Birmingham, United Kingdom
Birmingham, United Kingdom

Time filter

Source Type

News Article | May 26, 2017
Site: globenewswire.com

VANCOUVER, British Columbia, May 26, 2017 (GLOBE NEWSWIRE) -- First Majestic Silver Corp. (NYSE:AG) (TSX:FR) (“First Majestic” or the “Company”) is pleased to announce the voting results for the election of its Board of Directors at its annual general meeting held on May 25, 2017. A total of 81,472,101 shares were represented at the meeting, being 49.36% of the Company’s issued and outstanding common shares. Shareholders voted in favour of all matters brought before the meeting and the election of directors was approved by a majority vote of shareholders present in person or represented by proxy as follows: The advisory resolution on the Company’s approach to executive compensation as outlined in the Circular was approved by a majority vote of shareholders present in person or represented by proxy as follows: In addition, the Company reports the re-appointment of Deloitte LLP as auditors for the Company and the amended and restated stock option plan were both approved by the affirmative vote of a majority of the votes represented at the Meeting. The Company also announced that Tony Pezzotti is retiring from the Board of Directors. Mr. Pezzotti, a director of the Company since 2001, decided to retire to devote more time to his family and other personal responsibilities.  “Having been a director of First Majestic since its infancy, I take tremendous pride in what the Company has achieved over the past 16 years and in having worked with such a talented and dynamic group of individuals towards building a world-class silver mining company,” said Mr. Pezzotti. “I’d like to thank the board, senior management and the entire First Majestic team for their dedication over the years and wish them every success in all their future endeavors.” “We thank Tony for his long-term contribution to First Majestic and wish him all the best,” said Keith Neumeyer, CEO and President of First Majestic. First Majestic is a mining company focused on silver production in Mexico and is aggressively pursuing the development of its existing mineral property assets. The Company presently owns and operates six producing silver mines; the La Parrilla Silver Mine, the San Martin Silver Mine, the La Encantada Silver Mine, the La Guitarra Silver Mine, Del Toro Silver Mine and the Santa Elena Silver/Gold Mine. Production from these six mines is projected to be between 11.1 to 12.4 million ounces of pure silver or 16.6 to 18.5 million ounces of silver equivalents in 2017. FOR FURTHER INFORMATION contact info@firstmajestic.com, visit our website at www.firstmajestic.com or call our toll free number 1.866.529.2807. SPECIAL NOTE REGARDING FORWARD‐LOOKING INFORMATION This news release includes certain "Forward-Looking Statements" within the meaning of the United States Private Securities Litigation Reform Act of 1995 and applicable Canadian securities laws. When used in this news release, the words “anticipate”, “believe”, “estimate”, “expect”, “target”, “plan”, “forecast”, “may”, “schedule” and similar words or expressions, identify forward-looking statements or information. These forward-looking statements or information relate to, among other things: the price of silver and other metals; the accuracy of mineral reserve and resource estimates and estimates of future production and costs of production at our properties; estimated production rates for silver and other payable metals produced by us, the estimated cost of development of our development projects; the effects of laws, regulations and government policies on our operations, including, without limitation, the laws in Mexico which currently have significant restrictions related to mining; obtaining or maintaining necessary permits, licences and approvals from government authorities; and continued access to necessary infrastructure, including, without limitation, access to power, land, water and roads to carry on activities as planned. These statements reflect the Company’s current views with respect to future events and are necessarily based upon a number of assumptions and estimates that, while considered reasonable by the Company, are inherently subject to significant business, economic, competitive, political and social uncertainties and contingencies. Many factors, both known and unknown, could cause actual results, performance or achievements to be materially different from the results, performance or achievements that are or may be expressed or implied by such forward-looking statements or information and the Company has made assumptions and estimates based on or related to many of these factors. Such factors include, without limitation: fluctuations in the spot and forward price of silver, gold, base metals or certain other commodities (such as natural gas, fuel oil and electricity); fluctuations in the currency markets (such as the Canadian dollar and Mexican peso versus the U.S. dollar); changes in national and local government, legislation, taxation, controls, regulations and political or economic developments in Canada, Mexico; operating or technical difficulties in connection with mining or development activities; risks and hazards associated with the business of mineral exploration, development and mining (including environmental hazards, industrial accidents, unusual or unexpected formations, pressures, cave-ins and flooding); risks relating to the credit worthiness or financial condition of suppliers, refiners and other parties with whom the Company does business; inability to obtain adequate insurance to cover risks and hazards; and the presence of laws and regulations that may impose restrictions on mining, including those currently enacted in Mexico; employee relations; relationships with and claims by local communities and indigenous populations; availability and increasing costs associated with mining inputs and labour; the speculative nature of mineral exploration and development, including the risks of obtaining necessary licenses, permits and approvals from government authorities; diminishing quantities or grades of mineral reserves as properties are mined; the Company’s title to properties; and the factors identified under the caption “Risk Factors” in the Company’s Annual Information Form, under the caption “Risks Relating to First Majestic's Business”. Investors are cautioned against attributing undue certainty to forward-looking statements or information. Although the Company has attempted to identify important factors that could cause actual results to differ materially, there may be other factors that cause results not to be anticipated, estimated or intended. The Company does not intend, and does not assume any obligation, to update these forward-looking statements or information to reflect changes in assumptions or changes in circumstances or any other events affecting such statements or information, other than as required by applicable law.


