FIRST MAJESTIC SILVER CORP. |
Suite 1805 925 West Georgia Street |
Vancouver, B.C., Canada V6C 3L2 |
Telephone: (604) 688-3033 Fax: (604) 639-8873 |
Toll Free: 1-866-529-2807 |
Web site: www.firstmajestic.com; E-mail: info@firstmajestic.com |
NEWS RELEASE |
TSX Exchange FR | July 8, 2010 |
OTCQX FRMSF | |
Frankfurt FMV (WKN: A0LHKJ) |
New Record for Silver Production; Produces 1,538,798 oz Silver
Highlights
First Majestic Silver Corp. ("First Majestic" or the "Company") is pleased to announce that production in the second quarter ending June 30, 2010 increased to a new company record of 1,651,411 equivalent ounces of silver representing a 2% increase over the previous quarter and a 72% increase over the second quarter of 2009.
The total equivalent silver production for the quarter consisted of 1,538,798 ounces of silver, representing a 9% increase from the previous quarter, 1,494,532 pounds of lead representing a 41% decrease from the previous quarter, and 541 ounces of gold representing a decrease of 37% compared to the previous quarter. Total silver production from operations have increased by 86% when compared with the second quarter of 2009.
The total ore processed during the quarter at the Company's three operating silver mines, the La Encantada Silver Mine, the La Parrilla Silver Mine and the San Martin Silver Mine, amounted to a new record 404,349 tonnes milled in the quarter representing a 20% increase over the previous quarter.
Productions Details Table:
Quarter Ended June 30, 2010 |
Quarter Ended March 31, 2010 |
% Change +/- | |
Total Silver ounces produced | 1,538,798 | 1,409,825 | 9% |
Total Equivalent silver ounces produced | 1,651,411 | 1,619,403 | 2% |
Total Ore processed/tonnes milled | 404,349 | 337,110 | 20% |
Total Pounds of lead produced | 1,494,532 | 2,542,071 | -41% |
Total Gold ounces produced | 541 | 857 | -37% |
Other Developments
The Companys underground development in the second quarter consisted of 5,063 metres, compared to 5,100 metres completed in the previous quarter. There was 3,090 meters of diamond drilling completed in the quarter which consisted of definition drilling to assist in mining activity, resource upgrading and exploration at the Companys three mines.
At the La Encantada Silver Mine:
At the La Parrilla Silver Mine:
At the San Martin Mine:
Mr. Keith Neumeyer, President and CEO had the following to say about the recent production results: First Majestic continues to break new records and we are extremely pleased with the second quarter results. Our operational team continues to demonstrate that they are committed to increasing efficiencies to achieve our production goal of 6.35 million silver equivalent ounces in 2010.
Ramon Davila, Ing., Chief Operating Officer for First Majestic, is the Qualified Person who reviewed this news release and oversaw the mining operations.
First Majestic is a producing silver company focused in Mexico and is aggressively pursuing its business plan to become a senior silver producer through the development of its existing assets and the pursuit through acquisition of additional assets that contribute to achieving its corporate growth objectives.
FOR FURTHER INFORMATION contact info@firstmajestic.com, visit our website at www.firstmajestic.com or call our toll free number 1.866.529.2807.
FIRST MAJESTIC SILVER CORP.
SIGNED
Keith Neumeyer, President & CEO
This press release includes certain "Forward-Looking Statements" within the meaning of section 21E of the United States Securities Exchange Act of 1934, as amended. All statements, other than statements of historical fact, included herein, including without limitation, statements regarding potential mineralization and reserves, exploration results and future plans and objectives of First Majestic Silver Corp. are forward-looking statements that involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements.