SilverCrest Mines (T.SVL) dips 11% on filing US$8.5 mil net earnings for 2013

According to the news release, the company generated net earnings of US$8.5 million or $0.08 per share for the year with cash flow from operations hitting US$26.1 million or $0.24 per share for the same period.

The company still maintains a $40.0 million fully available credit facility with Scotiabank as of December 31, 2013.

Company president and COO, N. Eric Fier, commented, “2013 was another successful year for SilverCrest, notwithstanding the lower precious metals price environment.”

He went on to illustrate, “The Santa Elena mine delivered strong production and operating cost performance throughout 2013 which allowed SilverCrest to deliver robust financial results.”

Then detailed, “Management are pleased that Santa Elena achieved a cash operating cost of $7.78 per silver equivalent ounce sold compared to Company guidance of $8.50 and an all-in sustaining cash cost per silver equivalent ounce sold(2) of $13.05 which also beat Company guidance of $13.45. SilverCrest maintained its strong balance sheet through disciplined cost management and securing a $40 million credit facility with Scotiabank.”

And finally concluded, “SilverCrest will continue to focus on delivering strong operating results and optimizing our operating cash flow as we complete the Santa Elena Expansion and increase production in 2014 to approximately 3.3 million to 3.6 million silver equivalent ounces (Ag:Au 60:1).”

Shares dropped 11.84% on the news to $2.01 per share.

Currently there are 109.9m outstanding shares with a market cap of $220.8 million.