Silvercrest earns $2.46-million (U.S.) in Q1

2014-05-14 20:12 ET - News Release

Mr. Eric Fier reports

SILVERCREST REPORTS Q1 2014 FINANCIAL RESULTS

Silvercrest Mines Inc. has released its financial results for the first quarter ended March 31, 2014. All financial information is prepared in accordance with IFRS (international financial reporting standards) and all dollar amounts are expressed in U.S. dollars unless otherwise specified. The information in this news release should be read in conjunction with the company's unaudited condensed consolidated interim financial statements for the three months ended March 31, 2014, and the associated MD&A (management's discussion and analysis), which are available from the company's website and under the company's profile on SEDAR.

N. Eric Fier, president and chief operating officer, stated: "We are pleased with the steady start to 2014, for which operating costs and production were consistent with budget, although our financial performance compared to the first quarter of 2013 was impacted by lower metal prices. Our all-in sustaining cash costs per silver equivalent ounce sold at $9.71 continues to makes us one of the lowest-cost precious metal producers. With the commissioning of our new 3,000-tonne-per-day mill, Silvercrest is well positioned to continue to generate strong operating cash flows in H2 2014, with continued strengthening of its cash position of $54.5-million at March 31, 2014."

Financial highlights of the first quarter of 2014 compared with the first quarter of 2013:

Conference call

A conference call to discuss the results will be held on Thursday, May 15. The call will be held at 10 a.m. PT (1 p.m. ET). To participate in the conference call, please dial the following:

Local/international: 416-849-5572

North American toll-free: 1-866-809-6768

A replay of the conference call will be archived for later playback on the company's website.