TORONTO, Oct. 10, 2018 /PRNewswire/ - Sierra Metals
Inc. (TSX: SMT) (BVL: SMT) (NYSE AMERICAN: SMTS) ("Sierra
Metals" or "the Company") is pleased to report its third quarter
2018 production results.
Results are from Sierra Metals' three underground mines in
Latin America: The Yauricocha
polymetallic mine in Peru, and the
Bolivar copper and Cusi silver Mines in Mexico.
Third Quarter 2018 Production Highlights
- Silver production of 0.7 million ounces; a 44% increase from
Q3 2017
- Copper production of 8.6 million pounds; a 24% increase from
Q3 2017
- Zinc production of 20.8 million pounds; a 5% increase from
Q3 2017
- Lead production of 6.4 million pounds; consistent with Q3
2017
- Gold production of 1,906 ounces; a 26% increase from Q3
2017
- Total of 566,194 tonnes processed; a 12% increase from Q3
2017
The Company has been able to continue the successful production
increases realized during the last year and a half. Q3 2018
consolidated production of copper increased 24% to 8.6 million
pounds, silver increased 44% to 0.7 million ounces, lead remained
consistent at 6.4 million pounds, zinc increased 5% to 20.8 million
pounds and gold increased 26% to 1,906 ounces compared to Q3
2017.
Metal production at Yauricocha in Q3 increased due to higher ore
throughput, higher copper and gold head grades, and higher
recoveries of all metals, except gold. At Bolivar, higher ore
throughput, higher head grades for all metals, and higher copper
and gold recoveries resulted in a 13% increase in copper equivalent
production in Q3 2018 compared to Q3 2017. At Cusi, the increase in
ore throughput and higher silver head grades resulted in higher
silver equivalent production.
Igor Gonzales, President, and CEO
of Sierra Metals commented: "I am pleased to see continued
improvements in the production results for Q3 2018 including
notable increases to consolidated metal production of silver,
copper, zinc, and gold. In the third quarter the Company
continued to build upon its strong performance in the first half of
the year, despite the weather challenges we experienced at
Bolivar. The Yauricocha Mine reported sequential solid
production results, and the Cusi Mine continued with its tonnage
improvements.
Yauricocha continues to perform with solid tonnage ore
throughput in the third quarter. Final infrastructure in the
Yauricocha tunnel was completed in the third quarter and the
Company is now working to complete the tie-in connections to the
existing surface infrastructure which should be completed in the
fourth quarter, allowing for increased capacity and handling of
larger volumes of ore and waste. The Yauricocha shaft also
continues to be sunk to the 1270 level in the fourth quarter
providing access to further reserves and resources at the Mine.
Yauricocha will see consistent levels of ore throughput in 2018 due
to a refurbishment of the lower part of the Mascota Shaft,
currently underway, which may potentially cause a slowdown in
production rates in the fourth quarter. However, this potential
slowdown has already been factored into the Company's 2018
production guidance.
At Bolivar, the Company exceeded our year over year
production levels, but due to significant rain events in the third
quarter, which impacted operations, we experienced lower quarter
over quarter production. We are hopefully through the worst of the
rainy season and are back on track for the fourth quarter. Work
continues on the installation of an additional mill in the fourth
quarter which will help grind size optionality and improve
recoveries at the plant. Production is expected to increase
incrementally in Q4 2018 and we should be at the 3,600 tonne per
day level during Q1 2019.
At Cusi, the Company realized continued improvements in
tonnage in the third quarter, and the Mine realized a sequential
increase in ore throughput and an 18% increase when compared to Q2
2018. The Company continues to increase mill feed from the
Santa Rosa de Lima zone, while
mining selected structures in the older part of the mine. The
addition of another ball mill will see the capacity increase from
650 tonnes per day to approximately 1,200 tonnes per day in early
2019."
Mr. Gonzales concluded, "The Company continues to realize
improvements despite challenges and the groundwork has been set for
further improvements, through the modernizing and implementation of
best operational practices into 2019. We continue to realize
positive returns on our capital investments, and the path has been
set for continued growth at all our Mines. Our aggressive
brownfield exploration programs at all Mines should provide even
further growth in reserves and resources during the year ahead."
