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First Majestic Silver reports quarterly production record

16th October 2013

By: Henry Lazenby

Creamer Media Deputy Editor: North America

  

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TORONTO (miningweekly.com) – TSX- and NYSE-listed First Majestic Silver on Wednesday reported that its total silver-equivalent production for the third quarter ended September 30 rose 38% to a new quarterly record of about 3.37-million ounces.

Total silver production for the quarter consisted of 2.69-million ounces, representing an increase of 22% when compared with the same quarter in 2012.

First Majestic, which operates five silver mines in Mexico, also produced 8.54-million pounds of lead and 2.23-million pounds of zinc, which represented an increase of 158% and 164% respectively.

The company also reported that it had nearly doubled its gold output to 2 942 oz in the period.

With year-to-date production totalling 9.4-million silver-equivalent ounces, First Majestic expected to meet or exceed its 2013 guidance of between 12.3-million and 13-million ounces of silver equivalent.

"While the third quarter was another volatile period for silver prices, we continue to make progress with our growth strategy in Mexico. The San Martin mill expansion, which is now complete, marks the third major project completed by First Majestic in 2013, following the recent production start-up of Phase 1 at the Del Toro silver mine and the completion of the mill expansion at the La Guitarra silver mine.

“Our operations team deserves to be recognised for a job well done,” president and CEO Keith Neumeyer said.

Edited by Creamer Media Reporter

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