By: Henry Lazenby
8th April 2014
Updated 2 hours 3 minutes ago
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TORONTO (miningweekly.com) – First Majestic Silver on Tuesday reported that silver output from its five operating silver mines in Mexico for the first quarter ending March 31, reached a new quarterly record of 3.63-million silver equivalent ounces, representing a 33% increase compared to the same quarter in 2013.
Total silver output for the quarter consisted of 2.89-million ounces of silver, representing an increase of 19% when compared with the same quarter in 2013.
Output was boosted by higher silver grades and higher mill recoveries.
The company also reported that it had more than doubled lead production by 112% to 8.59-million pounds and increased zinc output by 60% to 2.68-million pounds compared with the same quarter of the previous year.
First Majestic also produced were 3 375 oz of gold, representing an increase of 113% compared with the first quarter of 2013.
“Our first quarter results show a great start to the new year. Even though some challenges existed in the quarter, other improvements that were implemented in 2013 are taking hold. With many exciting initiatives underway in the areas of automation, processes and metallurgy, we are setting ourselves up for another record year of production,” First Majestic president and CEO Keith Neumeyer said.
Intra-day trading saw First Majestic’s TSX-listed share price rise by as much as C$0.30 a share to C$11.02, but in afternoon trading, the stock price traded around the C$10.84-level.
Edited by: Creamer Media Reporter
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