New York – AG
Toronto – FR
Frankfurt – FMV
Mexico - AG
VANCOUVER, April 1, 2015 /PRNewswire/ - FIRST
MAJESTIC SILVER CORP. (the "Company" or "First Majestic") is
pleased to announce its 2014 Mineral Reserve and Resource estimates
for its existing mineral property assets in Mexico as of December
31, 2014. Silver metal content in the Proven and Probable
Reserve category totaled 101.1 million ounces of silver, down 7%
from 108.6 million as of December 31,
2013. Metal prices used to estimate the 2014 Reserve
estimates were lowered compared to the prior year to: $20.00/oz of silver, $1,200/oz of gold, $0.95/lb of lead and $1.00/lb of zinc.
The following table shows the total tonnage mined from each of
the Company's five producing properties during 2014, including
total ounces of silver and silver equivalent ounces produced from
each property and the tonnage mined from delineated reserves and
resources at each property.
2014 Production
Table
|
|
|
LA
ENCANTADA
|
|
|
LA
PARRILLA
|
|
|
DEL
TORO
|
|
|
SAN
MARTIN
|
|
|
LA
GUITARRA
|
|
|
TOTAL
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TONNES OF ORE
PROCESSED
|
|
721,172
|
|
|
711,915
|
|
|
629,492
|
|
|
363,952
|
|
|
186,881
|
|
|
2,613,412
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
OZ OF SILVER
PRODUCED
|
|
3,711,633
|
|
|
2,876,450
|
|
|
2,690,717
|
|
|
1,833,618
|
|
|
636,301
|
|
|
11,748,719
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
OZ OF SILVER EQ.
PRODUCED FROM OTHER METALS
|
|
20,019
|
|
|
1,796,742
|
|
|
988,066
|
|
|
284,644
|
|
|
419,777
|
|
|
3,509,248
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL OZ OF SILVER
EQ. PRODUCED
|
|
3,731,652
|
|
|
4,673,192
|
|
|
3,678,783
|
|
|
2,118,262
|
|
|
1,056,078
|
|
|
15,257,967
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TONNES MINED FROM
MATERIAL IN RESERVES
|
|
416,591
|
|
|
708,211
|
|
|
608,260
|
|
|
320,812
|
|
|
125,487
|
|
|
2,179,360
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TONNES MINED FROM
MATERIAL NOT IN RESERVES
|
|
304,582
|
|
|
3,704
|
|
|
21,233
|
|
|
43,140
|
|
|
61,393
|
|
|
434,051
|
(1) Silver-equivalent
grade is estimated considering: metal price assumptions,
metallurgical recovery for the corresponding mineral type/mineral
process and the metal payable of the corresponding contract of each
mine.
|
The Company completed over 44,000 metres of diamond drilling at
its five operating mines in 2014, representing a 25% reduction in
metres drilled compared to the prior year. For 2015, First Majestic
is planning to drill approximately 50,000 metres to further define
known mineralized ore bodies at its operating mines. A combination
of surface and underground drill rigs will focus on assisting
mining activities, definition drilling and to support future
updates to the Company's NI 43-101 Technical Reports.
Starting this year, First Majestic is reporting Mineral
Resources inclusive of Mineral Reserves; readers are cautioned of
this change since the Company had previously reported Mineral
Resources exclusive of Mineral Reserves.
The largest change to Mineral Reserves occurred at La Encantada where the old tailings were
downgraded from Proven and Probable Reserves to Inferred Resources
after the Company's decision to suspend the reprocessing of the old
tailings due to the low metal price environment. This resulted in a
76% increase in the Reserves silver grade, a 57% decrease in total
Reserve tonnes and a 24% decrease in Reserve silver metal content.
However, the underground Proven and Probable Mineral Reserves
increased by 56% to 3.2 million tonnes containing 28.4 million
ounces of silver with average silver grade of 276 g/t.
Silver metal content in the Measured and Indicated Resource
category totaled 152.4 million ounces. In addition, the silver
metal content in the Inferred Resource totaled 170.4 million
ounces, a decrease of 18% compared to the prior year due mainly to
the impact of lower metal price assumptions, the adoption of the
stricter CIM Definition Standards, and the subtraction of Resources
for the Peñasco Quemado and La Frazada projects, which were
disposed of during 2014.
