First Majestic Silver Corp. (“First Majestic” or the “Company”) is proud to announce that the Del Toro Silver Mine, located in the state of Zacatecas, Mexico, has achieved initial silver production.
The Del Toro Silver Mine was inaugurated in a special ceremony on January 23, 2013 which declared the new plant as officially open. Approximately 250 people attended the event including several Mexican Federal, State and Municipal authorities. The State Government was represented by Governor Lic. Miguel Alonso Reyes, the Governor of Zacatecas.
Keith Neumeyer, President and CEO stated; “The start-up of the Del Toro Silver Mine marks a very important milestone for First Majestic. This year, the Company will celebrate its 10 year anniversary by breaking through 10 million ounces of silver production as a result of Del Toro coming on stream. I would like to send my deepest appreciation to everyone on our team who have all worked so hard in getting our fifth producing mine up and running.”
Underground development within the three mines which comprise the Del Toro Silver Mine (San Juan, Perseverancia/San Nicolas and Dolores) has produced 97,700 tonnes of stockpiled ore which is currently supplying feed to the processing plant. Commercialization of the 1,000 tonnes per day (tpd) flotation circuit is anticipated by April 1, 2013. Further development in the first half of 2013 will be focused on preparing the mines for phase two of production, which will include the addition of a 1,000 tpd cyanidation circuit. Phase two start-up is expected by July 1, 2013, at which time, the mill is expected to be running at a combined throughput rate of 2,000 tpd (1,000 tpd flotation and 1,000 tpd cyanidation).
The Company also remains on schedule for the third and final phase of production (2,000 tpd flotation and 2,000 tpd cyanidation) by the third quarter of 2014 at which time Del Toro is expected to become the Company’s largest operation and is projected to produce at an annualized rate of approximately 6 million ounces of silver per year, and significant amounts of lead and zinc.
First Majestic is a producing silver company focused on silver production in México. The Company is aggressively pursuing its business plan of becoming a senior silver producer through the development of its existing mineral properties and the pursuit through acquisition of additional mineral assets which contribute to the Company achieving its aggressive corporate growth objectives.
FIRST MAJESTIC SILVER CORP.
Keith Neumeyer, President & CEO