We got some Press in the WSJ, it's just we have some serious shorts knocking us down, in the end, we'll win. Damn, doesn't that look sweet, we found more gold than we were looking for, gold prices are down right now, but the company doesn't need to sell into this market, we'll see what they do, nice problem.
o News Results
First Majestic Silver's 3Q Gold Production More Than Doubles -- Commodity Comment
3:52 pm ET October 12, 2021 (Dow Jones) Print
By Mary de Wet
First Majestic Silver Corp.'s gold production more than doubled in the third quarter from a year ago due to an increase in output of the precious metal from the company's Jerritt Canyon operation.
On the third quarter:
"The Company produced 7.3 million silver equivalent ounces consisting of 3.3 million ounces of silver and 54,525 ounces of gold, representing an increase of 1% and 17%, respectively, compared to the previous quarter primarily due to a 39% increase in gold production from the Jerritt Canyon operation in Nevada," the silver and gold miner said.
First Majestic Silver produced 3.2 million ounces of silver and 25,771 ounces of gold in the third quarter of 2020.
"At the end of the quarter, the Company held 1.4 million ounces of silver in inventory due to suppressed silver prices in the third quarter. Silver sales are anticipated to resume in the fourth quarter. Furthermore, the Company has not withheld sales of any of its gold production."
President and Chief Executive Keith Neumeyer said, "Due to the relative weakness in the silver price throughout the quarter, we decided to suspend silver sales for the third time in the Company's history in an attempt to realize higher prices."
"Looking ahead, we anticipate higher grades to drive production growth at San Dimas, Jerritt Canyon and Santa Elena in the fourth quarter and into 2022," Mr. Neumeyer said.
On the San Dimas Silver/Gold Mine:
"San Dimas produced 1,888,371 ounces of silver and 20,767 ounces of gold representing an increase of 1% and 8%, respectively, compared to the prior quarter for total production of 3,422,032 silver equivalent ounces," First Majestic Silver said.
"The mill processed a total of 214,205 tonnes with average silver and gold grades of 289 g/t and 3.14 g/t, respectively.
"Silver and gold grades are expected to increase in the fourth quarter as a major high-grade area within the Jessica vein of the Central Block was brought online in September."
"Silver and gold recoveries during the quarter averaged 95% and 96%, respectively."
On the Jerritt Canyon Gold Mine:
"During the quarter, Jerritt Canyon produced 26,145 ounces of gold, representing a 39% increase compared to the prior quarter. The increase was primarily due to achieving a full quarter of production under the Company's ownership as well as improved underground mine and plant production rates."
"The mill processed a total of 230,415 tonnes with an average gold grade and recovery of 4.19 g/t and 84%, respectively. Increased ore development rates and processing of lower ore grade from surface material continued during the quarter which resulted in higher tonnage with lower average ore grades processed in the plant."
On the Santa Elena Silver/Gold Mine:
"During the quarter, Santa Elena produced 508,641 ounces of silver and 7,498 ounces of gold representing a decrease of 10% and 11%, respectively, compared to the prior quarter for a total production of 1,061,657 silver equivalent ounces."
"The mill processed a total of 234,862 tonnes consisting of 160,012 tonnes of underground ore and 74,850 tonnes from the existing heap leach pad. Underground production rates were slightly lower than budget due to the loss of the main ventilation fan in August which restricted mining in the 290 level of the Main vein. A new ventilation fan was successfully installed in September and underground rates returned to normal levels."
"Silver and gold grades from underground ore averaged 92 g/t and 1.23 g/t, respectively, while silver and gold grades from the heap leach pad averaged 37 g/t and 0.63 g/t, respectively."
"Silver and gold recoveries averaged 91% and 96%, respectively, during the quarter."
On the La Encantada Silver Mine:
"During the quarter, La Encantada produced 905,074 ounces of silver, representing an 8% increase in ounces compared to the prior quarter. The increase was primarily due to a 9% increase in tonnes processed."
"The mill processed a total of 263,645 tonnes with an average silver grade and recovery of 134 g/t and 80%, respectively."
Write to Mary de Wet at mary.dewet@dowjones.com
(END) Dow Jones Newswires
October 12, 2021 15:52 ET (19:52 GMT)
Copyright (c) 2021 Dow Jones & Company, Inc.