The complete 2014 Mineral Reserve and Resource estimates for all
metals, tonnage and grades are shown below in the following
tables:
PROVEN AND
PROBABLE MINERAL RESERVES WITH AN EFFECTIVE DATE OF DECEMBER 31,
2014
|
|
Mine
|
Category
|
|
Mineral
Type
|
|
k
tonnes
|
|
Ag
(g/t)
|
|
Au
(g/t)
|
|
Pb
(%)
|
|
Zn
(%)
|
|
Ag-Eq
(g/t)
|
|
Ag (k
Oz)
|
|
Ag-Eq (k
Oz)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LA
ENCANTADA
|
Proven
(UG)
|
|
Oxides
|
|
1,084
|
|
248
|
|
-
|
|
-
|
|
-
|
|
248
|
|
8,639
|
|
8,639
|
Probable
(UG)
|
|
Oxides
|
|
2,115
|
|
291
|
|
-
|
|
-
|
|
-
|
|
291
|
|
19,754
|
|
19,754
|
Total Proven and
Probable (UG)
|
|
Oxides
|
|
3,199
|
|
276
|
|
-
|
|
-
|
|
-
|
|
276
|
|
28,393
|
|
28,393
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LA
PARRILLA
|
Proven
(UG)
|
|
Oxides
|
|
302
|
|
219
|
|
-
|
|
-
|
|
-
|
|
219
|
|
2,119
|
|
2,119
|
Probable
(UG)
|
|
Oxides
|
|
1,025
|
|
213
|
|
0.02
|
|
-
|
|
-
|
|
214
|
|
7,032
|
|
7,061
|
Total Proven and
Probable (UG)
|
|
Oxides
|
|
1,327
|
|
215
|
|
0.01
|
|
-
|
|
-
|
|
215
|
|
9,152
|
|
9,181
|
Proven
(UG)
|
|
Sulphides
|
|
585
|
|
201
|
|
-
|
|
1.8
|
|
1.9
|
|
304
|
|
3,784
|
|
5,714
|
Probable
(UG)
|
|
Sulphides
|
|
1,473
|
|
157
|
|
0.04
|
|
1.5
|
|
2.4
|
|
261
|
|
7,436
|
|
12,369
|
Total Proven and
Probable (UG)
|
|
Sulphides
|
|
2,057
|
|
170
|
|
0.03
|
|
1.6
|
|
2.3
|
|
273
|
|
11,220
|
|
18,083
|
|
Total Proven and
Probable (UG)
|
|
Oxides +
Sulphides
|
|
3,384
|
|
187
|
|
0.02
|
|
1.0
|
|
1.4
|
|
251
|
|
20,371
|
|
27,264
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SAN MARTÍN
|
Proven
(UG)
|
|
Oxides
|
|
1,024
|
|
224
|
|
0.18
|
|
-
|
|
-
|
|
237
|
|
7,359
|
|
7,790
|
Probable
(UG)
|
|
Oxides
|
|
1,813
|
|
188
|
|
0.04
|
|
-
|
|
-
|
|
191
|
|
10,960
|
|
11,107
|
Total Proven and
Probable (UG)
|
|
Oxides
|
|
2,837
|
|
201
|
|
0.09
|
|
-
|
|
-
|
|
207
|
|
18,319
|
|
18,897
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
DEL TORO
|
Proven
(UG)
|
|
Transition
|
|
511
|
|
156
|
|
0.03
|
|
2.0
|
|
2.1
|
|
231
|
|
2,560
|
|
3,792
|
Probable
(UG)
|
|
Transition
|
|
589
|
|
157
|
|
0.06
|
|
2.6
|
|
1.6
|
|
224
|
|
2,964
|
|
4,248
|
Total Proven and
Probable (UG)
|
|
Transition
|
|
1,100
|
|
156
|
|
0.05
|
|
2.3
|
|
1.8
|
|
227
|
|
5,523
|
|
8,040
|
Proven
(UG)
|
|
Sulphides
|
|
1,097
|
|
148
|
|
0.08
|
|
2.7
|
|
1.8
|
|
229
|
|
5,206
|
|
8,063
|
Probable(UG)
|
|
Sulphides
|
|
1,991
|
|
218
|
|
0.18
|
|
4.0
|
|
3.9
|
|
