Hecla Reports Preliminary First Quarter 2015 Production Results of 2.9 Million Ounces of Silver and 40,651 Ounces of Gold
April 12 2015 - 9:00PM
Business Wire
Hecla Mining Company (NYSE:HL) today announced preliminary
production results¹ for the first quarter 2015.
FIRST QUARTER 2015 HIGHLIGHTS (Comparisons to Q1
2014)
- Silver production of 2.9 million
ounces, a 16% increase.
- Gold production of 40,651 ounces, a 12%
decrease.
- Silver equivalent production of 8.7
million ounces, a 1% decrease.2
- Lead production increased 3% and zinc
production decreased 6%.
- Cash and cash equivalents of
approximately $194 million as of March 31, 2015.
“Greens Creek, with higher grades and recoveries, led another
strong operating quarter for Hecla – silver production is among the
highest in our history,” said Phillips S. Baker, Jr., Hecla’s
President and CEO. “In March we celebrated 50 years on the NYSE,
and I see our current mix of three operating mines to be the
strongest in our history. We believe that our portfolio of mines,
particularly Greens Creek which is recognized as a world-class
silver mine, provides operating stability to weather current market
conditions.”
Greens Creek
Greens Creek’s first quarter production of 2.0 million ounces of
silver and 15,239 ounces of gold exceeded the first quarter 2014
production of silver and gold by 14% and 2%, respectively. The
increase was principally due to mine sequencing, higher silver
grades and higher silver and gold recoveries. Changes made to the
flotation circuit in the fourth quarter of 2014 continue to result
in higher silver recovery, the value of which has outweighed a
slight loss in zinc recovery. The mill operated at an average of
2,172 tons per day (tpd) in the first quarter.
(1) See cautionary statement regarding preliminary statements at
the end of this release.
(2) Silver equivalent calculations based on the following
prices: $17.25 for Ag, $1,225 for Au, $0.90 for Pb, and $1.00 for
Zn.
Lucky Friday
Lucky Friday’s first quarter silver production of 836,719 ounces
was 20% higher than the first quarter 2014 production on higher
silver grades and recoveries. The mill operated at an average of
825 tpd in the first quarter.
Casa Berardi
Casa Berardi’s first quarter gold production of 25,412 ounces
was 19% lower than the first quarter 2014 production because of
lower grades and recovery. The mine experienced lower grades as a
result of mine sequencing. Recoveries are lower due to new
metallurgical characteristics of the ore from the 118 Zone
requiring adjustments to the plant which are expected to improve
recoveries in the second quarter. The mill operated at an average
of 2,090 tpd in the first quarter.
First Quarter Ended
March 31, 2015
March 31, 2014
PRODUCTION
Increase (Decrease)
Silver 2,878,597 oz. 2,491,853
oz.
16% Gold 40,651 oz. 46,268 oz.
(12)% Lead 9,878 tons 9,635 tons
3%
Zinc 16,086 tons 17,091 tons
(6)%
Greens Creek
(Silver)
2,035,966 oz. 1,787,137 oz.
14% Greens Creek
(Gold)
15,239 oz. 15,009 oz.
2% Lucky Friday
836,719 oz. 699,605 oz.
20% Casa Berardi
25,412 oz. 31,259 oz.
(19)%
Hecla expects to report first quarter 2015 financial results on
May 7, 2015.
About Hecla
Hecla Mining Company (NYSE:HL) is a leading low-cost U.S. silver
producer with operating mines in Alaska and Idaho, and is a gold
producer with an operating mine in Quebec, Canada. The Company also
has exploration and pre-development properties in five world-class
silver and gold mining districts in the U.S., Canada, and Mexico,
and an exploration office and investments in early-stage silver
exploration projects in Canada.
Cautionary Statements Regarding Preliminary Results
All measures of the Company's first quarter 2015 operational
results and the Company’s cash on hand, are preliminary and reflect
the Company’s expected first quarter 2015 results as of the date of
this news release. Actual reported first quarter results are
subject to management's final review as well as review by the
Company's independent registered public accounting firm and may
vary significantly from those expectations because of a number of
factors, including, without limitation, additional or revised
information and changes in accounting standards or policies or in
how those standards are applied.
Cautionary Statements Regarding Forward Looking
Statements
Statements made or information provided in this news release
that are not historical facts are "forward-looking statements"
within the meaning of the Private Securities Litigation Reform Act
of 1995 and "forward-looking information" within the meaning of
Canadian securities laws. Words such as “may”, “will”, “should”,
“expects”, “intends”, “projects”, “believes”, “estimates”,
“targets”, “anticipates” and similar expressions are used to
identify these forward-looking statements. Such forward-looking
statements or forward-looking information include statements or
information regarding estimates of annual silver production for the
first quarter of 2015 on a consolidated basis and at each of the
Greens Creek and Lucky Friday mines, first quarter 2015 gold
production at Casa Berardi, first quarter 2015 production and cash
on hand. The material factors or assumptions used to develop such
forward-looking statements or forward-looking information include
that the Company’s plans for development and production will
proceed as expected and will not require revision as a result of
risks or uncertainties, whether known, unknown or unanticipated, to
which the Company’s operations are subject.
Forward-looking statements involve a number of risks and
uncertainties that could cause actual results to differ materially
from those projected, anticipated, expected or implied. These risks
and uncertainties include, but are not limited to, metals price
volatility, volatility of metals production and costs, litigation,
regulatory and environmental risks, operating risks, project
development risks, political risks, labor issues, ability to raise
financing and exploration risks and results. Refer to the Company's
Form 10-K and 10-Q reports for a more detailed discussion of
factors that may impact expected future results. The Company
undertakes no obligation and has no intention of updating
forward-looking statements other than as may be required by
law.
For further information:Mike Westerlund, 800-HECLA91
(800-432-5291)Vice President - Investor
Relationshmc-info@hecla-mining.comwww.hecla-mining.com
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