kiwisteve
15 years ago
First Majestic Resources Aims To More Than Double Production To 12 Million Ounces Of Silver By 2012 - September 23, 2009
By Charles Wyatt
Silver has long been First Majestic’s thing. It currently owns and operates three silver mines in Mexico - La Encantada, La Parrilla, and San Martin. It’s also working up the Del Oro silver project, which is currently undergoing a pre-feasibility study. No wonder, then, that when First Majestic decided that it wanted to participate in the trend to consolidation currently in evidence across the Canadian junior sector, it went for a silver company. The company in question, Normabec, has a primary asset in the northern portion of San Luis Potosi state in Mexico called Real de Catorce. It also has an interest in the Pitt Gold property in Quebec, and this is where the clever thinking behind the whole deal manifests itself. Knowing that there would be a number of Normabec shareholders who would like to cling onto the local gold play as the gold price continues to advance, Pitt and all the other mineral interests currently held by Normabec in Quebec are going to be put into a separate company. This company, which is being given the name of Newco while a better name is sought, will be run by the Normabec management as before.
In one sweep, therefore, the most likely arguments against the deal have been swept away. The directors of Normabec retain their jobs and the shareholders continue to have stakes, rather than a single stake, in its silver and gold assets. First Majestic clearly knows what it is doing in Mexico as it has done it all before, so it should advance Real de Catorce, while Newco focuses on the Pitt gold property. Everyone should be happy with this arrangement, and so they seem to be. It has the unanimous support of the boards of directors of both Normabec and First Majestic, and the Normabec board of directors is going to recommend that their shareholders vote in favour at the special meeting which should take place early in November once a full information document has been circulated in mid-October. Lockup and support agreements have been signed by each officer and director, as well as the largest shareholder of Normabec.
First Majestic is paying 0.060425 of a First Majestic share for each Normabec share, but Normabec shareholders will also receive shares in Newco. And just to show willing, and get Newco on the move, First Majestic is going to invest C$300,000 through a private placement. This will give First Majestic an interest in around 10 per cent of Newco. As one of the Rothschild family once said: “the best deals are those when both parties think they have won.” It is not often that one comes across an example, but this comes close. A value of C$0.1806 is assigned to each Normabec share - C$0.1406 of it from First Majestic shares and C$0.04 from Newco shares - and this represents a premium of nearly 50 per cent, based on the average prices of First Majestic and Normabec shares for the 20 trading days prior to 11th September, 2009.
Keith Neumeyer will certainly be getting what he wants too. The Real de Catorce silver project which consists of approximately 6,326 hectares of mineral rights containing a drilled NI 43-101 compliant resource of 33.69 million ounces of silver in the measured and indicated categories, and 13.10 million ounces inferred. As Keith explains, this equates to an acquisition cost of US18 cents per ounce of silver in the ground, which does not look bad against First Majestic’s finding cost of US12 cents per ounce. First Majestic has been looking at the project for some time, has already carried out due diligence on it, and reckons it will make a great strategic fit with the current portfolio. Robert Ayotte , chief executive of Normabec sees the advantage to his shareholders as being the speed with which Real de Catorce can be developed by First Majestic. He clearly sets a lot of store by the proven expertise of the First Majestic technical and mining team, and his shareholders now stand to benefit from First Majestic’s new production profile.
The deal follows closely on the heels of a successful placing by First Majestic which consisted of two tranches, raising a total of C$9.58 million. The new money will be used mostly to fund the major new 3,500 tonnes per day cyanidation mill at La Encantada. This has just about been completed and commissioning should be finished by the middle of next month. When it is working to full capacity the new mill should be able to produce 4.3 million ounces of silver dore a year, and it is the initial impact of this that has encouraged Keith to forecast production of five million ounces of silver for 2009. The important bit of news behind the figures is that although silver recoveries at the three mines increased from 60 to 64 per cent in the second quarter of this year, the introduction of cyanidation at La Encantada will take recoveries there way up to 85 per cent, and this is a project that will account for over 60 per cent of total production next year.
The next priority will be to bring the Del Oro mine into production, Keith explains, as he drives to Spokane for a silver mining conference. At the same time drilling will be carried out at Real de Catorce to reinforce understanding of the geology and to increase the silver resource. As a result of the new mill the company is targeting production of 6.5 million ounces in 2010, but with Del Oro on stream production should rise to nine million ounces in 2011. Well before then attention will also be on Real de Catorce, which should be capable of driving annual production up to 12 million ounces of silver in 2012. Keith points out that production has doubled in the last two years and will double again in the next two. By that time First Majestic will be up there with the biggest of the mid-tier producers and the rating should soon start to reflect this potential.
Source: http://www.minesite.com/nc/minews/singlenews/article/first-majestic-resources-aims-to-more-than-double-production-to-12-million-ounces-of-silver-by-2012/41.html
Kiwi
silver100
16 years ago
First Majestic Silver Corp.: Silver Production Increases 4% in 1st Quarter
VANCOUVER, BRITISH COLUMBIA--(MARKET WIRE)--Apr 27, 2009 -- First Majestic Silver Corp. ("First Majestic" or the "Company") (Toronto:FR.TO - News)(Other OTC:FRMSF.PK - News)(Frankfurt:FMV.F - News)(WKN: A0LHKJ) is pleased to announce that production in the first quarter ending March 31, 2009 consisted of 1,040,117 equivalent ounces of silver.
The equivalent silver production for the quarter consisted of 929,964 ounces of silver representing an increase of 4% compared with the first quarter of 2008 and a minor decrease of 156 ounces of silver when compared with the fourth quarter of 2008. 1,828,739 pounds of lead were produced in the quarter representing a 2% decrease over the first quarter of 2008 and a decrease of 13% or 265,248 pounds when compared with the fourth quarter of 2008. 491 ounces of gold were produced in the quarter representing an increase of 105% when compared with the first quarter of 2008 and an increase of 22% compared with the fourth quarter of 2008.