347
|
|
13,931
|
|
22,218
|
Total Proven and
Probable (UG)
|
|
Sulphides
|
|
3,088
|
|
193
|
|
0.15
|
|
3.5
|
|
3.2
|
|
305
|
|
19,138
|
|
30,281
|
|
Total Proven and
Probable (UG)
|
|
Transition +
Sulphides
|
|
4,187
|
|
183
|
|
0.12
|
|
3.2
|
|
2.8
|
|
285
|
|
24,661
|
|
38,321
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LA
GUITARRA
|
Proven
(UG)
|
|
Sulphides
|
|
91
|
|
153
|
|
1.84
|
|
-
|
|
-
|
|
256
|
|
446
|
|
745
|
Probable
(UG)
|
|
Sulphides
|
|
1,217
|
|
228
|
|
1.00
|
|
-
|
|
-
|
|
284
|
|
8,911
|
|
11,098
|
Total Proven and
Probable (UG)
|
|
Sulphides
|
|
1,308
|
|
223
|
|
1.06
|
|
-
|
|
-
|
|
282
|
|
9,358
|
|
11,843
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Proven and
Probable (UG)
|
|
All mineral
types
|
|
14,915
|
|
211
|
|
0.15
|
|
1.1
|
|
1.1
|
|
260
|
|
101,102
|
|
124,718
|
(1) Mineral Reserves
have been classified in accordance with the Canadian Institute of
Mining, Metallurgy and Petroleum ("CIM") Definition Standards on
Mineral Resources and Mineral Reserves, whose definitions are
incorporated by reference into National Instrument 43-101 –
Standards of Disclosure for Mineral Projects ("NI
43-101").
|
(2) In all cases,
metal prices considered for Mineral Reserves estimates were $20
USD/oz Ag, $1,200 USD/oz Au, $0.95 USD/lb Pb, and $1.00 USD/lb
Zn.
|
(3) The Mineral
Reserves information provided above for La Encantada, La Parrilla,
Del Toro and San Martín is based on internal estimates prepared as
of December 31, 2014. The information provided was reviewed and
validated by the Company's internal Qualified Person, Mr. Ramon
Mendoza Reyes, P.Eng., who has the appropriate relevant
qualifications, and experience in mining and reserves estimation
practices.
|
(4) Mineral Reserve
estimates for La Guitarra are based on the 2015 La Guitarra Silver
Mine Technical Report compiled by First Majestic with contribution
of Amec Foster Wheeler Americas Ltd.
|
(5) Silver-equivalent
grade is estimated considering: metal price assumptions,
metallurgical recovery for the corresponding mineral type/mineral
process and the metal payable of the corresponding contract of each
mine. Estimation details are listed in each mine section of the
2014 Annual Information Form.
|
(6) The cut-off
grades and modifying factors used to convert Mineral Reserves from
Mineral Resources are different for all mines. The cut-off grades
are listed in each mine section of the 2014 Annual Information
Form.
