Vancouver, British Columbia--(Newsfile Corp. - May 8, 2015) - SilverCrest Mines (TSX: SVL) (NYSE MKT: SVLC) announced initial results of its accelerated underground exploration of the El Cholugo Zone at its 100%-owned Santa Elena Mine, Sonora, Mexico. The El Cholugo Zone is located immediately adjacent to the Main Mineralized Zone ("MMZ") currently in production.
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A total of 132 composited assay results from mine face channel sampling of Alejandra underground drifting show an average vein width of 3.3 metres grading 8.8 grams per tonne gold and 419 grams per tonne silver. For comparison purposes, current MMZ ore grades being mined from underground in April, 2015 are approximately 1.9 grams per tonne gold and 127 grams per tonne silver.
SilverCrest's recent technical report originally contemplated the exploration and development of El Cholugo in 2016. However, given the high gold and silver grades over significant widths and lateral dimensions encountered underground, the company now plans to accelerate exploration and development of the Zone with the view to its inclusion in this year's 2015 mine plan.
Current Pre-Feasibility Study estimates for El Cholugo Reserves, cut and diluted, are 251,000 tonnes grading 2.6 grams per tonne gold and 147 grams per tonne silver.
N. Eric Fier, President and COO stated: "The accelerated exploration of El Cholugo is showing very encouraging results to date. The high grade silver and gold values that we are currently seeing from underground drift exploration are exceeding our expectations with respect to currently stated PFS Reserves. This makes El Cholugo a priority target which could potentially add to future underground production when practical. Additional drifting and underground drilling at El Cholugo will be completed over the next several months to confirm and potentially expand current reserves and resources."
The Santa Elena mine is a high-grade, epithermal silver and gold producer, with a current reserve estimated life of mine of 8 years and average operating cash costs of $12 per ounce of silver equivalent. SilverCrest anticipates the 3,000 tonnes per day conventional mill facility at the Santa Elena Mine should recover an average of 1.6 million ounces of silver and 33,800 ounces of gold per annum over the current reserve life. Exploration programs continue to result in discoveries at Santa Elena and have advanced the definition of a large polymetallic deposit at the La Joya property in Durango State, Mexico.
SilverCrest currently trades at $1.28 on the Toronto Stock Exchange, and with 118.7 million shares outstanding, the company is capitalized at $152 million.
Q1 FINANCIALS CONFERENCE CALL
SilverCrest has scheduled the release of its unaudited first quarter financial statements and MD&A after market close on Wednesday, May 13, 2015. A conference call to discuss the results for the 2015 first quarter financial results will be held on Thursday, May 14, 2015. The call will be held at 10am PDT (1pm EDT). To participate in the conference call, please dial the following:
Updated Participant Dial-In Number(s)
Local - Toronto: 1-416-764-8688
Local - Vancouver: 1-778-383-7413
North American toll-free: 1-888-390-0546
For more information, please refer to the current news release on the company's website www.silvercrestmines.com, or contact Fred Cooper at 1-866-691-1730 ext 108 or email info@silvercrestmines.com.
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