The ore processed during the quarter at the Company's three operating silver mines: La Parrilla Silver Mine, the San Martin Silver Mine and La Encantada Silver Mine; amounted to 216,047 tonnes showing an increase of 36% over the same quarter of 2008 and a modest increase of 401 tonnes over the fourth quarter of 2008.
The overall average silver head grade in the quarter for the three mines increased to 222 g/t silver compared to 207 g/t Ag achieved in the fourth quarter of 2008.
Total combined recoveries of silver at the Company's three different mills were 60% compared to 65% in the prior quarter. At the La Encantada operation low recoveries were caused by high manganese in the ore and increased throughput through the mill. At the San Martin operation, some high carbonaceous ore affected metallurgy however this was compensated by increased head grades. Steps are being taken at La Encantada to improve recoveries; however, until the new 3500 tpd cyanidation plant is completed in June of this year, recoveries are only expected to increase modestly.
As reported previously the Company has reduced exploration and development programs at each of its operations in the fourth quarter of 2008. The Company continues to analyze its expenditures in order to optimize the operations and improve profitability.
A total of 4,610 meters of underground development was completed in the quarter compared to 6,006 metres of development completed in the first quarter of 2008 and 5,847 metres completed in the fourth quarter of 2008. This program is important as it provides access to new areas within the different mines and prepares the mines for continued growth of silver production going forward. The Company has recently reduced its drilling program to two rigs operating at San Martin only; however, in the first quarter 31 holes were completed marking an end to those drill programs commenced last year. A total of 5,048 meters of diamond drilling was completed during the quarter compared to 10,256 metres drilled in Q1 2008 and 4,193 metres drilled in Q4 2008.
First Majestic is a producing silver company focused in Mexico and is aggressively pursuing its business plan to become a senior silver producer through the development of its existing assets and the pursuit through acquisition of additional assets that contribute to achieving its significant corporate growth objectives.
FIRST MAJESTIC SILVER CORP.
Keith Neumeyer, President & CEO
This press release includes certain "Forward-Looking Statements" within the meaning of section 21E of the United States Securities Exchange Act of 1934, as amended. All statements, other than statements of historical fact, included herein, including without limitation, statements regarding potential mineralization and reserves, exploration results and future plans and objectives of First Majestic Silver Corp. are forward-looking statements that involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements.
Contact:
Contacts:
First Majestic Silver Corp.
Keith Neumeyer
President & CEO
(604) 688-3033 or Toll Free: 1-866-529-2807
(604) 639-8873 (FAX)
info@firstmajestic.com
http://www.firstmajestic.com
Mr. Zen
16 years ago
First Majestic Silver Corp. Research Notes 2/15/09
The management of First Majestic Silver Corp.( Toronto:FR.TO) (FRMSF.PK) (Frankfurt:FMV.F ) are committed to building a senior silver producing mining company based on an aggressive development and acquisition plan with a focus on Mexico. First Majestic operates three silver mines and has acquired three additional advanced stage silver projects. The Company's flagship mine, the La Parrilla Silver Mine, located outside the city of Durango has seen an 18 month underground development program and the recent completion of an 800 tpd mill. Now that both programs are coming to completion, production levels will begin to increase dramatically to an annualized rate of around 2,000,000 ounces of silver for 2007. The most recent NI 43-101 compliant silver resource, which is planned to be upgraded every four months, stands at 21 million ounces of silver.
First Majestic's second producing mine is the San Martin Silver Mine located about a 40 minute flight from Guadalajara. Production in 2006 will end at around 2,000,000 ounces and is planned to be maintained at that production level for 2007. During 2007 several improvements and mill additions will be made to allow for further production increases for 2008. The San Martin also has a NI 43-101 compliant silver resource of 44 million ounces and further development and exploration is underway to increase this number.
First Majestic's third producing mine, the La Encantada Silver mine brings added value to the company with its 2006 production of 800,000 ounces. Production levels here are anticipated to be increased to 1 million ounces of silver for 2007. In addition, the historic resource will be upgraded to NI 43-101 compliance by mid 2007.
Exploration and development programs are underway at the Chalchihuites Group of Properties. In addition JV partners are being sought for it other exploration projects, the Quitaboca Silver Project and the Candamena Mining District.
Management strongly feels that investors will continue to witness a dramatic bull market in precious metals over the next several years. For this reason, a focus to continue to develop and increase production at its core assets will continue. In addition, management is determined to expand First Majestic's asset base and thus continues to investigate other interesting advanced stage silver projects in Mexico. With a Management team comprised of proven company and mine builders; shareholders are poised to capitalize on First Majestic's rapid evolution into a world class silver producer.
About Keith Neumeyer, President & CEO
Mr. Neumeyer has worked in the investment community for 21 years beginning his career at a number of national brokerage firms. Mr. Neumeyer moved on to work with several publically traded companies in the resource and high technology sectors. His roles have included senior management positions and directorships responsible in areas of finance, business development, strategic planning and corporate restructuring.
Mr. Neumeyer was the original and founding President of First Quantum Minerals Ltd. (T-FM). He was instrumental in the acquisition of the Bwana Mkubwa Mine in Zambia and the assembly of a team of mining professionals who in turn built the first new mine in the region in 25 years and who run the Company today. Mr. Neumeyer has collectively raised over $100 million to date, has listed two companies on the Toronto Stock Exchange and as such has extensive experience dealing with the financial, regulatory, legal and accounting issues that are relevant in the investment community.
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
News
• First Majestic Receives Mexican Distinction as a "Socially Responsible Business"Marketwire(Mon, Mar 23)
• First Majestic Silver Corp.: La Parrilla Receives "Clean Industry Certification"Marketwire(Tue, Mar 17)
• First Majestic Silver Corp.: Resource Disclosure ClarificationMarketwire
(Thu, Feb 26)
• First Majestic Silver Corp.: La Parrilla Silver Mine Updates NI 43-101 ResourceMarketwire(Tue, Feb 17)
• First Majestic Silver Corp.: San Martin Updated NI 43-101 Report Increasing Reserves/Resources by 45.81%Marketwire(Tue, Jan 20)
• First Majestic Silver Corp.: Production Increases 27% in 4th QuarterMarketwire(Tue, Jan 13)
• First Majestic Silver Corp.: La Encantada Updated NI 43-101 Report Increasing Reserves By 183%
kiwisteve
16 years ago
Press Release - First Majestic Silver Corp.
