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SilverCrest Mines Inc.

TICKER: SVL:TSX; SVLC:NYSE.MKT

SilverCrest Mines Inc. is a Canadian precious metals producer and its flagship property is the 100%‐owned Santa Elena mine in Sonora, Mexico. The mine is a high‐grade silver and gold producer with an estimated life of mine of 8 years and cash costs of $11/oz Ag eq (55:1 Ag:Au) for the open-pit, heap-leach and underground mine. The company's major expansion and construction of a new 3 Ktpd conventional mill facility should recover an average annual rate of 1.5 Moz silver and 32,800 oz gold over the current reserve. It is expected that metals production will increase significantly at the Santa Elena mine in 2014 and beyond. Exploration programs continue to make new discoveries at the project, and also have rapidly advanced the definition of a large polymetallic deposit at the La Joya property in Durango, Mexico, with stated resources nearing 200 Moz Ag eq.


The information provided below is from analysts, newsletters and other contributors. Please contact the company and visit its website before making an investment decision.

Expert Comments:

The Mining Report Interview with Björn Paffrath (8/19/14) "SilverCrest Mines Inc. is one we like. Low costs and high grade always help in the actual difficult environment for precious metals. Financial and operational results for Q1/14 have been solid and came in lower than expected for Q2/14 given the transition from an open-pit, heap-leach operation to an underground mine and milling circuit. The commissioning of the new 3,000 tpd mill and facilities at the Santa Elena mine has been successfully completed. In addition the company sits on a healthy cash position, which should increase from future free cash flow." More >

Benjamin Asuncion, Haywood Securities (8/15/14) "SilverCrest Mines Inc. released its Q2/14 financial and operating results. . .the company delivered operating cash flow (before changes in working capital and inclusive of taxes) of $1.6M or $0.01/share on revenues of $7.7M, which came in above our estimates of $0.2M or $0.00/share in cash flow and revenues of $6.6M."

Stuart McDougall, Jennings Capital (8/15/14) "Yesterday, SilverCrest Mines Inc. released Q2/14 financial results, reporting EPS of $0.02 and operating CFPS of $0.03, in line with our expectations for $0.02 and $0.02, respectively. Consensus was looking for $0.01 on both metrics. . .our target is now CA$2.25/share, up from CA$2/share."

Philip Ker, PI Financial (8/14/14) "SilverCrest Mines Inc. announced its Q2/14 financial results, which reported earnings of $0.01/share or $1.2M, in line with our expectations. The success of the quarter comes in light of production from residual leaching only, which was pre-released and totaled 3,995 oz gold and 173 Koz silver. . .we continue to expect consistent growth from the company and a growing production profile once increasing levels of throughput to its new 3Ktpd mill are realized."

Matthew O'Keefe, Dundee Capital Markets (8/14/14) "Last night, SilverCrest Mines Inc. announced Q2/14 EPS of $0.01, which was in line with our and consensus estimates of $0.01. CFPS in the quarter was $0.01, which was also in line with our and consensus estimates of $0.01. . .our target price remains unchanged at CA$2.75. . .given the implied return of 21%, we remain Buy rated."

more comments

Chris Thompson, Raymond James (8/14/14) "SilverCrest Mines Inc. offers an attractive growth profile, fueled by Santa Elena's conversion from an open pit heap leach to an underground and conventional milling operation. . .earlier this week the company announced the completion of commission. . .through early August, the mill ran in-line with expectations at an average of ~2,500 tpd, with management now focused on optimization efforts to push the mill to nameplate capacity of 3,000 tpd. . .with all major capital cost requirements for the mill fully realized, with the exception of ongoing underground development, we forecast a return to free cash flow in Q4/14."

The Gold Report Interview with Chris Thompson (8/13/14) "SilverCrest Mines Inc. is a very interesting story. It is in the process of redeveloping its key asset, the Santa Elena mine, from a heap-leach deposit to an underground milling operation. I understand that commissioning is proceeding on plan and on budget. (Editor's Note: SilverCrest announced on Aug. 11 that it completed the mill commissioning.) My feeling is that Santa Elena at depth offers significant production-growth potential. The key will be whether the company can maintain a low-cost profile while remaining cognizant of the higher costs associated with underground production. . .the grade is higher than the heap leach. The benefit, though, will be the mill, whose operation will engender higher recoveries." More >

Matthew O'Keefe, Dundee Capital Markets (8/11/14) "SilverCrest Mines Inc. announced completion of mill commissioning at Santa Elena and we view this as another incremental positive step forward. . .today's announcement of one month operating at 2,524 tpd gives us more confidence moving forward. . .we have historically viewed the company's management as a good operating team. Today's announcement is a clear demonstration that this core value driver is still intact after the delay in starting up the mill earlier in 2014. . .recoveries in July of 82% and 65% for gold and silver, respectively, are both good. . .production from the first underground stopes is expected in August."

Benjamin Asuncion, Haywood Securities (8/11/14) "SilverCrest Mines Inc. has successfully completed the three-month commissioning phase on August 1 for its 3 Ktpd mill and facilities at the wholly owned Santa Elena mine in Mexico. . .mill feed came from the leach-pad reserve with approximately 69 Kt material milled at an average grade of 0.84 g/t gold and 57 g/t silver in July, with recoveries of 82% and 65% respectively to produce 1.516 Koz gold and 81.818 Koz silver. The integration of underground ore in the mill feed is planned to commence in Q3/14. . .we currently estimate that underground production will ramp up to about 40% of mill feed by year-end."

Brien Lundin, Gold Newsletter (Jefferson Financial) (8/7/14) "The market seems largely unfazed by SilverCrest Mines Inc.'s less-than-stellar Q2/14 results. The company's share price has bounced around in a range above the US$2 mark, but seems to have consolidated the gains it made in June. Given my optimism for the transition to the underground operation at Santa Elena, I would look at any weakness due to SilverCrest's upcoming Q2/14 earnings release to be a significant buying opportunity."

The Gold Report Interview with Jason Hamlin (8/6/14) "SilverCrest Mines Inc. in Mexico is my favorite non-streaming company. This is a high-grade epithermal silver producer with low costs. In today's environment, the value of these attributes cannot be stressed enough. The company is in the middle of the expansion plan that is expected to increase production by roughly 50% this year. It has a base-case internal rate of return of 88% on its Santa Elena expansion in Sonora. I also like its La Joya property in Durango as a pipeline; it has nearly 200 Moz Ag eq. Q2/14 production of 412 Koz Ag eq was down versus a year ago and versus Q1/14, leading to a dip in the share price. This is because Santa Elena began an early transition in Q2/14 from an open-pit, heap-leach operation to a 3 Kt per day underground and mill operation. I think this provides an excellent opportunity for investors to buy on the dip because Santa Elena has huge potential, and I believe SilverCrest will be one of the top-performing silver miners for the next couple of years." More >

Philip Ker, PI Financial (7/18/14) "SilverCrest Mines Inc. provided its Q2/14 production results from its Santa Elena operation in Sonora, Mexico. . .good production results of 173 Koz silver and 4 Koz gold were slightly below our estimates of 186 Koz and 5,200 oz, respectively; however, this metal production was predominantly from residual leaching after open-pit mining ceased in early April. . .we continue to expect consistent growth from SilverCrest, and increased recovery levels have already been realized in preliminary processing and above our expectations. . .the potential to increase output from underground suggests significant opportunities for SilverCrest to maintain its success rate going forward."

Chris Thompson, Raymond James (7/17/14) "We reiterate our Outperform rating and $3.25 target on SilverCrest Mines Inc. following the release of Q2/14 production results. . .we continue to believe that SilverCrest offers investors an attractive growth profile, fuelled by Santa Elena's conversion from open-pit heap-leach to an underground mining/milling operation. A successful conversion (the next six months will be telling), coupled with significant exploration upside (at Santa Elena, and nearby) justifies our Outperform rating. . .we feel our valuation is justified given SVL's growth and cost profile, and management’s strong track record of delivering on expectations."

The Gold Report Interview with Sean Rakhimov (7/16/14) "I like companies that have demonstrated growth, like SilverCrest Mines Inc. . .the company is implementing a transition to underground mining at Santa Elena, which at full ramp up should nearly double production from the current level. So next year bottom-line numbers should get a substantial bump despite the higher mining and processing costs from moving to underground mining and milling operation. That should result in better valuation due to rerating based on the larger operation or at the very least on greater earnings. Now if I am correct about improving metal prices going forward, the upside could be very rewarding. Plus SilverCrest will almost certainly be active in the merger and acquisition space on either side of the deal. It could be a juicy target for a larger company while it looks to add another mine sooner rather than later." More >

Thibaut Lepouttre, Caesars Report (7/10/14) "The commissioning of SilverCrest Mines Inc.'s new mill started in May and should reach the nameplate capacity of 3 Ktpd by the end of this month. Meanwhile, the gold and silver production from the leach pad is continuing throughout this month, which means the company will have continuous revenues from gold and silver sales when it's ramping up its underground mine towards full production."

Philip Ker, PI Financial (6/18/14) "The commissioning of SilverCrest Mines Inc.'s new 3 Ktpd mill is progressing on time and on budget; management anticipates ramp-up of the mill to nameplate capacity by August 2014. . .Santa Elena underground development continues to advance with over 4,500m of ramp, stope and ventilation development completed to date."

Chris Lichtenheldt, Dundee Capital Markets (5/16/14) "SilverCrest Mines Inc.'s EPS in Q1/14 was in line with consensus at $0.02. . .the company finished the quarter with cash of $54.5M and $15M drawn from its $40M line of credit, largely in line with our expectation. . .we have made no significant changes to our operating forecasts going forward. . .we remain Buy rated."

Chris Thompson, Raymond James (5/15/14) "We are maintaining our Outperform rating and $3.25 target price on SilverCrest Mines Inc. following the release of in line Q1/14 financial results. We continue to believe that the company offers investors an attractive growth profile, fueled by Santa Elena's conversion from open-pit heap-leach to an underground mining/milling operation."

Philip Ker, PI Financial (5/15/14) "SilverCrest Mines Inc. announced its Q1/14 financial results, which reported earnings of $0.02/share or $2.5M, which was a beat to our expectations of $0.01/share or $1.2M. . .low costs continue to support strong operating margins for the company and contributed $6.6M to operating cash flow or 0.06/share. . .due to higher CFPS expected for 2014, we are increasing our target price from $2.80/share to $2.85/share and maintain our Buy rating."

Philip Ker, PI Financial (5/5/14) "SilverCrest Mines Inc. announced the commission of the new Merril Crowe processing plant at its 100%-owned flagship Santa Elena mine in Mexico. This is a significant milestone achievement for the company, as it was funded entirely through internal cash flows and demonstrates management’s credibility and execution on the operation to date. . .we are maintaining our Buy rating."

The Gold Report Interview with Joe Reagor (4/23/14) "We like SilverCrest Mines Inc. Its valuation peaked at about $2.60/share, and then it did a Canadian bought deal for $20M. That resulted in a pullback when people questioned the need for the new money. But management played it safe and used its high valuation to sock away cash for the possibility of future problems, which is a very rational strategy. Our valuation on SilverCrest is $2.50/share. It currently trades around $1.85. SilverCrest is going through a transitional period as it commits to underground mining. As a result, it is going to have a lower production level in Q2/14. But by Q4/14, we should have a full picture of its new mining operation with its combination of underground extraction and blending off its leach pad at the mill." More >

Ben Kramer-Miller, Seeking Alpha (4/18/14) "SilverCrest Mines Inc. substantially improved its capital position thanks to a $10M capital infusion from Sandstorm Gold Ltd. . .the firm has nearly completed the underground Santa Elena mine and production should commence soon. . .SilverCrest is a growing, low-cost precious metals producer with a proven track record of execution that offers good value. . .there is less uncertainty now regarding the path towards funding the company's largest and potentially most valuable La Joya project. . .SilverCrest Mines stands out as one of the better stocks in the junior gold mining space and is worth buying."

Jason Bond, Seeking Alpha (4/17/14) "Our urgency to recommend due diligence on SilverCrest Mines Inc. has been prompted by the ongoing geopolitical events in Ukraine. . .without the cooperation of Russia, China, India, Iran, Germany and other significantly large oil producing and consuming nations (Germany) to support the petrodollar system, gold and silver prices could eventually move to new highs as the U.S. dollar reaches new lows in the coming months and years. . .the company has recently demonstrated a meaningful outperforming of nearly all of the more widely held and more visible peers during a sector rally."

