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Silvermex Resources Announces Q1 2012 Financial Results
Published : May 15, 2012
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Mots clés associés :   G Mexico |

VANCOUVER, BRITISH COLUMBIA--(Marketwire - May 15, 2012) - Silvermex Resources Inc. ("Silvermex") (News - Market indicators) reported today its unaudited financial results for the quarter ended March 31, 2012.

Highlights from the quarter, which should be read in conjunction with the unaudited financial statement and management's discussion and analysis available at www.silvermexresources.com and www.sedar.com, include:

  • The Company entered into a definitive agreement with First Majestic Silver Corp. ("First Majestic") in which First Majestic has agreed to acquire all of the issued and outstanding common shares of Silvermex. The terms of the agreement are discussed in detail in the company's news release dated April 3, 2012.
  • Revenues of $2.93 million were achieved from the sale of 57,399 ounces of silver and 862 ounces of gold.
  • The La Guitarra mine produced at a rate of 336 tonnes per day ("tpd") totaling 26,869 tonnes of ore, representing a 64% increase from the same period in 2011.
  • Total production equalled 101,158 ounces of silver and 1,136 ounces of gold.
  • Average realized silver price was US$32.89 per ounce and average realized gold price was US$1,690.16.

The Company achieved a gross profit of $96,000 for the three months ended March 31, 2012, on sales of silver and gold of $2.9 million compared with a gross profit of $1.7 million on sales of silver and gold of $3.9 million for the comparative 2011 period. The decrease in sales in the period was due to lower ounces produced and an increase in concentrate inventory. For the first three months of 2012, the Company mined from a zone with lower grade ore, as well as more complex metallurgy, which resulted in lower recoveries in the period. Consequently, the ounces produced decreased contributing to the lower sales and higher unit processing costs. Additionally, inventory in the period was stockpiled as the Company's refiner had difficulty obtaining cyanide for processing causing the company to delay shipments of concentrate. Subsequent to the three months ended March 31, 2012, the Company entered into a one-off sale agreement with a different refinery for the processing of 600 tonnes of gold and silver concentrate out of inventory.

Silver production for the first quarter of 2012 decreased 24.6% over the fourth quarter of 2011 while gold production increased by 12.5%. The decreased silver production in the quarter was due to a decrease in overall grade and a slight decrease in silver recovery. The increase in gold production was a result of improved gold recovery in the period.

Michael Callahan, Silvermex's President, commented on this quarter's results: "Although overall production was down from the previous quarter, we were able to operate the plant at more than our projected 320 tons per day. Now that we are mining from all three areas of the mine, which have different metallurgical characteristics, our focus is to determine the right blend of the various ore's that will optimize throughput, recovery and gross margin."

Company Profile

Silvermex Resources Inc. is a publicly traded mining company focused in Mexico and led by a highly qualified team of professionals from some of the most notable companies in the silver mining sector. The Company's portfolio of projects ranges from early stage exploration to production. Its core asset is the producing La Guitarra silver-gold mine located in the Temascaltepec Mining District of Mexico. Silvermex is currently working to identify future production centers through extensive exploration programs to further develop the district. Silvermex is well financed to further develop resources organically from its multiple projects as well as from the acquisition of additional assets that will drive production growth.

ON BEHALF OF THE BOARD

Duane Nelson, CEO & Director

This News Release contains forward-looking statements. Forward looking statements are statements which relate to future events. In some cases, you can identify forward-looking statements by terminology such as "may", "should", "expects", "plans", "anticipates", believes", "estimates", "predicts", "potential", or "continue" or the negative of these terms or other comparable terminology. These statements are only predictions and involve known and unknown risks, uncertainties and other factors that may cause our actual results, level of activity, performance or achievements to be materially different from any future results, levels of activity, performance, or achievements expressed or implied by these forward-looking-statements. Management has assumed that these will be our major projects going forward. Risks include that we are unable to satisfy environmental or other regulators, that we determine that our resources are not commercially viable, or that we have difficulties due to unavailability of labour or equipment.

While these forward-looking statements, and any assumptions upon which they are based, are made in good faith and reflect our current judgment regarding the direction of our business, actual results will almost always vary, sometimes materially, from any estimates, predictions, projections, assumptions or other future performance suggests herein. Except as required by applicable law the Company does not intend to update any forward-looking statements to conform these statements to actual results.

Neither the Toronto Stock Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Exchange) accepts responsibility for the adequacy or accuracy of this release.

Silvermex Resources Inc.
Fiona Grant
Manager, Investor Relations
604-682-4004
www.silvermexresources.com

Silvermex Resources Ltd.

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CODE : SLX.TO
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Silvermex Res. est une société de production minière d'argent basée au Canada.

Silvermex Res. est productrice d'argent, d'or au Mexique, et détient divers projets d'exploration au Mexique.

Son principal projet en production est LA GUITARRA & SAN RAFAEL au Mexique et ses principaux projets en exploration sont TRANSVAAL PROPERTY et OEST PROPERTY au Canada et MINA DE AGUA / SANTA ANA PROJECT, LETY, LOBOS, CERRO DE PLATA, EL RAYO, PENASCO QUEMADO, SAN MARCIAL, LA FRAZADA, ROSARIO et LETY au Mexique.

