TSX: SIL | NYSE American: SILV
VANCOUVER, BC, Dec. 30, 2021 /PRNewswire/ - SilverCrest
Metals Inc. ("SilverCrest" or the "Company") is pleased to announce
that, as planned, the Company's Canadian subsidiary has completed
the third scheduled drawdown of US$30
million on its previously announced US$120 million Project Financing Facility
("Credit Facility") with an affiliate of RK Mine Finance (see news
release dated January 4, 2021). This
drawdown takes the total amount of debt accessed to date to
US$90 million. The additional funds
will be used towards the continued construction of the Company's
Las Chispas Project ("Las Chispas" or "Project") located in
Sonora, Mexico, with a targeted
completion in Q2, 2022.
To limit risk and enhance flexibility, SilverCrest has now drawn
down 75% of the Credit Facility, in-line with the agreed drawdown
schedule. By completing this drawdown, the remaining US$30 million will remain available to the
Company through August 31, 2022,
during the planned H2, 2022 production ramp-up of Las Chispas.
Project construction remains on time and in line with the
previously disclosed capital cost estimate of US$137.7 million (see news release dated
February 2, 2021). The Company still
anticipates reaching the previously disclosed 80% of construction
completed by the end of 2021 with full power available to
facilities by Q2, 2022. To date, there have been no delays to
construction as a result of the ongoing COVID-19 pandemic.
As at December 30, 2021, the
Company has cash and cash equivalent of approximately US$178 million and US$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,
that is focused on new discoveries, value-added acquisitions and
targeting production in Mexico's
historic precious metal districts. The Company's top priority is on
the high-grade, historic Las Chispas mining district in
Sonora, Mexico, where it has
completed a feasibility study on the Las Chispas Project and is
proceeding with mine construction. Startup of production at the Las
Chispas Mine is targeted for mid-2022. SilverCrest is the first
company to successfully drill-test the historic Las Chispas
Property resulting in numerous high-grade precious metal
discoveries. The Company is led by a proven management team in all
aspects of the precious metal mining sector, including taking
projects through discovery, finance, on time and on budget
construction, and production.
FORWARD-LOOKING STATEMENTS
This news release
contains "forward-looking statements" and "forward-looking
information" (collectively "forward-looking statements") within the
meaning of applicable Canadian and United
States securities legislation. These include, without
limitation, statements with respect to: the strategic plans, timing
and expectations for the Company's construction and exploration
programs at the Las Chispas Project and the start up of production
at the Las Chispas Mine by mid-2022. Such forward looking
statements or information are based on a number of assumptions,
which may prove to be incorrect. Assumptions have been made
regarding, among other things: impact of the COVID-19 pandemic; the
reliability of mineralization estimates, mining and development
costs, the conditions in general economic and financial markets;
availability of skilled labour; timing and amount of expenditures
related to rehabilitation and drilling programs; and effects of
regulation by governmental agencies. The actual results could
differ materially from those anticipated in these forward-looking
statements as a result of risk factors including: uncertainty as to
the impact and duration of the COVID-19 pandemic; the timing and
content of work programs; results of exploration activities; the
interpretation of drilling results and other geological data;
receipt, maintenance and security of permits and mineral property
titles; environmental and other regulatory risks; project cost
overruns or unanticipated costs and expenses; and general market
and industry conditions. Forward-looking statements are based on
the expectations and opinions of the Company's management on the
date the statements are made. The assumptions used in the
preparation of such statements, although considered 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 speak only as of the date the
statements were made. The Company undertakes no obligation to
update or revise any forward-looking statements included in this
news release if these beliefs, estimates and opinions or other
circumstances should change, except as otherwise required by
applicable law.
N. Eric Fier, CPG, P.Eng
Chief Executive Officer
SilverCrest Metals Inc.
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SOURCE SilverCrest Metals Inc.