Benjamin Asuncion, Haywood Securities (4/15/14) "SilverCrest Mines Inc. produced 201 Koz silver and 7.5 Koz gold during the quarter, which compared with Haywood estimates of 219 Koz silver and 7.2 Koz gold. . .as open pit operations terminated on April 4, 2014, the focus now is on the startup of the 3,000 tpd mill and facilities. . .underground development remains accelerated to provide access to high-grade mill feed in Q2/14."

Philip Ker, PI Financial (4/15/14) "SilverCrest Mines Inc. announced its production numbers from its flagship Santa Elena mine for Q4/13, indicating that ~201,100 oz silver and ~7,500 oz gold were produced. This was relatively in line with our expectations as we targeted 215,000 oz silver and 7,500 oz gold produced during the quarter. . .for 2014, we are confident that the higher end of guidance (3.3–3.6 Moz Ag eq) can be attained."

Brien Lundin, Gold Newsletter (Jefferson Financial) (4/10/14) "SilverCrest Mines Inc. posted strong financial results for FY/13 with net earnings of $8.5M, revenues of $54.9M and operating cash flow of $26.1M. . .the company recently issued 8,855,000 common shares at $2.60/share, raising more than $23M. . .the firm exercised an underground mine option with Sandstorm Gold Ltd. allowing Sandstorm to purchase 20% of the underground production from the company's planned expansion of its Santa Elena mine. . .with the new 3 Ktpd mill facility almost complete, the company looks ripe for production and revenue growth. . .it's a Buy."

Chris Lichtenheldt, Dundee Capital Markets (4/8/14) "SilverCrest Mines Inc. plans to accelerate underground development at Santa Elena to 20–25 Kt/month from the current rate of 5 Kt/month. . .management maintained FY/14 production guidance of 3.3–3.6 Moz Ag eq. . .we forecast the company could finish Q1/14 with more than $25M cash along with another $25MM in available credit. This liquidity of $50M compares to guided FY/14 capex of $26M, and we expect the company to generate positive operating cash flow. . .we maintain our Buy rating based on the longer-term value coupled with the potential takeout characteristics of the company."

Benjamin Asuncion, Haywood Securities (4/7/14) "SilverCrest Mines Inc.'s Santa Elena is transitioning from an open-pit, heap-leach operation to an underground mine/mill this year. . .the majority of the major equipment (~80%) has passed testing for initial startup with mill commissioning anticipated over the coming three months. . .the company announced the early cessation of open-pit mining on April 4 (~3 months ahead of schedule)."

Philip Ker, PI Financial (4/7/14) "Today, SilverCrest Mines Inc. announced the cessation of pit operations at its flagship Santa Elena mine in Sonora, Mexico. The lack of ore supply to the heap-leach pads now position management to more rapidly develop the underground with anticipation of initializing its new 3 Ktpd mill later this month. . .we continue to rate the company with a Buy rating and a $3/share target price."

Jordan Roy-Byrne, The Daily Gold (4/6/14) "Even without an additional development project, SilverCrest Mines Inc. has the assets to reach production of 8–10 Moz Ag eq by 2017; looking out several years, that production combined with a $50 silver price would be enough to take the share price to +$15. Adding another development project would give the company a chance to create even more value and it would mitigate the current sting of recent and past dilution."

Philip Ker, PI Financial (4/1/14) "After completing the recent $23M bought deal financing, SilverCrest Mines Inc. is well positioned to fund the ~$14M remaining capital required for the new 3 Ktpd mill and a further $12M planned for additional underground development. Commissioning of the mill is expected in early April and will provide increased recovery and production levels."

Joe Reagor, ROTH Capital Partners (3/25/14) "We continue to view SilverCrest Mines Inc. as an emerging junior silver and gold producer and believe the value proposition has returned with the recent share price decline. . .based on the recent share price decline, substantial cash position built up in Q1/14 and higher-than-anticipated 2014 guidance, we are returning to a Buy rating while maintaining our $2.50 price target."

Chris Lichtenheldt, Dundee Capital Markets (3/25/14) "The timeline for SilverCrest Mines Inc.'s major critical path items of the year remains unchanged. Mill startup is expected early in Q2/14, followed by mill commissioning during Q2/14, with ore from the underground becoming available in H2/14. . .our price target remains unchanged at CA$3, and the company remains Buy rated."

Benjamin Asuncion, Haywood Securities (3/25/14) "SilverCrest Mines Inc. delivered Q4/13 operating cash flow (before working capital changes and adjusted for taxes) of $4M or $0.04/share on revenues of $12.9M and EBITDA of $4.2M. . .quarterly production totaled 229 Koz silver plus 9.2 Koz gold, or 175 Koz silver equivalent."

Stuart McDougall, Jennings Capital (3/25/14) "On Dec. 31, 2013, SilverCrest Mines Inc. had cash and equivalents of $14.4M, working capital of $25.4M and no debt. Subsequently, the company raised CA$23M by issuing 8.85M shares at CA$2.60/share, $10M by way of a gold streaming agreement with Sandstorm Gold Ltd. and $15M by way of a three-year revolving credit facility with the Bank of Nova Scotia. . .SilverCrest now has more than sufficient funds to finance the underground development program and complete the associated construction of a 3 Ktpd mill (expected startup in Q2/14)."

Chris Thompson, Raymond James (3/24/14) "We are maintaining our Outperform rating and $3.25/share target price. . .we believe that the revised mine plan at Santa Elena allows for delivery of more higher-grade underground ore early in the mine life; in addition, we feel that recent exploration results suggest the lower-grade years previously modeled in the preliminary feasibility study will be supplemented with higher-grade material."

Philip Ker, PI Financial (3/19/14) "SilverCrest Mines Inc. recently closed a $23M bought deal financing that will be used to further support its capex required to complete the transition to an underground operation at Santa Elena as well as completion and commissioning of its new 3,000 tpd conventional mill. . .after record production and a revamped balance sheet, we continue to expect positive operating results from the company going forward. . .we are increasing our $2.65/share to $3/share and maintain our Buy rating."

Chris Lichtenheldt, Dundee Capital Markets (3/18/14) "2014 is a critical year for SilverCrest Mines Inc. as the company is undergoing several significant operational changes: 1) mill start-up in early Q2; 2) mill ramp-up during Q2; 3) finish open pit mining in early to mid Q3; 4) reach leach pad capacity in early to mid Q3; 5) begin underground mining in H2/14. . .once the mill has been ramped up, the company will be increasingly focused on ramping up production from the underground to feed the mill with higher-grade ore. . .our new multiples for the company are relatively in-line with the target multiples for the rest of our silver coverage."