News Article | May 4, 2017
Site: globenewswire.com

NEW YORK, TORONTO, FRANKFURT, Germany and MEXICO CITY, May 04, 2017 (GLOBE NEWSWIRE) -- FIRST MAJESTIC SILVER CORP. (NYSE:AG) (TSX:FR) (the "Company" or “First Majestic”) is pleased to announce the unaudited interim consolidated financial results of the Company for the first quarter ended March 31, 2017. The full version of the financial statements and the management discussion and analysis can be viewed on the Company's web site at www.firstmajestic.com or on SEDAR at www.sedar.com and on EDGAR at www.sec.gov. All amounts are in U.S. dollars unless stated otherwise. “Lower all-in sustaining costs and higher realized silver prices drove strong earnings and cash flows during the first quarter,” stated Keith Neumeyer, President and CEO of First Majestic. “We achieved our cost targets during the quarter due in part to higher by-product production at San Martin and the weaker Mexican Peso which helped to offset the unexpected increase in energy costs at the beginning of 2017. Over the remainder of the year, we anticipate gradual production improvements as exploration and development activities accelerate and additional mining levels are brought into production.” The Company realized an average silver price of $17.55 per ounce during the first quarter of 2017, representing a 16% increase compared with the first quarter of 2016 and a 3% increase compared to $17.10 in the prior quarter. Revenues generated in the first quarter totaled $69.1 million, an increase of $2.6 million or 4% compared to $66.5 million in the first quarter of 2016. The increase in revenue was primarily due to a 16% increase in average realized silver price, partially offset by 15% decrease in silver equivalent ounces sold. Mine operating earnings were $10.0 million in the quarter compared to $9.4 million in the first quarter of 2016. The increase in mine operating earnings was driven by higher silver prices. Cash flow from operations before movements in working capital and income taxes in the quarter was $26.6 million ($0.16 per share) compared to $25.0 million ($0.16 per share) in the first quarter of 2016. The Company generated net earnings of $2.7 million (EPS of $0.02) in the first quarter compared to net loss of $7.4 million (loss per share of $0.05) in the first quarter of 2016. Excluding all non-cash and non-recurring items, the Company generated adjusted earnings of $3.7 million ($0.02 per share) during the quarter. The Company held $127.6 million in cash and cash equivalents at the end of the quarter, reflecting a 1% decrease compared to the prior quarter. The Company’s working capital position increased 5% to $136.8 million compared to $130.6 million at the end of the prior quarter. The table below represents the quarterly operating and cost parameters at each of the Company’s six producing silver mines. Production in the quarter totalled 4.3 million silver equivalent ounces consisting of 2.7 million ounces of silver, 15,047 ounces of gold, 7.5 million pounds of lead and 0.9 million pounds of zinc. Compared to the previous quarter, total production decreased by 3% primarily attributed to a 3% decrease in tonnes milled due to a breakdown of one of the four power generators at Santa Elena causing a temporary reduction in the mill feed from the heap leach pad in the month of February. The generator was successfully replaced in late February allowing the heap leach pad to return to normal operations in March. Cash costs for the quarter were $6.68 per payable ounce of silver, representing a 3% increase compared to the prior quarter. The increase in cash cost per ounce was primarily due to higher energy costs attributed to Mexico's Energy Reforms, which first became law in August 2014, and the resulting gas deregulation effective January 2017 causing reduction in energy subsidies. Since the beginning of the year, diesel and electricity costs have increased by approximately 20% to 30%. Cash cost per ounce was also affected by lower silver production in the quarter. Consolidated AISC for the quarter were $12.21 per ounce, representing a 5% decrease compared to the previous quarter and within the Company’s annual cost guidance of $11.96 to $12.88 per ounce. The decrease in AISC was primarily attributed to a decrease in sustaining capital expenditures due to a slower than expected initiation of exploration and development activities at the beginning of the year. Sustaining costs are expected to increase in the next quarter to meet program targets for 2017. Total capital expenditures in the first quarter were $19.1 million, a decrease of 26% compared to the prior quarter, primarily consisting of $6.0 million at Santa Elena, $2.4 million at La Encantada, $2.9 million at La Parrilla, $1.8 million at Del Toro, $2.2 million at San Martin and $3.0 million at La Guitarra. The decrease in capital expenditures is the result of limited exploration and development activities in January due to a delayed start in negotiating annual land access agreements. However, exploration and development activities are expected to accelerate in the second quarter to meet annual budget targets by year end.    