|
MEASURED AND
INDICATED MINERAL RESOURCES WITH AN EFFECTIVE DATE OF DECEMBER 31,
2014
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Mine /
Project
|
Category
|
|
Mineral
Type
|
|
k
tonnes
|
|
Ag
(g/t)
|
|
Au
(g/t)
|
|
Pb
(%)
|
|
Zn
(%)
|
|
Ag-Eq
(g/t)
|
|
Ag (k
Oz)
|
|
Ag-Eq (k
Oz)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LA
ENCANTADA
|
Measured
(UG)
|
|
Oxides
|
|
1,086
|
|
283
|
|
-
|
|
-
|
|
-
|
|
283
|
|
9,878
|
|
9,878
|
Indicated
(UG)
|
|
Oxides
|
|
2,289
|
|
321
|
|
-
|
|
-
|
|
-
|
|
321
|
|
23,623
|
|
23,623
|
Total Measured and
Indicated (UG)
|
|
Oxides
|
|
3,375
|
|
309
|
|
-
|
|
-
|
|
-
|
|
309
|
|
33,501
|
|
33,501
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LA
PARRILLA
|
Measured
(UG)
|
|
Oxides
|
|
344
|
|
255
|
|
-
|
|
-
|
|
-
|
|
255
|
|
2,817
|
|
2,817
|
Indicated
(UG)
|
|
Oxides
|
|
953
|
|
254
|
|
-
|
|
-
|
|
-
|
|
255
|
|
7,774
|
|
7,807
|
Total Measured and
Indicated (UG)
|
|
Oxides
|
|
1,298
|
|
254
|
|
-
|
|
-
|
|
-
|
|
255
|
|
10,591
|
|
10,624
|
Measured
(UG)
|
|
Sulphides
|
|
703
|
|
240
|
|
-
|
|
2.2
|
|
2.1
|
|
347
|
|
5,415
|
|
7,845
|
Indicated
(UG)
|
|
Sulphides
|
|
1,310
|
|
188
|
|
0.05
|
|
1.8
|
|
2.8
|
|
302
|
|
7,939
|
|
12,705
|
Total Measured and
Indicated (UG)
|
|
Sulphides
|
|
2,013
|
|
206
|
|
0.03
|
|
1.9
|
|
2.6
|
|
318
|
|
13,355
|
|
20,550
|
|
Total Measured and
Indicated (UG)
|
|
Oxides +
Sulphides
|
|
3,311
|
|
225
|
|
0.0
|
|
1.2
|
|
1.6
|
|
293
|
|
23,946
|
|
31,175
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SAN MARTÍN
|
Measured
(UG)
|
|
Oxides
|
|
1,240
|
|
254
|
|
0.26
|
|
-
|
|
-
|
|
273
|
|
10,128
|
|
10,882
|
Indicated
(UG)
|
|
Sulphides
|
|
1,819
|
|
220
|
|
0.11
|
|
-
|
|
-
|
|
228
|
|
12,878
|
|
13,360
|
Total Measured and
Indicated (UG)
|
|
Oxides +
Sulphides
|
|
3,059
|
|
234
|
|
0.17
|
|
-
|
|
-
|
|
246
|
|
23,006
|
|
24,242
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
DEL TORO
|
Measured
(UG)
|
|
Transition
|
|
538
|
|
185
|
|
0.04
|
|
2.6
|
|
2.6
|
|
257
|
|
3,198
|
|
4,450
|
Indicated
(UG)
|
|
Transition
|
|
549
|
|
180
|
|
0.06
|
|
2.9
|
|
1.9
|
|
258
|
|
3,176
|
|
4,544
|
Total Measured and
Indicated (UG)
|
|
Transition
|
|
1,087
|
|
182
|
|
0.05
|
|
2.7
|
|
2.2
|
|
257
|
|
6,373
|
|
8,994
|
Measured
(UG)
|
|
Sulphides
|
|
1,150
|
|
182
|
|
0.08
|
|
3.3
|
|
2.3
|
|
272
|
|
6,726
|
|
10,048
|
Indicated(UG)
|
|
Sulphides
|
|
1,747
|
|
255
|
|
0.21
|
|
4.6
|
|
4.6
|
|
394
|
|
14,315
|
|
22,128
|
Total Measured and
Indicated (UG)
|
|
Sulphides
|
|
2,897
|
|
226
|
|
0.16
|
|
4.1
|
|
3.7
|
|
345
|
|
21,041
|
|
32,176
|
|
Total Measured and
Indicated (UG)
|
|
Transition +
Sulphides
|
|
3,984
|
|
214
|
|
0.13
|
|
3.7
|
|
3.3
|
|
321
|
|
27,414
|
|
41,169
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LA
GUITARRA
|
Measured
(UG)
|
|
Sulphides
|
|
121
|
|
170
|
|
2.37
|
|
-
|
|
-
|
|
305
|
|
660
|
|
1,185
|
Indicated
(UG)
|
|
Sulphides
|
|
1,029
|
|
335
|
|
1.56
|
|
-
|
|
-
|
