Year: 2016

“All three of our mines performed well in the third quarter driving our strongest operating and financial results thus far this year. Production increased to 99,228 ounces of gold while all-in sustaining costs fell to $979 per ounce. Our operations continued to generate positive free cash flow and at current gold prices we expect strong free cash flow growth in the fourth quarter and into 2017. We remain well positioned to meet our full year production, cost and capital guidance,” said John A. McCluskey, President and Chief Executive Officer.

The 2015-2016 drilling to further delineate the extent of the new Valdecañas Deep Zone was completed, and assays released during the quarter. Overall results show vein widths ranging from 5 to 29 metres with the highest zinc and copper grades seen to date. The new results show that mineralization in the Deep Zone occurs in both the East and West Valdecañas Veins and extends mineralization roughly 250 metres beneath the existing resource over a combined strike length of over 800 metres. The Deep Zone mineralization remains open to the property boundary in both directions: 300 metres to the west and 700 metres to the east.

“We continue to support the environmental approval process on the “Don Diego” project through our Mexican subsidiary, and we look forward to moving the project forward in the near future. Plans have been completed, and the team is prepared to begin the next phase of the project as early as Q1 2017,” said Mark Gordon, Odyssey Chief Executive Officer and President.

“Cash generation accelerated during the quarter due to our ongoing disciplined cost management and higher silver prices,” stated Keith Neumeyer, President and CEO of First Majestic. “Our third quarter AISC came in well below guidance at $10.52 per ounce. The reduction in costs were driven primarily by renegotiated smelting and refining agreements, the continued weakness in the Mexican Peso, and record production of silver. In addition, the Company realized an average silver price of $19.72 per ounce, which is the highest price achieved in the past 10 quarters. We have already achieved 80% of our annual production guidance and continue to make great progress towards achieving our financial and strategic objectives for the year.”

“We are extremely disappointed with our third quarter operating results from our San Dimas mine in Mexico,” stated Ernest Mast, President and Chief Executive Officer. “We had expected to maintain the production levels achieved in Q2 but were impacted by unexpected labour disruptions and reduced development rates which affected average head grades. More recently during October we experienced intermittent work stoppages that have affected mining rates and increased the development backlog which we had previously expected to resolve. In addition, there was a 10-day outage at the Las Truchas hydroelectric facility due to a weld failure in the water feed pipe, further delaying mine development works. For the fourth quarter, we now expect lower production rates and restricted access to certain high-grade areas as we work to increase mine development….

San Marco’s CEO, Bob Willis stated; “As a result of our stated business plan to aggressively pursue the multitude of target areas generated by the Globetrotters/San Marco partnership, we asked our San Marco warrant holders if they would be willing to exercise their warrants much earlier than their expiry. Results so far are a testament to the quality and belief by our shareholders that significant value will result from this request, while striving to preserve our reasonable share structure.”