FIRST MAJESTIC SILVER CORP. (the "Company" or
“First Majestic”) is pleased to announce its 2018 Mineral Reserve
and Resource estimates for its existing mineral property assets in
Mexico with an effective date of December 31, 2018. The Company
completed a total of 211,695 metres of diamond drilling at its
operating mines in 2018, representing a 35% increase in metres
drilled compared to the prior year.
2018 HIGHLIGHTS (compared to the prior
estimate of December 31, 2017)
- Proven and Probable Reserves
increased 46% to 170.9 million silver equivalent ounces
- Added San Dimas Reserves consisting of 100.4 million silver
equivalent ounces; or up 32% compared to post acquisition estimates
due to higher conversion of Resources to Reserves resulting from
successful infill drilling in the Jessica, Roberta and Regina
mining areas
- San Martin Reserves declined 71% to 6.1 million silver
equivalent ounces resulting from an increase in cut-off grades due
to lower metal price assumptions and an increase in operating
costs, as well as re-assessing the dilution and mining recovery
factors to reflect current mining conditions
- La Parrilla Reserves declined 75% to 3.6 million silver
equivalent ounces resulting from mine depletion and an increase in
cut-off grades due to lower metal price assumptions and an increase
in operating costs
- Excluded La Guitarra Reserves after placing the operation in
care and maintenance
- Measured and Indicated Resources
increased 82% to 259.8 million silver equivalent ounces
- Added San Dimas M&I Resources of 130.2 million silver
equivalent ounces; up 8% compared to previous estimates
- Upgraded 8.8 million silver equivalent ounces at the Ermitaño
Silver/Gold Project from Inferred to Indicated Resources
- Inferred Resources increased 3% to 212.7 million silver
equivalent ounces
- Added San Dimas Inferred Resources
of 112.6 million silver equivalent ounces
- Increased Ermitaño’s Inferred
Resource by 20% to 49.0 million silver equivalent ounces
- Reclassified 92.9 million silver
equivalent ounces at La Joya to historical estimates
The following table shows the total tonnage
mined from each of the Company’s producing properties during 2018,
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 Mined from
Areas Not in Reserves or Resources”.
2018 PRODUCTION TABLE
|
Units |
SAN DIMAS |
SANTA ELENA |
LA ENCANTADA |
SAN MARTIN |
LA PARRILLA |
DEL TORO |
LA GUITARRA |
TOTAL |
Ore Processed |
Tonnes |
435,289 |
899,370 |
916,894 |
284,656 |
491,637 |
267,170 |
80,435 |
3,375,452 |
|
|
|
|
|
|
|
|
|
|
Material Mined from
Reserves |
Tonnes |
434,838 |
876,070 |
205,931 |
235,154 |
472,546 |
235,387 |
43,963 |
2,503,890 |
|
|
|
|
|
|
|
|
|
|
Material Mined from
Areas Not In Reserves or Resources |
Tonnes |
451 |
23,300 |
710,963 |
49,502 |
19,091 |
31,783 |
36,472 |
871,561 |
|
|
|
|
|
|
|
|
|
|
Silver Produced |
Ounces |
3,621,868 |
2,223,246 |
1,603,740 |
1,746,139 |
1,340,385 |
785,154 |
358,919 |
11,679,452 |
|
|
|
|
|
|
|
|
|
|
Silver-Equivalent
Produced from Other Metals (1) |
Ounces |
4,429,737 |
3,791,441 |
7,155 |
423,199 |
982,671 |
647,158 |
282,260 |
10,563,619 |
|
|
|
|
|
|
|
|
|
|
Silver-Equivalent Produced |
Ounces |
8,051,605 |
6,014,687 |
1,610,895 |
2,169,338 |
2,323,056 |
1,432,312 |
641,179 |
22,243,071 |
(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 2018 Annual Information
Form. |
(2) |
Totals may
not add up due to rounding. |
Metal price assumptions used to estimate the
2018 Reserves were reduced to reflect a conservative view and
relatively inline with the three-year rolling price averages. Price
assumptions for Mineral Reserves estimation decreased to $17.00/oz
for silver (-$1.00/oz), $1,250/oz for gold (-$50/oz), $1.10/lb for
lead (-$0.10/lb) and $1.20/lb for zinc (-$0.20/lb) when compared to
the previous estimates.
