SilverCrest Mines (CVE:SVL) said Wednesday that it has achieved commercial production at its Santa Elena mine in Sonora, Mexico, with all facilities currently operating at a steady rate of production.
During 2011, a partial year of full production rates, the mine is expected to produce around 430,000 ounces of silver and 26,000 ounces of gold.
The first full year of production will be 2012, during which the mine is anticipated to generate 478,000 ounces of silver and 32,000 ounces of gold.
From 2013 through 2016, the company expects a significant increase in recovered silver ounces, of an estimated 750,000 to 1.1 million ounces per year.
For the three months ending June 30, the first quarterly period of commercial production, the Mexican mine produced 74,678 ounces of silver at an average grade of 44.02 grams per tonne (g/t), and 5,476 ounces of gold at an average grade of 1.89 g/t.
Currently, the crusher is operating above daily designed throughput of 2,500 tonnes per day (tpd), with an average of 2,737 tpd during the latest quarter.
?We are certainly pleased at this time as to how the Commissioning Phase for the Santa Elena operations has progressed,? said president J. Scott Drever.
?Our supervisory personnel have worked diligently to assure that the normal start-up challenges were resolved and the project has reached a steady state at design capacity.
?The receipt of substantial revenues from the sale of our silver and gold production has reduced the amount of working capital required during start up, and has set the stage for early, free cash flow that will be utilized to implement the company?s strategy for corporate growth.?
Indeed, the company sold 76,221 ounces of silver during the second quarter, in addition to over 5,000 ounces of gold. SilverCrest used the proceeds to repay loans of around $2 million.
Vancouver-based SilverCrest Mines? Santa Elena is located 150 kilometres northeast of Hermosillo, near Banamichi in the State of Sonora, Mexico.
The mine is a high-grade, epithermal gold and silver producer, with an estimated life of mine cash cost of US$8 per ounce of silver equivalent.
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