ABOUT FIRST MAJESTIC First Majestic is a mining company focused on silver production in Mexico and is aggressively pursuing the development of its existing mineral property assets. The Company presently owns and operates six producing silver mines; the La Parrilla Silver Mine, the San Martin Silver Mine, the La Encantada Silver Mine, the La Guitarra Silver Mine, Del Toro Silver Mine and the Santa Elena Silver/Gold Mine. Production from these six mines is projected to be between 11.1 to 12.4 million ounces of pure silver or 16.6 to 18.5 million ounces of silver equivalents in 2017. FOR FURTHER INFORMATION contact info@firstmajestic.com, visit our website at www.firstmajestic.com or call our toll free number 1.866.529.2807. SPECIAL NOTE REGARDING FORWARD-LOOKING INFORMATION This news release includes certain "Forward-Looking Statements" within the meaning of the United States Private Securities Litigation Reform Act of 1995 and applicable Canadian securities laws. When used in this news release, the words “anticipate”, “believe”, “estimate”, “expect”, “target”, “plan”, “forecast”, “may”, “schedule” and similar words or expressions, identify forward-looking statements or information. These forward-looking statements or information relate to, among other things: the price of silver and other metals; the accuracy of mineral reserve and resource estimates and estimates of future production and costs of production at our properties; estimated production rates for silver and other payable metals produced by us, the estimated cost of development of our development projects; the effects of laws, regulations and government policies on our operations, including, without limitation, the laws in Mexico which currently have significant restrictions related to mining; obtaining or maintaining necessary permits, licences and approvals from government authorities; and continued access to necessary infrastructure, including, without limitation, access to power, land, water and roads to carry on activities as planned. These statements reflect the Company’s current views with respect to future events and are necessarily based upon a number of assumptions and estimates that, while considered reasonable by the Company, are inherently subject to significant business, economic, competitive, political and social uncertainties and contingencies. Many factors, both known and unknown, could cause actual results, performance or achievements to be materially different from the results, performance or achievements that are or may be expressed or implied by such forward-looking statements or information and the Company has made assumptions and estimates based on or related to many of these factors. Such factors include, without limitation: fluctuations in the spot and forward price of silver, gold, base metals or certain other commodities (such as natural gas, fuel oil and electricity); fluctuations in the currency markets (such as the Canadian dollar and Mexican peso versus the U.S. dollar); changes in national and local government, legislation, taxation, controls, regulations and political or economic developments in Canada, Mexico; operating or technical difficulties in connection with mining or development activities; risks and hazards associated with the business of mineral exploration, development and mining (including environmental hazards, industrial accidents, unusual or unexpected formations, pressures, cave-ins and flooding); risks relating to the credit worthiness or financial condition of suppliers, refiners and other parties with whom the Company does business; inability to obtain adequate insurance to cover risks and hazards; and the presence of laws and regulations that may impose restrictions on mining, including those currently enacted in Mexico; employee relations; relationships with and claims by local communities and indigenous populations; availability and increasing costs associated with mining inputs and labour; the speculative nature of mineral exploration and development, including the risks of obtaining necessary licenses, permits and approvals from government authorities; diminishing quantities or grades of mineral reserves as properties are mined; the Company’s title to properties; and the factors identified under the caption “Risk Factors” in the Company’s Annual Information Form, under the caption “Risks Relating to First Majestic's Business”. Investors are cautioned against attributing undue certainty to forward-looking statements or information. Although the Company has attempted to identify important factors that could cause actual results to differ materially, there may be other factors that cause results not to be anticipated, estimated or intended. The Company does not intend, and does not assume any obligation, to update these forward-looking statements or information to reflect changes in assumptions or changes in circumstances or any other events affecting such statements or information, other than as required by applicable law.


