DisclaimerThe information provided in this presentation is not
intended to be a comprehensive review of all matters and
developments concerning the Company. It should be readin
conjunction with all other disclosure documents of the Company. The
information contained herein is not a substitute for detailed
investigation or analysis. Nosecurities commission or regulatory
authority has reviewed the accuracy or adequacy of the information
presented.FORWARD-LOOKING STATEMENTSThis presentation contains
forwardlooking statements within the meaning of Canadian securities
legislation and the United States Securities Litigation Reform Act
of 1995. Suchforwardlooking statements concern the Companys
anticipated results and developments in the Companys operations in
future periods, planned exploration and development ofits
properties, plans related to its business and other matters that
may occur in the future. These statements relate to analyses and
other information that are based on expectationsof future
performance, including silver and gold production and planned work
programs. Statements concerning reserves and mineral resource
estimates may also constituteforwardlooking statements to the
extent that they involve estimates of the mineralization that will
be encountered if the property is developed and, in the case of
mineralreserves, such statements reflect the conclusion based on
certain assumptions that the mineral deposit can be economically
exploited.Forwardlooking statements are subject to a variety of
known and unknown risks, uncertainties and other factors which
could cause actual events or results to differ from thoseexpressed
or implied by the forwardlooking statements, including, without
limitation: risks related to precious and base metal price
fluctuations; risks related to fluctuations in thecurrency markets
(particularly the Mexican peso, Canadian dollar and United States
dollar); risks related to the inherently dangerous activity of
mining, including conditions or eventsbeyond our control, and
operating or technical difficulties in mineral exploration,
development and mining activities; uncertainty in the Companys
ability to raise financing and fundthe exploration and development
of its mineral properties; uncertainty as to actual capital costs,
operating costs, production and economic returns, and uncertainty
thatdevelopment activities will result in profitable mining
operations; risks related to reserves and mineral resource figures
being estimates based on interpretations and assumptionswhich may
result in less mineral production under actual conditions than is
currently estimated and to diminishing quantities or grades of
mineral reserves as properties are mined;risks related to
governmental regulations and obtaining necessary licenses and
permits; risks related to the business being subject to
environmental laws and regulations which mayincrease costs of doing
business and restrict our operations; risks related to mineral
properties being subject to prior unregistered agreements,
transfers, or claims and other defectsin title; risks relating to
inadequate insurance or inability to obtain insurance; risks
related to potential litigation; risks related to the global
economy; risks related to the Companysstatus as a foreign private
issuer in the United States; risks related to all of the Companys
properties being located in Mexico and El Salvador, including
political, economic, social andregulatory instability; and risks
related to officers and directors becoming associated with other
natural resource companies which may give rise to conflicts of
interests.Should one or more of these risks and uncertainties
materialize, or should underlying assumptions prove incorrect,
actual results may vary materially from those describedin
theforwardlooking statements. The Companys forwardlooking
statements are based on beliefs, expectations and opinions of
management on the date the statements are made. Forthe reasons set
forth above, investors should not place undue reliance on
forwardlooking statements. he information contained herein is nota
a substitute for detailed investigationor analysis. No securities
commission or regulatory authority has reviewed the accuracy or
adequacy of the information presented.All monetary figures are
expressed in United States dollars unless otherwise
specified.Qualified PersonUnder National Instrument (NI 43-101)
Standards of Disclosure for Mineral Projects, the Qualified Person
for this presentation is N. Eric Fier, CPG, P.Eng. and Chief
Operating Officerfor SilverCrest Mines Inc., who has reviewed and
approved its contents. 2
Experienced Management TeamJ. Scott Drever, BSc., President (45
years experience)Strategic Planning, Mergers & Acquisitions.
Management and operational experience with several production
companies, includingPlacer Dome and Blackdome Mining.Barney
Magnusson, CA, CFO (35 years experience)Served as an Officer and
Director of 6 mining (Dayton Mines, High River Gold Mines)
companies that developed, constructed oroperated 8 precious metals
mines in North and South America.N. Eric Fier, CPG, P.Eng., COO (25
years experience)Operations, Project Evaluation & Management.
Previously with Newmont Mining, Eldorado Gold, Pegasus Gold Corp.
Involvementin construction and operations of 3 previous mines.
Several major international discoveries.Brent McFarlane, BSc., VP
Operations (25 years experience)Managed all phases of open pit and
underground mining projects and instrumental in leading Mexican and
Intl projects throughfeasibility, construction, and production
while working for Minefinders, Kappes Cassiday, TVI Pacific,
Marston, and Pegasus Gold.Marcio Fonseca, P.Geo., VP Corporate
Development (20 years experience)Served as Division Director at
Macquarie Metals & Energy Capital with focus on equity and debt
financing for the mining sectorover the last 9 years. Prior to
that, he held corporate positions in business development, project
development, operations andexploration with Vale and Phelps Dodge
in Latin America.Graham C. Thody, CA, Director (30 years
experience)Corp. finance and public company management. Director
and President of UEX Corp., Chairman of the Board of
Geologix.George W. Sanders, Director (30 years
experience)Experience in mining and exploration finance. Previously
with Canaccord Capital Corp., Richmont Mines Inc., Consolidated
CinolaMines Ltd., and Shore Gold Inc.Ross Glanville, P.Eng., CGA,
Director (40 years experience)Experience in mining, exploration
finance, valuations and fairness opinions. Director of Archon
Minerals Limited, Clifton StarResources Inc. and Starfield
Resources Inc. 3FOUNDERS
5Strong Financial PerformanceRevenue & Cash Flow
GrowthStrong Working Capital of$ 55 Million at Dec 31, 2012 The
second quarter of 2011 was the first period whereby revenues and
expenses were presented in thestatement of operations. Higher grade
areas were mined in this quarter.-5.0010.0015.0020.0025.00Q22011
Q32011Q42011Q12012 Q22012Q32012Q42012USD($millions)RevenueCash
flow0102030405060Q22011Q32011Q42011Q12012Q22012Q32012Q42012
USD($millions)Working Capital Higher working capital due to bought
deal financing and cash flow from operations.
