TSX: SIL | American NYSE: SILV
VANCOUVER, BC, December 30, 2021 / PRNewswire / – SilverCrest Metals Inc. (“SilverCrest” or the “Company”) is pleased to announce that, as scheduled, the Company’s Canadian subsidiary has completed the third scheduled draw of $ 30 million on his announcement previously $ 120 million Project finance facility (“Credit Facility”) with a subsidiary of RK Mine Finance (see press release from January 4, 2021). This drawing brings the total amount of debt accessed to date to $ 90 million. The additional funds will be used for the continued construction of the Company’s Las Chispas Project (“Las Chispas” or “Project”) located at Sonora, Mexico, with a completion target in the second quarter of 2022.
In order to limit risk and improve flexibility, SilverCrest has now used 75% of the credit facility, in accordance with the agreed drawdown schedule. By making this direct debit, the balance $ 30 million will remain available to the Company via August 31, 2022, during the ramp-up planned for the second half of 2022 at Las Chispas. Construction of the project is on schedule and in line with the previously disclosed capital cost estimate of US $ 137.7 million (see press release from February 2, 2021). The Company still plans to reach the previously disclosed and completed 80% of construction by the end of 2021 with full power available for the facilities by the second quarter of 2022. To date, there has been no construction delay due to the ongoing COVID-19 pandemic.
Like a December 30, 2021, the Company has cash and cash equivalents of approximately 178 million US dollars and $ 30 million remaining under its credit facility.
ABOUT SILVERCREST METALS INC.
SilverCrest is a Canadian precious metals exploration and development company headquartered in Vancouver, BC, which focuses on new discoveries, value-added acquisitions and targeting production in from Mexico historic districts of precious metals. The Company’s top priority is the historic high-grade mining district of Las Chispas in Sonora, Mexico, where she completed a feasibility study on the Las Chispas project and is proceeding with the construction of the mine. The start of production at the Las Chispas mine is scheduled for mid-2022. SilverCrest is the first company to successfully test drill on the historic Las Chispas property, resulting in numerous discoveries of high grade precious metals. The Company is led by a management team with proven track record in all aspects of the precious metals mining industry, including delivering projects through discovery, financing, build on time and on budget, and production.
This press release contains “forward-looking statements” and “forward-looking information” (collectively “forward-looking statements”) within the meaning of Canadian law and United States securities legislation. These include, but are not limited to, statements regarding: the strategic plans, timing and expectations for the Company’s construction and exploration programs at the Las Chispas project and the start of production at the Las Mine. Chispas by mid-2022. These forward-looking statements or information are based on a number of assumptions, which may prove to be inaccurate. Assumptions have been made regarding, among others: the impact of the COVID-19 pandemic; reliability of mineralization estimates, operating and development costs, general economic and financial market conditions; availability of skilled labor; the timing and amount of expenditure related to rehabilitation and drilling programs; and the effects of regulation by government agencies. Actual results could differ materially from those anticipated in these forward-looking statements due to risk factors, including: uncertainty as to the impact and duration of the COVID-19 pandemic; the timing and content of the work programs; the results of exploration activities; interpretation of drilling results and other geological data; the receipt, maintenance and security of mining permits and titles; environmental and other regulatory risks; project cost overruns or unforeseen costs and expenses; and general market and industry conditions. Forward-looking statements are based on the expectations and opinions of the management of the Company on the date the statements are made. Assumptions used in preparing these statements, while believed to be reasonable at the time of preparation, may prove to be imprecise and, as such, readers are cautioned not to place undue reliance on these forward-looking statements, which do not are valid only on the date on which the declarations were made. The Company assumes no obligation to update or revise any forward-looking statements included in this press release if such beliefs, estimates and opinions or other circumstances change, except as applicable law requires otherwise.
NOT. Eric Proud, CPG, ing.
Chief executive officer
SilverCrest Metals inc.
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SOURCE SilverCrest Metals Inc.