El Cubo //

El Cubo covers approximately 8,150 hectares in the same district as Bolañitos, six kilometres southeast of the city of Guanajuato. Access is by municipal road and infrastructure includes the state power grid, and local labour, supplies and services in the city of Guanajuato.

Similar to Bolañitos, the El Cubo sub-district is characterized by multiple low-sulphidation epithermal veins typically thousands of metres long, up to 400 metres deep, and ranging up to 15 metres thick. The El Cubo mine is comprised of four underground mining operations feeding a central, 1,500 tonne-per-day plant, which produces high-grade silver-gold concentrates. The mine provides employment for approximately 600 employees and 300 contractors.

In 2016, El Cubo produced 2,018,745 million ounces of silver and 21,327 ounces of gold – exceeding guidance due to higher throughput, partially offset by lower gold recoveries. Production totalled 3.6 million ounces of silver equivalents. Cash costs were $10.09 per ounce of silver, while all-in sustaining costs were $13.32 per ounce of silver (both net of gold credits). The 2016 operational plan originally called for throughput to gradually decrease over the year to care and maintenance level by year end, with efforts focused on extracting and processing the accessible ore to maximize cash flow over the year. In July 2016, with improving metal prices, we revised the El Cubo operating plan to ramp throughput back up to 1,500 tpd in the second half of the year.

In 2016 we spent $1.1 million on drilling 8,000 metres of various targets within the El Cubo district. Production in 2017 is expected to average 1,400 tpd from the V-Asunción, Dolores, Villalpando, San Nicolas and Santa Cecilia veins. Sustaining capital at El Cubo in 2017 is budgeted at $13.2 million. Exploration plans for 2017 include 6,000 metres of drilling for $0.9 million.

Plant throughput (tonnes/day)Grades (grams/tonne)Production (ounces)Recoveries (%)Cash cost ($/oz Ag)AISC ($/oz Ag)Direct costs ($/tonne)
Silver GoldSilverGoldSilverGold
20161,5991231.412,018,74521,32787.480.6$10.09$13.32$77.88
20151,8551191.522,288,14528,63488.186.3$10.56$22.15$80.60
20141,1321051.591,228,25618,1468885.9$16.40$39.49$99.89
20131,0891071.571,159,02617,14286.186.8$18.77$34.84$113.31

Reserves and Resources: Silver

4.3 M oz proven and probable silver reserves
5.9 M oz measured and indicated silver resources
10.0 M oz inferred silver resources

Reserves and Resources: Gold

51,100 oz proven and probable gold reserves
78,800 oz measured and indicated gold resources
129,900 oz inferred gold resources

*For details refer to the complete Reserves and Resources table in the footer below.

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El Cubo is our most successful operational turnaround.

El Cubo

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