News Article | August 3, 2017
Site: globenewswire.com

VANCOUVER, British Columbia, Aug. 03, 2017 (GLOBE NEWSWIRE) -- FIRST MAJESTIC SILVER CORP. (NYSE:AG) (TSX:FR) (the "Company" or “First Majestic”) is pleased to announce the unaudited interim consolidated financial results of the Company for the second quarter ended June 30, 2017. The full version of the financial statements and the management discussion and analysis can be viewed on the Company's web site at  or on SEDAR at   and on EDGAR at . All amounts are in U.S. dollars unless stated otherwise. SECOND QUARTER 2017 HIGHLIGHTS (compared to First Quarter 2017) “Our second quarter results were unfortunately burdened by a number of labour issues which have since been resolved,” stated Keith Neumeyer, President and CEO of First Majestic. “While weaker revenues and cash flows were realized as a result of these work stoppages and a strengthening Mexican Peso, our treasury remained relatively unchanged at a very healthy $126.9 million. Due to this unexpected weakness in cash flows, as a conservative measure, management has decided to reduce capital expenditures by $17.5 million for the year. Our focus in the second half of 2017 remains to be the construction of the new roaster system at our La Encantada mine which is on schedule for commissioning in the first quarter of 2018 as well as the renewed investments in underground development which has been lacking over the past few years. This increase in underground development, which started in mid-2016, will have a direct impact on improving production, however, the positive impacts of these types of investments are generally delayed by 12 to 24 months.” (1) The Company reports non-GAAP measures which include cash costs per ounce, all-in sustaining cost per ounce, total production cost per ounce, total production cost per tonne, average realized silver price per ounce, working capital, adjusted EPS and cash flow per share. These measures are widely used in the mining industry as a benchmark for performance, but do not have a standardized meaning and may differ from methods used by other companies with similar descriptions. (2) The Company reports additional GAAP measures which include mine operating earnings and operating cash flows before movements in working capital and income taxes. These additional financial measures are intended to provide additional information and do not have a standardized meaning prescribed by IFRS. The Company realized an average silver price of $17.17 per ounce during the second quarter of 2017, representing a 1% increase compared with the second quarter of 2016 and a 2% decrease compared to $17.55 in the prior quarter. Revenues generated in the second quarter totaled $60.1 million, a decrease of 9% compared to the second quarter of 2016 primarily due to a 13% decrease in silver equivalent ounces sold, which resulted from lost production due to the illegal work stoppages at the La Encantada, La Parrilla and Santa Elena mines and lower grades due to the lack of investment in underground development over the past few years. Mine operating earnings were $1.4 million in the quarter compared to $9.9 million in the second quarter of 2016. The decrease in mine operating earnings was primarily affected by lost revenue from the La Encantada illegal strike, where $1.4 million in standby costs continued to be incurred, and $0.2 million in severance costs that were paid out. Cash flow from operations before movements in working capital and income taxes in the quarter was $18.0 million ($0.11 per share) compared to $23.5 million ($0.15 per share) in the second quarter of 2016. The decrease was primarily attributed to lower mine operating earnings impacted by the mine stoppages in the quarter. The Company generated net earnings of $1.4 million (EPS of $0.01) in the second quarter compared net earnings of $6.1 million (EPS of $0.04) in the second quarter of 2016. The decrease of $4.7 million was primarily attributed to: 1) $8.5 million decrease in mine operating earnings as a result of mine stoppages; 2) $6.0 million decrease in investment and other income, mainly attributed to market price volatility on the Company's holdings in marketable securities; partially offset by 3) an income tax recovery of $8.1 million in the second quarter due to the impact of foreign exchange on deferred tax liabilities. Excluding all non-cash and non-recurring items, the Company generated an adjusted loss of $3.6 million (adjusted loss of $0.02 per share) during the quarter. The Company maintains a strong treasury with $126.9 million in cash and cash equivalents at the end of the quarter, reflecting a 1% decrease compared to the prior quarter. The Company’s working capital position decreased 4% to $130.9 million compared to $136.8 million at the end of the prior quarter. The table below represents the quarterly operating and cost parameters at each of the Company’s six producing silver mines. Production in the quarter totalled 3.9 million silver equivalent ounces consisting of 2.3 million ounces of silver, 15,186 ounces of gold, 7.6 million pounds of lead and 0.9 million pounds of zinc. Compared to the previous quarter, total production decreased by 9% primarily due to unusual efforts by unionized workers to illegally disrupt mining activities which caused labour issues, including minor stoppages at La Parrilla and Santa Elena, and a more serious stoppage at the La Encantada mine which lasted 42 days and contributed to a 47% or 333,396 silver equivalent ounce reduction in production at La Encantada. The leaders of the National Union and Confederation of Mexican Workers Union were both supportive of the corrective actions taken by the Company which are expected to lead to improvements in productivity at each of the operations in the coming quarters. The Company anticipates production at La Encantada will be back on track in the third quarter and will work to recuperate lost tonnage over the remainder of 2017. Cash cost per ounce in the quarter was $7.41, an increase of 11% or $0.73 per ounce compared to the previous quarter. The increase in cash cost per ounce was primarily due to the 16% decrease in silver production and a stronger Mexican peso which appreciated 11% against the U.S. dollars compared to the previous quarter. AISC per ounce in the second quarter was $14.58, an increase of 19% or $2.37 per ounce compared to the previous quarter. The increase in AISC was primarily due to the 16% decrease in silver production and an increase in sustaining capital expenditures as the Company catches up with program targets for 2017 after a slower than expected initiation of exploration and development activities at the beginning of the year. Total capital expenditures in the second quarter were $16.3 million, a decrease of 14% compared to the prior quarter, primarily consisting of $3.4 million at Santa Elena, $2.8 million at La Encantada, $3.3 million at La Parrilla, $1.7 million at Del Toro, $2.5 million at San Martin and $1.4 million at La Guitarra. The Company is updating its 2017 annual silver production guidance to be in the range of 10.0 million to 10.6 million ounces (or 15.7 million to 16.6 million silver equivalent ounces), compared to the previous guidance of 11.1 to 12.4 million ounces (or 16.6 to 18.5 million silver equivalent ounces). The 12% decrease in silver production is primarily due to lower head grades from slow initiation of underground development activities at the beginning of the year and lost production as a result of three illegal blockades in the second quarter which amounted to four days at La Parrilla, two days at Santa Elena and 42 days at La Encantada. Annual cash cost is now expected to be within the range of $7.00 to $7.75 per ounce, compared to the previous guidance of $6.06 to $6.48 per ounce, primarily due to lower anticipated production levels, higher energy costs attributed to the Mexican government's oil and gas deregulation policies that came into effect in the first quarter of 2017, as well as strengthening of the Mexican pesos against the U.S. dollar. The Company has also updated its capital budget for 2017 and has reduced capital investments by $17.5 