Video Interview with Keith Neumeyer: http://watch.bnn.ca/#clip350742
First Majestic Silver Corp. announced on Oct. 6th another new record quarter for silver production.
Another New Record for Silver Production;
1,823,370 oz Silver Produced in Q3
Silver production increases by 18% from previous quarter to a quarterly record of 1,823,370 ounces
Total equivalent silver production equalled 1,920,498 ounces for the quarter
Total silver production amounted to 95% of total equivalent silver produced
Total processed ore in the quarter increased by 7% from previous quarter to a record 434,221 tonnesFirst Majestic Silver Corp. ("First Majestic" or the "Company") is pleased to announce that production in the third quarter ending September 30, 2010 increased to a new Company record of 1,920,498 equivalent ounces of silver representing a 16% increase over the previous quarter and a 76% increase over the third quarter of 2009.
The total equivalent silver production for the quarter consisted of: 1,823,370 ounces of silver, representing an 18% increase from the previous quarter; 1,248,086 pounds of lead representing a 16% decrease from the previous quarter; and 377 ounces of gold representing a decrease of 36% compared to the previous quarter. Total silver production compared to the third quarter of 2009 increased by 95%.
The total ore processed during the quarter at the Company's three operating silver mines, the La Encantada Silver Mine, the La Parrilla Silver Mine and the San Martin Silver Mine, amounted to a new record of 434,221 tonnes milled in the quarter representing a 7% increase over the previous quarter.
First Majestic owns three producing silver mines, the La Parrilla Silver Mine, the San Martin Silver Mine & the La Encantada Silver Mine and an additional mine under pre-feasibility, the Del Toro Silver Mine and the recently acquired Real de Catorce Silver Project.
First Majestic's largest operation; the La Encantada Silver Mine was expanded several times since 2006 to reach the current capacity of 3500 tpd. Production reached close to 2.0 million ounces of silver in 2009 and as a result of this latest expansion, production will reach over 4.0 million ounces of silver in the form of Dore in 2010.
The Company's second mine, the La Parrilla is located conveniently outside the city of Durango. First Majestic commissioned a new 800tpd mill in mid 2007 and expanded the operation again to 850 tpd at the end of 2008. Production in 2009 was 1.3 million ounces of equivalent Silver.
First Majestic's third operating mine, the San Martin Silver Mine was expanded to 950 tpd in late 2008. Annualized production is approximately 1.3 million ounces of silver.
US Share Price: $7.44
Current Multiple is high at: 43.54
Fully Diluted Shares: 107,611,271
Estimated Silver Only Reserves in 5 mines (3 operating):
Total Proven: over 15 million ounces
Total Inferred: over 160 million ounces
Why Consider Junior Miners? Because some won't remain Junior or Intermediate for too long.
Pink Sheets: FRMSF
Symbol - FMV
WKN - A0LHKJ
First Majestic in included in the Van Eck Global Junior Gold Miners ETF: GDXJ
Download the Van Eck pdf file "The Investment Case for Junior Gold Miners" .