Gold and silver production during the most recent quarter soared at SilverCrest Mines Inc.'s flagship Mexican mine, the Vancouver-based company said Wednesday.
Silver production totaled 106,636 ounces, a jump of 43 percent from the previous quarter. Gold production jumped 8,805 ounces, an increase of 61 percent from the previous quarter.
The crusher at its Santa Elena mine operated during the quarter at an average throughput of 2,755 metric tons per day, considerably above its manufacturer-specified daily throughput of 2,500 metric tons per day.
SilverCrest issued long-term production guidance: 400,000 ounces of silver and 26,000 ounces of gold in 2011; 478,000 ounces of silver and 32,000 ounces of gold in 2012; and 921,000 ounces of silver and 29,000 ounces of gold every year for the three years after that.
Our strong cash position of $32.4 million and substantial cash flow assures that we can proceed with our three-year expansion plan to double production at Santa Elena and to implement the company's overall strategy for corporate growth, said J. Scott Drever, SilverCrest's president.
Around noon, shares of the company were priced at a day-high $1.49, up 7.97 percent, following thin trading on the Canadian Ventures Exchange.