million to $106.5 million consisting of $45.6 million for sustaining requirements and $60.9 million for expansionary projects. This represents a 14% decrease compared to the original 2017 capital budget of $124.0 million. The revised annual budget includes capital investments totaling $43.6 million to be spent on underground development, $36.9 million towards property, plant and equipment, $21.6 million in exploration and $4.3 million towards corporate automation and efficiency projects. Total capital expenditures in the first half of 2017 totalled $35.4 million, representing approximately 33% of the $106.5 million revised budget. The Company expects capital spending to increase in the second half of 2017 to catch up to program targets, with a majority of the investment focused on underground development, exploration and the completion of the roaster at La Encantada and the tailings filters at San Martin. Furthermore, the Company is now expecting to complete a total of 64,500 metres of underground development in 2017, representing a 14% decrease compared the original budget of 74,850 metres. In addition, the Company is planning to complete a total of 145,000 metres of exploration drilling in 2017, representing a 21% decrease compared to the original budget of 183,000 metres. The Company completed 28,692 metres of development and 58,070 exploration metres in the first half of 2017, representing 44% and 40%, respectively, of the revised budget. A mine-by-mine breakdown of the revised 2017 production guidance is included in the table below. Cash cost and AISC guidance is shown per payable silver ounce. Metal price and foreign currency assumptions for calculating silver equivalent ounces were updated to: silver: $17.00/oz, gold: $1,250/oz, lead: $1.00/lb, zinc: $1.25/lb, MXN:USD 18:1, compared to previous assumptions of: silver: $16.50/oz, gold: $1,200/oz, lead: $1.00/lb, zinc: $1.20/lb, MXN:USD 20:1. *Certain amounts shown may not add exactly to the total amount due to rounding differences. *Consolidated AISC includes general and administrative cost estimates and non-cash costs of $2.67 to $2.83 per payable silver ounce. The Company is projecting its 2017 AISC, as defined by the World Gold Council ("WGC"), to be within a range of $14.40 to $15.50 consolidated on a per payable silver ounce basis, compared to the previous guidance of $11.96 to $12.88. An itemized AISC cost table is provided below: 1. The cash cost per payable silver ounce includes estimated royalties and 0.5% mining environmental fee of $0.12 per ounce. The Company will be holding a conference call and webcast on Friday, August 4, 2017 at 10 am PDT (1 pm EDT). To participate in the conference call, please dial the following: Participants should dial in 10 minutes prior to the conference. Click on WEBCAST on the First Majestic homepage as a simultaneous audio webcast of the conference call will be posted at www.firstmajestic.com. The conference call will be recorded and you can listen to an archive of the conference by calling: The replay will be available approximately one hour after the conference and will available for 7 days following the conference.  The replay will also be available on the Company’s website for one month. First Majestic is a mining company focused on silver production in Mexico and is aggressively pursuing the development of its existing mineral property assets. The Company presently owns and operates six producing silver mines; the La Parrilla Silver Mine, the San Martin Silver Mine, the La Encantada Silver Mine, the La Guitarra Silver Mine, Del Toro Silver Mine and the Santa Elena Silver/Gold Mine. Production from these six mines is projected to be between 10.0 to 10.6 million ounces of pure silver or 15.7 to 16.6 million ounces of silver equivalents in 2017. FOR FURTHER INFORMATION contact info@firstmajestic.com, visit our website at  or call our toll free number 1.866.529.2807. SPECIAL NOTE REGARDING FORWARD-LOOKING INFORMATION This news release includes certain "Forward-Looking Statements" within the meaning of the United States Private Securities Litigation Reform Act of 1995 and applicable Canadian securities laws. When used in this news release, the words “anticipate”, “believe”, “estimate”, “expect”, “target”, “plan”, “forecast”, “may”, “schedule” and similar words or expressions, identify forward-looking statements or information. These forward-looking statements or information relate to, among other things: the price of silver and other metals; the accuracy of mineral reserve and resource estimates and estimates of future production and costs of production at our properties; estimated production rates for silver and other payable metals produced by us, the estimated cost of development of our development projects; the effects of laws, regulations and government policies on our operations, including, without limitation, the laws in Mexico which currently have significant restrictions related to mining; obtaining or maintaining necessary permits, licences and approvals from government authorities; and continued access to necessary infrastructure, including, without limitation, access to power, land, water and roads to carry on activities as planned. These statements reflect the Company’s current views with respect to future events and are necessarily based upon a number of assumptions and estimates that, while considered reasonable by the Company, are inherently subject to significant business, economic, competitive, political and social uncertainties and contingencies. Many factors, both known and unknown, could cause actual results, performance or achievements to be materially different from the results, performance or achievements that are or may be expressed or implied by such forward-looking statements or information and the Company has made assumptions and estimates based on or related to many of these factors. Such factors include, without limitation: fluctuations in the spot and forward price of silver, gold, base metals or certain other commodities (such as natural gas, fuel oil and electricity); fluctuations in the currency markets (such as the Canadian dollar and Mexican peso versus the U.S. dollar); changes in national and local government, legislation, taxation, controls, regulations and political or economic developments in Canada, Mexico; operating or technical difficulties in connection with mining or development activities; risks and hazards associated with the business of mineral exploration, development and mining (including environmental hazards, industrial accidents, unusual or unexpected formations, pressures, cave-ins and flooding); risks relating to the credit worthiness or financial condition of suppliers, refiners and other parties with whom the Company does business; inability to obtain adequate insurance to cover risks and hazards; and the presence of laws and regulations that may impose restrictions on mining, including those currently enacted in Mexico; employee relations; relationships with and claims by local communities and indigenous populations; availability and increasing costs associated with mining inputs and labour; the speculative nature of mineral exploration and development, including the risks of obtaining necessary licenses, permits and approvals from government authorities; diminishing quantities or grades of mineral reserves as properties are mined; the Company’s title to properties; and the factors identified under the caption “Risk Factors” in the Company’s Annual Information Form, under the caption “Risks Relating to First Majestic's Business”. Investors are cautioned against attributing undue certainty to forward-looking statements or information. Although the Company has attempted to identify important factors that could cause actual results to differ materially, there may be other factors that cause results not to be anticipated, estimated or intended. The Company does not intend, and does not assume any obligation, to update these forward-looking statements or information to reflect changes in assumptions or changes in circumstances or any other events affecting such statements or information, other than as required by applicable law.