RESERVES AND RESOURCES
UPDATE
As of December 31, 2018, Proven and Probable
Reserves totaled 170.9 million silver equivalent ounces,
representing a 46% increase in metal content compared to the prior
estimate of December 31, 2017. This increase reflects the
incorporation of the high grade reserves of the San Dimas mine
after its acquisition on May 10, 2018 and the results of the infill
exploration and development programs, offset by the effect of
mining depletion, the reduction of reserves primarily at San Martin
and La Parrilla, the elimination of reserves from La Guitarra which
was put in care and maintenance in August 2018, as well as the
impact of lower metal price assumptions.
The Company’s consolidated Measured and
Indicated Mineral Resources have increased 17% in terms of tonnage
and 82% in terms of silver equivalent metal content as the result
of incorporating the high grade resources of San Dimas as well as
conversion of Inferred Resources at Ermitaño following its
successful 2018 exploration program. These increases were partially
offset by production depletion and reductions in metal price used
for Mineral Resources estimation.
Consolidated Inferred Mineral Resources
increased by 3% in terms of silver equivalent metal content after
the incorporation of resources from San Dimas which was offset by
the subtraction of resources from La Joya which is now considered a
historical estimate.
The complete 2018 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, 2018 |
|
|
|
|
|
|
|
|
|
|
|
|
Mine |
Category |
Mineral Type |
Tonnage |
Grades |
Metal Content |
|
|
|
kt |
Ag (g/t) |
Au (g/t) |
Pb (%) |
Zn (%) |
Ag-Eq (g/t) |
Ag (k Oz) |
Au (k Oz) |
Ag-Eq (k Oz) |
|
|
|
|
|
|
|
|
|
|
|
|
SAN DIMAS |
Proven (UG) |
Sulphides |
1,629 |
323 |
4.09 |
- |
- |
630 |
16,940 |
214.4 |
32,980 |
|
Probable
(UG) |
Sulphides |
3,794 |
303 |
3.34 |
- |
- |
553 |
36,980 |
407.1 |
67,450 |
|
Total Proven and
Probable (UG) |
Sulphides |
5,423 |
309 |
3.56 |
- |
- |
576 |
53,920 |
621.5 |
100,430 |
|
|
|
|
|
|
|
|
|
|
|
|
SANTA ELENA |
Proven (UG) |
Sulphides |
2,028 |
113 |
1.58 |
- |
- |
238 |
7,340 |
103.2 |
15,520 |
|
Probable (UG) |
Sulphides |
576 |
102 |
1.28 |
- |
- |
202 |
1,880 |
23.6 |
3,740 |
|
Probable
(Pad) |
Oxides |
1,349 |
36 |
0.94 |
- |
- |
111 |
1,570 |
40.7 |
4,800 |
|
Total Proven and
Probable (UG+Pad) |
Oxides + Sulphides |
3,953 |
85 |
1.32 |
- |
- |
189 |
10,790 |
167.5 |
24,060 |
|
|
|
|
|
|
|
|
|
|
|
|
LA ENCANTADA |
Probable (UG) |
Oxides |
1,311 |
189 |
- |
- |
- |
189 |
7,950 |
- |
7,950 |
|
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 Probable
(UG) |
Oxides + Tailings |
6,257 |
131 |
- |
0.30 |
- |
138 |
26,400 |
- |
27,670 |
|
|
|
|
|
|
|
|
|
|
|
|
LA PARRILLA |
Probable (UG) |
Oxides |
70 |
233 |
0.17 |
- |
- |
247 |
520 |
0.4 |
560 |
|
Probable
(UG) |
Sulphides |
308 |
166 |
0.05 |
2.00 |
2.10 |
308 |
1,650 |
0.5 |
3,050 |
|
Total Probable
(UG) |
Oxides |
378 |
179 |
0.08 |
1.63 |
1.71 |
297 |
2,170 |
0.9 |
3,610 |
|
|
|
|
|
|
|
|
|
|
|
|
SAN MARTÍN |
Proven (UG) |
Oxides |
79 |
175 |
0.27 |
- |
- |
195 |
445 |
0.7 |
495 |
|
Probable
(UG) |
Oxides |
615 |
245 |
0.50 |
- |
- |
282 |
4,840 |
9.9 |
5,580 |
|
Total Proven and
Probable (UG) |
Oxides |
694 |
237 |
0.47 |
- |
- |
272 |
5,285 |
10.6 |
6,075 |
|
|
|
|
|
|
|
|
|
|
|
|
DEL TORO |
Proven (UG) |
Transition +
Sulphides |
42 |
205 |
0.29 |
2.44 |
0.65 |
325 |
280 |
0.4 |
450 |