|
424
|
|
11,078
|
|
14,029
|
Total Measured and
Indicated (UG)
|
|
Sulphides
|
|
1,150
|
|
318
|
|
1.65
|
|
-
|
|
-
|
|
412
|
|
11,738
|
|
15,214
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LA LUZ
|
Measured
(UG)
|
|
Oxides
|
|
2,614
|
|
221
|
|
-
|
|
-
|
|
-
|
|
221
|
|
18,559
|
|
18,559
|
Measured
(Tailings)
|
|
Oxides
(Tailings)
|
|
1,403
|
|
90
|
|
-
|
|
-
|
|
-
|
|
90
|
|
4,075
|
|
4,075
|
Indicated
(UG)
|
|
Sulphides
|
|
988
|
|
321
|
|
-
|
|
-
|
|
-
|
|
321
|
|
10,202
|
|
10,202
|
Total Measured +
Indicated
|
|
All material
types
|
|
5,005
|
|
204
|
|
-
|
|
-
|
|
-
|
|
204
|
|
32,836
|
|
32,836
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Measured and
Indicated
|
|
All mineral
types
|
|
19,885
|
|
238
|
|
0.15
|
|
0.94
|
|
0.92
|
|
279
|
|
152,442
|
|
178,137
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
INFERRED MINERAL
RESOURCES WITH AN EFFECTIVE DATE OF DECEMBER 31,
2014
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Mine /
Project
|
Category
|
|
Mineral
Type
|
|
k
tonnes
|
|
Ag
(g/t)
|
|
Au
(g/t)
|
|
Pb
(%)
|
|
Zn
(%)
|
|
Ag-Eq
(g/t)
|
|
Ag (k
Oz)
|
|
Ag-Eq (k
Oz)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LA
ENCANTADA
|
Inferred
(UG)
|
|
Oxides
|
|
899
|
|
340
|
|
-
|
|
-
|
|
-
|
|
340
|
|
9,832
|
|
9,832
|
|
Inferred
(Tailings)
|
|
Tailings
|
|
6,026
|
|
107
|
|
-
|
|
-
|
|
-
|
|
107
|
|
20,731
|
|
20,731
|
|
Inferred
Total
|
|
Oxides +
Tailings
|
|
6,926
|
|
137
|
|
-
|
|
-
|
|
-
|
|
137
|
|
30,562
|
|
30,562
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LA
PARRILLA
|
Inferred
(UG)
|
|
Oxides
|
|
3,422
|
|
259
|
|
-
|
|
-
|
|
-
|
|
259
|
|
28,477
|
|
28,477
|
Inferred
(UG)
|
|
Sulphides
|
|
5,848
|
|
190
|
|
-
|
|
2.4
|
|
3.1
|
|
324
|
|
35,676
|
|
60,997
|
Inferred Total
(UG)
|
|
Oxides +
Sulphides
|
|
9,270
|
|
215
|
|
-
|
|
1.5
|
|
2.0
|
|
300
|
|
64,153
|
|
89,475
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SAN MARTÍN
|
Inferred Total
(UG)
|
|
Oxides
|
|
5,541
|
|
216
|
|
-
|
|
-
|
|
-
|
|
216
|
|
38,502
|
|
38,502
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
DEL TORO
|
Inferred
(UG)
|
|
Transition
|
|
1,457
|
|
186
|
|
0.04
|
|
2.6
|
|
2.2
|
|
257
|
|
8,699
|
|
12,031
|
Inferred
(UG)
|
|
Sulphides
|
|
4,211
|
|
176
|
|
0.13
|
|
3.8
|
|
5.3
|
|
297
|
|
23,821
|
|
40,156
|
Inferred Total
(UG)
|
|
Transition +
Sulphides
|
|
5,669
|
|
178
|
|
0.11
|
|
3.5
|
|
4.5
|
|
286
|
|
32,520
|
|
52,187
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LA
GUITARRA
|
Inferred Total
(UG)
|
|
Sulphides
|
|
739
|
|
197
|
|
1.23
|
|
-
|
|
-
|
|
267
|
|
4,674
|
|
6,343
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
Inferred
|
|
All mineral
types
|
|
28,145
|
|
188
|
|
0.05
|
|
1.2
|
|
1.6
|
|
240
|
|
170,412
|
|
217,070
|
(1) Mineral Resources
have been classified in accordance with CIM Definition Standards on
Mineral Resources and Mineral Reserves, whose definitions are
incorporated by reference into NI 43-101.