News Article | February 28, 2017
Site: www.marketwired.com

VANCOUVER, BRITISH COLUMBIA--(Marketwired - Feb. 28, 2017) - FIRST MAJESTIC SILVER CORP. (TSX:FR)(NYSE:AG)(FRANKFURT:FMV)(BVM:AG) (the "Company" or "First Majestic") is pleased to announce the promotion of Dustin VanDoorselaere, previously Vice President of Operations, to the role of Chief Operating Officer (COO) beginning March 1, 2017. Mr. VanDoorselaere, an experienced mining engineer, will be responsible for overseeing all operational functions at each of the Company's six operating silver mines in Mexico. Prior to joining First Majestic in November 2016, Mr. VanDoorselaere held the position of General Manager for Nyrstar, a global metals and mining company, and was responsible for overseeing all aspects of mining operations, including legal and government relations, at the El Mochito mine in Honduras and the Campo Morado mine in Mexico. Prior to Nyrstar, Mr. VanDoorselaere held various operational positions at Goldgroup Mining and Aurico Gold in Mexico. Prior to working in Mexico, Mr. VanDoorselaere held senior operating positions with Redback Mining in Ghana, Norilsk Nickel in Australia, as well as numerous international mining companies within Canada. Salvador García, who previously held the COO position since July 2014, has been appointed to the new position of Country Manager of Mexico and will be responsible for government and stakeholder relations in Mexico. He will represent First Majestic at various political and social functions and will continue to work with Mr. VanDoorselaere, in a supporting role, to maintain positive relationships federally and in the local and state regions in which the Company operates. In addition, First Majestic is also pleased to announce the appointment of Marjorie Co, effective March 1, 2017, to the Company's Board of Directors. Ms. Co brings over 20 years of legal, business and corporate development experience. She currently provides business development and legal advice for technology-focused organizations and start-up companies. Her previous roles have included being the Director of Strategic Relations at Westport Innovations and Chief Development Officer at The Proof Centre of Excellence. Ms. Co was called to the British Columbia Bar in 1996 and is a Member of the Law Society of British Columbia. Ms. Co obtained her Master of Business Administration and Bachelor of Laws degrees from the University of British Columbia, and her Bachelor of Science degree from Simon Fraser University. First Majestic is a mining company focused on silver production in Mexico and is aggressively pursuing the development of its existing mineral property assets. The Company presently owns and operates six producing silver mines; the La Parrilla Silver Mine, the San Martin Silver Mine, the La Encantada Silver Mine, the La Guitarra Silver Mine, Del Toro Silver Mine and the Santa Elena Silver/Gold Mine. Production from these six mines is projected to be between 11.1 to 12.4 million ounces of pure silver or 16.6 to 18.5 million ounces of silver equivalents in 2017. This news release includes certain "Forward-Looking Statements" within the meaning of the United States Private Securities Litigation Reform Act of 1995 and applicable Canadian securities laws. When used in this news release, the words "anticipate", "believe", "estimate", "expect", "target", "plan", "forecast", "may", "schedule" and similar words or expressions, identify forward-looking statements or information. These forward-looking statements or information relate to, among other things: the price of silver and other metals; the accuracy of mineral reserve and resource estimates and estimates of future production and costs of production at our properties; estimated production rates for silver and other payable metals produced by us, the estimated cost of development of our development projects; the effects of laws, regulations and government policies on our operations, including, without limitation, the laws in Mexico which currently have significant restrictions related to mining; obtaining or maintaining necessary permits, licences and approvals from government authorities; and continued access to necessary infrastructure, including, without limitation, access to power, land, water and roads to carry on activities as planned. These statements reflect the Company's current views with respect to future events and are necessarily based upon a number of assumptions and estimates that, while considered reasonable by the Company, are inherently subject to significant business, economic, competitive, political and social uncertainties and contingencies. Many factors, both known and unknown, could cause actual results, performance or achievements to be materially different from the results, performance or achievements that are or may be expressed or implied by such forward-looking statements or information and the Company has made assumptions and estimates based on or related to many of these factors. Such factors include, without limitation: fluctuations in the spot and forward price of silver, gold, base metals or certain other commodities (such as natural gas, fuel oil and electricity); fluctuations in the currency markets (such as the Canadian dollar and Mexican peso versus the U.S. dollar); changes in national and local government, legislation, taxation, controls, regulations and political or economic developments in Canada, Mexico; operating or technical difficulties in connection with mining or development activities; risks and hazards associated with the business of mineral exploration, development and mining (including environmental hazards, industrial accidents, unusual or unexpected formations, pressures, cave-ins and flooding); risks relating to the credit worthiness or financial condition of suppliers, refiners and other parties with whom the Company does business; inability to obtain adequate insurance to cover risks and hazards; and the presence of laws and regulations that may impose restrictions on mining, including those currently enacted in Mexico; employee relations; relationships with and claims by local communities and indigenous populations; availability and increasing costs associated with mining inputs and labour; the speculative nature of mineral exploration and development, including the risks of obtaining necessary licenses, permits and approvals from government authorities; diminishing quantities or grades of mineral reserves as properties are mined; the Company's title to properties; and the factors identified under the caption "Risk Factors" in the Company's Annual Information Form, under the caption "Risks Relating to First Majestic's Business". Investors are cautioned against attributing undue certainty to forward-looking statements or information. Although the Company has attempted to identify important factors that could cause actual results to differ materially, there may be other factors that cause results not to be anticipated, estimated or intended. The Company does not intend, and does not assume any obligation, to update these forward-looking statements or information to reflect changes in assumptions or changes in circumstances or any other events affecting such statements or information, other than as required by applicable law.


A system for determining whether a website is an illegitimate website, the system comprising: a requester module configured to request one or more rules from a host server for a website and to receive a response from the host server in response to a request; an analysis module configured to determine whether a response or lack of a response received by the requester module indicates that the website is an illegitimate website; and a record module configured to store an indication that the website is an illegitimate website, wherein the one or more rules provide one or more instructions to a robot computer program regarding access of the website by the robot computer program.


A system for determining whether a website is an illegitimate website, the system comprising: a requester module configured to request one or more rules from a host server for a website and to receive a response from the host server in response to a request; an analysis module configured to determine whether a response or lack of a response received by the requester module indicates that the website is an illegitimate website; and a record module configured to store an indication that the website is an illegitimate website, wherein the one or more rules provide one or more instructions to a robot computer program regarding access of the website by the robot computer program.


Patent
Majestic | Date: 2015-11-04

A system for the categorisation of interlinked information items, the system comprising: a trust flow module which is configured to receive a seed trust list of one or more first information items, the seed trust list associating the one or more first information items with one or more categories; and a trust flow module configured to: associate a respective trust value with each of the one or more categories for the one or more first information items; and iteratively pass at least part of the or each trust value to one or more further information items to generate, for each of the one or more further information items, at least one accumulated trust value associated with a category of the one or more categories, such that the one or more further information items can be categorised based on the at least one accumulated trust value and associated category.


Patent
Majestic | Date: 2014-11-26

A system for the categorisation of interlinked information items, the system comprising: a trust flow module which is configured to receive a seed trust list of one or more first information items, the seed trust list associating the one or more first information items with one or more categories; and a trust flow module configured to: associate a respective trust value with each of the one or more categories for the one or more first information items; and iteratively pass at least part of the or each trust value to one or more further information items to generate, for each of the one or more further information items, at least one accumulated trust value associated with a category of the one or more categories, such that the one or more further information items can be categorised based on the at least one accumulated trust value and associated category.


News Article | February 22, 2017
Site: www.marketwired.com

You are using an outdated browser For a better experience using this site, please upgrade to a modern web browser.


