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IMPACT Silver Announces Q1 2019 Financial and Production Results
IMPACT Silver Announces Q1 2019 Financial and Production Results Canada NewsWire ...
About this update from Impact Silver Corp.
[{"type":"text","content":"\n\n\n\nIMPACT Silver Announces Q1 2019 Financial and Production Results\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n\n\n\n\n\n\n\nCanada NewsWire\nVANCOUVER, May 27, 2019\n\n\n\nTrading Symbol: \"IPT: TSX.V\"\n VANCOUVER, May 27, 2019 /CNW/ - IMPACT Silver Corp. (\"IMPACT\" or the \"Company\") announces its financial and operating results for the quarter ending March 31, 2019.\nThe Company reported $3.0 million in revenue for the first quarter of 2019 compared to Q1 2018 at $3.9 million with improved grades helping to offset lower tonnage and silver prices. Mine operating earnings before amortization and depletion were breakeven for the first time since Q1 2018 as cost reductions and grade improvements are having a positive impact.\nFred Davidson, President & CEO of IMPACT, stated, \"In Q1 2019, silver prices continued to be challenging with prices below $16 USD/ounce. In reaction to these persistent low metal prices, IMPACT has reduced tonnage and focused on higher grades which resulted in a 16% reduction in cost and a 23% decline in revenue during the quarter. Going forward given the current silver price environment, we aim to break even on existing production levels while metal prices remain depressed and explore selective high-grade targets which IMPACT may fast track to higher grade production.\"\nIMPACT is increasingly shifting production to the Guadalupe Silver Mine located adjacent to the Guadalupe mill which saves significant hauling costs. Historic production from the Guadalupe Mine was first recorded in 1529 and more recently between 1967-1982 produced an estimated 9,000,000 ounces of silver. Benefiting from better silver grades, proximity to the mill, and existing low-cost shaft infrastructure (which was updated in 2019), in Q1 2019 the Guadalupe mine accounted for 27% of the total production feed and management expects this to continue to increase.\nProduction Overview\nSilver production decreased to 163,575 ounces in Q1 2019 from 203,199 ounces in Q1 2018 due to planned lower tonnages produced. Average mill feed grade for silver in the quarter increa...