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SilverCrest – SVLC – Reports another strong quarter

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SilverCrest Mines Inc. (NYSE : SVLC) announced its financial results for the third quarter ended September 30, 2012.

SVLV – Highlights of Q3, 2012 (Compared to Q3, 2011):

  • Cash flow from operations increased 103% to $10.2 million.
  • Cash operating cost per silver equivalent ounce sold increased 5% to $7.60.
  • Revenues reported per IFRS rose 11% to $16.7 million on sales of 152,088 silver ounces (up 57%) and 7,923 gold ounces (up 4%).
  • Comprehensive earnings amounted to $2.2 million ($0.03 per share), compared to $0.01 million ($0.00 per share).
  • Working capital increased 22% from $21.4 million to $26.1 million.
  • Cash and cash equivalents were $37.9 million (at September 30, 2012).

J. Scott Drever, President stated; “We had another strong quarter with 558,185 silver equivalent ounces sold, for reported revenues of $16.7 million. The average cash operating cost was $7.60 per silver equivalent ounce, which is below our budget of $8.20. Our Santa Elena low cost, open pit heap leach mine operations continue to perform well, and generated cash flows of $10.2 million which will contribute to the financing of the Santa Elena Expansion plan and the development of our major polymetallic La Joya Project. Record silver production in the third quarter has enabled us to increase annual silver production guidance from 435,000 ounces to 535,000 ounces. We are on track to meet our annual production guidance of 33,500 gold ounces.”

About SilverCrest Mines Inc.- SVLC

SilverCrest Mines Inc. (SVLC) is a Canadian precious metals producer headquartered in Vancouver, BC. SVLC’s flagship property is the 100%-owned Santa Elena Mine, located 150 km 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 (55:1 Ag:Au).

SVLC anticipates that the 2,500 tonnes per day facility should recover approximately 4,805,000 ounces of silver and 179,000 ounces of gold over the 6.5 year life of the open pit phase of the Santa Elena Mine. A three year expansion plan is underway to double metals production at the Santa Elena Mine and exploration programs are rapidly advancing the definition of a large polymetallic deposit at the La Joya property in Durango State.

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edliston
Post Written By: Ed Liston
Ed Liston is a senior contributing editor at TheStockMarketWatch.com. An active market watcher and investor, Ed guides an independent team of experienced analysts and writes for multiple stock trader publications. He is widely quoted in various financial publications on the Internet. When Ed is not writing about stocks, investing in stocks, talking about stocks, or otherwise doing something stock related, he likes to go sailing and fishing in his yacht.

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Ed Liston

Ed Liston is a senior contributing editor at TheStockMarketWatch.com. An active market watcher and investor, Ed guides an independent team of experienced analysts and writes for multiple stock trader publications. He is widely quoted in various financial publications on the Internet. When Ed is not writing about stocks, investing in stocks, talking about stocks, or otherwise doing something stock related, he likes to go sailing and fishing.

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