Day: May 9, 2019

Defiance Silver Corp. is pleased to announce that Chris Wright has joined Defiance as a Director and Executive Chairman of the Board.

Paul Benson, President and CEO said, “Pleasingly, we had a strong first quarter with near-record consolidated production of over 112,000 gold equivalent ounces at lower cash costs, driven by solid performance at all three operations. Seabee achieved record production at near-record low cash costs, while Puna production and costs benefited from a full quarter of processing higher grade Chinchillas ore and increasing by-product credits. As a result, we delivered another quarter of solid financial performance and are well positioned to achieve record production for 2019.”

“We had a strong start to the year with the mine and mill performing well, both hitting records in March of 256 tonnes per day mined and over 10,000 tonnes processed, respectively,” stated Brendan Cahill, President and CEO. “As noted previously, we ended Q1 with a stockpile of more than 2,800 tonnes of high-grade ore and delivered an additional 1,000 tonnes of concentrate early in Q2, which impacted financial results as approximately $3.4 million in revenue was deferred to Q2 that would normally be reflected in Q1. During the second quarter, we expect daily tonnage to continue at a steady rate and our cost profile to improve considerably.”

Around $383 million was invested in exploration in Mexico last year, down 37.4% from the $612 million registered in 2017.

Mr. Carlos Silva, Chief Operating Officer, stated ‘The first quarter production results continue to reflect operational improvements that were undertaken in 2018 including increased mine development at both mines and a metallurgical review of the mill processing flowsheet at Veta Grande. In particular, we are very pleased with the significant improvement in zinc recovery at Veta Grande.’

“In the first quarter, higher silver production along with improved silver prices generated increased revenues, earnings and cash flows compared to the prior quarter,” stated Keith Neumeyer, President and CEO of First Majestic. “Strong gold production from our San Dimas and Santa Elena mines helped to record better than expected consolidated cash costs and AISC per ounce. Costs are expected to continue to trend lower in the second half of 2019 due to higher production levels at various operations including the commercialization of several cost saving projects which are expected to further increase margins and profitability. We continue to prudently manage the business in a very challenging silver price environment by balancing capital investments with expected cash flows and ensuring we maximize returns on invested capital.”

All director nominees were re?elected, other than Margaret M. Beck, who was nominated for election as a director of the Company for the first time. Godfrey Walton, a director of the Company since July 2002, did not seek re?election but will continue to serve as President and Chief Operating Officer of the Company.

La empresa canadiense Agnico Eagle Mines Limited informó que sus actividades de exploración minera en México están concentradas en sus propiedades Santa Gertrudis, La India, Pinos Altos y El Barqueno.