|By PR Newswire||
|March 27, 2014 07:00 AM EDT||
TSX - FR March 27, 2014
NYSE - AG
Frankfurt - FMV (WKN: A0LHKJ)
VANCOUVER, March 27, 2014 /PRNewswire/ - First Majestic Silver Corp. ("First Majestic" or the "Company") is pleased to announce the updated Mineral Reserve and Resource estimates for its portfolio of properties in Mexico as of December 31, 2013. The mineral Reserve and Resource estimates were calculated using US$24.00 per ounce silver, US$1,400 per ounce gold, US$0.95 per pound lead and US$0.90 per pound zinc.
The Company also announces that its 2013 audited financial statements have 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 audited financial statements, without charge, upon request to First Majestic, Suite 1805 - 925 West Georgia Street Vancouver, B.C., Canada, V6C 3L2 or to [email protected].
- 138,734,210 silver equivalent ounces of Proven and Probable Reserves
- 102,309,851 silver equivalent ounces of Measured and Indicated Resources
285,388,953 silver equivalent ounces of Inferred Resources
In general, the tonnage for Mineral Reserves for the individual mines have decreased by 5% due to depletion and reclassification of Reserves into Measured and Indicated Resources in response to lower metal prices compared to the 2012 estimates. The Company has used US$24.00 silver prices with a cut-off of December 31, 2013, which impacted cut-off grades resulting in a reduction in the size of some ore blocks or conversely reclassification of ore blocks into lower categories. Total silver Reserves/Resources were reduced by 10% while total equivalent silver Reserves/Resources were reduced by 4%.
EXPLORATION AND DEVELOPMENT
In 2013, the Company invested $94.4 million on exploration and development activities and completed 58,578 metres of diamond drilling and 53,257 metres of underground development on its five operating mines in Mexico. This represents a 57% reduction in drilling compared to 135,769 metres in 2012, and a 7% reduction in underground development as a result of numerous budget cuts which occurred throughout 2013 due to weak silver prices.
In 2014, First Majestic plans to invest $8.0 million on exploration activities. The main priority of the exploration work is to further define and upgrade Resources to support future updates to the Company's NI 43-101 Technical Reports. As a result of the exploration budget cuts in 2013, and reduced programs in 2014, no grassroots or greenfields drilling is taking place. All drilling is either focused on mining activities or definition drilling.
The following table contains the Mineral Reserve and Resource as of December 31, 2013.
|PROVEN AND PROBABLE RESERVES 2013|
|Mine/Project||Category||Mineral type||Tonnes||Ag (g/t)||Au (g/t)||Pb (%)||Zn (%)||Ag (Oz)||AgEq (Oz)|
|LA ENCANTADA||Proven (UG)||Oxides||1,023,409||316||-||2.9||1.6||10,410,996||10,410,996|
|Total Proven & Probable (UG)||Oxides||7,358,696||157||-||1.2||0.5||37,231,053||37,231,053|
|LA PARRILLA||Proven (UG)||Oxides||417,722||192||0.06||0.4||0.2||2,574,698||2,620,763|
|Total Proven & Probable (UG)||Oxides||2,057,170||157||0.06||0.3||0.3||10,407,492||10,634,351|
|Total Proven & Probable (UG)||Sulphides||2,134,451||186||-||1.9||2.7||12,730,145||21,091,875|
|Total Proven & Probable (UG)||Oxides + Sulphides||4,191,621||172||0.03||1.2||1.5||23,137,637||31,726,226|
|SAN MARTIN||Proven (UG)||Oxides||1,328,098||195||0.19||-||-||8,330,574||8,795,400|
|Total Proven & Probable (UG)||Oxides||3,834,866||182||0.19||-||-||22,433,025||23,775,201|
|DEL TORO||Proven (UG)||Oxides||788,673||153||0.01||2.3||2.2||3,873,145||3,894,579|
|Total Proven & Probable (UG)||Oxides||1,151,831||147||0.01||2.2||2.2||5,432,269||5,457,072|
|Total Proven & Probable (UG)||Sulphides||2,890,322||219||0.14||3.9||4.0||20,393,149||40,544,659|
|Total Proven & Probable (UG)||Oxides + Sulphides||4,042,153||199||0.10||3.4||3.5||25,825,417||46,001,731|
|Total Proven and Probable reserves||Oxides + Sulphides||19,427,336||174||0.06||1.4||1.2||108,627,132||138,734,210|
|MEASURED AND INDICATED RESOURCES 2013|
|Mine/project||Category||Mineral type||Tonnes||Ag (g/t)||Au (g/t)||Pb (%)||Zn (%)||Ag (Oz)||AgEq (Oz) in situ|