News Article | February 22, 2017
Site: www.marketwired.com

VANCOUVER, BRITISH COLUMBIA--(Marketwired - Feb. 22, 2017) - FIRST MAJESTIC SILVER CORP. (FRANKFURT:FMV)(TSX:FR)(NYSE:AG)(BVM:AG) (the "Company" or "First Majestic") is pleased to announce the consolidated financial results for the Company's fourth quarter and year ended December 31, 2016. The full version of the financial statements and the management discussion and analysis can be viewed on the Company's website at www.firstmajestic.com, on SEDAR at www.sedar.com and EDGAR at www.sec.gov. All amounts are in U.S. dollars unless stated otherwise. "First Majestic delivered yet another record year of production, realizing the high end of our annual production guidance of 18.7 million silver equivalent ounces while achieving an all-in sustaining cost of $10.79 per ounce that came in well below our cost guidance range of $11.50 to $12.35 per ounce," said Keith Neumeyer, President and CEO of First Majestic. "Our operating cash flows were more than sufficient to internally fund our capital expenditures program in addition to strengthening our treasury to $129.0 million at year end, the highest balance in the Company's history. The cash flows currently being generated are being reinvested in our 2017 budget which is expected to result in production growth in 2018. The key areas of focus in 2017 are the construction of the roasting system at the La Encantada mine and the exploration and development programs at both the La Guitarra mine and the Plomosas project." Full year revenues achieved a new record of $278.1 million, an increase of $58.7 million or 27% compared to 2015, primarily due to a 16% increase in total production and the increase in silver prices. The Company realized an average silver price of $17.16 per ounce in 2016, slightly beating the COMEX annual silver price average of $17.10 per ounce and representing a 7% increase compared to 2015. Annual mine operating earnings totaled $49.2 million, an increase of 464% compared to $8.7 million in 2015. The increase in mine operating earnings was primarily driven by record-breaking production, lower production costs and higher silver prices. The Company generated net earnings of $8.6 million (earnings per share of $0.05) in 2016 compared to a net loss of $108.4 million (loss per share of $0.84) in 2015. In 2015, the Company recorded an impairment charge of $108.4 million, or $70.2 million net of tax, on certain operations and development projects due to the decline in market consensus on long-term silver price forecasts during 2015 and the consequential impact on the Company's Reserves and Resources. Adjusted EPS normalized for non-cash or unusual items, such as impairment of non-current assets, deferred income tax expense or recovery and share-based payments was $0.12 per share in 2016. Cash flows before movements in working capital and taxes increased by 80% to $107.3 million ($0.67 per share) compared to the prior year primarily due record production output and higher silver prices. Cash flows were also more than sufficient to fully fund the Company's capital budget program. The Company ended 2016 with a record $129.0 million in cash and cash equivalents compared to $51.0 million at the end of 2015. In addition, the Company ended the year with a surplus in working capital of $130.6 million compared to $15.6 million at the end of 2015. Revenues generated in the fourth quarter of 2016 totaled $66.2 million, representing a slight increase compared to $66.0 million in the fourth quarter of 2015. The Company realized an average silver price of $17.10 per ounce, relatively in line with the COMEX quarterly silver price average of $17.12 per ounce and representing a 12% increase compared with the fourth quarter of 2015. Mine operating earnings were $9.9 million compared to $3.9 million in the fourth quarter of 2015. The increase was driven by the increase in silver prices, partially offset by a 9% decrease in production. The Company generated net earnings of $1.8 million (earnings per share of $0.01) compared to a net loss of $103.0 million (loss per share of $0.66) in the fourth quarter of 2015. Adjusted for non-cash or unusual items such as impairment of non-current assets, deferred income tax expense or recovery and share-based payments, the Company reported a loss of $0.01 per share. Cash flows before movements in working capital and income taxes were $23.4 million ($0.14 per share), compared to $17.5 million ($0.11 per share) in the fourth quarter of 2015. The Company produced a record 11.9 million ounces of silver in 2016, near the high end of the revised guidance and representing a 6% increase compared to 11.1 million ounces produced in the previous year. The increase was primarily attributed to the addition of the Santa Elena mine for the full year, partially offset by lower production from Del Toro and San Martin, both of which lowered throughput to focus on mining profitable ounces. Total production in 2016 reached a record of 18.7 million silver equivalent ounces, also near the high end of the 2016 guidance, representing an increase of 16% compared to the previous year. The increase in production was primarily attributed to incremental production from Santa Elena, partially offset by lower by-product production from Del Toro and La Parrilla. Cash cost per ounce in the year was $5.92, a decrease of 25% or $1.95 per ounce compared to the previous year and within the Company's guidance. The decrease in cash cost per ounce was attributed to ongoing company-wide cost reduction efforts and a focus on producing profitable ounces, a decrease in smelting and refining costs as a result of renegotiated sales agreements that were effective on July 1, 2016, and weakening of the Mexican pesos against the U.S. dollar. AISC per ounce in 2016 was $10.79, a decrease of 20% or $2.64 per ounce compared to the previous year and is below the revised annual guidance of $11.50 to $12.35 per ounce. The decrease in AISC per ounce was reflective of the Company's ongoing effort to reduce production costs, weakening of the Mexican pesos against the U.S. dollar, as well as the addition of the Santa Elena mine to the Company's portfolio of assets, which became the Company's lowest cost mine. The Company's total capital expenditures in 2016 was $65.9 million, an increase of 6% compared to the prior year, primarily consisting of $15.2 million at Santa Elena, $10.0 million at La Encantada, $11.5 million at Del Toro, $11.1 million at La Parrilla, $6.4 million at San Martin and $9.0 million at La Guitarra. The investments consisted of underground development, exploration, construction and expansion projects and acquisitions of new mining equipment. As previously announced, the Company plans to invest a total of $124.0 million on capital expenditures in 2017 consisting of $46.2 million for sustaining requirements and $77.8 million for expansionary projects. The Company is preparing for future production growth by developing additional mine production levels at each of the Company's operations, preparing for the upcoming expansion at La Guitarra, completing the roasting circuit and preparing for block caving at La Encantada, in addition to the exploration work at Plomosas which is expected to result in a new Preliminary Economic Assessment in 2018. In the fourth quarter, the Company produced 2.8 million ounces of silver, a decrease of 9% compared to the previous quarter, primarily due to a 9% decrease in average silver grade. Total production reached 4.4 million silver equivalent ounces in the fourth quarter, representing a decrease of 3% compared to the previous quarter. The decrease in silver grades is primarily due to lower grades at Del Toro in the month of October due to limited production at the high grade Dolores mine. As a result, the Company increased production rates at the San Juan mine to offset the decrease. Beginning in November, production at the Dolores mine