First Majestic Reports Big Rise In Reserves
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First Majestic Silver Corp. (NYSE: AG; TSX: FR) reports that proven and probable reserves increased 46% to 170.9 million silver-equivalent ounces in 2018 at its existing properties in Mexico. “This increase reflects the incorporation of the high grade reserves of the San Dimas mine after its acquisition on May 10, 2018 and the results of the infill exploration and development programs, offset by the effect of mining depletion, the reduction of reserves primarily at San Martin and La Parrilla, the elimination of reserves from La Guitarra, which was put in care and maintenance in August 2018, as well as the impact of lower metal price assumptions,” the company says. First Majestic completed 211,695 meters of diamond drilling at its operating mines in 2018, a 35% increase from the prior year. Measured and indicated resources increased 82% to 259.8 million silver-equivalent ounces, while inferred resources increased 3% to 212.7 million silver-equivalent ounces.