|
(2) In all cases,
metal prices considered for Mineral Resource estimates were $22
USD/oz Ag, $1,350 USD/oz Au, $0.95 USD/lb Pb, and $1.00 USD/lb
Zn.
|
(3) The Mineral
Resources information provided above for La Encantada, La Parrilla,
Del Toro and San Martín is based on internal estimates prepared as
of December 31, 2014. The information provided was reviewed and
validated by the Company's internal Qualified Person, Mr. Jesus M.
Velador Beltran, Ph.D. Geology, who has the appropriate relevant
qualifications, and experience in mining and resource
geology.
|
(4) Mineral Resource
estimates for La Guitarra Silver Mine are based on the 2015
Technical Report compiled by First Majestic with contribution of
Amec Foster Wheeler Americas Ltd.
|
(5) Silver-equivalent
grade is estimated considering: metal price assumptions,
metallurgical recovery for the corresponding mineral type/mineral
process and the metal payable of the corresponding contract of each
mine. Estimation details are listed in each mine section of the
2014 Annual Information Form.
|
(6) The cut-off
grades for Mineral Resources are different for all mines. The
cut-off grades are listed in each mine section of the 2014 Annual
Information Form.
|
(7) Measured and
Indicated Mineral Resources are reported inclusive of Mineral
Reserves.
|
(8) The La Luz
resource estimates are taken from the Real de Catorce Property
Technical Report dated July 25, 2008 and the Real de Catorce
Property Technical Report dated July 30, 2007. The Company's
Qualified Persons are working on applying similar economic inputs
to the La Luz Silver Project to those applied to the other
properties.
|
PLOMOSAS
HISTORICAL ESTIMATES
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Project
|
|
Category
|
|
Mineral
Type
|
|
k
tonnes
|
|
Ag
(g/t)
|
|
Au
(g/t)
|
|
Pb
(%)
|
|
Zn
(%)
|
|
Ag (k
Oz)
|
|
Ag-Eq (k
Oz)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PLOMOSAS
|
|
Not in accordance
with
CIM Standards
|
|
Sulphides
(UG)
|
|
896
|
|
192
|
|
0.8
|
|
2.1
|
|
3.4
|
|
5,500
|
|
11,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Plomosas
historical estimates are taken from Grupo Mexico's estimates
prepared in 2001.
|
(2) Tonnage is
expressed in thousands of tonnes, metal content is expressed in
thousands of ounces.
|
(3) The Company's
Qualified Persons have been coordinating the work for the
verification of the information supporting the historical estimates
at Plomosas. The historical estimates at Plomosas do not conform to
NI 43-101 for reporting purposes; as such, the Company is not
treating these historical estimates as current Mineral Reserves or
Mineral Resources. Since the historical estimates do not have
demonstrated current economic viability, these estimates should not
be relied upon until the verification process and due diligence in
progress by the Company's Qualified Person is completed.
|
(4) In order to
verify or upgrade the historical estimates, the Company will need
to complete a diamond drilling program at the Rosario and San Juan
mines. The drilling program is designed to confirm the historical
estimates reported by Grupo Mexico and will allow the Company to
plan a second exploration program focused on locating extensions of
the known mineralization. Other work required to verify the
historical estimates as current includes, but it is not limited to:
re-survey of underground workings, re-survey of available
exploration drill-hole monuments, review of drilling, sampling and
assays databases, and the re-assessment of the estimates following
CIM Estimation of Mineral Resources and Mineral Reserves Best
Practice Guidelines and CIM Definition Standards on Mineral
Resources and Mineral Reserves.
|
The Company also announces that its 2014 audited financial
statements have been filed on SEDAR. In addition, a Form 40-F
report has been filed with the United States Securities and
Exchange Commission and is available on EDGAR. Both documents
are also available on the Company's website at
www.firstmajestic.com.
