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Wednesday, 22 August 2012
SilverCrest Mines to begin trading on US-based NYSE MKT exchange
SilverCrest Mines (CVE:SVL)(OTCQX:STVZF) said Wednesday that its shares have been approved for listing on the NYSE MKT in New York.
The shares will begin trading on the US exchange on August 27 under the trading symbol "SVLC".
SilverCrest's shares will also continue to be listed on the TSX Venture Exchange under the symbol "SVL".
"This NYSE MKT listing represents another significant milestone in SilverCrest's growth," said company president, J. Scott Drever.
"The listing is expected to provide greater trading accessibility for investors in the United States and internationally."
The silver producer operates in Mexico with its headquarters based in Vancouver, BC.
Its flagship property is the 100 per cent-owned Santa Elena Mine, which is located 150 kilometres northeast of Hermosillo, near Banamichi in the State of Sonora, Mexico.
SilverCrest anticipates that the 2,500 tonnes per day facility should recover around 4.8 million ounces of silver and 179,000 ounces of gold over the 6.5 year life of the open pit phase.
A three year expansion plan is underway to double metals production at the project, and exploration programs are advancing the definition of a large polymetallic deposit at the La Joya property in Durango, Mexico.
Last week, the company posted a sharp increase in earnings for the second quarter as cash operating costs declined and revenues nearly doubled year-over-year.
For the quarter that ended June 30, comprehensive earnings amounted to $9.2 million, or 10 cents per share, way up from $0.8 million, or 1 cent per share, a year ago.
The increase was driven by higher silver and gold sales volumes, and a positive marked-to-market derivative impact, the company said, partially offset by lower realized precious metal prices and a higher tax expense.
Cash flow from operations more than doubled in the quarter to $7.2 million, from $2.9 million a year earlier.
Revenues rose 87 per cent to $16.0 million on sales of 124,739 silver ounces and 8,679 gold ounces.
Meanwhile, cash operating cost per silver equivalent ounce sold decreased 16 per cent to $6.94 - below the company's budget of $8.20 per ounce. The decline was due to a sharp increase in production volumes, crusher throughput and gold to silver ratio.