VANCOUVER, BRITISH COLUMBIA--(Marketwire -10/12/11)- First Majestic Silver Corp. ("First Majestic" or the "Company") (TSX: FR.TO - News)(NYSE: AG - News)(Frankfurt: FMV.F - News)(WKN: A0LHKJ) is pleased to announce that total production at its three mines in Mexico for the third quarter ending September 30, 2011 reached 1,791,770 equivalent ounces of silver.
The total equivalent silver production for the quarter consisted of 1,708,865 ounces of silver, representing a small decrease of 4% from the prior quarter and a decrease of 6% compared to the same quarter in 2010. In addition, 1,891,991 pounds of lead was produced representing a 36% increase from the previous quarter and an increase of 52% compared to the same quarter in the previous year. Also, 409 ounces of gold was produced, representing an increase of 21% compared to the previous quarter and an increase of 27% compared to the third quarter of 2010.
As announced on September 20, 2011, the new 1,000 tpd La Parrilla flotation circuit began operations in early September. The Company is pleased to announce that this new circuit has been deemed commercial effective October 1, 2011. Incremental production, revenues and operating costs associated with this new flotation circuit was capitalized in the quarter ended September 30, 2011. Effective October 1, 2011, all revenues and costs will be treated as normal course operations and recorded in the Company's income statement rather than being capitalized as pre-production, or pre-operating. For the third quarter, ending September 30, 2011 pre-commercial production was 34,316 ounces of silver contained in lead concentrates produced at the new La Parrilla flotation circuit.
Keith Neumeyer, President & CEO of First Majestic states; "Our focus in the third quarter paid off with the completion of the new flotation circuit at La Parrilla. With two major construction projects underway our operations staff deserve to be commended by coming close to budget this quarter. The way is now paved for a record fourth quarter and a great start to 2012."
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