Shane Nagle, National Bank Financial (3/17/14) "Transition of SilverCrest Mines Inc.'s Santa Elena from heap leach to milling operation is nearing completion. . .the recent acquisition of Ermitaño fits company's strategy of low-risk, stepwise growth. . .we are initiating coverage with an Outperform rating and $3.25 target; our Outperform rating is rooted in the fully-funded status of the phase 2 expansion, combined with the company's solid financial position and comparably low all-in sustaining cash costs of US$13.25/oz Ag eq."

Chris Thompson, Raymond James (3/14/14) "We are upgrading SilverCrest Mines Inc. to Outperform. . .we view the company as well funded and well positioned to continue to add value at Santa Elena via resource growth and expanding on near-mine exploration upside offered on adjacent properties. . .SilverCrest is developing the Santa Elena underground ramp deeper than originally outlined in the prefeasibility study, which allows for flexibility in sourcing ore and enhances mine planning. . .high-grade mineralization (at depth at Santa Elena and at the Tortuga discover) and the near mine-site exploration potential from the 30/60 Km program (notably the recently acquired Ermitaño property) provides exploration upside."

The Gold Report Interview with Eric Coffin (3/10/14) "SilverCrest Mines Inc. was very exciting. President N. Eric Fier is always compelling. With 30% revenue increases, what is not to like?" More >

The Gold Report Interview with Ron Struthers (3/5/14) "SilverCrest Mines Inc. has been a great growth story with its Santa Elena mine in Mexico. It has been very profitable even at lower silver prices, and it put its profits into growth and expansion. The company's 3,000 ton per day (3,000 tpd) mill is almost complete, and it will soon start producing underground reserves. The gold grade should remain about 1.6 g/t, but the silver grade should double, to well over 100 g/t. The company's future is brightened by two other advanced projects. It looks to duplicate Santa Elena's success at its La Joya project, again using a starter open pit. Its Cruz de Mayo project is just 35 kilometers (35km) from Santa Elena. With 2.3 Moz Indicated and more than 12 Moz Inferred, it could heap leach there and possibly ship the high grade to the Santa Elena mill." More >

The Mining Report Interview with Eric Coffin (2/18/14) "I've followed SilverCrest Mines Inc. since inception. I trust its management team more than any other. The company made a great discovery at Santa Elena in Mexico and put it into production on time, under budget. SilverCrest is now in the midst of expanding that mine. The company produces silver at a cost of about $8.50 per ounce, which is one of the lowest production costs in the industry. It will have about a 50% increase in production this year and next year. It has very good cash flow and good profits coming.

Company management just picked up the project next to Santa Elena. It's a very early-stage project, but it seems to be a Santa Elena lookalike. The company has another project—a large multimetal property called La Joya, with a silver equivalent resource of 200 Moz. I expect to see a preliminary economic assessment to prefeasibility come out this year.

This is a practical, seasoned management group that has put things in production before. It's a company I'm extremely comfortable with." More >

Charlotte McLeod, Resource Investing News (2/5/14) "SilverCrest Mines Inc. reported record silver production in Q2/13, Q3/13 and Q4/13 as well as for 2013 as a whole. Specifically, the company put out 2.66 Moz silver equivalent for all of last year and a total of 796,751 oz silver equivalent in Q4/13."

Raymond James (1/31/14) "SilverCrest Mines Inc. reported strong Q4/13 production results, delivering 671,409 oz Ag eq versus our estimate of 633,561 oz Ag eq. The beat was due to higher-than-expected grades (both gold and silver) loaded onto the leach pad at Santa Elena. Mill installation is ~90% complete and scheduled for start-up late Q1/14 (commissioning Q2/14), a one month delay due to late receipt of the ball mill (we model Q2/14 startup)."

Brien Lundin, Gold Newsletter (Jefferson Financial) (1/31/14) "Included in SilverCrest Mines Inc.'s exploration effort is the company's recently acquired Ermitaño property, also in Sonora. . .it's a nice, blue sky addition to a precious metals production story that will likely grow substantially this year. SilverCrest remains a Buy on weakness."

Stuart McDougall, Jennings Capital (1/27/14) "We count SilverCrest Mines Inc. among a select group of juniors with the track record and asset base necessary to push it to the ranks of midtier producers. Management is already nearing the finish line on a capital redevelopment program aimed at doubling annual silver production rates at its Santa Elena mine. . .we are transferring coverage of the company with a Buy recommendation."

Benjamin Asuncion, Haywood Securities (1/17/14) "SilverCrest Mines Inc.'s overall Q4/13 silver equivalent production exceeded our expectations (792 Koz Ag eq actual versus 667 Koz Ag eq estimated) on the back of higher grades and improved recoveries. The near-term focus will be on the expansion at Santa Elena, with the mill starting up in late Q1/14 (commissioning anticipated in Q2/14) and underground production in Q3/14."

Christos Doulis, Stonecap Securities (1/17/14) "SilverCrest Mines Inc.'s Q4/13 highlights include: 1) record silver production of 229 Koz and record gold production of 9,218 oz during Q4/13 versus Q3/13 production of 203 Koz Ag and 7,194 oz Au and 2) total 2013 production of 779 Koz Ag, beating revised guidance of 725 Koz Ag and our estimate of 715 Koz Ag. . .we are raising our target to $2.35 from $2.25 and maintaining our Outperform rating."

Philip Ker, PI Financial (1/16/14) "SilverCrest Mines Inc. announced stellar silver production numbers from its flagship Santa Elena mine for Q4/13 where 228,787 oz silver and 9,218 oz gold was produced. . .the strong quarterly production continues to support our thesis of continued higher grades at depth. . .the beat in targeted silver and gold production was 28% and 19% greater than our estimates for Q4/13."

Jay Taylor, Gold, Energy & Tech Stocks (1/10/14) "SilverCrest Mines Inc. is the epitome of what I think is the ideal precious metals stock to own in this environment. It can grow its business from internally generated cash flows, and it has enough resources now to grow from a relatively small silver and gold producer into something much larger."