Consolidated Production Results
|
Consolidated
Production
|
3 Months
Ended
|
9 Months
Ended
|
2018
Guidance
|
|
Q3
2018
|
Q3
2017
|
%
Var.
|
Q3
2018
|
Q3
2017
|
%
Var.
|
Low
|
High
|
|
|
|
|
|
|
|
|
|
Tonnes processed
(mt)
|
566,194
|
504,751
|
12%
|
1,725,991
|
1,489,251
|
16%
|
|
|
|
Daily
throughput
|
6,471
|
5,769
|
12%
|
6,575
|
5,684
|
16%
|
|
|
|
|
|
|
|
|
|
|
|
Silver ounces
(000's)
|
728
|
507
|
44%
|
2,015
|
1,821
|
11%
|
2,474
|
2,886
|
Copper pounds
(000's)
|
8,326
|
6,700
|
24%
|
25,037
|
19,305
|
30%
|
32,700
|
38,100
|
Lead pounds
(000's)
|
6,358
|
6,358
|
0%
|
19,766
|
23,968
|
-18%
|
19,100
|
22,300
|
Zinc pounds
(000's)
|
20,772
|
19,877
|
5%
|
59,286
|
56,543
|
5%
|
62,900
|
73,400
|
Gold
ounces
|
1,906
|
1,517
|
26%
|
5,606
|
4,606
|
22%
|
6,700
|
7,800
|
|
|
|
|
|
|
|
|
|
Silver equivalent
ounces (000's)(1)
|
4,447
|
3,797
|
17%
|
13,540
|
10,762
|
26%
|
13,900
|
16,210
|
Copper equivalent
pounds (000's)(1)
|
23,628
|
21,851
|
8%
|
71,717
|
68,996
|
4%
|
89,184
|
104,005
|
Zinc equivalent
pounds (000's)(1)
|
57,883
|
47,076
|
23%
|
159,165
|
145,918
|
9%
|
183,830
|
214,468
|
(1) Silver equivalent
ounces and copper and zinc equivalent pounds for Q3 2018 were
calculated using the following realized prices: $14.85/oz Ag,
$2.79/lb Cu, $0.94/lb Pb, $1.14/lb Zn, $1,206/oz Au. Silver
equivalent ounces and copper and zinc equivalent pounds for Q3 2017
were calculated using the following realized prices: $16.86/oz Ag,
$2.93/lb Cu, $1.08/lb Pb, $1.36/lb Zn, $1,280/oz Au. Silver
equivalent ounces and copper and zinc equivalent pounds for 9M 2018
were calculated using the following realized prices: $15.99/oz Ag,
$3.02/lb Cu, $1.06/lb Pb, $1.36/lb Zn, $1,279/oz Au. Silver
equivalent ounces and copper and zinc equivalent pounds for 9M 2017
were calculated using the following realized prices: $17.31/oz Ag,
$2.70/lb Cu, $/1.03lb Pb, $1.28/lb Zn, $1,253/oz
Au.
|
Yauricocha Mine, Peru
The Yauricocha Mine processed 283,446 tonnes during Q3 2018,
representing a 6% increase from Q3 2017. Zinc equivalent metal
production in Q3 2018 increased by 16% due to higher ore
throughput, higher copper and gold head grades, and higher
recoveries for all metals, except gold. Silver production was 7%
higher, copper production was 39% higher, zinc production was 5%
higher, and gold production was 10% higher than Q3 2017, while lead
production was consistent with Q3 2017.
The Company continues to see quarterly improvements at
Yauricocha with higher zinc and copper production during Q3 2018
compared to Q2 2018 due to higher copper head grades, and higher
recoveries of all metals, except lead. This continues to be
assisted by the inclusion of more Cuerpos Chicos, which has higher
zinc head grades, and the Esperanza ore which is a copper-rich ore zone.
The Company is currently sourcing approximately 70% of its mill
feed from the Esperanza Zone.
The positive economic results from the Yauricocha PEA report
support the vision to grow and expand the mine and plant through
incremental and sustainable growth stages from its current 3,000
tonnes per day, to 3,600 tonnes per day in 2019 with further
expansion potential being studied via prefeasibility and
feasibility studies. The expansion of capacity is a natural step
that follows the substantial mineral reserve and resource increases
over the past two years. The potential plant expansion should add
incremental value to the asset by accelerating production levels,
and significantly increasing operating cash flows which can be used
to continue the on-going aggressive exploration drilling campaign
at the mine.
