA: |
1-604-638-9010 |
Access
Code: |
2450 followed
by the # sign |
The replay will be available approximately one
hour after the conference and will available for 7 days following
the conference. The replay will also be available on the
Company’s website for one month.
Q2 EARNINGS ANNOUNCEMENT
The Company is planning to release its second
quarter 2018 unaudited financial results on Monday, August 13,
2018.
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 seven producing silver mines; the San
Dimas Silver/Gold Mine, 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 seven mines is projected to be between
12.0 to 13.2 million ounces of pure silver or 20.5 to 22.6 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
Cautionary Note Regarding Forward Looking
Statements
This press release contains "forward-looking
statements", within the meaning of the United States Private
Securities Litigation Reform Act of 1995 and applicable Canadian
securities legislation, concerning the business, operations and
financial performance and condition of First Majestic Silver
Corp. Forward-looking statements include, but are not limited
to, statements with respect to the future price of silver and other
metals, the estimation of mineral reserves and resources, the
realization of mineral reserve estimates, the timing and amount of
estimated future production, costs of production, capital
expenditures, costs and timing of the development of new deposits,
success of exploration activities, permitting time lines, hedging
practices, currency exchange rate fluctuations, requirements for
additional capital, government regulation of mining operations,
environmental risks, unanticipated reclamation expenses, timing and
possible outcome of pending litigation, title disputes or claims
and limitations on insurance coverage. Generally, these
forward-looking statements can be identified by the use of
forward-looking terminology such as "plans", "expects" or "does not
expect", "is expected", "budget", "scheduled", "estimates",
"forecasts", "intends", "anticipates" or "does not anticipate", or
"believes", or variations of such words and phrases or state that
certain actions, events or results "may", "could", "would", "might"
or "will be taken", "occur" or "be achieved". Forward-looking
statements are subject to known and unknown risks, uncertainties
and other factors that may cause the actual results, level of
activity, performance or achievements of First Majestic Silver
Corp. to be materially different from those expressed or
implied by such forward-looking statements, including but not
limited to: risks related to the integration of acquisitions; risks
related to international operations; risks related to joint venture
operations; actual results of current exploration activities;
actual results of current reclamation activities; conclusions of
economic evaluations; changes in project parameters as plans
continue to be refined; future prices of metals; possible
variations in ore reserves, grade or recovery rates; failure of
plant, equipment or processes to operate as anticipated; accidents,
labour disputes and other risks of the mining industry; delays in
obtaining governmental approvals or financing or in the completion
of development or construction activities, as well as those factors
discussed in the section entitled "Description of the Business -
Risk Factors" in First Majestic Silver Corp.'s Annual
Information Form for the year ended December 31, 2017, 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 Silver Corp. 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. There can be no
assurance that such statements will prove to be accurate, as actual
results and future events could differ materially from those
anticipated in such statements. Accordingly, readers should
not place undue reliance on forward-looking
statements. First Majestic Silver Corp. does not
undertake to update any forward-looking statements that are
incorporated by reference herein, except in accordance with
applicable securities laws.
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