Pan American Silver reported on the company’s financial activity in the first quarter of 2012 and also issued an operational update on its gold and silver mining operations.
Pan American Silver reported production of 19,946 ounces of gold in the quarter ending 3/31/2012, up 5% compared to the first quarter of 2011. The company said that growth was due to higher production at the Manantial Espejo mine in Argentina.
Pan American Silver also reported higher silver production in the most recent quarter, with production of 5.5 million ounces, up 3% from last year’s first quarter. The higher production was led by output from the company’s mine in Peru, where production jumped by 18%. The silver mine at San Vicente mine also saw a sharp increase in production, with 900,000 ounces produced in the quarter, up by 34%.
Pan American Silver issued production guidance for the last three quarters of 2012 and expects to produce from 24.25 to 25.5 million ounces of silver at a cash cost between $11.50 and $12.50 per ounce. Production of gold is estimated to range between 124,000 and 133,000 ounces, with the start up of production from the Dolores mine.
Pan American Silver also hopes to finish a feasibility study at the Navidad development project before the end of 2012.
For more information on the company, go to www.panamericansilver.com
About MissionIR
MissionIR is committed to connecting the investment community with companies that have great potential and a strong dedication to building shareholder value. We know our reputation is based on the integrity of our clients and go to great lengths to ensure the companies represented adhere to sound business practices.
Sign up for “The Mission Report” at www.MissionIR.com
Please see disclaimer on the MissionIR website http://www.missionir.com/disclaimer.html
