SilverCrest Updates Santa Elena Mine Construction
VANCOUVER, BC - SilverCrest Mines Inc. reported that mine construction activities at its 100% owned Santa Elena mine located in Sonora, Mexico are progressing on schedule and currently under budget. Santa Elena will be a high grade gold and silver, open pit heap leach mine that is expected to make its initial pour of gold and silver by mid-year and is scheduled to reach commercial production in the fourth quarter of this year. The estimated capital cost of the fully financed project is $US 20.0 million and the 2,500 tonne per day facility is expected to produce approximately 35,000 ounces of gold and 600,000 ounces of silver per year over a 7 year mine life at an estimated life of mine cash cost of less than US$375 per ounce of gold equivalent. The Santa Elena project is fully financed and major site preparation has been underway since September, 2009.
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