First Majestic Silver Closes $21.2 Million Offering
March 5, 2009 1:21:00 PM
________________________________________
FIRST MAJESTIC SILVER CORP. (FR-T) ("First Majestic" or the "Company") - The Company is pleased to announce the closing today of the offering announced on February 18 and February 19, 2009. A syndicate of underwriters led by CIBC World Markets Inc. and including Blackmont Capital Inc., GMP Securities L.P. and Thomas Weisel Partners have purchased 8,487,576 Units (the "Units") from First Majestic at an issue price of $2.50 per Unit (the "Offering") for gross aggregate proceeds of $21,218,940. Each Unit consists of one common share (a "Common Share") in the capital of First Majestic and one-half of one Common Share purchase warrant. Each whole Common Share purchase warrant (a "Warrant") entitles the holder to acquire one additional Common Share at a price of $3.50 until March 5, 2011. The underwriters have an option, exercisable up until 30 days following closing of the offering, to purchase up to an additional 1,273,136 Common Shares at a pri ce of $2.40 per share and up to an additional 636,568 Warrants at a price of $0.20 per Warrant.
The Company plans to use $15.5 million of the net proceeds of the offering for mill construction and mine improvements at the Company's La Encantada Silver Mine, including the completion of a 3,500 tonne-per-day cyanidation plant on the property, and the remainder for general working capital.
First Majestic is a producing silver company focused in Mexico and is aggressively pursuing its business plan to become a senior silver producer through the development of its existing assets and the pursuit through acquisition of additional assets that contribute to achieving its corporate growth objectives.
The securities offered have not been registered under the U.S. Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements. This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in any state in which such offer, solicitation or sale would be unlawful.
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"
Keith Neumeyer, President & CEO
This press release includes certain "Forward-Looking Statements" within the meaning of section 21E of the United States Securities Exchange Act of 1934, as amended. All statements, other than statements of historical fact, included herein, including without limitation, statements regarding potential mineralization and reserves, exploration results and future plans and objectives of First Majestic Silver Corp. are forward-looking statements that involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements.
Visit First Majestic Silver Corp. Website: www.firstmajestic.com
________________________________________
silver100
16 years ago
Press Release Source: First Majestic Silver Corp.
First Majestic Silver Corp.: La Parrilla Silver Mine Updates NI 43-101 Resource
Tuesday February 17, 9:13 am ET
VANCOUVER, BRITISH COLUMBIA--(MARKET WIRE)--Feb 17, 2009 -- FIRST MAJESTIC SILVER CORP. (Toronto:FR.TO - News)(Other OTC:FRMSF.PK - News)(Frankfurt:FMV.F - News)(WKN: A0LHKJ) ("First Majestic" or the "Company") is pleased to announce an update regarding its activities in Mexico at the La Parrilla Silver Mine (La Parrilla) and a new NI 43-101 Reserve/Resource update with a cut-off date of September 30, 2008.
ADVERTISEMENT
This new NI 43-101 Reserve/Resource update has resulted in a 19.79% increase in overall Resources at the La Parrilla. Total Reserves/Resources have reached 88.75 million equivalent ounces of silver (Proven & Probable Reserves of 5.25 million ounces, Measured and Indicated Resources of 30.70 million ounces and Inferred Resources of 52.80 million ounces).
The La Parrilla Silver Mine is located in the Municipality of Nombre de Dios, Durango State, Mexico approximately 45 minute drive from the City of Durango east along Highway 45. The property covers an area in excess of 53,249 hectares. All of the work to date, including, mining, development, resource definition and exploration has taken place on only a small portion of this large property.
The La Parrilla operation consists of numerous silver/lead/zinc underground mines, and a cyanidation and flotation ore processing plant with an installed capacity of 840 tonnes per day (tpd). The plant processes both oxide and sulphide silver ores in two separate 420 tpd parallel circuits. Oxide ores are processed by cyanide leaching to produce Dore bars; sulphide ores are processed by differential flotation to produce a silver-rich lead concentrate.
First Majestic is operating three separate mines within the La Parrilla property including the La Rosa/Rosario/La Blanca systems which are joined underground into a single mining operation, the San Marcos mine, and the Quebradillas mine. Several additional areas are either undergoing development or exploration or have programs planned in the future. The most significant mining area currently under development is the Las Vacas mine, which is being prepared for production in 2010.
Exploration at La Parrilla to September, 2008, has included; 310 drill holes for a total drilled depth of 72,084 meters (72.1 kms); 274 km of geophysical surveying (IP/AR); 36 sq km of aeromagnetic investigations; and about 4,100 samples for geochemical research; in addition to 17,540 metres (17.5 kms) of underground development.
The following summary tables were taken from the complete La Parrilla Silver Mine NI 43-101 Technical Report released today and prepared by Pincock Allen & Holt, Lakewood, Colorado (PAH). Shareholders and interested parties are encouraged to read this positive report which can be viewed on SEDAR (www.sedar.com) and the Company's web site at www.firstmajestic.com.
Total Proven + Probable Mineral Reserves (1,2,3,4,5)
--------------------------------------------------------------------------
Grade Metal Contained
---------------------------------------------------
Zinc Silver (oz.)
Silver Lead (4) Silver only including
Category Tonnes g/tonne % % oz. Lead Credit
--------------------------------------------------------------------------
Proven Reserves
(Oxides plus
Sulphides) 288,468 302 1.36 0.93 2,797,487 3,064,952
Probable
Reserves
(Oxides
plus
Sulphides) 217,060 287 1.45 1.12 2,002,158 2,182,002
--------------------------------------------------------------------------
Total Proven
Plus
Probable
Reserves 505,528 295 1.40 1.01 4,799,645 5,246,954
--------------------------------------------------------------------------
Total Measured + Indicated Resources
--------------------------------------------------------------------------
Grade Metal Contained
---------------------------------------------------
Silver (oz.)
