First Majestic Silver Updates Mineral Reserve and Resource Estimates for YE2016 and Files Form 40-F Annual Report
VANCOUVER, BRITISH COLUMBIA–(Marketwired – March 31, 2017) – FIRST MAJESTIC SILVER CORP. (the “Company” or “First Majestic”) (TSX:FR)(NYSE:AG)(FRANKFURT:FMV)(BVM:AG) is pleased to announce its 2016 Mineral Reserve and Resource estimates for its existing mineral property assets in Mexico as of December 31, 2016. Metal prices used to estimate the 2016 Reserve estimates were increased slightly compared to previous estimates to: $18.00/oz for silver, $1,250/oz for gold, $1.00/lb for lead and $1.15/lb for zinc.
“We began 2016 with a small exploration budget of only $9.9 million designed to primarily assist with our mining activities,” stated Keith Neumeyer, President and CEO. “In the second half of 2016, we increased the exploration budget by 71% and returned our focus on growing the ounces in the ground. For 2017, we are investing $27.0 million to complete over 183,000 metres of diamond drilling across our Mexican assets. This renewed investment is expected to add significant growth to our Reserves and Resources in the years ahead.”
The following table shows the total tonnage mined from each of the Company’s six producing properties during 2016, including total ounces of silver and silver equivalent ounces produced from each property and the tonnage mined from delineated Reserves and Resources at each property. A portion of the production from each mine came from material other than Reserves or Resources, as set out below under the heading “Material Not in Reserves”.
The Company completed a total of 97,576 metres of diamond drilling at its six operating mines in 2016, representing a 170% increase in metres drilled compared to the prior year.
For 2017, First Majestic is planning to invest $27.0 million towards exploration to drill approximately 183,000 metres at its core Mexican assets consisting of approximately 43,000 metres…