Vancouver, British Columbia--(Newsfile Corp. - March 20, 2014) - National Bank Financial has initiated coverage on SilverCrest Mines (TSX: SVL) (NYSE MKT: SVLC), which recently graduated to the Toronto Stock Exchange from the TSX Venture Exchange. Analyst Shane Nagle gives the company an outperform rating and a 12-month price target of $3.25, a premium of 25% to the $2.61 price on March 17th, the day his report was issued.

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SilverCrest’s flagship property is the 100%-owned Santa Elena Mine, located 150 kilometres northeast of Hermosillo, in the State of Sonora, Mexico.

Transition of Santa Elena from heap leach to a milling operation is nearing completion. Once commissioned, the 3,000 tonne per day circuit will help improve silver recoveries and increase production as the company begins processing higher grade underground ore later this year. During the fourth quarter of 2013, the Santa Elena mine produced a record 228,787 silver ounces almost 50% more than the same quarter in 2012. National Bank models production growth to 4.8 million ounces per year of silver equivalent at US$9.00 per ounce cash costs in 2015.

National Bank believes the Ermitano Property, recently optioned from Evrim Resources (TSXV: EVM), fits the company’s strategy of low-risk, stepwise growth. Exploration work on the Ermitano Property will be underway in 2014, and if successful, they estimate that ore could be shipped to an expanded Santa Elena mill, located approximately four kilometres to the southeast, in as little as two to three years.

SilverCrest ended the year with an estimated US$19 million in cash, and with the recent $23 million equity raise and US$10 million from Sandstorm Gold, the company is well funded.

Analyst Shane Nagle stated, “Our outperform rating is rooted in the fully-funded status of the phase II expansion, combined with the company’s solid financial position and comparably low all-in sustaining cash costs of US$13.25 per ounce silver equivalent. We believe that a successful ramp-up of production, the demonstration of potential for additional low-cost expansion opportunities and the scarcity of high-quality single asset precious metal producers make SVL an attractive target.”

For more information, please visit the company’s website at www.silvercrestmines.com, or contact Fred Cooper at 1-866-691-1730 or email [email protected].

For more information about National Bank Financial or to obtain a copy of their research report, contact your nearest National Bank Financial office. Their branches are listed on their website at www.nbf.ca.

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