A summary of production from the Yauricocha Mine for Q3 2018 is
provided below:
|
Yauricocha
Production
|
3 Months
Ended
|
9 Months
Ended
|
|
Q3
2018
|
Q3
2017
|
%
Var.
|
Q3
2018
|
Q3
2017
|
%
Var.
|
|
|
|
|
|
|
|
Tonnes processed
(mt)
|
283,446
|
268,178
|
6%
|
838,285
|
757,270
|
11%
|
|
Daily
throughput
|
3,239
|
3,065
|
6%
|
3,193
|
2,890
|
11%
|
|
|
|
|
|
|
|
|
Silver grade
(g/t)
|
58.68
|
58.94
|
0%
|
59.12
|
71.76
|
-18%
|
|
Copper
grade
|
0.98%
|
0.79%
|
24%
|
0.94%
|
0.76%
|
23%
|
|
Lead
grade
|
1.16%
|
1.26%
|
-8%
|
1.23%
|
1.60%
|
-23%
|
|
Zinc
grade
|
3.65%
|
3.73%
|
-2%
|
3.59%
|
3.73%
|
-4%
|
|
Gold Grade
(g/t)
|
0.59
|
0.56
|
5%
|
0.58
|
0.53
|
8%
|
|
|
|
|
|
|
|
|
Silver
recovery
|
75.47%
|
73.99%
|
2%
|
72.92%
|
75.72%
|
-4%
|
|
Copper
recovery
|
72.55%
|
68.07%
|
7%
|
69.38%
|
63.84%
|
9%
|
|
Lead
recovery
|
84.03%
|
81.82%
|
3%
|
83.48%
|
84.22%
|
-1%
|
|
Zinc
recovery
|
90.95%
|
89.40%
|
2%
|
89.25%
|
89.45%
|
0%
|
|
Gold
Recovery
|
17.08%
|
17.27%
|
-1%
|
16.44%
|
16.68%
|
-1%
|
|
|
|
|
|
|
|
Silver ounces
(000's)
|
404
|
376
|
7%
|
1,162
|
1,323
|
-12%
|
Copper pounds
(000's)
|
4,428
|
3,178
|
39%
|
12,039
|
8,152
|
48%
|
Lead pounds
(000's)
|
6,114
|
6,112
|
0%
|
18,993
|
22,503
|
-16%
|
Zinc pounds
(000's)
|
20,772
|
19,717
|
5%
|
59,215
|
55,758
|
6%
|
Gold
ounces
|
911
|
827
|
10%
|
2,553
|
2,171
|
18%
|
|
|
|
|
|
|
|
Zinc equivalent
pounds (000's)(1)
|
42,854
|
36,856
|
16%
|
116,749
|
111,224
|
5%
|
(1) Silver equivalent
ounces and copper and zinc equivalent pounds for Q3 2018 were
calculated using the following realized prices: $14.85/oz Ag,
$2.79/lb Cu, $0.94/lb Pb, $1.14/lb Zn, $1,206/oz Au. Silver
equivalent ounces and copper and zinc equivalent pounds for Q3 2017
were calculated using the following realized prices: $16.86/oz Ag,
$2.93/lb Cu, $1.08/lb Pb, $1.36/lb Zn, $1,280/oz Au. Silver
equivalent ounces and copper and zinc equivalent pounds for 9M 2018
were calculated using the following realized prices: $15.99/oz Ag,
$3.02/lb Cu, $1.06/lb Pb, $1.36/lb Zn, $1,279/oz Au. Silver
equivalent ounces and copper and zinc equivalent pounds for 9M 2017
were calculated using the following realized prices: $17.31/oz Ag,
$2.70/lb Cu, $/1.03lb Pb, $1.28/lb Zn, $1,253/oz
Au.
|
Bolivar Mine, Mexico
The Bolivar Mine processed 227,690 tonnes in Q3 2018,
representing a 2% increase over Q3 2017. The higher ore throughput,
higher head grades for all metals, and higher copper and gold
recoveries resulted in a 13% increase in copper equivalent
production in Q3 2018 compared to Q3 2017. In Q3 2018, copper
production increased by 11% to 3,898,000 pounds, silver production
increased 23% to 94,000 ounces, and gold production increased 45%
to 911 ounces compared to Q3 2017. The decrease in throughput at
Bolivar during Q3 2018 compared to Q2 2018 was due to extremely
inclement weather, including torrential rain, that occurred at
Bolivar during the August and September, which is typical this time
of year during the rainy season.
The Company continues to define higher grade ore sources at
Bolivar West and Bolivar Northwest which are expected to come into
the mine plan by the second half of 2019. However, as a short-term
planning strategy, the Bolivar Mine continues to focus on
developing and mining the El Gallo Inferior zone to centralize
operations, optimize equipment usage and to improve productivity.