Silver Lead Zinc Silver only including
Category Tonnes g/tonne % % oz. Lead Credit
--------------------------------------------------------------------------
Measured
Resources
(Oxides plus
Sulphides) 2,195,448 264 2.59 4.54 18,637,618 22,806,628
--------------------------------------------------------------------------
Indicated
Resources
(Oxides Plus
Sulphides) 861,488 245 3.46 6.07 6,785,685 7,940,379
--------------------------------------------------------------------------
Total
Measured
Plus
Indicated
Resources
(Oxides
plus
Sulphides)
(6) 3,100,000 255 2.84 4.97 25,400,000 30,700,000
--------------------------------------------------------------------------
Total Inferred Resources
--------------------------------------------------------------------------
Grade Metal Contained
---------------------------------------------------
Zinc Silver (oz.)
Silver Lead (4) Silver only including
Category Tonnes g/tonne % % oz. Lead Credit
--------------------------------------------------------------------------
Total
Inferred
Resources
(Oxides Plus
Sulphides)
(6) 8,000,000 169 0.87 1.49 43,900,000 52,800,000
--------------------------------------------------------------------------
(1) Estimates by First Majestic reviewed by PAH. Estimates based on Minimum
Mining Width greater 2.00m. No mine recovery included.
(2) Silver equivalent based on sales. Prices used for evaluation:
Ag - $12/oz; Au - $708/oz; Pb - $0.75/lb; Zn - $0.75/lb.
(3) Oxides Ag equivalent includes gold credit based on sales.
Au Credit equals 6 g/tonne Ag.
(4) Sulphides Ag equivalent includes Pb credit equals 47 g/tonne Ag. Zinc
is considered at 70% met. Recovery equals 30 g/tonne Ag.
(5) Cut-off grade estimated as 184 g/tonne Ag net of Au credit in oxide
ores; and 246 g/tonne Ag net of Pb credit in sulphide ores. Zinc not
considered in COG estimates.
(6) Rounded figures.
The La Parrilla mine consists of underground workings that include drifts, ramps, raises and stopes along the East-West trending Los Rosarios system. This system consists of a 3 km long mineralized structure that encloses numerous veins that branch out into veinlets and stockwork zones. The Los Rosarios system comprises La Rosa, Rosarios, La Blanca and San Jose areas and it intersects the NS-trending San Marcos vein. Other mineralized zones are located within the surrounding skarn zone of a regional diorite intrusive stock.
These include Quebradillas, Protectora, San Nicolas, San Jose, Las Vacas, Santa Paula, and others areas. These areas are contained within a core area surrounding the mill consisting of approximately 3500 hectares.
The property's geologic potential remains very high as the current Reserve/Resource definitions have only been focused on the La Rosa, Rosarios, La Blanca, San Marcos, Quebradillas and Las Vacas areas. Mineralization at the La Parrilla property, consisting of over 53,000 hectares in size, is a typical assemblage of metasomatic deposit minerals with a high content of silver. The most important mineralization consists of vein deposits and mineral concentrations within breccias. It mainly consists of pyrite, esphalerite, galena, some chalcopyrite, argentite and other silver sulfosalts associated with calcite and quartz as gangue minerals. Oxidation and secondary enrichment of these sulphides makes up the mineral concentrations in the upper parts of the deposits, and consists of carbonates (cerussite, hydrozincite, hemimorphite), sulfates (anglesite, willemite) and iron oxides (hematite and limonite).
The Company's independent Qualified Persons under the policies of National Instrument 43-101 who have reviewed the contents of this news release and who authored the most recent qualifying report are Leonel Lopez, C.P.G., P.G., and Richard Addison P.E., Principal Process Engineer, of Pincock Allen & Holt, who are employees of PAH and are independent of the Company.
First Majestic is a producing silver company focused in Mexico and is aggressively pursuing its business plan to become a senior silver producer through the development of its existing assets and the pursuit through acquisition of additional assets that contribute to achieving its corporate growth objectives.
FIRST MAJESTIC SILVER CORP.
Keith Neumeyer, President & CEO
This press release includes certain "Forward-Looking Statements" within the meaning of section 21E of the United States Securities Exchange Act of 1934, as amended. All statements, other than statements of historical fact, included herein, including without limitation, statements regarding potential mineralization and reserves, exploration results and future plans and objectives of First Majestic Silver Corp. are forward-looking statements that involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements.
Contact:
Contacts:
First Majestic Silver Corp.
Keith Neumeyer
President & CEO
(604) 688-3033 or Toll Free: 1-866-529-2807
(604) 639-8873 (FAX)
Email: info@firstmajestic.com
Website: http://www.firstmajestic.com
--------------------------------------------------------------------------------
Source: First Majestic Silver Corp.
silver100
16 years ago
Press Release Source: First Majestic Silver Corp.
First Majestic Silver Corp.: San Martin Updated NI 43-101 Report Increasing Reserves/Resources by 45.81%
Tuesday January 20, 9:00 am ET
VANCOUVER, BRITISH COLUMBIA--(MARKET WIRE)--Jan 20, 2009 -- FIRST MAJESTIC SILVER CORP. (Toronto:FR.TO - News)(Other OTC:FRMSF.PK - News)(Frankfurt:FMV.F - News)(WKN: A0LHKJ) ("First Majestic" or the "Company") is pleased to announce an update regarding its activities in Mexico at the San Martin Silver Mine and a new NI 43-101 Reserve/Resource update.
ADVERTISEMENT
This newly updated technical report with a cut-off date of September 30, 2008 has resulted in a significant increase in overall Reserves and Resources at the San Martin Silver Mine. Total Proven & Probable Reserves have increased by 41.83%, while Total Measured and Indicated Resources declined by 51.55% due to the upgrading of those Resources to Reserves and Total Inferred Resources have increased by 110.94%.
The San Martin Silver Mine is located beside the town of San Martin de Bolanos in the Bolanos River valley, in the northern portion of the State of Jalisco, Mexico. The San Martin operation is 150 kilometres by air or 250 kilometres by paved road north of Guadalajara. The property covers an area in excess of 7,800 hectares of which much remains unexplored.
