First Majestic Silver Corp - President and CEO, Keith Neumeyer
President and CEO, Keith Neumeyer
Source: Satori Traders
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  • First Majestic Silver (FR) has released its third-quarter production results for its four producing operations
  • Total production across operations reached a new record this quarter of 7.3 million silver equivalent ounces
  • In total, the company has 27 active drill rigs that completed a total of 50,472 metres of exploration over the quarter
  • First Majestic is a publicly traded mining company focused on silver and gold production in Mexico and the United States
  • First Majestic Silver Corp. (FR) is currently down 0.28 per cent, trading at $14.09 per share

First Majestic Silver (FR) has released its third-quarter production results for its four producing operations.

The company’s operations include the San Dimas Silver/Gold Mine, the Jerritt Canyon Gold Mine, the Santa Elena Silver/Gold Mine and the La Encantada Silver Mine.

Total production across operations reached a new record this quarter of 7.3 million silver equivalent ounces, consisting of 3.3 million ounces of silver and 54,525 ounces of gold.

In the first nine months of 2021, the company has produced approximately 69 per cent of its 2021 guidance midpoint goal of producing 25.7 to 27.5 million ounces.

The company has continued to extract mineralized material from the Ermitaño deposit at Sant Elena and expects to begin initial batch-test processing in the next several months.

In total, the company has 27 active drill rigs that completed a total of 50,472 metres of exploration over the quarter across its mining operations.

Keith Neumeyer, president and CEO of First Majestic, commented on the production results.

“The record quarter,” said Mr. Neumeyer, “was primarily due to having a full quarter of production from the Jerritt Canyon operation in addition to continued strong production performance at San Dimas and La Encantada.

At the end of the third quarter, the company held 1.4 million ounces of silver in inventory due to suppressed silver prices in the third quarter. Silver sales are anticipated to resume in the fourth quarter.

“We decided to suspend silver sales for the third time in the company’s history in an attempt to realize higher prices,” said Mr. Neumeyer.

“Looking ahead,” he added, “we anticipate higher grades to drive production growth at San Dimas, Jerritt Canyon and Santa Elena in the fourth quarter and into 2022.”

First Majestic is a publicly-traded mining company focused on silver and gold production in Mexico and the United States. It is aggressively pursuing the development of its existing mineral property assets.

First Majestic Silver Corp. (FR) is currently down 0.28 per cent, trading at $14.09 per share as of 11:44 am ET.

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