Business
Q1 Production Report and IMS
Q1 Production Report and IMS.
About this update from Hochschild Mining Plc
[{"type":"text","content":"\n \nRNS Number : 2262F Hochschild Mining PLC 20 April 2011 \n \n\n \nProduction Report and Interim Management Statement \nfor the 3 months ended 31 March 2011\n \nHighlights \n \n§ Q1 2011 production of 5.6 million attributable silver equivalent ounces, on track to deliver 2011 production target of 22.5 million attributable silver equivalent ounces\n§ Ongoing delivery of organic growth strategy: \n- In January, the Company announced a positive scoping study at 100% owned Crespo property with initial projected production of 2.3 million silver equivalent ounces per annum from the end of 2013\n- In February, Hochschild announced a significant increase in grades & resources at the Inmaculada project - Measured & Indicated resources, up 59% to 76.0 million silver equivalent ounces \n- Feasibility studies on track at all three advanced projects, Inmaculada, Azuca and Crespo \n§ César Aguirre appointed Vice President of Exploration & Geology and David Hopper appointed Exploration Manager for Chile\n§ In January 2011, the Company repaid its entire existing syndicated loan facility of US$114.3 million \n§ In February 2011, Hochschild disposed of its remaining 6% stake in Lake Shore Gold with total net proceeds of C$79.7 million \n§ Solid financial position with total cash of approximately US$540 million as at 31 March 2011 and minority investments of over US$450 million\n \nIgnacio Bustamante, Chief Executive, commented: \n \n\"I am pleased to announce a solid set of production results, which place us firmly on track to achieve our full year production target of 22.5 million attributable silver equivalent ounces. We are progressing well with our advanced projects at Inmaculada, Azuca, and Crespo, which have the potential to significantly increase our production profile. Our exploration programme is also moving forward with active drilling at each of our three core operations as well as across our greenfield targets in Peru, Chile, Mexico and Argentina.\n \nI am also pleased to welcome César Aguirre as our new Vice President of Exploration & Geology and David Hopper as Exploration Manager for Chile, both of whom bring extensive experience and expertise to the Company.\"\n \nOverview\nHochschild delivered ...