The Company remains confident that ore throughput can be increased
to 3,600 tonne per day level during Q1 2019 as outlined in the
Bolivar PEA study.
A summary of production for the Bolivar Mine for Q3 2018 is
provided below:
|
Bolivar
Production
|
3 Months
Ended
|
9 Months
Ended
|
|
Q3
2018
|
Q3
2017
|
%
Var.
|
Q3
2018
|
Q3
2017
|
%
Var.
|
|
|
|
|
|
|
|
Tonnes processed
(mt)
|
227,690
|
223,339
|
2%
|
759,106
|
660,250
|
15%
|
|
Daily
throughput
|
2,602
|
2,552
|
2%
|
2,892
|
2,520
|
15%
|
|
|
|
|
|
|
|
|
Copper
grade
|
0.99%
|
0.92%
|
8%
|
0.97%
|
0.97%
|
0%
|
|
Silver grade
(g/t)
|
17.25
|
14.23
|
21%
|
17.23
|
15.02
|
15%
|
|
Gold grade
(g/t)
|
0.17
|
0.14
|
18%
|
0.16
|
0.17
|
-6%
|
|
|
|
|
|
|
|
|
Copper
recovery
|
78.30%
|
77.89%
|
1%
|
80.17%
|
78.76%
|
2%
|
|
Silver
recovery
|
74.27%
|
74.52%
|
0%
|
77.06%
|
76.39%
|
1%
|
|
Gold
recovery
|
68.59%
|
61.62%
|
11%
|
70.49%
|
56.70%
|
24%
|
|
|
|
|
|
|
|
Copper pounds
(000's)
|
3,898
|
3,522
|
11%
|
12,998
|
11,152
|
17%
|
Silver ounces
(000's)
|
94
|
76
|
23%
|
324
|
244
|
33%
|
Gold
ounces
|
911
|
629
|
45%
|
2,805
|
2,089
|
34%
|
|
|
|
|
|
|
|
Copper equivalent
pounds (000's)(1)
|
4,790
|
4,235
|
13%
|
15,902
|
13,683
|
16%
|
(1) Silver equivalent
ounces and copper and zinc equivalent pounds for Q3 2018 were
calculated using the following realized prices: $14.85/oz Ag,
$2.79/lb Cu, $0.94/lb Pb, $1.14/lb Zn, $1,206/oz Au. Silver
equivalent ounces and copper and zinc equivalent pounds for Q3 2017
were calculated using the following realized prices: $16.86/oz Ag,
$2.93/lb Cu, $1.08/lb Pb, $1.36/lb Zn, $1,280/oz Au. Silver
equivalent ounces and copper and zinc equivalent pounds for 9M 2018
were calculated using the following realized prices: $15.99/oz Ag,
$3.02/lb Cu, $1.06/lb Pb, $1.36/lb Zn, $1,279/oz Au. Silver
equivalent ounces and copper and zinc equivalent pounds for 9M 2017
were calculated using the following realized prices: $17.31/oz Ag,
$2.70/lb Cu, $/1.03lb Pb, $1.28/lb Zn, $1,253/oz
Au.
|
Cusi Mine, Mexico
Total ore processed increased by 316% in Q3 2018 to 55,058
tonnes when compared to Q3 2017 and increased 18% when compared to
Q2 2018. Silver equivalent production increased 186% compared to Q3
2017.
Silver production of 231,000 ounces increased 319% in Q3 2018,
silver head grades were 2% higher, and ore throughput was 316%
higher than Q3 2017 as the Company has successfully transitioned to
mining the recently developed Santa Rosa
de Lima zone. This zone was being developed for the majority
of 2017 as ramps were being prepared to access the minable stopes
within the deposit.
The Company is currently mining selected higher-grade structures
at the old mine, the San Antonio
vein, as well as the Santa Rosa de
Lima structure containing improved head grades to the mill
at Cusi. The Company has successfully increased tonnage from
the Santa Rosa de Lima zone to
approximately 70% of the current mill feed, as well as other zones
in the areas previously developed with a different mandate to
produce from disseminated mineralized zones to ensure that the mill
is operating at its capacity of 650 tonnes per day. Additionally,
structural development at the Santa Rosa
de Lima zone will be completed using long hole mining versus
the existing cut and fill methodology which should result in lower
costs going forward.
