HIGHLIGHTS (Second Quarter 2014 compared to Second Quarter 2013 unless otherwise noted)
Throughput totalled 80,964 tonnes, a quarterly record and 20% increase;
Commercial production commenced at San Ignacio in June and processing at Guanajuato included 12,880 tonnes of ore from the new satellite mine;
Metal production of 718,794 silver equivalent ounces ("Ag eq oz") increased 6% and included 87,705 Ag eq oz from San Ignacio;
Cash cost per silver payable ounce decreased 18% to US $14.85;
All-in sustaining cost and All-in cost per silver payable ounce decreased 24% and 27%, to
US $24.73 and US $25.12, respectively;
Revenues increased 30% to $14.5 million, despite significantly lower metal prices;
Net loss was $4.5 million, compared to net loss of $5.1 million;
Adjusted EBITDA was $0.2 million, compared to negative $3.3 million;
Cash and cash equivalents were $18.0 million compared to $21.8 million at December 31, 2013;
Net working capital decreased to $34.2 million from $38.2 million at December 31, 2013.