"We are pleased with the strong start to 2015. Santa Elena's record AgEq (3) production delivered solid Q1, 2015 financial results, generating cash flow from operations (1)(2) of $7.3 million and net earnings of $2.5 million . We are confident in Santa Elena's ability to continue to generate positive cash flows during 2015, notwithstanding the lower precious metals price environment. We are pleased our tight cost control measures and record production resulted in cash operating cost (1)(2) of $8.49 per AgEq (3) ounce sold and all-in sustaining cash cost (2) of $11.25 per AgEq(3) ounce sold.
"We have made an excellent start to the year operating well within our production and cost guidance and look forward to a year of execution on our key expansion project at the San Jose mine." Mr. Ganoza continued, "On March 30th we announced the expansion our credit facility to $60 million giving us access to liquidity of over $130 million, providing significant additional financial flexibility in this period of growth for the Company."
SilverCrest Mines Inc. (“SilverCrest” or the “Company”) is pleased to announce initial results of its accelerated underground exploration of the El Cholugo Zone (“El Cholugo” or the “Zone”) located immediately adjacent to the Main Mineralized Zone (“MMZ”) currently in production at the Santa Elena Mine, Sonora, Mexico. SilverCrest's recently released technical report titled, “Update to Santa Elena Pre-Feasibility Study, Sonora, Mexico” (“PFS”), contemplated the exploration and development of El Cholugo in 2016.
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