The Gold Report Interview with Eric Coffin (11/27/13) "SilverCrest Mines Inc. announced a silver resource of 199 Moz at La Joya. It's a low-grade, polymetallic skarn: silver, copper, gold, lead and zinc. The company followed that up with a pretty good PEA: an after-tax NPV% of $93M and a 22% IRR for a 'starter pit' operation that is focused on the highest-grade portion of the resource. . .[the] management is the main reason I like it. Chairman Scott Drever, President Eric Fier and CFO Barney Magnusson have been a team since day one. They are all well experienced in both exploration and putting mines into production.

"That experience really showed with Santa Elena, SilverCrest's Sonora mine. It has good grades and pretty much an even mix between gold and silver in value. The team has managed to get it financed at the bottom of the market in 2009, which was no easy feat, and built it for a little more than $20M, which is pretty amazing. It's producing silver equivalent at $8.50/oz. That's quite a bit better than most. Santa Elena expansion is most of the way through. Santa Elena started out as a heap leach, but SilverCrest is building a mill, which should start production early next year. That should bring the company up from, say, 2.5 Moz Aqeq to close to 3.5 Moz next year. As the mine gets into deeper, higher-grade material, it should surpass 4 Moz silver equivalent in 2015. La Joya will be more difficult, but I definitely wouldn't bet against management building it on time and on budget and making sure it makes money." More >

Chris Lichtenheldt, Dundee Capital Markets (11/15/13) "SilverCrest Mines Inc.'s beat on earnings per share (EPS) and cash flow per share was due to slightly better sales, lower depreciation (within EPS) and various other items. . .the company finished Q3/14 with a cash balance of $24M and an undrawn credit facility of $40M. We also assume SilverCrest receives an additional $10M from Sandstorm Gold Ltd. . .based on spot metal prices ($21/oz silver and $1,275/oz gold), we believe the company has sufficient capital to execute its plans."

Benjamin Asuncion, Haywood Securities (11/15/13) "SilverCrest Mines Inc. delivered Q3/13 results that came in above our and consensus' expectations, with operating cash flow (before working capital changes and adjusted for taxes) of $6.5M ($0.06/share) versus our expectations of $4.5M ($0.04/share) and consensus of $0.047/share. . .production totaled 203 Koz Ag plus 7.2 Koz Au (654 Koz Ag eq)."

The Gold Report Interview with Sean Brodrick (11/12/13) "I also like SilverCrest Mines Inc. It is raising production and seems to be doing all the right things. It only has one big project, but it is working on more. That's a company that should have a great future. It has a low cost of mining." More >

Jordan Roy-Byrne, The Daily Gold (11/6/13) "SilverCrest Mines Inc. a few weeks ago announced its first PEA on its La Joya project. . .the project would produce an average of nearly 4 Moz Ag eq over nine years. . .with the current expansion at Santa Elena coupled with future production at La Joya, the company has the assets to become a 10 Moz Ag eq producer."

Morning Coffee (10/22/13) "Shares of SilverCrest Mines Inc. were higher after the company reported an initial PEA for its La Joya project. . .production was estimated at 5 Moz/year Ag eq for the first four years and 3.9 Moz on average over the nine-year mine life. The strip ratio is estimated at 3:1. . .this study outlines a viable project with reasonable capex and cash costs, even in the current commodity price environment."

Philip Ker, PI Financial (10/22/13) "SilverCrest Mines Inc. announced positive results from a PEA study completed on its pipeline La Joya project. . .today's positive news on La Joya is encouraging in that we see good value in the project as it continues to advance into a development-stage project. . .we are maintaining our $2.70/share target price and our Buy rating."

Christos Doulis, Stonecap Securities (10/22/13) "On Oct. 21, SilverCrest Mines Inc. tabled a PEA for its 100%-owned La Joya project. . .the PEA envisages a 5,000 tpd open-pit mine with a nine-year life, processing 15.5 Mt ore grading 50 g/t Ag, 0.33% Cu and 0.19 g/t Au. . .we are maintaining our Outperform rating and increasing our target price to $2.60 from $2.50."

Joe Reagor, ROTH Capital Partners (10/21/13) "We continue to view SilverCrest Mines Inc. as a junior silver and gold producer with significant growth potential through the expansion and mill construction at tis flagship Santa Elena mine and now the potential of a second mine in La Joya. . .the company provided the results of its preliminary economic assessment on the La Joya project. . .our estimated value of La Joya of $51.6M appears justified and perhaps conservative given the outcome of the PEA. . .we are maintaining a Buy rating."

Chris Thompson, Raymond James (10/21/13) "SilverCrest Mines Inc. released a PEA for its La Joya development-stage silver, copper and gold project. . .we are maintaining our Outperform rating and $2.40 target price. . .we view the release of the maiden PEA for the La Joya 'starter pit' as a good start for the company in defining an economically viable project and a base case scenario to further refine and build upon."

Eric Coffin, HRA Journal (10/16/13) "SilverCrest Mines Inc. remains on time and on budget for a mill start up in January at Santa Elena. . .overall, Santa Elena continues its superior performance, averaging cash costs of $8.50 per silver equivalent ounce; this is better than most silver only or silver base metal operations, far better than many of them. The strong performance is due to a good ore body but also thanks to a good workforce and management team; I view SilverCrest as a company that can continue to outperform many in its peer group; accumulate on gold/silver prices weakness for gains on later metal price recovery and superior company performance."

Chris Lichtenheldt, Dundee Capital Markets (10/15/13) "SilverCrest Mines Inc.'s Q3/13 silver sales of 205 Koz were 12% above our estimate. . .silver grades of 83 g/t were 28% above our expectation of 65 g/t. . .the company indicated the expansion remains within 5% of its budget and continues to expect mill startup in January 2014. . .we remain Buy rated."

Christos Doulis, Stonecap Securities (10/15/13) "SilverCrest Mines Inc. is one of two silver producers within our coverage universe best able to survive in the current precious metal price environment. . .with a Q3/13 production update expected shortly, a PEA on La Joya and the expansion nearing completion, we believe the company has the potential to experience a significant rerating in the market. . .we are increasing our rating to Outperform from Sector Perform."

Philip Ker, PI Financial (10/15/13) "SilverCrest Mines Inc. announced record silver production numbers from its flagship Santa Elena mine for Q3/13 where 202,736 oz silver and 7,194 oz gold were produced. . .after the increase in expected production announced today, we are increasing our target price from $2.60/share to $2.70/share and maintain our Buy rating."

