Third Quarter 2013 Operating Highlights:
"Pirquitas continues to advance through the pit phase transition and the
production result for this quarter was achieved notwithstanding ore
blend variety presented to the plant," said
Summary of Mine Operating Statistics
|Q3 2013||Q2 2013||% Change|
|Total material mined||Kt||4,465||4,471||(0.1%)|
|Silver mill feed grade||g/t||215||216||(0.5%)|
|Zinc mill feed grade||%||1.91||1.53||24.8%|
|Zinc recovery (zinc concentrate)||%||47||46||2.2%|
|Silver produced||'000 oz||2,028||1,890||7.3%|
|Zinc produced (zinc concentrate)||'000 lbs||7,818||5,589||39.9%|
|Silver sold||'000 oz||1,969||2,207||(10.8%)|
|Zinc sold (zinc concentrate)||'000 lbs||4,952||2,217||123.4%|
Note: Percent changes are calculated using the rounded numbers presented above.
The Mine also produced 7.8 million pounds of zinc in zinc concentrate in
the third quarter, a 40% quarter-on-quarter improvement and the highest
quarterly zinc production result in the history of the Mine to date.
This record zinc production reflects higher zinc grades, as the Company
mined more of the zinc-rich
Approximately 394,000 tonnes of ore were milled during the third quarter of 2013, compared to 365,000 tonnes in the second quarter of 2013. Ore was milled at an average rate of 4,283 tonnes per day, 7% above the mill's nominal design. This compares to an average milling rate of 4,009 tonnes per day in the second quarter. Ore milled contained an average silver grade of 215 g/t, compared to 216 g/t reported in the second quarter. The average recovery rate for silver decreased marginally to 74.6% from 74.8% in the previous quarter, mainly due to more oxidized and transitional ore in the mill feed. As Phase 2 of the San Miguel open pit deepens, the proportion of sulphide ore in the mill feed is expected to increase.
Third Quarter Earnings Release
The Company plans to issue its third quarter earnings release on
The scientific and technical data contained in this news release has been reviewed and approved by the following Qualified Person ("QP") under National Instrument 43-101, who consents to having his name included in this news release.
Cautionary Note Regarding Forward-Looking Statements:
Statements in this news release are forward-looking statements within
the meaning of the U.S. Private Securities Litigation Reform Act of
1995 and forward-looking information within the meaning of Canadian
securities laws (collectively, "forward-looking statements"). All
statements, other than statements of historical fact, are
forward-looking statements. Generally, forward-looking statements can
be identified by the use of words or phrases such as "expects,"
"anticipates," "plans," "projects," "estimates," "assumes," "intends,"
"strategy," "goals," "objectives," "potential" or variations thereof,
or stating that certain actions, events or results "may," "could,"
"would," "might" or "will" be taken, occur or be achieved, or the
negative of any of these terms or similar expressions. The
forward-looking statements in this news release relate to the higher
grade material expected to be processed during Phase 2 of the San
Miguel open pit. These forward-looking statements are subject to a
variety of known and unknown risks, uncertainties and other factors
that could cause actual events or results to differ from those
expressed or implied, including: uncertainty of production and cost
estimates for the
Our forward-looking statements are based on what our management
considers to be reasonable assumptions, beliefs, expectations and
opinions based on the information currently available to it.
Assumptions have been made regarding, among other things: our ability
to carry on our various exploration and development activities; the
timely receipt of required approvals and permits; the price of the
minerals we produce; the costs of operating and exploration
expenditures; our ability to operate in a safe, efficient and effective
manner; our ability to obtain adequate financing as and when required
and on reasonable terms; and our ability to continue operating the
Vice President, Business Development and Strategy
N.A. toll-free: (888) 338-0046
All others: (604) 689-3846
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