Portugal’s mining strategy may favour copper over lithium
Portugal already has the largest copper mine in the European Union, operated by Lundin Mining.
First Majestic Silver Corp. (“First Majestic” or the “Company”) CA:FR -3.59%AG -1.97% (frankfurt:FMV)(wkn:A0LHKJ) is pleased to announce that total production at its four operating mines in Mexico for the third quarter ending September 30, 2012, reached 2,438,085 equivalent ounces of silver, representing a 36% increase compared to the same quarter in 2011. Total silver production for the quarter consisted of 2,205,237 ounces of silver, representing a 29% increase compared to the same quarter in 2011. In addition, 3,307,944 pounds of lead and 844,953 pounds of zinc were produced representing increases of 75% and 100%, respectively, compared to the same quarter in the previous year. Also, 1,537 ounces of gold was produced, representing an increase of 276% compared to the third quarter of 2011.
Keith Neumeyer, CEO and President of First Majestic, states, “I would like to congratulate the entire First Majestic team for their efforts at reaching the milestone of producing over 2 million ounces of pure silver for the first time in the Company’s history in a single quarter. With the additional production from La Guitarra, total silver production grew well past the 2 million ounce mark. Over the next several quarters as Del Toro begins to ramp up production and La Guitarra is further expanded, we can envision attaining the next major milestone of producing 3 million ounces of pure silver per quarter.”
Following the successful acquisition of Silvermex Resources Inc. (“Silvermex”) which closed on July 3, 2012, the Company immediately established full operating control of the La Guitarra Silver Mine located in the State of Mexico. The Company’s current portfolio of four producing silver mines now consists of the La Encantada Silver Mine, the La Parrilla Silver Mine, the San Martin Silver Mine and the La Guitarra Silver Mine.
The total ore processed during the quarter at the Company’s four operating silver mines amounted to 666,688 tonnes milled, representing an increase of 8% over the previous quarter. The average head grade in the quarter for the four mines increased by 2% over the previous quarter to 167 g/t of silver. The combined silver recoveries increased from 59% in the second quarter to 62% in the third quarter of 2012.
There are currently 17 diamond drill rigs operating at the Company’s four operating mines and at the Del Toro Silver Mine. The Company completed 44,670 metres of diamond drilling in the quarter compared to 35,965 metres of diamond drilling in the second quarter 2012, representing a 24% increase over the prior quarter. The expanded exploration program consists of definition drilling to define Reserves and Resources at the Company’s four operating mines, and to assist in mining activities at the Del Toro Silver Mine which is being prepared for production by the end of the year. In addition, the current drilling program will be included in an updated NI 43-101 Technical Report, as the Company’s objective is to complete new Technical Reports for each of the Company’s mines in 2013.
The Company’s underground development in the third quarter consisted of 14,595 metres compared to 13,627 metres of development in the second quarter of 2012.
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