Benjamin Asuncion, Haywood Securities (10/15/13) "SilverCrest Mines Inc.'s overall Q3/13 silver equivalent production was in line with our expectations (654 Koz Ag eq versus an estimated 669 Koz Ag eq). . .the expansion plan at Santa Elena remains on time and budget for mill startup in January 2014 with the critical path being the ball mill delivery next month."

The Gold Report Interview with Tom Szabo (10/14/13) "Another [peerless company] is SilverCrest Mines Inc. in Mexico. The company has a project that is expanding and going underground, as well as a project going into the development stage. Its capital constraints and size should allow SilverCrest to develop such a project into a producing asset. . .SilverCrest is interesting because it started with a project that was not an existing mine. Many current operations in Mexico are old silver mines that have been revived during this latest mining cycle. SilverCrest's Santa Elena was a new project. Now it's going underground. While other companies went dormant after the 2008 crisis because money wasn't available, SilverCrest pushed ahead. It sold a portion of its gold as a stream to Sandstorm Gold, which allowed it to get into production and get ahead of the curve for being a producer. Meanwhile, the operations have been profitable almost from the very beginning and that has now allowed SilverCrest to use internal cash flow to expand production as well as to develop its second project." More >

Kwong-Mun Achong Low, Jennings Capital (10/9/13) "Next week, we expect SilverCrest Mines Inc. to report Q3/13 production. . .construction at the 3,000 tpd mill continues with the leaching tanks completed and the ball mill set to arrive. Completion is expected in Q1/14. . .we also expect the La Joya initial PEA to be released before the end of next week. . .we reiterate our Buy recommendation."

The Gold Report Interview with Greg McCoach (10/9/13) "SilverCrest Mines Inc. is probably the top company I'd like to talk about. It has over $40M in cash and growing. The company is making money whether gold or silver prices go up or down because it is mining higher grade rather than lower grade ounces. SilverCrest keeps finding more ounces as the Santa Elena mine grows, and it has made another discovery that is moving along quite nicely in another area of Mexico. . .it's holding its own, but is at a great discount to where it will be. This is a great situation to play because at current prices I see at least a four or five multiple when the market fully recovers." More >

Jordan Roy-Byrne, The Daily Gold (10/7/13) "Silvercrest Mines Ltd. has not only expanded its resource base at Santa Elena, but is at work on a production expansion that could take its silver production from ~2.4 Moz Ag eq to potentially over 4 Moz Ag eq in 2015. With its present value, cash flow growth, potential production growth and growing resource base, SilverCrest has everything we look for in a junior producer. . .currently holding $25M in cash and an untapped $40M credit facility along with ongoing cash flow, the company is well equipped to complete its expansion at Santa Elena."

Philip Ker, PI Financial (10/3/13) "We are making SilverCrest Mines Inc. our top pick for Q4/13 as we expect the company to announce significant progress and near-term completion of construction of the 3 Ktpd conventional mill and continued strong operating cash flow of ~$14M (Q3/13 + Q4/13)."

Chris Lichtenheldt, Dundee Capital Markets (9/25/13) "We are expecting a series of catalysts [for SilverCrest Mines Inc.] between now and year-end, including the release of the La Joya preliminary economic assessment, a Santa Elena expansion update, an exploration update and production results for Q3/13. . .expansion at Santa Elena is progressing well with 70% of the construction complete. . .the company is looking to optimize the underground. . .current plans call for growth to 3.5 Moz of silver eq in 2014 and 4 Moz of silver eq in 2015. Brownfield exploration at Santa Elena continues, with the higher-grade Tortuga vein being an exciting discovery."

Metal Augmentor (9/16/13) "SilverCrest Mines Inc. is a low-cost, expanding silver and gold producer with ongoing exploration success and a serious development project that no one seems to be giving any real value. Production is expected to grow by over 60% next year at Santa Elena, which could get the market excited as earnings and cash flow steadily improve and capex fades. . .longer-term, there's the large La Joya development project which the market seems to be ignoring completely despite an upcoming PEA."

Metal Augmentor, Seeking Alpha (9/15/13) "When growth is not being priced into a company's valuation, it spells opportunity. One such opportunity we'd like to examine today is SilverCrest Mines Inc., one of the best values in the gold and silver mining space. The company's possible addition to one or more indices (namely, the Market Vectors Junior Gold Miners ETF, or GDXJ) could serve as an immediate catalyst for a higher share price. . .SilverCrest's Santa Elena flagship mine began production in 2011 and has been consistently profitable from day one, a notable achievement even in a rising metal price environment."

The Gold Report Interview with Brien Lundin (9/9/13) "SilverCrest Mines Inc. has been a very profitable recommendation for Gold Newsletter readers. . .SilverCrest has two projects in line, is growing production and has a great management team. It offers leverage to the rising silver price and to the company's growth." More >

Christos Doulis, Stonecap Securities (9/6/13) "SilverCrest Mines Inc. announced assay results from 47 drill holes from its Santa Elena mine. . .these positive drill results continue to highlight the exploration upside at Santa Elena and we have increased our assumed mine life by just over a year to 2022. For investors bullish on the precious metals complex, we believe the company is a strong operator that offers good exposure to both silver and gold."

Chris Lichtenheldt, Dundee Capital Markets (9/5/13) "SilverCrest Mines Inc. announced the discovery of a new zone at the Santa Elena mine, Tortuga. . . the new Tortuga zone could add ~5% to our NAV if converted to reserve. . .the El Cholugo and the parallel zone (El Cholugo Dos) continued to expand with 10 new drill hole intercepts and the company reiterated these zones should also be accessible from the planned underground development. . .8,000 tonnes of ore from the underground mine have been extracted and the company has achieved 1,500m of underground development, with mill construction still underway and targeted for commissioning in Q1/14."

Kwong-Mun Achong Low, Jennings Capital (9/5/13) "SilverCrest Mines Inc.'s 47 drill holes include ongoing good results to the east and at depth of the current resource envelope, with the headline hole 152 intercepting 15m of 4 g/t Au and 243 g/t Ag. By our back-of-the-envelope estimates, the new discovery Tortuga could have over 2.5 Moz Ag eq. . .overall, we are impressed with the exploration potential of Santa Elena, which offers possible easy ounces to add to the existing nine-year mine life (our estimate). We reiterate our Buy recommendation."

