First Majestic Silver
Management of First Majestic Silver Corp. is committed to building a senior silver producing mining company based on the Company’s current portfolio of projects focused on silver in Mexico. First Majestic owns three producing silver mines and two development projects through four separate wholly owned Mexican subsidiaries. The La Encantada Silver Mine is held by Minera [...]
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Management of First Majestic Silver Corp. is committed to building a senior silver producing mining company based on the Company’s current portfolio of projects focused on silver in Mexico.
First Majestic owns three producing silver mines and two development projects through four separate wholly owned Mexican subsidiaries. The La Encantada Silver Mine is held by Minera La Encantada, S.A. de C.V., the La Parrilla Silver Mine and the Del Toro Silver Mine are held by First Majestic Plata, S.A. de C.V., the San Martin Silver Mine is held by Minera El Pilon, S.A. de C.V., and the La Luz Silver Project is held by Minera Real Bonanza, S.A. de C.V.
First Majestic’s largest operation; the La Encantada Silver Mine was expanded several times since 2006 to reach the current capacity of 3750 tpd. Production reached close to 3.8 million ounces of silver in 2010 and is anticipated to reach approximately 4.5 million ounces of silver in the form of Dore bars in 2011.
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 2010 was 1.8 million ounces of equivalent Silver. A major expansion is currently underway to double the capacity at La Parrilla for 2012.
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 in dore bars.
Management feels strongly that investors will continue to witness a dramatic bull market in precious metals over the coming years. For this reason, a focus to continue to develop and increase production at its core assets will continue. In addition, management is determined to expand First Majestic’s asset base and thus continues to investigate other interesting advanced stage silver projects in Mexico. With a management team comprised of proven company and mine builders; shareholders are poised to capitalize on First Majestic’s rapid evolution into a world class silver producer.
