By Deborah Bacal
Proactive Investors (USA and Canada)
As the company looks ahead to a transformational year that is set to sharply expand production, SilverCrest Mines (TSE:SVL)(NYSE MKT:SVLC) posted 2013 financial results Monday that beat on its own cash cost guidance even as it swung to a fourth quarter loss due to Mexican tax reforms and weak silver and gold prices.
The Vancouver-based company, which is focused on expanding production at its Santa Elena mine in Sonora, Mexico, just recently listed on the Toronto Stock Exchange, an upgrade from its prior listing on the more junior TSX-Venture Exchange as it moves to the ranks of a mid-tier producer.
The company is transitioning from its current open pit heap leach operation at Santa Elena to underground mining, with a 3,000 tonnes per day conventional mill targeted for the second half of 2014. Once commissioned, the mill will help improve silver recoveries and increase production as the company begins processing higher grade underground ore later this year.