Philip Ker, PI Financial (9/5/13) "SilverCrest Mines Inc. announced assay results from 47 holes at Santa Elena, which included identifying a new zone named Tortuga. Drill results from Santa Elena continues to support our thesis that stronger ore grades will be realized once the operation shifts to focus solely on the underground ore. . .we are maintaining our Buy recommendation."

Benjamin Asuncion, Haywood Securities (9/5/13) "SilverCrest Mines Inc. released results for the remaining 47 holes from the 181-hole drill program at Santa Elena designed to upgrade and expand resources. Results from the drilling have expanded the main mineralized zone (MMZ), further delineated the El Cholugo and Cholugo Dos zones, and identified a new zone called Tortuga. . .the MMZ remains open laterally and at depth with intercepts up to 100m beyond the boundary of current stope designs. . .the results continue to highlight the potential for further resource and reserve growth at Santa Elena."

Christos Doulis, Stonecap Securities (8/16/13) "SilverCrest Mines Inc. announced Q2/13 financial results. . .management reiterated its 2013 guidance of 675 Koz silver and 33 Koz gold at a cash cost of $8.50/oz Ag eq. We are maintaining our estimate of 626 Koz silver and 32 Koz gold at a cash cost of $8/oz Ag eq. . .SilverCrest ended the quarter with ~$29.6M in cash and equivalents and available credit of $40M, providing it with ample balance sheet flexibility to complete the expansion at Santa Elena. . .for investors bullish on the precious metals complex, we believe SilverCrest offers good exposure to both silver and gold."

Benjamin Asuncion, Haywood Securities (8/16/13) "SilverCrest Mines Inc. delivered Q2/13 results that were in line with Haywood and consensus expectations. . .the Santa Elena expansion is progressing on time and on budget. . .our $2.30/share target and Buy rating remain unchanged."

Philip Ker, PI Financial (8/15/13) "SilverCrest Mines Inc. continues to operate the Santa Elena mine efficiently and effectively while maintaining its cash costs below guidance at the $7.80/oz Ag eq level. With quarterly record production and sales for silver, we continue to support and foresee further success from Santa Elena as the open pit deepens and targets higher-grade ore."

Kwong-Mun Achong Low, Jennings Capital (8/15/13) "SilverCrest Mines Inc. reported Q2/13 financials: $0.03 earnings per share and $0.05 cash flow per share, relatively in line with our estimates. . .cash costs for the quarter were $7.80/oz, 3% lower than our estimate. . .we reiterate our Buy recommendation and 12-month target price of $3.25/share."

Chris Lichtenheldt, Dundee Capital Markets (8/15/13) "SilverCrest Mines Inc.'s Q2/13 silver and gold production of 0.2 Moz and 7.5 Koz, respectively, had been pre-released and was therefore in line with our model. Cash costs of $7.80/oz silver equivalent sold were better than our comparable forecast of $8.20/oz."

Chris Thompson, Raymond James (8/15/13) "SilverCrest Mines Inc. reported Q2/13 financial results, which were delivered ahead of our expectations and consensus. . .we believe SilverCrest offers investors an attractive growth profile fueled by a transition from an open-pit heap leach to an underground and conventional milling operation. . .Santa Elena mill construction continues on schedule and remains within budget, with an expected startup in Q1/14E. . .SilverCrest ended the quarter with $29.6M in cash and access to a $40M credit facility, which we believe is adequate to complete initial mill/mine construction at Santa Elena."

Philip Ker, PI Financial (8/15/13) "SilverCrest Mines Inc. announced its Q2/13 financial results, reporting net earnings of $2.9M or $0.03/share and operating cash flow of $5.6M or $0.05/share. . .SilverCrest continues to operate the Santa Elena mine efficiently and effectively while maintaining its cash costs below guidance at the $7.80/oz Ag eq level. With quarterly record production and sales for silver, we continue to support and foresee further success from Santa Elena as the open pit deepens and targets higher-grade ore. . .we continue to believe in management's ability to simultaneously manage both its expansion initiatives and its production output from Santa Elena."

The Gold Report Interview with Chris Lichtenheldt (8/12/13) "We have a Buy on SilverCrest Mines Inc. . .SilverCrest is a single-asset company. Its Santa Elena silver-gold mine in Mexico will increase production as it moves underground next year. The main reason we like it is because it is trading at a valuation discount of more than 25% relative to the rest of the group both on a price/NAV, as well as a price/cash-flow basis. We believe that SilverCrest will either rerate higher as it executes on its growth plans, or it will become a takeover target, given its discounted valuation and relatively low market cap." More >

Benjamin Asuncion, Haywood Securities (7/30/13) "SilverCrest Mines Inc.'s prefeasibility study for Santa Elena outlined an 8-year mine life with annual production of ~3.2 Moz silver equivalent (32.8 Koz Au and 1.5 Moz Ag). . .an internal rate of return of 57% was estimated. . .we view the study as generally positive."

Brien Lundin, Gold Newsletter (Jefferson Financial) (7/29/13) "SilverCrest Mines Inc. has enjoyed a bit of a bounce in its share price over the past several weeks. . .the company's 100%-owned Santa Elena mine, located in Mexico's Sonora state, turned in record silver production of 194,022 oz for Q2/14. . .overall, silver eq production was 665,687 oz, up 20% from Q1/13. . .SilverCrest also secured a $40M credit facility earlier this month that will allow it to move forward with its expansion plans for Santa Elena. . .in a true bull run, silver offers leverage to gold, and SilverCrest is one of the best silver producers out there right now."

Eric Coffin, Hard Rock Analyst (7/28/13) "SilverCrest Mines Inc. should continue to fare better than most small producers as it continues to outperform on the operational side. The company reported record production of 194 Koz silver and 7.463 oz gold. . .SilverCrest continues to produce efficiently. . .there is little danger it won't make money at current prices."

Kwong-Mun Achong Low, Jennings Capital (7/26/13) "SilverCrest Mines Ltd. released the results of its prefeasibility study (PFS) for the mill expansion and underground mine at Santa Elena. . .by and large the PFS was in line with our expectations. . .we expect Sandstorm Gold Ltd. to buy in to the 20% gold stream. . .we like that Santa Elena continues apace for a measured start-up toward the back half of 2014. We reiterate our Buy recommendation."