|
Probable
(UG) |
Transition + Sulphides |
639 |
200 |
0.28 |
4.41 |
4.08 |
419 |
4,110 |
5.7 |
8,620 |
|
Total Proven and
Probable (UG) |
Transition +
Sulphides |
681 |
200 |
0.28 |
4.29 |
3.87 |
413 |
4,390 |
6.1 |
9,070 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Proven and Probable |
All mineral types |
17,387 |
184 |
1.44 |
0.31 |
0.19 |
306 |
102,955 |
806.6 |
170,915 |
(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, 2018. 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. Estimation details are listed in each mine
section of the 2018 Annual Information Form (“AIF”). |
(4) |
Metal
prices considered for Mineral Reserves estimates were $17.00/oz Ag
and $1,250/oz Au, $1.00/lb Pb, and $1.20/lb Zn. |
(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 adjacent mineralized
material which recoverable value pays for all associated costs,
including but not limited to the variable cost of mining and
processing, indirect costs, treatment, administration costs and
plant sustaining costs.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 below in the AIF. |
(6) |
Dilution
for underground mining includes consideration for planned dilution
due to geometric aspects of the designed stopes and economic zones,
and additional dilution consideration due to material handling and
other operating aspects. Dilution and mining recovery factors are
listed in the applicable section describing each mine below in the
AIF. |
(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, 2018 |
|
|
|
|
|
|
|
|
|
|
|
|
Mine / Project |
Category |
Mineral Type |
Tonnage |
Grades |
Metal Content |
|
|
|
kt |
Ag (g/t) |
Au (g/t) |
Pb (%) |
Zn (%) |
Ag-Eq (g/t) |
Ag (k Oz) |
Au (k Oz) |
Ag-Eq (k Oz) |
|
|
|
|
|
|
|
|
|
|
|
|
SAN DIMAS |
Measured (UG) |
Sulphides |
1,412 |
505 |
7.33 |
- |
- |
1,059 |
22,930 |
332.7 |
48,080 |
|
Indicated
(UG) |
Sulphides |
3,193 |
427 |
4.93 |
- |
- |
800 |
43,840 |
505.7 |
82,080 |
|
Total Measured and
Indicated (UG) |
Sulphides |
4,604 |
451 |
5.66 |
- |
- |
879 |
66,770 |
838.4 |
130,160 |
|
|
|
|
|
|
|
|
|
|
|
|
SANTA ELENA |
Measured Santa Elena
(UG) |
Sulphides |
2,508 |
132 |
1.84 |
- |
- |
280 |
10,640 |
148.7 |
22,550 |
|
Indicated Santa Elena
(UG) |
Sulphides |
915 |
124 |
1.60 |
- |
- |
253 |
3,650 |
47.1 |
7,430 |
|
Indicated Ermitaño
(UG) |
Sulphides |
704 |
65 |
4.05 |
- |
- |
389 |
1,460 |
91.7 |
8,810 |
|
Indicated
(Pad) |
Oxides |
1,179 |
39 |
1.04 |
- |
- |
122 |
1,480 |
39.3 |
4,630 |
|
Total Measured and
Indicated (UG+Pad) |
Oxides + Sulphides |
5,306 |
101 |
1.92 |
- |
- |
255 |
17,230 |
326.8 |
43,420 |
|
|
|
|
|
|
|
|
|
|
|
|
LA ENCANTADA |
Indicated Veins Systems
(UG) |
Oxides |
1,339 |
255 |
- |
- |
- |
255 |
10,960 |
- |
10,960 |
|
Indicated Breccias
(UG) |
Oxides - Flotation |
830 |
238 |
- |
3.36 |
- |
337 |
6,350 |
61.5 |
8,990 |
|
Indicated
(Tailings) |
Oxides |
4,200 |
110 |
- |
- |
- |
110 |
14,850 |
- |
14,850 |
|
Total Indicated
(UG) |
Oxides + Tailings |
6,370 |
157 |
- |
0.44 |
- |
170 |
32,160 |
62 |
34,800 |
|
|
|
|
|
|
|
|
|
|
|
|
LA PARRILLA |
Indicated (UG) |
Sulphides |
999 |
184 |
0.06 |
2.01 |
1.78 |
318 |
5,910 |
44.3 |
10,230 |
|
Indicated
(UG) |
Oxides |
142 |
254 |
0.15 |
- |
- |
265 |
1,160 |
- |
1,210 |
|
Total Measured and
Indicated (UG) |
Oxides + Sulphides |
1,142 |
193 |
0.07 |
1.76 |
1.55 |
312 |
7,070 |
44.3 |
11,440 |
|
|
|
|
|
|
|
|
|
|
|
|
SAN MARTÍN |
Measured (UG) |
Oxides |