The San Martin mine and mill has been in operation since 1983 and is a major contributor to the economy of the town of San Martin de Bolanos which has a population of around 3,000 people. The mill for much of 2008 has been operating at 750 tonnes per day. An expansion program launched in June 2008 resulted in the mill capacity reaching 950 tpd in December 2008.
The San Martin drill program from January 1st, 2007 to September 30th, 2008 included 127 drill holes with a total depth of 19,619 metres of core, in addition to about 3,906 metres of underground development for mining, drill sites and access preparations.
During the recently completed exploration program, new mineralized zones were discovered in the Zuloaga (Pinolea and Ballenas levels and Cymoid zone), La Blanca, Rosario-Condesa, La Mancha, Huichola and La Hedionda veins.
The following summary tables were taken from the complete San Martin Silver Mine NI 43-101 Technical Report prepared by Pincock Allen & Holt, Lakewood, Colorado (PAH). Shareholders and interested parties are encouraged to read this positive report which can be viewed on SEDAR (www.sedar.com) and the Company's web site at www.firstmajestic.com.
Total Proven + Probable Mineral Reserves (Mineable Reserves)
(1, 2, 3, 4, 5)
-------------------------------------------------------------------------
Grade Metal Contained
------------------- -----------------------
Silver Silver (oz.)
Silver Lead Zinc only including
Category Tonnes g/tonne % (4) % oz. Lead Credit
-------------------------------------------------------------------------
Proven Reserves
(Oxides) 527,373 273 4,636,211 4,805,765
Probable Reserves
(Oxides) 243,091 276 2,154,571 2,232,727
-------------------------------------------------------------------------
Total Proven and
Probable Reserves 770,464 274 6,790,782 7,038,492
-------------------------------------------------------------------------
Total Measured + Indicated Resources (2, 3, 5)
-------------------------------------------------------------------------
Grade Metal Contained
------------------- -----------------------
Silver Silver (oz.)
Silver Lead Zinc only including
Category Tonnes g/tonne % (4) % oz. Lead Credit
-------------------------------------------------------------------------
Measured Resources
(Oxides) 122,404 233 915,774 955,128
Measured Resources
(Sulfides) 415,771 97 0.87 2.07 1,292,213 1,292,213
-------------------------------------------------------------------------
Indicated
Resources
(Oxides) 294,361 288 2,729,201 2,823,840
-------------------------------------------------------------------------
Indicated
Resources
(Sulfides) 670,684 116 0.94 1.64 2,498,639 2,498,639
-------------------------------------------------------------------------
Total Measured
and Indicated
Resources
(Oxides plus
Sulfides) 1,503,220 154 0.91 1.80 7,435,827 7,569,820
-------------------------------------------------------------------------
Proven and
Probable
Reserves Plus
Measured and
Indicated
Resources 2,273,684 195 0.91 1.80 14,226,609 14,608,312
-------------------------------------------------------------------------
Total Inferred Resources (2, 3, 5)
-------------------------------------------------------------------------
Grade Metal Contained
------------------- -----------------------
Silver Silver (oz.)
Silver Lead Zinc only including
Category Tonnes g/tonne % (4) % oz. Lead Credit
-------------------------------------------------------------------------
Total Inferred
Resources
(Oxides plus
Sulfides) 8,200,000 185 1.40 1.60 48,900,000 50,037,365
-------------------------------------------------------------------------
(1) Estimated Reserves are exclusive of Resources.
(2) Cut Off estimates as 146 g/tonne Ag for oxides, and 87 g/tonne Ag for
dump recovered; Ageq equals Au/Pb credits equals 10g/tonne Ag
(3) Metal prices at $708/oz-Au, $12.00/oz-Ag, $0.75/lb-Pb, $0.50/lb-Zn.
(4) Mine dilution is included at a minimum mining width of 2.00m.
Estimates do not include mining recovery.
(5) Base metals, Lead and Zinc are not recovered due to low market prices.
Oxidized ore is presently being mined from the Zuloaga vein and from the adjacent La Blanca, Rosario and Cinco Senores Veins. Exploration and development is on-going on these vein structures, on other sub-parallel crossing veins and in a recently identified cymoid structure of the Zuloaga vein at the Ballenas level, in the blocks 5,400 and 5,550, as well as on the Rosario-Condesa vein system. Primary mineralization in sulfides with lead, zinc and copper occurs at the deepest levels, San Juan and San Carlos of the Zuloaga vein, however, these areas are not presently being mined.
The mine has been developed primarily on the main Zuloaga vein which has been identified over a strike length of three kilometres, and consists of six main levels spanning a vertical interval of approximately 350 metres. The main access levels, San Jose, Santa Maria, Ballenas, Cangrejos, San Pablo, San Juan and San Carlos, are accessible from surface adits and various interconnecting underground ramps totalling over 70 kilometres.
Exploration potential for finding and developing new Resources/Reserves in the San Martin district still remains promising. As a result of this recently completed aggressive exploration program, several targets have been identified for follow up drilling when the Company wishes to commence the next program. Five target zones within the main Zuloaga vein have been identified and six other areas; the Rosario, Escondida, Cangrejos, Ballenas, San Jose and Cymoid zone, have also been identified as primary targets.
Quality Assurance & Quality Control
To evaluate sample quality control, San Martin performs multiple assays, up to three times on some samples, and periodic check analyses on samples. Since 2004, the San Martin mine has sent approximately 10 pulp samples per month to ALS Chemex Laboratories and duplicate samples to SGS Labs in Guadalajara for analysis, which has had good correlations.
Following detailed geological and geotechnical logging, drill core samples are split on-site by diamond saw. One quarter of the core is submitted to the San Martin certified laboratory for sample preparation and analysis, which are assayed for silver by standard fire assay methods and lead by atomic absorption. The other quarter of the core is shipped to the SGS preparation laboratory in Durango, Mexico for drying, crushing, pulverizing and assaying for gold and silver by fire assay and 30 elements ICP package. Systematic assaying of standards and blanks are performed for precision and accuracy; check assays are regularly conducted by SGS or Chemex. The remaining half core is retained on-site for verification and future reference purposes.
