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First Majestic Produces a Record 7.3m Silver Eqv. Oz in the Third Quarter Consisting of 3.3m Oz Silver and 54,525 Oz Gold; Suspended Silver Sales and Held 1.4m Oz of Silver in Inventory at Quarter End
Vancouver, British Columbia--(Newsfile Corp. - October 12, 2021) - First Majestic Silver Corp....
About this update from First Majestic Silver Corp.
[{"type":"text","content":"First Majestic Produces a Record 7.3m Silver Eqv. Oz in the Third Quarter Consisting of 3.3m Oz Silver and 54,525 Oz Gold; Suspended Silver Sales and Held 1.4m Oz of Silver in Inventory at Quarter EndVancouver, British Columbia--(Newsfile Corp. - October 12, 2021) - First Majestic Silver Corp. (TSX: FR) (NYSE: AG) (FSE: FMV) (\"First Majestic\" or the \"Company\") announces that total production in the third quarter of 2021 from the Company's four producing operations, the San Dimas Silver/Gold Mine, the Jerritt Canyon Gold Mine, the Santa Elena Silver/Gold Mine and the La Encantada Silver Mine, reached a new record of 7.3 million silver equivalent ounces consisting of 3.3 million ounces of silver and 54,525 ounces of gold. In the first nine months of 2021, the Company has produced 9.5 million ounces of silver and 124,942 ounces of gold for total production of 18.3 million silver equivalent ounces, or approximately 69% of the Company's 2021 guidance midpoint of producing 25.7 to 27.5 million ounces. The Company's financial results for the third quarter of 2021 are scheduled to be released on Thursday, November 4, 2021. THIRD QUARTER HIGHLIGHTSTotal Production up 14%: The Company produced 7.3 million silver equivalent ounces consisting of 3.3 million ounces of silver and 54,525 ounces of gold, representing an increase of 1% and 17%, respectively, compared to the previous quarter primarily due to a 39% increase in gold production from the Jerritt Canyon operation in Nevada. Withheld 1.4 Million Ounces of Silver: At the end of the quarter, the Company held 1.4 million ounces of silver in inventory due to suppressed silver prices in the third quarter. Silver sales are anticipated to resume in the fourth quarter. Furthermore, the Company has not withheld sales of any of its gold production. Stockpiling Higher Grade Material at Ermitaño: During the quarter, the Company continued extracting mineralized material from the development of the Ermitaño deposit at Sant Elena. At quarter end, a total of 45,271 tonnes of mineralized material grading 4.0 g/t gold and 41 g/t silver have been placed in surface stockpiles. Over the next few months, the Company anticipates initial batch test processing to begin at the Santa Elena processing plant. Major Capital Projects Continue at Jerritt Canyon: During the quarter, the Company completed...