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Santacruz Silver Produces 977,679 Silver Equivalent Ounces in the Third Quarter
Vancouver, British Columbia--(Newsfile Corp. - October 26, 2020) - Santacruz Silver Mining Lt...
About this update from Santacruz Silver Mining Ltd.
[{"type":"text","content":"\nSantacruz Silver Produces 977,679 Silver Equivalent Ounces in the Third QuarterVancouver, British Columbia--(Newsfile Corp. - October 26, 2020) - Santacruz Silver Mining Ltd. (TSXV: SCZ) (the \"Company\" or \"Santacruz\") is pleased to announce that total production in the third quarter of 2020 reached 977,679 silver equivalent ounces (\"AgEq\"), representing a 38% increase from Q2 2020 as operations returned to normal. During Q2 2020, Mexico's Ministry of Health issued a federal decree requiring all non-essential businesses, including mining, to temporarily suspend activities for 42 days in response to the global pandemic. Highlights:Zimapan Mine AgEq production increased by 44% compared to Q2 2020 and 52% compared to Q3 2019. Rosario AgEq production decreased by 20% compared to Q2 2020 and 57% to Q3 2019.Consolidated AgEq production continues to improve quarter over quarter despite lower production at Rosario: Production was 38% higher compared to Q2 2020 due to the resumption of normal throughput, and 3% higher compared to Q3 2019. Q3 2019 results included only 50% of Zimapan and 100% of Veta Grande production, whereas Q3 2020 results reflect 100% of Zimapan and the discontinuance of operations at Veta Grande (Q3 2019 production of 214,284 AgEq oz),Mr. Carlos Silva, CEO, stated; \"During Q2 2020 when operations were suspended due to the Mexican Ministry of Health's federal decree, we took the opportunity to make certain structural and management adjustments. As demonstrated by our third quarter results, these adjustments positioned us for improved performance. With the closing of our recent private placement (see news release dated October 16, 2020), we added seven new scooptrams (5 at Zimapan Mine and 2 at Rosario Mine), which will allow us to further increase production at the Zimapan Mine and move the Rosario Mine towards budgeted production. After taking these matters into account together with continued strong precious metals prices and a stronger balance sheet, management believes Q4 2020 will be a turning point in the success of Santacruz as we continue the trend of quarter over quarter improvements. We are very excited about the future of the Company as we continue to execute our production plans aiming for solid production results for Q4, and a strong start to 2021.\" 2020 Third Quarter Consolidated Production Resu...