Qualified Person
The Company's independent Qualified Persons under National Instrument 43-101 who have reviewed the contents of this news release and who authored the most recent qualifying report are Leonel Lopez, C.P.G., P.G., and Richard Addison P.E., Principal Process Engineer, of Pincock Allen & Holt, who are employees of PAH and are independent of the Company.
First Majestic is a producing silver company focused in Mexico and is aggressively pursuing its business plan to become a senior silver producer through the development of its existing assets and the pursuit through acquisition of additional assets that contribute to achieving its corporate growth objectives.
FIRST MAJESTIC SILVER CORP.
Keith Neumeyer, President & CEO
This press release includes certain "Forward-Looking Statements" within the meaning of section 21E of the United States Securities Exchange Act of 1934, as amended. All statements, other than statements of historical fact, included herein, including without limitation, statements regarding potential mineralization and reserves, exploration results and future plans and objectives of First Majestic Silver Corp. are forward-looking statements that involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements.
Cautionary Notes to U.S. Investors Concerning Reserve and Resource Estimates
The definitions of proven and probable reserves used in National Instrument 43-101 - Standards of Disclosure for Mineral Projects ("NI 43-101") differ from the definitions in the United States Securities and Exchange Commission ("SEC") Industry Guide 7. Under SEC Guide 7 standards, a "Final" or "Bankable" feasibility study is required to report reserves, the three year history average price is used in any reserve or cash flow analysis to designate reserves and the primary environmental analysis or report must be filed with the appropriate governmental authority.
In addition, the terms "mineral resource", "measured mineral resource", "indicated mineral resource" and "inferred mineral resource" are defined in and required to be disclosed by NI 43-101; however, these terms are not defined terms under SEC Industry Guide 7 and normally are not permitted to be used in reports and registration statements filed with the SEC. Investors are cautioned not to assume that any part or all of mineral deposits in these categories will ever be converted into reserves. "Inferred mineral resources" have a great amount of uncertainty as to their existence, and great uncertainty as to their economic and legal feasibility. It cannot be assumed that all or any part of an inferred mineral resource will ever be upgraded to a higher category. Under Canadian rules, estimates of inferred mineral resources may not form the basis of feasibility or pre-feasibility studies, except in rare cases.
Contact:
Contacts:
First Majestic Silver Corp.
Keith Neumeyer
President & CEO
(604) 688-3033 or Toll Free: 1-866-529-2807
(604) 639-8873 (FAX)
Email: info@firstmajestic.com
Website: http://www.firstmajestic.com
--------------------------------------------------------------------------------
Source: First Majestic Silver Corp.
silver100
16 years ago
Press Release Source: First Majestic Silver Corp.
First Majestic Silver Corp.: Production Increases 27% in 4th Quarter
Tuesday January 13, 2009, 12:12 pm EST
Yahoo! Buzz Print VANCOUVER, BRITISH COLUMBIA--(MARKET WIRE)--Jan 13, 2009 -- First Majestic Silver Corp. (Toronto:FR.TO - News)(Other OTC:FRMSF.PK - News)(Frankfurt:FMV.F - News)(WKN: A0LHKJ) ("First Majestic" or the "Company") is pleased to announce that production in the fourth quarter ending December 31, 2008 increased to 1,070,903 equivalent ounces of silver representing a 27% increase over the prior quarter production and an increase of 6% over the same quarter in the prior year.
The equivalent silver production for the quarter consisted of 930,120 ounces of silver, an increase of 29% over the previous quarter and 2,093,987 pounds of lead which represents a 38% increase over the previous quarter. The large increase in lead production was a result of improvements in recoveries of lead and tonnage at the flotation circuit at the La Encantada Silver Mine. Production of gold in the quarter amounted to 403 ounces representing a 25% decrease compared to the prior quarter.
During the quarter, the combined recoveries of silver at the three different mills showed a slight decrease from 67% to 65%. The overall average silver head grade in the quarter improved for the three mines increasing by 6% over the previous quarter to an overall head grade of 207 g/t silver.
The ore processed during the quarter at the Company's three operating silver mines; the La Parrilla Silver Mine, the San Martin Silver Mine and the La Encantada Silver Mine, amounted to 215,646 tonnes representing an increase of 27% over the previous quarter.
Despite the reduction of underground development throughout the Company's three operating silver mines, a total of 5,847 metres of development was completed in the quarter representing a reduction of 34% over the previous quarter. The total development for the year 2008, totalled 27,890 metres. This compares to 20,279 metres of underground developed in the previous calendar year representing an increase of 38%. This development program in 2008 was very important in giving access to new areas within the different mines in order to continue the growth of silver production in the future, and to upgrade current ore resources to reserves.
Reserve and Resource development was a high priority for the Company in 2008. In the quarter, two new NI 43-101 Reports were released. Current global resources now stand at 260,351,425 equivalent ounces of silver. As previously reported, two additional NI 43-101 Reports will soon be released to further increase this number. During most of the year, over 20 drill rigs were operating. During the fourth quarter, a decision was made to reduce the diamond drill program to four drill rigs, which currently remain in operation. A total of 4,193 metres of diamond drilling was completed during the quarter compared to 26,666 in the previous quarter. During the year ending December 31, 2008, a total of 61,440 metres of diamond drilling was completed which compares to 37,176 metres drilled in 2007 representing an increase of 65%.
Keith Neumeyer, President & CEO, stated, "We've witnessed another significant year of growth in production and Resources as a result of our continued focus on mine and mill improvements throughout the past couple of years. Production increased by 18% year over year and Resources have increased by an impressive 55%. These improvements will translate into higher production for 2009 and with the new La Encantada mill coming online later this year, production will get another significant boost. First Majestic is still a young company that is not without challenges as can be expected as a result of our significant growth to date. I'm continually encouraged by our team of professionals who collectively have over 500 years of mining and management experience and who are all extremely committed to building a leader in the silver sector."