|LA ENCANTADA||Measured (UG)||Oxides||1,380,065||199||-||1.6||3.3||8,830,896||8,830,896|
|Total Measured & Indicated (UG)||Oxides||3,185,423||213||-||1.6||4.4||21,863,698||21,863,698|
|LA PARRILLA||Measured (UG)||Oxides||78,039||164||0.06||0.5||0.0||411,576||420,182|
|Total Measured & Indicated (UG & OP)||Oxides||1,134,326||123||0.06||0.2||0.1||4,478,948||4,604,038|
|Total Measured & Indicated (UG)||Sulphides||576,248||185||-||1.5||1.4||3,436,416||4,822,530|
|Total Measured & Indicated (UG & OP)||Oxides + Sulphides||1,710,574||144||0.04||0.6||0.5||7,915,364||9,426,568|
|SAN MARTIN||Indicated (UG)||Oxides||475,399||158||0.19||-||-||2,411,853||2,578,240|
|Measured & Indicated (UG)||Sulphides||741,387||60||-||0.7||1.5||1,426,856||2,753,917|
|Total Measured & Indicated (UG)||Oxides + Sulphides||1,216,786||98||0.07||0.4||0.9||3,838,709||5,332,156|
|DEL TORO||Measured (UG)||Oxides||631,191||142||0.00||1.3||1.5||2,883,228||2,887,098|
|Total Measured & Indicated (UG)||Oxides||1,439,486||150||0.02||1.6||1.4||6,959,408||7,022,059|
|Total Measured & Indicated (UG)||Sulphides||842,282||173||0.03||3.6||2.0||4,689,142||8,806,715|
|Total Measured & Indicated (UG)||Oxides + Sulphides||2,281,768||159||0.03||2.4||1.6||11,648,550||15,828,775|
|LA LUZ||Measured & Indicated (UG)||Oxides||2,656,428||222||-||-||-||18,960,160||18,960,160|
|Measured & Indicated (UG)||Oxides (tailings)||1,403,233||90||-||-||-||4,060,348||4,060,348|
|Measured & Indicated (UG)||Sulphides||1,052,170||316||-||-||-||10,689,662||10,689,662|
|Total Measured & Indicated (UG)||Oxides + Sulphides||5,111,831||205||-||-||-||33,710,170||33,710,170|
|PEÑASCO QUEMADO||Total Measured & Indicated (UG)||Oxides||2,565,000||117||-||-||-||9,648,598||9,648,598|
|LA FRAZADA||Total Measured & Indicated (UG)||Sulphides||583,000||251||0.17||0.9||2.4||4,695,342||6,499,887|
|Total Measured and Indicated Resources||Oxides + Sulphides||16,654,381||174||0.02||0.8||1.3||93,320,430||102,309,851|
|INFERRED RESOURCES 2013|
|Mine/Project||Category||Mineral type||Tonnes||Ag (g/t)||Au (g/t)||Pb (%)||Zn (%)||Ag (Oz)||AgEq (Oz) in situ|
|LA ENCANTADA||Total Inferred (UG)||Oxides + Sulphides||4,348,724||156||-||1.1||1.5||21,822,446||21,822,446|
|LA PARRILLA||Inferred (UG)||Oxides||4,928,449||178||0.06||0.4||0.3||28,251,697||28,795,192|
|Total Inferred (UG)||Oxides + Sulphides||13,254,005||172||0.02||1.3||1.5||73,345,889||102,957,546|
|SAN MARTIN||Inferred (UG)||Oxides||10,010,526||172||0.19||-||-||55,316,021||58,819,635|
|Total Inferred (UG)||Oxides + Sulphides||11,004,187||161||0.17||0.1||0.1||57,038,225||62,442,241|
|DEL TORO||Inferred (UG)||Oxides||1,602,922||167||0.04||2.4||2.1||8,589,178||8,701,325|
|Total Inferred (UG & Zn body)||Oxides + Sulphides||6,886,886||172||0.10||3.3||4.6||38,090,008||79,295,885|
|LA LUZ||Total Inferred (UG)||Oxides + Sulphides||1,854,964||220||-||-||-||13,120,462||13,120,462|
|PEÑASCO QUEMADO||Total Inferred (UG)||Oxides||100,000||41||-||-||-||131,818||131,818|
|LA FRAZADA||Total Inferred (UG)||Sulphides||534,000||225||0.17||0.9||2.6||3,862,911||5,618,554|
|Total Inferred Resources||Oxides + Sulphides||37,982,766||170||0.08||1.2||1.6||207,411,760||285,388,953|
|DEL TORO||Other (Inferred Zn body)||Sulphides||4,181,904||7||0.01||0.2||3.1||991,969||12,522,062|
|PLOMOSAS||Historic reserves (UG)||Sulphides||895,512||191||0.80||2.1||3.4||5,499,152||11,001,048|
|(1)||In all cases, the metal prices considered were $24.00 USD/Oz - Ag, $1,400.00 USD/Oz - Au, $0.95 USD/lb - Pb, and $0.90 USD/lb - Zn.|
|(2)||For the La Luz Silver Project, there have been no changes since the Technical Report dated July 25, 2008, except an update of Ag eq. according to recent metal prices.|
|(3)||Management of First Majestic is not confident that the open pit mining plan contained in the technical reports commissioned by Silvermex for the La Guitarra Silver Mine is feasible. Accordingly, the Reserve and Resource calculations contained in the La Guitarra Silver Mine technical reports will need to be recalculated on the basis of an underground only mine. The results of this review may result in a revised mine plan which may necessitate the filing of a new technical report. Accordingly, the Resource and Reserve calculations contained in the technical reports commissioned by Silvermex for the La Guitarra Silver Mine have not been included in this Table. Readers are cautioned against relying on the previously filed technical reports relating to the La Guitarra Silver Mine and upon the Resource and Reserve calculations therein.|
