Santacruz Silver Announces Higher First Quarter Net Profit As Silver Equivalent Production Jumps 97%

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(Kitco News) – Santacruz Silver Mining (TSXV:SCZ) today announced that its first quarter 2022 consolidated silver equivalent production increased 97% to 1,391,589 ounces from 706,978 ounces in the first quarter of 2021. .

The company explained that this increase is largely due to production from the Bolivian operations acquired in March 2022 and a 39% increase in production from the Zimapan mine, offset by the absence of production from the Rosario project following its collapse. sale in December 2021.

The increase in silver equivalent production at the Zimapan mine in the first quarter of 2022 compared to the first quarter of 2021 is mainly due to a 22% increase in mineralized material processed at the Zimapan crushing plant, Santacruz added.

The company also said its revenue and gross profit increased to $42.9 million (Q1 2021: $11.1 million) and $19.4 million (Q1 2021: $2.2 million). dollars) respectively.

“These positive results are primarily due to the inclusion of the Bolivian operations that were acquired during the period,” the company said in a statement.

The company also reported net income of $7.1 million for the quarter ended March 31, 2021 (Q1 2021: $6.5 million).

CEO Carlos Silva said, “During this first quarter, we have started to see the contribution of our recently acquired Bolivian assets with record revenues and profits. In our Mexican operations, we anticipate increased production from new stopes and less low-grade mineralized material from development work. is expected to reduce our AISC at Zimapan starting in the third quarter.

“The first quarter marked a strong start to the year for Santacruz Silver and we are looking forward to a full quarter of results from our Bolivian operations rather than a few (13) days of operations as occurred in the first quarter. transition and integration process is going well and we are very optimistic for the future.”

The Company is engaged in the operation, acquisition, exploration and development of mineral properties in Latin America, primarily focusing on silver and zinc, but also lead and copper.

The Company currently has six projects in production, the Zimapan mine, the Bolivar, Porco, Tres Amigos, Reserva and Colquechaquita mines, holds two exploration properties in its portfolio of mining properties, the La Pechuga property and the Santa Gorgonia prospect, and a development project, the Soracaya project in addition to the San Lucas ore supply and trading activities.

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