A summary of production for the Cusi Mine for Q3 2018 is
provided below:
|
Cusi
Production
|
3 Months
Ended
|
9 Months
Ended
|
|
Q3
2018
|
Q3
2017
|
%
Var.
|
Q3
2018
|
Q3
2017
|
%
Var.
|
|
|
|
|
|
|
|
Tonnes processed
(mt)
|
55,058
|
13,234
|
316%
|
128,600
|
71,730
|
79%
|
|
Daily
throughput
|
629
|
151
|
316%
|
490
|
274
|
79%
|
|
|
|
|
|
|
|
|
Silver grade
(g/t)
|
156.27
|
153.72
|
2%
|
153.35
|
161.83
|
-5%
|
|
Gold grade
(g/t)
|
0.14
|
0.26
|
-45%
|
0.16
|
0.26
|
-39%
|
|
Lead grade
|
0.26%
|
1.01%
|
-75%
|
0.34%
|
1.16%
|
-70%
|
|
Zinc grade
|
0.32%
|
1.08%
|
-71%
|
0.36%
|
1.17%
|
-69%
|
|
|
|
|
|
|
|
|
Silver
recovery
|
83.49%
|
84.10%
|
-1%
|
83.45%
|
66.67%
|
25%
|
|
Gold
recovery
|
32.97%
|
55.71%
|
-41%
|
38.40%
|
58.47%
|
-34%
|
|
Lead
recovery
|
78.00%
|
83.51%
|
-7%
|
79.54%
|
80.05%
|
-1%
|
|
Zinc
recovery
|
0.00%
|
50.90%
|
-100%
|
6.89%
|
42.57%
|
-84%
|
|
|
|
|
|
|
|
Silver ounces
(000's)
|
231
|
55
|
319%
|
529
|
254
|
108%
|
Gold
ounces
|
84
|
61
|
36%
|
248
|
346
|
-28%
|
Lead pounds
(000's)
|
243
|
247
|
-1%
|
773
|
1,465
|
-47%
|
Zinc pounds
(000's)
|
0
|
160
|
-100%
|
71
|
785
|
-91%
|
|
|
|
|
|
|
|
Silver equivalent
ounces (000's)(1)
|
253
|
88
|
186%
|
606
|
425
|
43%
|
(1) Silver equivalent
ounces and copper and zinc equivalent pounds for Q3 2018 were
calculated using the following realized prices: $14.85/oz Ag,
$2.79/lb Cu, $0.94/lb Pb, $1.14/lb Zn, $1,206/oz Au. Silver
equivalent ounces and copper and zinc equivalent pounds for Q3 2017
were calculated using the following realized prices: $16.86/oz Ag,
$2.93/lb Cu, $1.08/lb Pb, $1.36/lb Zn, $1,280/oz Au. Silver
equivalent ounces and copper and zinc equivalent pounds for 9M 2018
were calculated using the following realized prices: $15.99/oz Ag,
$3.02/lb Cu, $1.06/lb Pb, $1.36/lb Zn, $1,279/oz Au. Silver
equivalent ounces and copper and zinc equivalent pounds for 9M 2017
were calculated using the following realized prices: $17.31/oz Ag,
$2.70/lb Cu, $/1.03lb Pb, $1.28/lb Zn, $1,253/oz
Au.
|
Quality Control
All technical data contained in this news release has been
reviewed and approved by Gordon
Babcock, P.Eng., Chief Operating Officer and a Qualified
Person under National Instrument 43-101 – Standards of Disclosure
for Mineral Projects.
Americo Zuzunaga, MAusIMM CP
(Mining Engineer) and Vice President of Corporate Planning is a
Qualified Person and chartered professional qualifying as a
Competent Person under the Joint Ore Reserves Committee (JORC)
Australasian Code for Reporting of Exploration Results, Mineral
Resources and Ore Reserves.
Augusto Chung, FAusIMM CP
(Metallurgist) and Consultant to Sierra Metals is a Qualified
Person and chartered professional qualifying as a Competent Person
on metallurgical processes.
About Sierra Metals
Sierra Metals Inc. is Canadian based growing polymetallic mining
company with production from its Yauricocha Mine in Peru, and its Bolivar and Cusi Mines in Mexico. The Company is focused on increasing
production volume and growing mineral resources. Sierra Metals has
recently had several new key discoveries and still has many more
exciting brownfield exploration opportunities at all three Mines in
Peru and Mexico that are within close proximity to the
existing mines. Additionally, the Company also has large land
packages at all three mines with several prospective regional
targets providing longer-term exploration upside and mineral
resource growth potential.
