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I'm Samantha Deutscher for InvestmentPitch.com
SilverCrest Mines, which trades on the TSX Venture Exchange, under the symbol SVL (NYSE
MKT: SVLC), has reported results for its 3rd quarter ended September 30, 2013.
Highlights of the report include cash flow from operations of $7.1 million or $0.07 per
share, down 30% from $10.2 million in the same quarter in 2012.
However, net earnings increased to $3.71 million, an increase of 194% from $1.26 million in
the same quarter in 2012, resulting in earnings per share of $0.03, up from $0.01 per share
in the previous period.
The increase in net earnings during the quarter was primarily driven by the elimination of
the marked-to-market derivative impact from Hedge Facility deliveries and lower income
taxes in the period, partially offset by a decrease in revenue resulting from significantly
lower realized prices and lower gold sales.
Silver prices fell 31% to $22 per ounce, with gold prices declining 21% to $1,346 per ounce.
Although gold sales were down slightly to 7,522 ounces, silver sales at 204,947 ounces,
were up 35% for another quarterly record.
For a complete breakdown of these numbers, please refer to SilverCrest's current news
release.
Eric Fier, President and COO stated, "During Q3, despite sustained lower metal prices,
SilverCrest generated strong positive cash flows and net earnings."
"Our free cash flow continues to be reinvested at Santa Elena as capital expenditures for
the expansion plan with $14.4m invested in Q3."
"We remain on track to achieve or better our cost guidance of $8.50 per silver equivalent
ounce and production guidance of 2.44 million ounces of silver equivalent."
SilverCrest operates its flagship 100% owned Santa Elena Mine, located in the State of
Sonora, Mexico.
The company's immediate focus is to continue to efficiently operate its Santa Elena low
cost open pit silver and gold mine, where production has been reaching daily highs of
5.8 grams per tonne gold and 175 grams per tonne silver.
Major expansion and construction of a new 3,000 tonne per day mill facility is underway
to significantly increase production.
SilverCrest is also advancing the large silver, copper, gold deposit at the La Joya Property
in Durango State, which has stated resources nearing 200 million ounces of silver equivalent.
Other exploration targets in the vicinity of La Joya are under review.
All numbers previously mentioned refer to US dollars.
SilverCrest currently trades at $1.70 on the TSX Venture Exchange, and with 108.8 million
shares outstanding, the company is capitalized at $185 million.
For more detailed information please refer to today's news release on the company's website
www.silvercrestmines.com, or contact Fred Cooper at 1-866-691-1730 or email info@silvercrestmines.com.
I'm Samantha Deutscher for InvestmentPitch.com For more video news, and to view our disclaimer,
be sure to visit our website www.investmentpitch.com. This video is for information purposes only
and it is not a recommendation to buy or sell any securities. .