Shareholders may also receive a copy of First Majestic's audited
financial statements, without charge, upon request to First
Majestic, Suite 1805 – 925 West Georgia Street Vancouver, B.C., Canada, V6C 3L2 or to
info@firstmajestic.com.
Mr. Ramon Mendoza Reyes, Vice
President Technical Services for First Majestic, is a "qualified
person" as such term is defined under National Instrument 43-101,
and has reviewed and approved the technical information disclosed
in this news release.
First Majestic is a mining company focused on silver production
in México and is aggressively pursuing the development of its
existing mineral property assets and the pursuit through
acquisition of additional mineral assets which contribute to the
Company achieving its corporate growth objectives.
FIRST MAJESTIC SILVER CORP.
"signed"
Keith Neumeyer,
President & CEO
SPECIAL NOTE REGARDING FORWARD-LOOKING INFORMATION
This news release includes certain "Forward-Looking Statements"
within the meaning of the United States Private Securities
Litigation Reform Act of 1995 and applicable Canadian securities
laws. When used in this news release, the words "anticipate",
"believe", "estimate", "expect", "target", "plan", "forecast",
"may", "schedule" and similar words or expressions, identify
forward-looking statements or information. These forward-looking
statements or information relate to, among other things: the price
of silver and other metals; the accuracy of mineral reserve and
resource estimates and estimates of future production and costs of
production at our properties; estimated production rates for silver
and other payable metals produced by us, the estimated cost of
development of our development projects; the effects of laws,
regulations and government policies on our operations, including,
without limitation, the laws in Mexico which currently have significant
restrictions related to mining; obtaining or maintaining necessary
permits, licences and approvals from government authorities; and
continued access to necessary infrastructure, including, without
limitation, access to power, land, water and roads to carry on
activities as planned.
These statements reflect the Company's current views with
respect to future events and are necessarily based upon a number of
assumptions and estimates that, while considered reasonable by the
Company, are inherently subject to significant business, economic,
competitive, political and social uncertainties and contingencies.
Many factors, both known and unknown, could cause actual results,
performance or achievements to be materially different from the
results, performance or achievements that are or may be expressed
or implied by such forward-looking statements or information and
the Company has made assumptions and estimates based on or related
to many of these factors. Such factors include, without limitation:
fluctuations in the spot and forward price of silver, gold, base
metals or certain other commodities (such as natural gas, fuel oil
and electricity); fluctuations in the currency markets (such as the
Canadian dollar and Mexican peso versus the U.S. dollar); changes
in national and local government, legislation, taxation, controls,
regulations and political or economic developments in Canada, Mexico; operating or technical difficulties in
connection with mining or development activities; risks and hazards
associated with the business of mineral exploration, development
and mining (including environmental hazards, industrial accidents,
unusual or unexpected formations, pressures, cave-ins and
flooding); risks relating to the credit worthiness or financial
condition of suppliers, refiners and other parties with whom the
Company does business; inability to obtain adequate insurance to
cover risks and hazards; and the presence of laws and regulations
that may impose restrictions on mining, including those currently
enacted in Mexico; employee
relations; relationships with and claims by local communities and
indigenous populations; availability and increasing costs
associated with mining inputs and labour; the speculative nature of
mineral exploration and development, including the risks of
obtaining necessary licenses, permits and approvals from government
authorities; diminishing quantities or grades of mineral reserves
as properties are mined; the Company's title to properties; and the
factors identified under the caption "Risk Factors" in the
Company's Annual Information Form, under the caption "Risks
Relating to First Majestic's Business".
Investors are cautioned against attributing undue certainty to
forward-looking statements or information. Although the Company has
attempted to identify important factors that could cause actual
results to differ materially, there may be other factors that cause
results not to be anticipated, estimated or intended. The Company
does not intend, and does not assume any obligation, to update
these forward-looking statements or information to reflect changes
in assumptions or changes in circumstances or any other events
affecting such statements or information, other than as required by
applicable law.
SOURCE First Majestic Silver Corp.