SilverCrest Mines Inc. (TSX:SVL; NYSE MKT:SVLC) is a Canadian precious metals producer headquartered in Vancouver, BC. SilverCrest’s flagship property is the 100%‐owned Santa Elena Mine, located 150 km northeast of Hermosillo, near Banamichi in the State of Sonora, México. The mine is a high‐grade, epithermal silver and gold producer, with an estimated life of mine of 8 years and operating cash costs of $11 per ounce of silver equivalent (55:1 Ag:Au) for the open pit heap leach and underground mine. SilverCrest anticipates that the new 3,000 tonnes per day conventional mill facility at the Santa Elena Mine should recover an average annual rate of 1.5 million ounces of silver and 32,800 ounces of gold over the current reserve. Major expansion and construction of the 3,000 tonnes per day conventional mill facility is nearing completion and is expected to significantly increase metals production at the Santa Elena Mine (open pit and underground) in 2014 and beyond. Exploration programs continue to make new discoveries at Santa Elena and also have rapidly advanced the definition of a large polymetallic deposit at the La Joya property in Durango State with stated resources of almost 200 million ounces of Ag equivalent.
SilverCrest Mines (CVE:SVL)(NYSE MKT:SVLC) has appointed Marcio Fonseca to VP of corporate development, the silver miner said Thursday afternoon.
Fonseca will be responsible for developing and implementing all aspects of SilverCrest's corporate development opportunities designed to accelerate the company's growth and enhance its shareholder's value.
The company said Fonseca has more than 20 years of experience in international mine finance, corporate and project evaluation. Most recently, he was a division director in Macquarie Metals and Energy Capital, where he was focused on equity and debt financing for the mining sector.
Prior to that, Fonseca held positions in business development, project development, operations and exploration withVale and Phelps Dodge in Latin America.
"Mr. Fonseca's broad skill set and experience in international mining finance and project development will be extremely valuable in the advancement of the Company's position as a mid-tier precious metals producer," president J. Scott Drever said.
Earlier this week, SilverCrest announced the long-awaited resource update for its La Joya project, increasing the total inferred resource to 198.6 million ounces of silver equiValent, up from 101.9 million ounces previously, based on a 15 g/t cut-off.
The silver miner achieved commercial production in mid-2011. It has two primary assets - the producing Santa Elena mine and La Joya property in Mexico. The company produced 2.37 millon ounces of silver equiValent last year, and Cormark Securities recently said it is on track to become a 5.0 millon plus producer within the next two years, with additional upside from the "rapidly expanding" La Joya project.