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First Majestic Updates 2019 Mineral Reserve and Resource Estimates
VANCOUVER, British Columbia, March 30, 2020 (GLOBE NEWSWIRE) -- FIRST MAJESTIC SILVER CORP. (the "Company" or “First Majestic”) is pleased to announce its updat
About this update from First Majestic Silver Corp.
[{"type":"text","content":" VANCOUVER, British Columbia, March 30, 2020 (GLOBE NEWSWIRE) -- FIRST MAJESTIC SILVER CORP. (the \"Company\" or “First Majestic”) is pleased to announce its updated Mineral Reserve and Resource estimates for the San Dimas, Santa Elena and La Encantada producing mines as well as its existing non-material mineral assets in Mexico with an effective date of December 31, 2019. Proven and Probable Mineral Reserves (“P&P”) at the Company’s three producing silver mines totaled 85.1 million ounces of silver and 733,000 ounces of gold, or 146.5 million silver equivalent ounces, representing a 4% decrease compared to previous estimates Consolidated P&P grades increased by 6% to 320 AgEq g/t (186 g/t silver and 1.6 g/t gold) Excluded 16.6 million silver equivalent ounces from Mineral Reserves as a result of placing the San Martin, La Parrilla and Del Toro operations on temporary suspension Measured and Indicated Mineral Resources (“M&I”) for the Company’s seven properties increased by 3% to 267.8 million silver equivalent ounces primarily due to the upgrading of 3.3 million ounces of silver and 219,000 ounces of gold, or 21.6 million silver equivalent ounces, from Inferred to Indicated Resources at Santa Elena’s Ermitaño project Indicated grades at Ermitaño increased by 15% to 449 AgEq g/t (70 g/t silver and 4.59 g/t gold) Inferred Mineral Resources at the Company’s seven properties increased by 8% to 228.7 million silver equivalent ounces “Our exploration efforts in 2019 were successful at replacing mine depletion at San Dimas and improving resources at the Ermitaño project near Santa Elena,” stated Keith Neumeyer, President and CEO. “Reserves at San Dimas remained relatively unchanged at 101.3 million silver equivalent ounces following robust production of 13.8 million silver equivalent ounces in 2019. At the Ermitaño project, we significantly increased the Indicated Resource by 245% to 30.4 million silver equivalent ounces and improved the grade by 15% to 449 AgEq g/t following a successful infill drill program designed to improve the confidence of the deposit. With an updated total resource of 67.9 million silver equivalent ounces, this project is expected to increase production and reduce costs at Santa Elena once production commences in 2021.” The following table shows the total tonnage mined from each of the...