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First Majestic Files Updated Technical Report for the Santa Elena Silver/Gold Mine in Sonora, Mexico Including a Positive Pre-Feasibility Study for the Ermitaño Project; Appoints Vice-President of Exploration
Vancouver, British Columbia--(Newsfile Corp. - November 24, 2021) - FIRST MAJESTIC SILVER CORP...
About this update from First Majestic Silver Corp.
[{"type":"text","content":"First Majestic Files Updated Technical Report for the Santa Elena Silver/Gold Mine in Sonora, Mexico Including a Positive Pre-Feasibility Study for the Ermitaño Project; Appoints Vice-President of ExplorationVancouver, British Columbia--(Newsfile Corp. - November 24, 2021) - FIRST MAJESTIC SILVER CORP. (NYSE: AG) (TSX: FR) (the \"Company\" or \"First Majestic\") is pleased to announce it has filed an updated technical report in accordance with National Instrument 43-101 - Standards of Disclosure for Mineral Projects for its Santa Elena Silver/Gold Mine in Sonora, Mexico. The report also includes positive results of a Pre-Feasibility Study (\"PFS\") completed for its 100% owned Ermitaño Project which is located only four kilometres east of the Santa Elena processing plant. The Company has filed the Technical Report on its website (www.firstmajestic.com) under the Reserves and Resources section and on SEDAR (www.sedar.com) under First Majestic's issuer profile. All amounts are in U.S. dollars unless stated otherwise.UPDATED MINERAL RESERVE & RESOURCE ESTIMATES FOR SANTA ELENA(compared to Mineral Reserve and Resource estimates on December 31, 2020)Proven and Probable Mineral Reserves (\"P&P\") increased 59% to 51.0 million silver equivalent ounces consisting of 12.6 million ounces of silver and 418.4 thousand ounces of gold. Average P&P grades increased 30% to 314 AgEq g/t (78 g/t silver and 2.58 g/t gold) Measured and Indicated Mineral Resources (\"M&I\") increased 7% to 69.2 million silver equivalent ounces consisting of 18.9 million ounces of silver and 557 thousand ounces of gold. Average M&I grades increased 8% to 355 AgEq g/t (97 g/t silver and 2.85 g/t gold) Inferred Resources decreased 13% to 62.4 million silver equivalent ounces consisting of 16.2 million ounces of silver and 490 thousand ounces of gold. Average Inferred grades increased 6% to 310 AgEq g/t (80 g/t silver and 2.43 g/t gold) PRE-FEASIBILITY STUDY HIGHLIGHTSPre-tax NPV5% of $133.7 million Pre-tax IRR of 54%After-tax NPV5% of $64.8 million After-tax IRR of 34% Life of mine (\"LOM\") of seven years, based only on P&P Reserves, extending the life of mine at Santa Elena including the Ermitaño Project until 2027 producing an estimated 10.3 million ounces of silver and 396 thousand ounces of gold After-tax payback of 44 months...