TSX: SIL | NYSE Americans: SILV
VANCOUVER, BC, December 30, 2021 / PRNewswire / – SilverCrest Metals Inc. (“SilverCrest” or the “Company”) is pleased to announce that the Company’s Canadian subsidiary has announced its third scheduled drawdown $ 30 million on its previously announced $ 120 million Project finance facility (“Credit Facility”) with a subsidiary of RK Mine Finance (see press release dated January 4, 2021). By making this claim, the total amount of debts called up so far is $ 90 million. The additional funds will be used for the further construction of the company’s Las Chispas project (“Las Chispas” or “Project”), which is located in Sonora, Mexico, with a planned completion in the 2nd quarter of 2022.
To limit risk and increase flexibility, SilverCrest has now drawn 75% of the credit facility according to the agreed drawdown plan. By completing this drawdown, the remaining $ 30 million will continue to be available to the company through August 31, 2022, during the planned H2 2022 production ramp-up at Las Chispas. The construction of the project remains on schedule and corresponds to the previously published capital cost estimate of $ 137.7 million (see press release from February 2, 2021). The company continues to expect to complete the previously announced 80% of construction at full capacity for the facilities by the end of 2021 by Q2 2022. To date, there have been no construction delays due to the ongoing COVID-19 pandemic.
As in December 30, 2021, the company has liquid funds of approx. $ 178 million and $ 30 million remain under its credit facility.
ABOUT SILVERCREST METALS INC.
SilverCrest is a Canadian precious metals exploration and development company based in Vancouver, BC, which focuses on new discoveries, value-adding acquisitions and targeted production in Mexico historical precious metal district. The company’s top priority is in the high grade, historic mining area of ââLas Chispas in Sonora, Mexicowhere it has completed a feasibility study on the Las Chispas project and continues to mine. The start of production at the Las Chispas mine is planned for mid-2022. SilverCrest is the first to successfully drill tests on the historic Las Chispas property, resulting in numerous high-grade precious metals discoveries. The company is led by a proven management team in all aspects of the precious metals mining sector, including project delivery through discovery, financing, on-time and on-budget design and production.
This press release contains “forward-looking statements” and “forward-looking information” (collectively, “forward-looking statements”) as used herein United States Securities legislation. These include, without limitation, statements relating to: the Companyâs strategic plans, schedule and expectations for the Companyâs construction and exploration programs on the Las Chispas Project and to commence production at the Las Chispas Mine by mid-2022. Such forward-looking statements or Information is based on a number of assumptions that could prove to be incorrect. Among other things, assumptions were made about: Effects of the COVID-19 pandemic; the reliability of mineralization estimates, mining and development costs, general economic and financial market conditions; Availability of skilled workers; Time and amount of expenses in connection with remediation and drilling programs; and the effects of government regulation. Actual results could differ materially from those anticipated in these forward-looking statements due to risk factors including: uncertainty about the effects and duration of the COVID-19 pandemic; Point in time and content of the work programs; Results of exploration activities; the interpretation of drilling results and other geological data; Obtaining, maintaining, and security of permits and mineral property titles; Environmental and other regulatory risks; Project cost overruns or unexpected costs and expenses; as well as general market and industry conditions. Forward-looking statements are based on management’s expectations and opinions at the time these statements were made. The assumptions used in making these statements, although believed reasonable at the time of making, may prove to be inaccurate. Therefore, readers are cautioned not to place undue reliance on these forward-looking statements, which appear only as of the date on which the statements are made. The company assumes no obligation to update or revise any forward-looking statements contained in this press release if these beliefs, estimates, opinions or other circumstances change, unless otherwise required under applicable law.
N. Eric Fier, CPG, P.Eng
SilverCrest Metals Inc.
SOURCE SilverCrest Metals Inc.