112 |
268 |
0.46 |
- |
- |
302 |
960 |
1.7 |
1,090 |
|
Indicated
(UG) |
Oxides |
1,485 |
291 |
0.57 |
- |
- |
334 |
13,880 |
27.1 |
15,940 |
|
Total Measured and
Indicated (UG) |
Oxides |
1,597 |
289 |
0.56 |
- |
- |
332 |
14,840 |
28.8 |
17,030 |
|
|
|
|
|
|
|
|
|
|
|
|
DEL TORO |
Measured (UG) |
Transition +
Sulphides |
60 |
225 |
0.35 |
2.60 |
0.66 |
362 |
430 |
0.7 |
700 |
|
Indicated
(UG) |
Transition + Sulphides |
896 |
218 |
0.30 |
4.47 |
3.98 |
477 |
6,290 |
8.7 |
13,760 |
|
Total Measured and
Indicated (UG) |
Transition +
Sulphides |
956 |
219 |
0.31 |
4.35 |
3.77 |
470 |
6,720 |
9.4 |
14,460 |
|
|
|
|
|
|
|
|
|
|
|
|
LA GUITARRA |
Measured (UG) |
Sulphides |
384 |
292 |
1.84 |
- |
- |
431 |
3,610 |
22.7 |
5,330 |
|
Indicated
(UG) |
Sulphides |
243 |
250 |
1.98 |
- |
- |
399 |
1,950 |
15.5 |
3,120 |
|
Total Measured and
Indicated (UG) |
Sulphides |
627 |
276 |
1.89 |
- |
- |
419 |
5,560 |
38.2 |
8,450 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Measured and Indicated |
All mineral types |
20,601 |
227 |
1.88 |
0.43 |
0.26 |
392 |
150,350 |
1,347.4 |
259,760 |
(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 NI 43-101. |
(2) |
The Mineral
Resources information provided above is based on internal estimates
prepared as of December 31, 2018. The information provided was
reviewed and compiled by Ramon Mendoza Reyes, PEng, QP for First
Majestic, and is based on internal work prepared under the
supervision of First Majestic internal QPs, who have the
appropriate relevant qualifications, and experience in geology and
resource estimation. |
(3) |
Metal
prices considered for Mineral Resources estimates were $17.50/oz
Ag, $1,300/oz Au, $1.00/lb Pb, and $1.20/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. Estimation details are listed in each mine
section of the AIF. |
(5) |
The cut-off
grades used to estimate Mineral Resources are different for all
mines. The cut-off grades and factors are listed in the applicable
section describing each mine section of the AIF. |
(6) |
Measured
and Indicated Mineral Resources are reported inclusive of Mineral
Reserves. |
(7) |
The La
Guitarra mine was placed on care and maintenance on August 3, 2018
and is no longer a material property. |
Inferred Mineral Resources with an effective
date of December 31, 2018 |
|
|
|
|
|
|
|
|
|
|
|
|
Mine / Project |
Category |
Mineral Type |
Tonnage |
Grades |
Metal Content |
|
|
|
kt |
Ag (g/t) |
Au (g/t) |
Pb (%) |
Zn (%) |
Ag-Eq (g/t) |
Ag (k Oz) |
Au (k Oz) |
Ag-Eq (k Oz) |
|
|
|
|
|
|
|
|
|
|
|
|
SAN DIMAS |
Inferred Total
(UG) |
Sulphides |
5,708 |
341 |
3.60 |
- |
- |
614 |
62,640 |
661.3 |
112,640 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Inferred Santa
Elena Mine (UG) |
Sulphides |
931 |
90 |
1.09 |
- |
- |
177 |
2,700 |
32.7 |
5,310 |
SANTA ELENA |
Inferred Ermitaño (UG) |
Sulphides |
4,637 |
59 |
3.36 |
- |
- |
329 |
8,820 |
501.5 |
48,980 |
|
Inferred Total
(UG) |
Sulphides |
5,568 |
64 |
2.98 |
- |
- |
303 |
11,520 |
534.2 |
54,290 |
|
|
|
|
|
|
|
|
|
|
|
|
LA ENCANTADA |
Inferred Veins
Systems (UG) |
Oxides |
608 |
234 |
- |
- |
- |
234 |
4,580 |
- |
4,580 |
|
Inferred Breccias
(UG) |
Oxides |
902 |
201 |
- |
- |
- |
201 |
5,830 |
- |
5,830 |
|
Inferred Ojuelas (UG) |
Oxides - Flotation |
88 |
183 |
- |
3.41 |
- |
283 |
520 |
6.7 |
810 |
|
Inferred Total
(UG) |
Oxides |
1,598 |
213 |
- |
0.19 |
- |
218 |
10,930 |
6.7 |
11,220 |
|
|
|
|
|