The Company's Common Shares trade on the Bolsa de Valores de Lima and on the Toronto Stock
Exchange under the symbol "SMT" and on the NYSE American Exchange
under the symbol "SMTS".
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Inc
Forward-Looking Statements
This press release contains "forward-looking information" and
"forward-looking statements" within the meaning of Canadian and
U.S. securities laws related to the Company (collectively,
"forward-looking information"). Forward-looking information
includes, but is not limited to, statements with respect to the
Company's operations, including anticipated developments in the
Company's operations in future periods, the Company's planned
exploration activities, the adequacy of the Company's financial
resources, and other events or conditions that may occur in the
future. Statements concerning mineral reserve and resource
estimates may also be considered to constitute forward-looking
statements to the extent that they involve estimates of the
mineralization that will be encountered if and when the properties
are developed or further developed. These statements relate to
analyses and other information that are based on forecasts of
future results, estimates of amounts not yet determinable and
assumptions of management. Any statements that express or involve
discussions with respect to predictions, expectations, beliefs,
plans, projections, objectives, assumptions or future events or
performance (often, but not always, using words or phrases such as
"expects", "anticipates", "plans", "projects", "estimates",
"assumes", "intends", "strategy", "goals", "objectives",
"potential" or variations thereof, or stating that certain actions,
events or results "may", "could", "would", "might" or "will" be
taken, occur or be achieved, or the negative of any of these terms
and similar expressions) are not statements of historical fact and
may be forward-looking information.
Forward-looking information is subject to a variety of risks and
uncertainties, which could cause actual events or results to differ
from those reflected in the forward-looking information, including,
without limitation, risks inherent in the mining industry including
environmental hazards, industrial accidents, unusual or unexpected
geological formations, floods, labour disruptions, explosions,
cave-ins, weather conditions and criminal activity; commodity price
fluctuations; higher operating and/or capital costs; lack of
available infrastructure; the possibility that future exploration,
development or mining results will not be consistent with the
Company's expectations; risks associated with the estimation of
mineral resources and the geology, grade and continuity of mineral
deposits and the inability to replace reserves; fluctuations in the
price of commodities used in the Company's operations; risks
related to foreign operations; changes in laws or policies, foreign
taxation, delays or the inability to obtain necessary governmental
permits; risks relating to outstanding borrowings; issues regarding
title to the Company's properties; risks related to environmental
regulation; litigation risks; risks related to uninsured hazards;
the impact of competition; volatility in the price of the Company's
securities; global financial risks; inability to attract or retain
qualified employees; potential conflicts of interest; risks related
to a controlling group of shareholders; dependence on third
parties; differences in U.S. and Canadian reporting of mineral
reserves and resources; potential dilutive transactions; foreign
currency risks; risks related to business cycles; liquidity risks;
reliance on internal control systems; credit risks, including risks
related to the Company's compliance with covenants with respect to
its BCP Facility; uncertainty of production and cost estimates for
the Yauricocha Mine, the Bolivar Mine and the Cusi Mine; and other
risks identified in the Company's filings with Canadian securities
regulators and the U.S. Securities and Exchange Commission, which
filings are available at www.sedar.com and www.sec.gov,
respectively.
This list is not exhaustive of the factors that may affect any
of the Company's forward-looking information. Forward looking
information includes statements about the future and are inherently
uncertain, and the Company's actual achievements or other future
events or conditions may differ materially from those reflected in
the forward-looking information due to a variety of risks,
uncertainties and other factors. The Company's statements
containing forward-looking information are based on the beliefs,
expectations and opinions of management on the date the statements
are made, and the Company does not assume any obligation to update
forward-looking information if circumstances or management's
beliefs, expectations or opinions should change, other than as
required by applicable law. For the reasons set forth above, one
should not place undue reliance on forward-looking information.
Note Regarding Reserve and Resource Estimates
All reserve and resource estimates reported by the Company were
calculated in accordance with the Canadian National Instrument
43-101 and the Canadian Institute of Mining and Metallurgy
Classification system. These standards differ significantly from
the requirements of the U.S. Securities and Exchange Commission
("SEC"). The differences between these standards are discussed in
our SEC filings. Mineral resources which are not mineral reserves
do not have demonstrated economic viability.
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SOURCE Sierra Metals Inc.