VANCOUVER, BC – February 26, 2015 – SilverCrest Mines Inc. (“SilverCrest” or the “Company”) (TSX: SVL NYSE MKT: SVLC ) announced today that N. Eric Fier, President and Chief Operating Officer, has taken a partial leave of absence to deal with certain matters of personal health. Dunham L. Craig, Director, has been appointed Interim President and will assume the President’s responsibilities on a temporary basis until further stages of a succession plan developed by the Board of Directors can be implemented. Mr. Fier will remain as COO and Director of SilverCrest until such time as he is able to return to his duties on a full time basis. In his absence, SilverCrest will rely on the depth and experience of its management to professionally execute its stated business objectives.
The Board’s succession plan has Mr. Fier stepping into the CEO position upon J. Scott Drever’s anticipated retirement as CEO in the coming year which is now expected to coincide with Mr. Fier's return. As a result, the Company has embarked on a search for a new full-time President in anticipation of Mr. Fier’s return to the Company in this new position.
J. Scott Drever, CEO and Director stated: “Eric will need time away from his full slate of corporate responsibilities to recuperate from certain required medical procedures. Eric is a key member of the SilverCrest team and the Board of Directors. All his colleagues and company employees wish him a speedy recovery so that he may continue his extraordinary contributions to the growth and continued success of SilverCrest. Eric has our full support throughout this challenging period for him.”
As interim President, Dunham Craig brings over 26 years of professional mining and management experience to assist SilverCrest in Eric's absence. Mr. Craig's experience in the mining industry has encompassed all aspects of mining and operations, progressing from exploration discovery to feasibility, financing, permitting, construction and production related to two mines. He has extensive experience in Canada, Central America and Mexico with groups such as Wheaton River Minerals Inc. and Glencairn Gold Inc. and has worked in development, construction and production in Latin America for over 15 years.
Mr. Craig will be directly working with Mr. Fier and other members of the Board and management group to transition Presidential responsibilities so that the Company’s strategic plan for growth may continue without interruption.
SilverCrest Mines Inc. (NYSE MKT: SVLC; TSX: SVL) is a Canadian precious metals producer headquartered in Vancouver, BC. SilverCrest’s flagship property is the 100%â€owned Santa Elena Mine, located 150 km northeast of Hermosillo, near Banamichi in the State of Sonora, México. The mine is a highâ€grade, epithermal silver and gold producer, with an estimated life of mine of 7 years at an average operating cash cost of $11 per ounce of silver equivalent (55:1 Ag:Au). SilverCrest anticipates that the new 3,000 tonnes per day conventional mill facility at the Santa Elena Mine should recover an average of 1.5 million ounces of silver and 32,800 ounces of gold per annum over the current reserve life. Exploration programs continue to result in new discoveries at Santa Elena and the surrounding area. SilverCrest has also rapidly advanced the definition of a large polymetallic deposit at the La Joya property in Durango State, Mexico.
CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS
This news release contains “forward-looking statements” within the meaning of Canadian securities legislation and the United States Securities Litigation Reform Act of 1995. These include, without limitation, statements with respect to: the life of mine; the amount of expected grades and ounces of metals and minerals over any period; average operating cash costs; and expectations for the exploration and development of the Company’s properties.
These forward-looking statements relate to analyses and other information that are based on, without limitation, the following estimates and assumptions: the presence of and continuity of metals at the Company’s projects; cost of production and productivity levels; the availability and costs of mining equipment and skilled labour; accuracy of the interpretations and assumptions used in calculating reserve and resource estimates; and operations not being disrupted or delayed by unusual geological or technical problems.
Forward-looking statements are subject to a variety of known and unknown risks, uncertainties and other factors which could cause actual events or results to differ from those expressed or implied by the forward-looking statements, including, without limitation: risks related to precious and base metal price fluctuations; risks related to fluctuations in the currency markets; risks related to the inherently dangerous activity of mining, including conditions or events beyond our control, and operating or technical difficulties in mineral exploration, development and mining activities; uncertainty as to actual capital costs, operating costs and economic returns; risks related to reserves and mineral resource figures being estimates based on interpretations and assumptions which may result in less mineral production under actual conditions than is currently estimated and to diminishing quantities or grades of mineral reserves as properties are mined; and risks related to governmental regulations and obtaining necessary licenses and permits.
Should one or more of these risks and uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those described in the forward-looking statements. The Company’s forward-looking statements are based on beliefs, expectations and opinions of management on the date the statements are made. For the reasons set forth above, investors should not place undue reliance on forward-looking statements. The Company undertakes no obligation to update or revise any forward-looking statements, except as otherwise required by applicable law.
Contact: Fred Cooper
Telephone: (604) 694-1730 ext. 108
Fax: (604) 694-1761
Toll Free: 1-866-691-1730
Suite 501 - 570 Granville Street, Vancouver, BC Canada V6C 3P1
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