TORONTO (miningweekly.com) – Vancouver-based First Majestic Silver produced 1,62-million silver-equivalent ounces during the first three months of this year, 56% more than a year earlier and the company's best-ever quarterly performance.

Silver production rose 28% compared with the fourth quarter of 2009 to 1,41-million ounces, lead output rose 61% to 2,54-million pounds and gold production increased 22% to 857 oz, First Majestic said on Monday.

The company processed 337 110 t of ore during the quarter, which was 34% up from the first quarter of 2009 and also a new record for the firm.

First Majestic, which operates three silver mines in Mexico, announced last week that it had achieved commercial production at a new cyanidation plant at the company's La Encantada silver mine.

“The completion of the La Encantada construction is obviously a key milestone and production levels at our La Parrilla and San Martin mines have exceeded budget for three consecutive quarters,” CEO Keith Neumeyer said in a statement on Monday.

“So far, we're all very pleased that 2010 is shaping up to be a very good year for First Majestic."

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