returned to normal operating levels. Average silver grade at La Encantada also decreased 9% compared to the prior quarter primarily due to the continued blending of ore from old stopes, stockpiles and the recovery of pillars. Grades are expected to improve towards the end of 2017 following the start of block caving production within the San Javier Breccia. Cash cost per ounce in the quarter was $6.49, an increase of 11% or $0.65 per ounce compared to the previous quarter. The increase in cash cost per ounce was primarily the result of lower silver grades leading to lower silver production and higher mining contractor costs attributed to ore development activities at the Santa Elena mine. All-in sustaining cost per ounce ("AISC") in the fourth quarter was $12.90, an increase of 23% or $2.38 per ounce compared to the previous quarter. The increase in AISC was primarily attributed to an increase in sustaining capital expenditures to catch up with program targets in addition to higher cash cost per ounce. Capital expenditures in the fourth quarter were $25.7 million, an increase of 24% compared to the prior quarter, primarily consisting of $3.2 million at Santa Elena, $5.6 million at La Encantada, $4.0 million at Del Toro, $5.0 million at La Parrilla, $2.2 million at San Martin and $4.3 million at La Guitarra. In the fourth quarter of 2016, the Company entered into two option agreements to acquire additional mining concessions around the Del Toro and Santa Elena mines. In October 2016, the Company entered into an agreement to acquire an additional 7,205 hectares of mining concessions near Del Toro for the total purchase price of $1.5 million, payable over six equal payments every six months, with $0.3 million having been paid as of December 31, 2016. In addition, the Company entered into an option agreement in December 2016 with Compania Minera Dolores, S.A. de C.V., a subsidiary of Pan American Silver Corp., to acquire 5,802 hectares of mining concessions adjacent to the Santa Elena mine. In exchange, First Majestic has agreed to incur $1.6 million in exploration costs on the property over four years, a 2.5% NSR royalty on the related concessions, and to pay $1.4 million in cash, of which $0.1 million was due on or before the date of agreement (paid), $0.2 million in December 2017, $0.2 million in December 2018, $0.3 million in December 2019 and $0.7 million in December 2020, respectively. The Company will be holding a conference call and webcast on Wednesday, February 22, 2017 at 10 am PDT (1 pm EDT). To participate in the conference call, please dial the following: Participants should dial in 10 minutes prior to the conference. Click on WEBCAST on the First Majestic homepage as a simultaneous audio webcast of the conference call will be posted at www.firstmajestic.com. The conference call will be recorded and you can listen to an archive of the conference by calling: The replay will be available approximately one hour after the conference and will available for seven days following the conference. The replay will also be available on the Company's website for one month. First Majestic is a mining company focused on silver production in Mexico and is aggressively pursuing the development of its existing mineral property assets. The Company presently owns and operates six producing silver mines; the La Parrilla Silver Mine, the San Martin Silver Mine, the La Encantada Silver Mine, the La Guitarra Silver Mine, Del Toro Silver Mine and the Santa Elena Silver/Gold Mine. Production from these six mines is projected to be between 11.1 to 12.4 million ounces of pure silver or 16.6 to 18.5 million ounces of silver equivalents in 2017. This news release includes certain "Forward-Looking Statements" within the meaning of the United States Private Securities Litigation Reform Act of 1995 and applicable Canadian securities laws. When used in this news release, the words "anticipate", "believe", "estimate", "expect", "target", "plan", "forecast", "may", "schedule" and similar words or expressions, identify forward-looking statements or information. These forward-looking statements or information relate to, among other things: the price of silver and other metals; the accuracy of mineral reserve and resource estimates and estimates of future production and costs of production at our properties; estimated production rates for silver and other payable metals produced by us, the estimated cost of development of our development projects; the effects of laws, regulations and government policies on our operations, including, without limitation, the laws in Mexico which currently have significant restrictions related to mining; obtaining or maintaining necessary permits, licences and approvals from government authorities; and continued access to necessary infrastructure, including, without limitation, access to power, land, water and roads to carry on activities as planned. These statements reflect the Company's current views with respect to future events and are necessarily based upon a number of assumptions and estimates that, while considered reasonable by the Company, are inherently subject to significant business, economic, competitive, political and social uncertainties and contingencies. Many factors, both known and unknown, could cause actual results, performance or achievements to be materially different from the results, performance or achievements that are or may be expressed or implied by such forward-looking statements or information and the Company has made assumptions and estimates based on or related to many of these factors. Such factors include, without limitation: fluctuations in the spot and forward price of silver, gold, base metals or certain other commodities (such as natural gas, fuel oil and electricity); fluctuations in the currency markets (such as the Canadian dollar and Mexican peso versus the U.S. dollar); changes in national and local government, legislation, taxation, controls, regulations and political or economic developments in Canada, Mexico; operating or technical difficulties in connection with mining or development activities; risks and hazards associated with the business of mineral exploration, development and mining (including environmental hazards, industrial accidents, unusual or unexpected formations, pressures, cave-ins and flooding); risks relating to the credit worthiness or financial condition of suppliers, refiners and other parties with whom the Company does business; inability to obtain adequate insurance to cover risks and hazards; and the presence of laws and regulations that may impose restrictions on mining, including those currently enacted in Mexico; employee relations; relationships with and claims by local communities and indigenous populations; availability and increasing costs associated with mining inputs and labour; the speculative nature of mineral exploration and development, including the risks of obtaining necessary licenses, permits and approvals from government authorities; diminishing quantities or grades of mineral reserves as properties are mined; the Company's title to properties; and the factors identified under the caption "Risk Factors" in the Company's Annual Information Form, under the caption "Risks Relating to First Majestic's Business". Investors are cautioned against attributing undue certainty to forward-looking statements or information. Although the Company has attempted to identify important factors that could cause actual results to differ materially, there may be other factors that cause results not to be anticipated, estimated or intended. The Company does not intend, and does not assume any obligation, to update these forward-looking statements or information to reflect changes in assumptions or changes in circumstances or any other events affecting such statements or information, other than as required by applicable law.

Loading Majestic collaborators
Loading Majestic collaborators