Silvermex Res. est cotée au Canada. Sa capitalisation boursière aujourd'hui est 21,7 millions CA$ (21,3 millions US$, 17,3 millions €).

La valeur de son action a atteint son plus haut niveau récent le 25 février 2011 à 1,03 CA$, et son plus bas niveau récent le 30 décembre 2011 à 0,35 CA$.

Silvermex Res. possède 44 207 000 actions en circulation.

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Financements de Silvermex Resources Ltd.
08/02/2010Fully Subscribed Private Placement
Nominations de Silvermex Resources Ltd.
18/05/2011Appoints New CFO
02/03/2011Appoints New Investor Relations Manager
02/03/2010Appoints New Chief Financial Officer
Rapports Financiers de Silvermex Resources Ltd.
16/05/2012Announces Q1 2012 Financial Results
27/03/2012Reports Positive Financial Performance for the Year 2011
16/08/2011(La Guitarra & San Rafael)Achieves Positive Cash Flow and Low Cost Production at its L...
05/04/2011Reports Financial Results for 2010
Projets de Silvermex Resources Ltd.
27/03/2012(La Guitarra & San Rafael)Intersects High Grade Gold at La Guitarra - 306.99 g/t Au an...
26/03/2012(La Guitarra & San Rafael)Surface Drilling Continues to Intersect High-Grade Mineraliz...
14/03/2012(La Guitarra & San Rafael)Underground Drilling Continues To Extend Mineralization At S...
01/03/2012(Penasco Quemado)Initiates Metallurgical Testing of Penasco Quemado Project
26/09/2011(La Guitarra & San Rafael)Begins Surface Drill Program at La Guitarra
25/04/2011(La Guitarra & San Rafael)First Quarter of Production at La Guitarra Ahead of Budget
19/04/2011(La Guitarra & San Rafael)Starts Drilling at La Guitarra
31/03/2011(La Guitarra & San Rafael)Reports on La Guitarra Mine Production
21/06/2010(Rosario)Provides Update on Exploration and Project Developments
14/05/2010(San Marcial)3000 Meter Core Drilling Program to Commence on the San Marc...
11/05/2010(San Marcial)High-grade trench sampling assays. Highlights include: 9.70 ...
05/11/2008(San Marcial)Resource Summary And Corporate Update
29/05/2008(San Marcial)3,700 Meter Core Drilling Program Commences on the San Marci...
17/04/2008(San Marcial)Extends Strike Length at San Marcial to 3,500 Meters
18/03/2008(Penasco Quemado)Drills 52.5 Meters With 122 G/T Ag And 0.14% Cu On Its Peñas...
22/02/2008(Lety)Grades of 137.8 g/t silver and 17.85% zinc over 1.55 meters ...
11/02/2008(Penasco Quemado)Drill Program Completed At Peñasco Quemado Property
11/02/2008(Penasco Quemado)DRILL PROGRAM COMPLETED AT PEÑASCO QUEMADO PROPERTY
23/01/2008(Penasco Quemado)Drilling Commences at Penasco Quemado Property
28/11/2007(El Rayo)Acquires El Rayo Claims In Mexico Underground Channel Sampli...
23/11/2007(San Marcial)San Marcial Technical Report
Communiqués de Presse de Silvermex Resources Ltd.
29/06/2012Receives Final Court Order Approving Plan of Arrangement
26/06/2012Securityholders Approve Plan of Arrangement with First Majes...
06/06/2012to Resume Trading on OTC Link
30/05/2012Obtains Interim Order For Plan Of Arrangement
03/04/2012First Majestic Announces Friendly Acquisition Of Silvermex R...
02/04/2012Files Form 40-F Registration Statement With the SEC
13/03/2012Reports on OTC Link Trading Status
01/03/2012Aims To Deliver Resource And Production Growth In 2012
15/02/2012Delivers Production Growth in Fourth Quarter 2011
29/07/2010Bloomberg Reports on Silver Market
28/03/2010Emerging Silver Producer - A Silvermex Update...53
18/12/2009Reports Underground Sampling Assays. Highlights Include: 2m ...
15/12/2009Michael Callahan, Prior Hecla Executive, Appointed as New Pr...
04/12/2009Completes acquisition of Rosario Project
06/11/2009Elects New Directors
29/09/2009Contact Change Alert
22/09/2009to Attend the Silver Summit
02/02/2009Closes Brokered Financing Of $1,500,000
26/12/2008announces preliminary assessment and financing
03/09/2008Corporate Update
16/07/2008Commences Drill Program At El Rayo Project, Sonora, Mexico
24/04/2008Company Update
10/04/2008Closes Financing Of $2,906,000
25/03/2008Acquires the La Frazada Mine, Nayarit, Mexico
19/11/2007Short Form Offering Completed
09/10/2007 Options San Marcial Property from Silver Standard
21/09/2007To participate at the Silver Summit, Idaho and related Silve...
09/07/2007Acquires Lety Property In Durango
05/04/2007Closes Financing
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