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SilverCrest pours first silver and gold at its Las Chispas mine in Mexico

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(Kitco News) - SilverCrest Metals (TSX: SIL) today reported the first pour of silver and gold at the company’s Las Chispas mine located in Sonora, Mexico.

The company said that the first precious metal pour was completed on June 30, 2022 and consisted of 312 kilograms of dore with approximately 9,200 ounces of silver and 100 ounces of gold.

SilverCrest noted that overall, the plant commissioning is tracking in-line with the company’s objective to reach nameplate capacity of 1,250 tonnes per day, adding that metallurgical recoveries are expected to reach feasibility study parameters in 2023 and results observed to date are tracking toward these objectives.

CEO N. Eric Fier commented, "This marks another significant milestone in progressing towards commercial production in Q4, 2022. It is with great pride that I acknowledge the hard work of our team and thank everyone who has contributed to the completion of construction of Las Chispas, ahead of schedule and under budget, and all of those dedicated to commissioning the mine."

SilverCrest is a Canadian precious metals exploration and development company headquartered in Vancouver, BC, that is focused on new discoveries, value-added acquisitions and near-term production in Mexico’s historic precious metal districts.

The company’s top priority is on the high-grade, historic Las Chispas mining district in Sonora, Mexico, where it has completed construction of its Las Chispas project and is proceeding with commissioning.

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The project’s feasibility study outlines average annual production of 12.4 Moz AgEq from 2023 through 2029, with net free cash flow beginning in 2023. On an after-tax basis, Las Chispas generates a Base Case NPV(5%) of $486.3 million, IRR of 52%, and a payback period of 1.0 year.

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