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Fresnillo Q1 Production Drops, Backs FY View; Juanicipio Project Gets Approval

Mining company Fresnillo plc (FRES.L) reported Thursday that its first-quarter silver production was 13.1 million ounces, including Silverstream, down 14.8% from last year, mainly due to the lower ore grade and throughput at Fresnillo.

Quarterly gold production of 211.1 thousand ounces dropped 8.8% from last year mainly due to a lower volume of ore processed at Noche Buena and a slower overall speed of recovery on the leaching pads at Herradura.

Looking ahead, the company said it is on track to achieve 2019 production guidance of 58-61 moz silver, including Silverstream and 910-930 koz gold.

Separately, Fresnillo and MAG Silver Corp. confirmed that their silver / gold Juanicipio project, held through Minera Juanicipio, has received approval from their respective Boards as well as from the Minera Juanicipio shareholders.

Fresnillo will be the operator of Juanicipio and holds a 56% majority stake in the Joint Venture, with partner MAG Silver Corp. owning the remaining 44%.

Construction will begin immediately with completion expected late 2020, subject to finalizing detailed engineering and securing remaining permits.

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