As a result of the work completed in 2008, some of the improvements and advances made during the year include:
At the La Parrilla Silver Mine:
- A new CCD thickener and two new leaching tanks to increase capacity and two new filter presses in the filtration area were added which have positively impacted recoveries.
- Expansion of mill capacity from 800 tpd to 850 tpd which was achieved in November 2008.
At the La Encantada Silver Mine:
- The increase in NI 43-101 complaint Reserves and Resources from 66 to 89 million ounces of silver equivalent representing a 34% increase on a year over year basis which included Reserves of 35.5 million ounces of silver equivalent representing an increase of 182% year over year.
- All related permitting for the new 3,500 tpd Cyanidation plant was obtained during the first half of 2008 and construction of the new plant began in July. Planned completion remains the second quarter of 2009.
- Several improvements were made within the current flotation mill which has resulted in overall capacity reaching 1000 tpd in November 2008.
At the San Martin Silver Mine:
- Expansion of the mill began at San Martin in July 2008 and was completed in December resulting in an increase in capacity within the cyanidation circuit to 950 tpd. This throughput has now been reached and is fully operational.
At the Del Toro Silver Mine:
- One of the most impressive and over-looked events of 2008 was marked by the discovery of the third ore body at Del Toro. This large and open, highly mineralized structure is still in the early stages of being defined. The first NI 43-101 compliant Reserves and Resources estimate was published in the fourth quarter far exceeding management's expectations. A total of 57 million ounces of silver equivalent were defined paving the way toward feasibility study and permitting which is planned to be completed by the second quarter of 2009.
Total production during 2008 reached 4,244,756 ounces of silver equivalent representing an increase of 18% compared to the previous year's 3,584,265 ounces silver equivalent. Even though management is pleased with the substantial increase in silver production compared to 2007, production for the year was lower than originally estimated. The heavy rainy season which affected the third quarter had a negative impact on the tonnage feed through the mills at each operation. Also, at the San Martin, maintaining optimal head grade continued to be the primary challenge which required management to try different alternatives to give the development program time to prepare and access new areas within the mine. Given the expansions that were completed in 2008 and the new construction underway at the La Encantada, management is estimating production to be 6,000,000 ounces of silver for 2009.
First Majestic is a producing silver company focused in Mexico and is aggressively pursuing its business plan to become a senior silver producer through the development of its existing assets and the pursuit through acquisition of additional assets that contribute to achieving its significant corporate growth objectives.
FIRST MAJESTIC SILVER CORP.
Keith Neumeyer, President & CEO
This press release includes certain "Forward-Looking Statements" within the meaning of section 21E of the United States Securities Exchange Act of 1934, as amended. All statements, other than statements of historical fact, included herein, including without limitation, statements regarding potential mineralization and reserves, exploration results and future plans and objectives of First Majestic Silver Corp. are forward-looking statements that involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements.
Contact:
Contacts:
First Majestic Silver Corp.
Keith Neumeyer
President & CEO
(604) 688-3033 or Toll Free: 1-866-529-2807
(604) 639-8873 (FAX)
Email: info@firstmajestic.com
Website: http://www.firstmajestic.com
Jardine
18 years ago
Silver Production Increases by 38%
VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - April 24, 2007) - FIRST MAJESTIC
SILVER CORP. (TSX VENTURE:FR)(PINK SHEETS:FRMSF)(FRANKFURT:FMV)(WKN:A0LHKJ)
(the "Company") is pleased to announce that silver production in the first
quarter ending March 31st, 2007 has increased by 38% over the prior quarter to
792,196 equivalent ounces of silver which is also an increase of 1358% over the
same quarter ending March 2006. The increase in production is due to a 104%
increase in production at the Company's flagship La Parrilla Silver Mine, and
the two additional acquisitions, the San Martin Silver Mine, and the La
Encantada Silver Mine completed in the quarter ending September 2006, and
December 2006 respectively.
The equivalent silver production for the quarter consisted of 719,993 ounces of
silver, 532 ounces of gold and 339,512 pounds of lead. Significant underground
development is continuing at all three mines in addition to the improvements
and upgrades being carried out at each mill. This ongoing program of
enhancements will continue for the balance of the year and is focused on
increasing the Company's silver production in each of the following quarters.
Resource development at the La Parrilla is meeting Company targets with the use
of six diamond drill rigs which in this quarter completed 7,213 metres of
drilling over 26 holes. In the Company's present NI 43-101 report published in
February, which had a cut off of December 31st, 2006, included assays of only
100 holes in the present resource estimate. As of April 15th, a total of 35,613
metres have been drilled over 133 holes. A new updated resource estimate is
anticipated to be published by the end the present quarter.
In addition to the ongoing diamond drill program at the La Parrilla, which is
designed to increase resources and assist in production, 1481 metres of
underground development and drifting has been completed. The Company is
presently mining from La Rosa-Rosario, Quebradillas and San Marcos areas and is
developing the new La Blanca area which appears to be a large disseminated
structure.
As well, the San Juan Silver Mine which is now 100% owned by the Company
located near Chalchihuites, is presently being developed and mined.
Approximately 50 tonnes of high grade ore per day is being shipped to the La
Parrilla mill which is 50 kilometres away from the San Juan.
At the San Martin Silver Mine, First Majestic in the quarter completed 1436
metres of diamond drilling which included 653 metres of drilling from surface
over three holes and 783 metres of drilling from underground, which included 13
holes. In addition 1898 metres of underground development has been completed.
The focus of this quarter has been to access upper levels in the mine where
higher grade oxide ores appear to be present. This activity is ongoing and is
for the purpose of grade control and development of additional resources and
exploration to define additional targets for future mine expansion.
Additionally, at the San Martin, construction of a five kilometre road was
completed to access and explore the upper part of the main Zuloaga vein in the
areas of the La Escondida and Pinolea. These areas are presently being
developed for mining purposes and defined to add new resources which are
proving to contain high grades of silver.
At the La Encantada Silver Mine, utilization of the 1000 tpd mill has increased
from 30% when the operations were taken over in November 2006 to the present
mill rates reaching 75% of capacity in the first quarter. This improvement in
operations has resulted in a 65% increase in silver production from the prior
quarter. Further increases in mill output are anticipated to continue into the
present quarter resulting in additional ounces of silver production from the La
Encantada going forward.