Philip Ker, PI Financial (7/26/13) "SilverCrest Mines Inc. announced economics of its prefeasibility study (PFS) for its Santa Elena expansion. The PFS returned positive and robust economics. . .with an estimated $49M in working capital and with the free cash generated from operations, we believe the company is well positioned to meet its capex requirements over the rest of 2013 and complete its mill expansion on time and on budget for 2014. . .we are maintaining our Buy recommendation."

Benjamin Asuncion, Haywood Securities (7/23/13) "SilverCrest Mines Inc. delivered silver equivalent production that was in line with our estimated. Key takeaways from the quarter were that higher grades and lower strip ratios are expected to support operating margins in H2/13, and the construction of surface facilities and underground development for the expansion program remaining both on time and on budget. . .the development-stage La Joya project in Durango, Mexico, provides for the next leg of growth, with a 200+ Moz of Ag eq resource forming the basis of a PEA later this year."

The Gold Report Interview with Eric Coffin (7/22/13) "SilverCrest Mines Inc. is now a producer. The company has really strong management and very good cash costs. It did a great job of building a very successful gold-silver mine, Santa Elena, very cheaply by today's standards. SilverCrest got the initial heap leach into production for under $30M. I'm waiting for a feasibility study on the expansion of Santa Elena with the addition of a conventional mill and underground mining. The company will also rerun some of the tailings from the heap-leach operation through that mill because the mill has much higher gold-silver recoveries than a heap leach does. That should bring production up by probably another 50% without bringing cash costs up that much. Current guidance for cash costs is $8.50 per silver equivalent ounce this year, which is pretty good. SilverCrest also has a bulk-tonnage silver project called La Joya, which it has been drilling for about a year now. The resource is already up to close to 150 Moz, and the company is not yet done expanding it. SilverCrest has been successful on a lot of fronts." More >

Chris Lichtenheldt, Dundee Capital Markets (7/18/13) "SilverCrest Mines Inc.'s silver production of 194 Koz was 29% ahead of our 150 Koz estimate. . .throughput and silver grades were both better than expected, which drove the favorable results. Tonnes of ore crushed during the quarter were 307 Kt, 18% above our expectations, and silver grades of 66 g/t were 27% higher than we had modeled. . .the company also recently secured a $40M credit facility, which we believe should provide sufficient liquidity if the expansion moves forward as planned."

Kwong-Mun Achong Low, Jennings Capital (7/17/13) "SilverCrest Mines Ltd. reported silver production that was 32% above our expectations. . .the beat was a result of increased throughput to the heap leach, as well as the highest silver grades mined thus far at Santa Elena. . .we reiterate our Buy recommendation."

Benjamin Asuncion, Haywood Securities (7/17/13) "SilverCrest Mines Ltd.'s quarterly silver production was above our expectations. . .operations delivered an increase in the amount of ore mined, which translated into an increase in ounces delivered to the heap leach pad. . .we expect mining of higher-grade material to increase production and support operating margins in H2/13."

Benjamin Asuncion, Haywood Securities (7/17/13) "SilverCrest Mines Inc.'s Q2/13 silver production was above our expectations (194 Koz Ag versus 155 Koz Ag estimate). . .it was attributable to a combination of higher throughput (307 Kt versus 271 Kt estimate) and grades (66 g/t versus 60 g/t Ag estimate). . .management revised production guidance upward for silver to 675 Koz Ag (from 625 Koz Ag previously)."

Heiko Ihle, Euro Pacific Canada (7/17/13) "SilverCrest Mines Inc. reported strong Q2/13 production figures. . .the company produced 194,022 oz silver, a 26% increase compared with 153,481 oz in Q1/13. . .given the strong production for Q2/13, SilverCrest is increasing its 2013 silver production guidance to 675 Koz. . .overall, the Santa Elena Mine expansion remains on track. . .we believe the current expansion program at the site will bear fruit early next year and continue to recommend the company."

Philip Ker, PI Financial (7/17/13) "Production for Q2/13 at SilverCrest Mines Inc.'s Santa Elena mine returned positive and resulted in a beat to our estimates for the quarter. . . the company continues to deliver strong quarterly production. . .we expect annual production to grow from 2.6 Moz Ag eq in 2013 to 4 Moz Ag eq in 2014 and provide considerable growth to SilverCrest's earnings and cash flow. . .we continue to be optimistic on the growing production trajectory for SilverCrest, and based on management's history of delivering on guidance, we are confident the company can exceed production expectations for 2013."

Benjamin Asuncion, Haywood Securities (7/12/13) "SilverCrest Mines Inc. has entered into a three-year secured credit facility with the Bank of Nova Scotia (Scotiabank). The facility provides a credit limit of US$40M. . .the formalization of a credit facility alleviates some near-term funding concerns, given the significant capital program for the expansion of Santa Elena. . .the additional capacity and duration provides the company with more degrees of operating flexibility. . .SilverCrest is projected to have sufficient resources to complete the 2013 capital program."

Chris Lichtenheldt, Dundee Capital Markets (6/18/13) "SilverCrest Mines Inc.'s silver production of 194 Koz was 29% ahead of our 150 Koz estimate; gold production, however, was 7% below our estimate, coming in at 7.5 Koz. On balance we view silver equivalent production as 649 Koz (based on the average Q2 gold-silver ratio of 60.9:1), 2% higher than our comparable estimate of 636 Koz . .SilverCrest is in the process of constructing a 3,000tpd mill which the company reports is on schedule for a January 2014 start-up; the company also reports the project is on budget with 65% of the 2013 budgeted capex of $65M committed as of June 30."

Chris Lichtenheldt, Dundee Capital Markets (6/17/13) "On June 12 SilverCrest Mines Inc. hosted us on a one-man tour of the Santa Elena mine. Our visit to the site confirmed that we like the simplicity of this operation with its single gold/silver vein, good widths and straightforward heap-leach process. . .we remain Buy rated with a $3 price target."

Brien Lundin, Gold Newsletter (Jefferson Financial) (6/11/13) "SilverCrest Mines Inc. was able to keep a tight rein on cash costs throughout Q1/13, operating at $7.69/oz, a level that was significantly lower than forecasted. . .the company also saw a 12% increase in silver sales. . .assuming that mined grades improve as predicted in the back half of the year, I see no reason why SilverCrest cannot enjoy a healthy rebound on its current share price."

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