|(4)||The Reserve and Resources information provided above is based on internal qualified persons' (QPs) reporting as at December 31, 2013. The information provided was reviewed and validated by the Company's internal QP Mr. Ramon Davila, who has the appropriate relevant qualifications, and experience in mining and resource geology.|
|(5)||The modification factors for Reserves and Resources are different, and are different for all mines.|
The following table shows the total tonnage mined from each of the Company's five producing properties during 2013, including total ounces of silver and silver equivalent ounces produced from each property and the tonnage mined from within and outside of delineated Reserves and Resources at each property.
TONNAGE AND OUNCES MINED IN 2013
|LA ENCANTADA||LA PARRILLA||DEL TORO||SAN MARTIN||LA GUITARRA||TOTAL|
TONNES OF ORE
OZ OF SILVER
OZ OF SILVER EQ.
TOTAL OZ OF SILVER
TONNES MINED FROM
TONNES MINED FROM
First Majestic is a mining company focused on silver production in México and is aggressively pursuing the development of its existing mineral property assets and the pursuit through acquisition of additional mineral assets which contribute to the Company achieving its corporate growth objectives.
FIRST MAJESTIC SILVER CORP.
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, 2013, 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.
SOURCE First Majestic Silver Corp.
In recent years, containers have taken the world by storm. Companies of all sizes and industries have realized the massive benefits of containers, such as unprecedented mobility, higher hardware utilization, and increased flexibility and agility; however, many containers today are non-persistent. Containers without persistence miss out on many benefits, and in many cases simply pass the responsibility of persistence onto other infrastructure, adding additional complexity.
Apr. 25, 2017 06:15 PM EDT Reads: 2,167
Did you know that you can develop for mainframes in Java? Or that the testing and deployment can be automated across mobile to mainframe? In his session at @DevOpsSummit at 20th Cloud Expo, Vaughn Marshall, Sr. Principal Product Owner at CA Technologies, will discuss and demo how increasingly teams are developing with agile methodologies using modern development environments and automating testing and deployments, mobile to mainframe.
Apr. 25, 2017 06:15 PM EDT Reads: 1,141
SYS-CON Events announced today that Hitachi Data Systems, a wholly owned subsidiary of Hitachi LTD., will exhibit at SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City. Hitachi Data Systems (HDS) will be featuring the Hitachi Content Platform (HCP) portfolio. This is the industry’s only offering that allows organizations to bring together object storage, file sync and share, cloud storage gateways, and sophisticated search an...
Apr. 25, 2017 06:15 PM EDT Reads: 273
With major technology companies and startups seriously embracing IoT strategies, now is the perfect time to attend @ThingsExpo 2016 in New York. Learn what is going on, contribute to the discussions, and ensure that your enterprise is as "IoT-Ready" as it can be! Internet of @ThingsExpo, taking place June 6-8, 2017, at the Javits Center in New York City, New York, is co-located with 20th Cloud Expo and will feature technical sessions from a rock star conference faculty and the leading industry p...
Apr. 25, 2017 06:15 PM EDT Reads: 903
@GonzalezCarmen has been ranked the Number One Influencer and @ThingsExpo has been named the Number One Brand in the “M2M 2016: Top 100 Influencers and Brands” by Analytic. Onalytica analyzed tweets over the last 6 months mentioning the keywords M2M OR “Machine to Machine.” They then identified the top 100 most influential brands and individuals leading the discussion on Twitter.
