S&P Capital IQ Initiates Coverage on First Majestic Silver Corp in Standard & Poor's Factual Stock Reports
NEW YORK, June 28, 2013 /PRNewswire/ -- S&P Capital IQ announced today that it has commenced Standard & Poor's Factual Stock Report coverage on First Majestic Silver Corp.
First Majestic Silver Corp. (NYSE: AG/TSX: FR) engages in the production, development, exploration and acquisition of mineral properties with a focus on silver production in Mexico. Annual production in 2012 reached a record of 8,260,434 ounces of silver and 9,110,452 silver equivalent ounces, compared to 7,216,109 ounces of silver and 7,562,494 silver equivalent ounces produced in 2011, increases of 14% and 20%, respectively. Total production at the company's five operating mines in Mexico for the quarter ended March 31, 2013, was 2,731,792 equivalent ounces of silver.
The company owns and operates five producing mines in Mexico: the La Encantada Silver Mine in Coahuila State, the La Parrilla Silver Mine in Durango State, the San Martin Silver Mine in Jalisco State, the La Guitarra Silver Mine in Mexico State and the Del Toro Silver Mine in Zacatecas State. First Majestic also owns two advanced-stage development silver projects: the La Luz Silver Project in San Luis Potosi State, and the Plomosas Silver Project in Sinaloa State; as well as three early-stage development projects: the Penasco Quemado Silver Project in Sonora State, the La Frazada Silver Project in Nayarit State and the Los Lobos Silver Project in Sonora State. The company also has an interest in certain exploration properties in Jalisco State, Mexico.
First Majestic acquired indirect ownership of the La Guitarra Silver Mine on July 3, 2012 when it acquired all of the issued and outstanding common shares of Silvermex Resources Inc. pursuant to a plan of arrangement. The La Guitarra Silver Mine is a production-stage property situated within the Temascaltepec mining district in the Municipality of Temascaltepec, State of Mexico, Mexico, approximately 130 kilometers southwest of Mexico City. It is comprised of 44 exploitation concessions covering 44,476.5 hectares (109,899.9 acres).
On May 2, 2013, First Majestic announced that the expansion that commenced at the La Guitarra Silver Mine in November 2012 had been completed. The processing plant's capacity increased by 40% to 500 tonnes per day (tpd) from 350 tpd and commercial production was expected to reach 500 tpd during the month of May. The Del Toro Silver Mine is located near the municipality of Chalchihuites, in the northwestern part of the State of Zacatecas, Mexico. The company's new 1,000 tpd flotation circuit at its Del Toro Silver Mine reached phase one commercial production on April 1, 2013. Phase one of mill construction consisted of a 1,000 tpd flotation circuit producing both silver-lead and zinc concentrates. Phase two of mill construction will include the addition of a 1,000 tpd cyanidation circuit for a total milling capacity of 2,000 tpd. The company reported in April 2013 that the third and final phase of construction, consisting of 2,000 tpd flotation and 2,000 tpd cyanidation circuits, remained on schedule and on budget, for initial production by the third quarter of 2014. At the combined rate of 4,000 tpd, Del Toro was estimated to produce approximately 6 million ounces of pure silver, plus significant amounts of lead and zinc annualized, becoming the company's largest producing silver mine. First Majestic Silver Corp. is based in Vancouver, British Columbia, Canada.
Standard & Poor's Factual Stock Report coverage on First Majestic Silver Corp will also be accessible on an ongoing basis to the investment community by scores of buy-side institutions and sell-side firms that utilize S&P Capital IQ research and information platforms daily. Millions of self-directed investors also have access to the report via their e-brokerage accounts. Please visit www.firstmajestic.com for additional information.
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First Majestic Silver Corp.
Todd Anthony (604) 688-3033
S&P Capital IQ
Richard Albanese, 212-438-3647
Michael Privitera, 212-438-6679
SOURCE Standard & Poor's