In the short time since the operations of the La Encantada were taken over,
several improvements have been implemented, including the installation of a new
screening plant and commencement of an aggressive underground development
campaign which included 1453 metres of drifting to several targets located in
the San Javier Breccia area. The purpose of this ongoing development is for
mining activity, confirmation of resources and exploration.
Recently, First Majestic received a substantial database of historic geological
data on the La Encantada Silver Mine and the surrounding area. This data is
presently being analyzed and digitized into the Company's newly incorporated
mining software programs. This database of information will substantially
assist the Company in its ongoing development and exploration program. This
data is anticipated to be considered in an update NI 43-101 report which is
expected to be published shortly.
Pincock Allen & Holt of Denver, Colorado has been retained to complete newly
updated NI 43-101 reports on each of the Company's operating silver mines. The
La Parrilla Silver Mine and the La Encantada Silver Mine reports are
anticipated to be published prior to the end of June 2007 and the San Martin
Silver Mine report is planned to be made public prior to the end of May.
Of further interest; the Company's three producing silver mines collectively
produced 2,905,382 ounces of silver equivalent in calendar 2006. However, due
to acquisition dates and the change of year end from June to December, only
1,601,796 ounces of silver equivalent could be attributed to First Majestic's
credit for the calendar year 2006. The first quarter ending March 31st, 2006
marked the beginning of a new era for the Company which experienced all three
mines producing silver under the First Majestic umbrella.
Keith Neumeyer, President & CEO, wishes to thank the management team and staff
for their enormous achievements over the past two quarters. "It goes without
saying that when any company grows at the rapid pace we've experienced, some
growing pains are inevitable; however, our team has persisted, consuming two
new mines while aggressively expanding the La Parrilla mine and mill. As a
result of these achievements a substantial increase in silver production has
resulted as anticipated, transforming the Company from a development and
exploration stage company into a significant silver producer. It's hard not to
be excited about being a part of First Majestic."
First Majestic is a producing silver company focused in Mexico and is
aggressively pursuing its business plan to become a senior silver producer
through development of its existing assets and the pursuit through acquisition
of additional assets that make sense to achieving its corporate objective.
FIRST MAJESTIC SILVER CORP.
Keith Neumeyer, President
This press release includes certain "Forward-Looking Statements" within the
meaning of section 21E of the United States Securities Exchange Act of 1934, as
amended. All statements, other than statements of historical fact, included
herein, including without limitation, statements regarding potential
mineralization and reserves, exploration results and future plans and
objectives of First Majestic Resource Corp. are forward-looking statements that
involve various risks and uncertainties. There can be no assurance that such
statements will prove to be accurate and actual results and future events could
differ materially from those anticipated in such statements.
Jardine
18 years ago
Purchasing of the La Encantada Complete
FIRST MAJESTIC SILVER CORP. (the "Company") is pleased to announce that
further to its news release dated December 21, 2006 the Company has now
completed the purchase of 100% of the issued and outstanding shares of
Minera La Encantada S.A. de C. V. ("La Encantada"), a Mexican mining
company previously owned by Minas Penoles SA de CV and Industrias Penoles
SA de CV (collectively "Penoles").
La Encantada's primary asset is the La Encantada Silver Mine located in
northern part of Mexico in the Coahuila State. This mine has at least 50
years of mining history and has been operated by Penoles from the early
1970's to 2003 after which time the mine was operated by Desmin S.A. de C.
V. ("Desmin") until October 31, 2006. First Majestic purchased Desmin last
year and thus took over operations of the La Encantada Silver Mine on
November 1, 2006.
The La Encantada Silver Mine for the calendar year 2006 produced
950,000 ounces of silver. The mill, which has a total capacity of 800 tpd
is presently running at only approximately 50% capacity. The Company
anticipates production numbers will be improved significantly over the
coming months.
In addition to the main mine and mill installations, La Encantada owns;
985 hectares of surrounding mining claims; surface rights to 2272 hectares
of land covering the local landing strip, and all town facilities and
buildings which include 180? single family dwellings, recreation
facilities, school house, hospital and a variety of other structures.
The regional development and exploration potential of the current land
holdings is considered excellent with several advanced areas of immediate
interest. In order to secure additional land holdings, the company has
recently acquired through staking an additional 3,100 hectares of mining
claims surrounding the property which covers additional areas of geological
interest.
The Company agreed to pay the total purchase price of US$3,250,000 and
a NSR royalty of 4%. An initial payment of US$1,000,000.00 was paid on
signing of the original Letter Agreement, leaving a balance of US$2,250,000
which has now been paid in full.
As part of the original Letter Agreement, the Company had also agreed
to buy-out the 4% royalty to zero at an additional cost of US$1,500,000 in
common shares and warrants. The shares and warrants were priced on the date
of signing which called for the issuance of 382,582 shares and 191,291 two
year warrants priced at $6.81. The shares and warrants have now been issued
and delivered to Penoles resulting in no further royalty's payable after
March 19th, 2007.
First Majestic is a producing silver company focused in Mexico and is
aggressively pursuing its business plan to become a senior silver producer
through development of its existing assets and the pursuit through
acquisition of additional assets that make sense to achieving its corporate
objective.
FIRST MAJESTIC SILVER CORP.
Keith Neumeyer, President
This press release includes certain "Forward-Looking Statements" within
the meaning of section 21E of the United States Securities Exchange Act of
1934, as amended. All statements, other than statements of historical fact,
included herein, including without limitation, statements regarding
potential mineralization and reserves, exploration results and future plans
and objectives of First Majestic Resource Corp. are forward-looking
statements that involve various risks and uncertainties. There can be no
assurance that such statements will prove to be accurate and actual results
and future events could differ materially from those anticipated in such
statements.
The TSX Venture Exchange has in no way passed upon the merits of the
proposed transaction and the TSX Venture Exchange does not accept
responsibility for the adequacy or accuracy of this release.
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