Apr. 25, 2017 05:45 PM EDT Reads: 992
Automation is enabling enterprises to design, deploy, and manage more complex, hybrid cloud environments. Yet the people who manage these environments must be trained in and understanding these environments better than ever before. A new era of analytics and cognitive computing is adding intelligence, but also more complexity, to these cloud environments. How smart is your cloud? How smart should it be? In this power panel at 20th Cloud Expo, moderated by Conference Chair Roger Strukhoff, pane...
Apr. 25, 2017 05:45 PM EDT Reads: 2,095
Most companies are adopting or evaluating container technology - Docker in particular - to speed up application deployment, drive down cost, ease management and make application delivery more flexible overall. As with most new architectures, this dream takes a lot of work to become a reality. Even when you do get your application componentized enough and packaged properly, there are still challenges for DevOps teams to making the shift to continuous delivery and achieving that reduction in cost ...
Apr. 25, 2017 05:45 PM EDT Reads: 3,701
The Internet of Things is clearly many things: data collection and analytics, wearables, Smart Grids and Smart Cities, the Industrial Internet, and more. Cool platforms like Arduino, Raspberry Pi, Intel's Galileo and Edison, and a diverse world of sensors are making the IoT a great toy box for developers in all these areas. In this Power Panel at @ThingsExpo, moderated by Conference Chair Roger Strukhoff, panelists discussed what things are the most important, which will have the most profound e...
Apr. 25, 2017 05:15 PM EDT Reads: 2,165
SYS-CON Events announced today that Twistlock, the leading provider of cloud container security solutions, will exhibit at SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. Twistlock is the industry's first enterprise security suite for container security. Twistlock's technology addresses risks on the host and within the application of the container, enabling enterprises to consistently enforce security policies, monitor...
Apr. 25, 2017 05:15 PM EDT Reads: 3,512
@ThingsExpo has been named the Most Influential ‘Smart Cities - IIoT' Account and @BigDataExpo has been named fourteenth by Right Relevance (RR), which provides curated information and intelligence on approximately 50,000 topics. In addition, Right Relevance provides an Insights offering that combines the above Topics and Influencers information with real time conversations to provide actionable intelligence with visualizations to enable decision making. The Insights service is applicable to eve...
Apr. 25, 2017 04:45 PM EDT Reads: 2,632
The age of Digital Disruption is evolving into the next era – Digital Cohesion, an age in which applications securely self-assemble and deliver predictive services that continuously adapt to user behavior. Information from devices, sensors and applications around us will drive services seamlessly across mobile and fixed devices/infrastructure. This evolution is happening now in software defined services and secure networking. Four key drivers – Performance, Economics, Interoperability and Trust ...
Apr. 25, 2017 04:45 PM EDT Reads: 364
Multiple data types are pouring into IoT deployments. Data is coming in small packages as well as enormous files and data streams of many sizes. Widespread use of mobile devices adds to the total. In this power panel at @ThingsExpo, moderated by Conference Chair Roger Strukhoff, panelists will look at the tools and environments that are being put to use in IoT deployments, as well as the team skills a modern enterprise IT shop needs to keep things running, get a handle on all this data, and deli...
Apr. 25, 2017 04:30 PM EDT Reads: 2,289
SYS-CON Events announced today that Grape Up will exhibit at SYS-CON's 21st International Cloud Expo®, which will take place on Oct. 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. Grape Up is a software company specializing in cloud native application development and professional services related to Cloud Foundry PaaS. With five expert teams that operate in various sectors of the market across the U.S. and Europe, Grape Up works with a variety of customers from emergi...
Apr. 25, 2017 04:15 PM EDT Reads: 1,999
While some vendors scramble to create and sell you a fancy solution for monitoring your spanking new Amazon Lambdas, hear how you can do it on the cheap using just built-in Java APIs yourself. By exploiting a little-known fact that Lambdas aren’t exactly single threaded, you can effectively identify hot spots in your serverless code. In his session at 20th Cloud Expo, David Martin, Principal Product Owner at CA Technologies, will give a live demonstration and code walkthrough, showing how to o...
Apr. 25, 2017 04:15 PM EDT Reads: 303
SYS-CON Events announced today that T-Mobile will exhibit at SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. As America's Un-carrier, T-Mobile US, Inc., is redefining the way consumers and businesses buy wireless services through leading product and service innovation. The Company's advanced nationwide 4G LTE network delivers outstanding wireless experiences to 67.4 million customers who are unwilling to compromise on ...
Apr. 25, 2017 04:00 PM EDT Reads: 944