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Santacruz Silver Reports Q1 2022 Production of 1,391,590 Silver Equivalent Ounces
Vancouver, British Columbia--(Newsfile Corp. - May 12, 2022) - Santacruz Silver Mining Lt...
About this update from Santacruz Silver Mining Ltd.
[{"type":"text","content":"Santacruz Silver Reports Q1 2022 Production of 1,391,590 Silver Equivalent OuncesVancouver, British Columbia--(Newsfile Corp. - May 12, 2022) - Santacruz Silver Mining Ltd. (TSXV: SCZ) (FSE: 1SZ) (the \"Company\" or \"Santacruz\") reports production of 1.39 million silver equivalent ounces from its Zimapan Mine in Mexico (the \"Mexican Operations\") and its operations in Bolivia (the \"Bolivian Operations\") which includes the a 45% interest in the Bolivar Mine and the Porco Mine, and a 100% interest in the Caballo Blanco group of mines and the San Lucas Trading Company. Santacruz acquired the Bolivian Operations from Glencore on March 18, 2022 (see the Company's press release dated March 18, 2022). Accordingly, Santacruz's first quarter production results include only 13 days production from the Bolivian Operations. Consolidated First Quarter 2022 Production Highlights: silver 469,829 oz (+47.6% vs Q4 2021 and +44.4% vs Q1 2021); lead 1,493 tonnes (+47.5% vs Q4 2021 and +58.0% vs Q1 2021); zinc 6,325 tonnes (+83.8% vs Q4 2021 and +176.8% vs Q1 2021); copper 419 tonnes (-14.1% vs Q4 2021 and +18.4% vs Q1 2021) Consolidated Production expressed in silver equivalent ounces 1,391,590 AgEq; (+ 65.3% vs Q4 2021, and +96.8% vs Q1 2021)Carlos Silva, Santacruz's CEO, stated, \"The inclusion of 13 days of production from our Bolivian Operations have made a significant contribution to our Q1 2022 operating results. Based on current metals prices, we expect that our cash flow from operations will fund the deferred purchase price for the acquisition of the Bolivian Operations from Glencore. At our Mexican Operations, we set a 2021 objective of replacing the production from the now closed Rosario mine by deploying its underground mining equipment to Zimapan to increase production at Zimapan with no additional capital investment. This equipment has been initially deployed on past producing areas at the Zimapan mine leading to an increase in tons mined with a small reduction in head grade resulting in increased production in Q4 21 and Q1 22. We continue to anticipate additional growth at Zimapan as the mine ramps up to higher throughput levels as well as improved silver head grades due to ongoing developments to higher grade areas over the next few quarters.\" Mr. Silva added; \"The acquisition of Glencore's Bolivian assets is a major developm...