|
|
|
|
|
|
|
LA PARRILLA |
Inferred
(UG) |
Oxides |
870 |
189 |
0.07 |
1.83 |
1.95 |
321 |
5,290 |
35.1 |
8,970 |
|
Inferred (UG) |
Sulphides |
471 |
226 |
0.06 |
- |
- |
231 |
3,430 |
- |
3,490 |
|
Inferred Total
(UG) |
Oxides +
Sulphides |
1,341 |
202 |
0.06 |
1.19 |
1.27 |
289 |
8,720 |
35.1 |
12,460 |
|
|
|
|
|
|
|
|
|
|
|
|
SAN MARTÍN |
Inferred Total
(UG) |
Oxides |
1,634 |
232 |
0.30 |
- |
- |
254 |
12,180 |
15.7 |
13,360 |
|
|
|
|
|
|
|
|
|
|
|
|
DEL TORO |
Inferred Total
(UG) |
Transition +
Sulphides |
560 |
219 |
0.18 |
3.33 |
1.23 |
377 |
3,960 |
3.3 |
6,790 |
|
|
|
|
|
|
|
|
|
|
|
|
LA GUITARRA |
Inferred Total
(UG) |
Sulphides |
164 |
268 |
1.39 |
- |
- |
373 |
1,420 |
7.3 |
1,970 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Inferred |
All mineral types |
16,573 |
209 |
2.30 |
0.23 |
0.14 |
399 |
111,370 |
1,263.6 |
212,730 |
(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 NI 43-101. |
(2) |
The Mineral
Resources information provided above is based on internal estimates
prepared as of December 31, 2018. The information provided was
reviewed and compiled by Ramon Mendoza Reyes, PEng, QP for First
Majestic, and is based on internal work prepared under the
supervision of First Majestic internal QPs, who have the
appropriate relevant qualifications, and experience in geology and
resource estimation. |
(3) |
Metal
prices considered for Mineral Resources estimates were $17.50/oz
Ag, $1,300/oz Au, $1.00/lb Pb, and $1.20/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. Estimation details are listed in each mine
section of the Annual Information Form (AIF). |
(5) |
The cut-off
grades used to estimate Mineral Resources are different for all
mines. The cut-off grades and factors are listed in the applicable
section describing each mine section of the AIF. |
(6) |
The La
Guitarra mine was placed on care and maintenance on August 3, 2018
and is no longer a material property. |
2019 EXPLORATION PROGRAM
For 2019, First Majestic is planning to invest a
total of $26.2 million towards exploration to drill approximately
188,000 metres across its core Mexican assets. The 2019 drilling
program will consist of approximately 11,600 metres of sustaining
diamond drilling to support mining activities at the six operating
mines; approximately 152,000 metres of expansionary diamond
drilling intended to improve confidence and increase Mineral
Resources with a focus on the Santa Elena Main Vein and the Central
Block at San Dimas; and drill approximately 8,400 metres intended
to test greenfield targets at Santa Elena and Del Toro.
Furthermore, due to the exploration success in 2018 at Ermitaño,
the Company is planning to complete a 16,000 metre drill program in
2019 to investigate the continuity of mineralization at shallow
depths that may be amenable to open pit extraction.
The Company also announces that its 2018 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 the San Dimas Silver/Gold Mine, the
Santa Elena Silver/Gold Mine, the La Encantada Silver Mine, the San
Martin Silver Mine, the La Parrilla Silver Mine and the Del Toro
Silver Mine. Production from these mines are projected to be
between 14.2 to 15.8 million silver ounces or 24.7 to 27.5 million
silver equivalent ounces in 2019.
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:
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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