6Financial Performance on a per share
basis0.000.020.040.060.080.100.120.140.16Q2 2011 Q3 2011 Q4 2011 Q1
2012 Q2 2012 Q3 2012 Q4 2012Quarterly Earnings Per Share (Basic) -
$0.000.020.040.060.080.100.120.140.16Q2 2011 Q3 2011 Q4 2011 Q1
2012 Q2 2012 Q3 2012 Q4 2012Quarterly Cash Flow Per Share -
$0.000.050.100.150.200.250.300.350.400.452011 2012Annual CFPS &
EPSCFPS EPSNote: Earnings impacted by derivative losses
7Cash Operating Cost & ALL IN Cash Operating Cost2012
2011Cash operating cost per income statement $ 18,307,681
9,526,888General and Admin expenses $ 5,568,582 4,093,438Santa
Elena Reserve definition drilling $ 3,164,152 -Santa Elena
Sustaining capital $ 1,703,919 1,450,589All-in sustaining cash cost
$ 28,744,334 15,070,915Cash Cost per silver equivalent ounce $ 7.39
7.79ALL IN cash cost per silver equivalent ounce $ 11.60 9.60 Based
on 2,477,623 silver equivalent ounces sold in 2012 Based on
1,570,106 silver equivalent ounces sold in 2011
8Mine Operating Earnings Per TonnePer tonne of ore loaded on
pads 2013E 2012 2011Revenue $ 53 $ 61 $ 42 Cash cost $ (17) $ (16)
$ ( 9) Depletion, depreciation and accretion $ ( 6) $ ( 5) $ (
3)Mine operating earnings per tonne $ 30 $ 40 $ 29 Footwall ore
with a slower recovery cycle was placed on the pad initially in
2011. Low strip ratio in 2011 due to mining of footwall material.
Estimates of $1450 for Au and $26 for Ag were used.
CATEGORYTONNESAUGPTAGGPTCU%CONTAINEDAU OZCONTAINEDAG
OZCONTAINEDCU LBSCONTAINEDAG EQ. OZ*PROBABLE 3,459,200 1.96 87.3
217,800 9,713,600 21,694,900INDICATED 991,100 1.83 109.1 58,330
3,476,960 6,685,110INFERRED 1,879,000 1.53 86.9 92,470 5,250,190
10,336,040INDICATED 1,141,00 0.06 64.2 2,300 2,353,400
2,479,900SANTA ELENA OPEN PIT RESERVES**SANTA ELENA UNDERGROUND
RESOURCES***CRUZ DE MAYO RESOURCES****INFERRED 6,065,000 0.07 66.5
13,300 12,967,100 13,698,600LA JOYA*****TOTALSINFERRED : 15 gpt
cutoff60 gpt
cutoff126,700,00027,900,0000.170.2823.557.50.190.48716,200258,80095,900,00051,600,000533,200,000288,400,000198,600,000100,800,000TOTAL
PROBABLE 3,459,200 1.96 87.3 217,800 9,713,600 21,694,900TOTAL
INDICATED 2,132,100 1.88 85.1 60,630 5,830,360 9,165,010TOTAL
INFERRED134,644,000 0.19 26.4 0.19 821,970
114,117,290533,200,000222,634,640 (*)Corporate Resources(*) For
INFERRED total La Joyas 15 gpt resource numbers were used.*Silver
Equivalency based on Ag:Au is 55:1 except for La Joya (see below).
// **based on $1,000/oz of gold and $18/oz of silver, cut-off grade
of 0.38 gpt gold equivalent with applied metallurgical
recoveries.Estimated 1,336,000 ore tonnes mined at Santa Elena in
2010 and 2011 grading 1.50 gpt Au and 43.5 gpt Ag and subtracted
from Probable Reserves. All numbers are rounded. Excludes potential
metal inventoryfor leach pad re- treatment during Expansion. //
***based on $1,000/oz of gold and $18/oz of silver, cut-off grade
is 1.77 gpt gold equivalent with applied metallurgical recoveries.
// ****based on a silver cut-off gradeof 30 gpt, 100% metallurgical
recovery is assumed. This is presented in the 2007 Fier and Stewart
Technical Report. // ***** Silver equivalency for La Joya includes
silver, gold and copper and excludes lead, zinc,molybdenum and
tungsten values. Ag:Au is 50:1, Ag:Cu is 86:1, based on 5 year
historic metal price trends of US$24/oz silver, US$1200/oz gold,
US$3/lb copper. 100% metallurgical recovery is assumed.Inferred
Resources have been estimated from geological evidence and limited
sampling and must be treated with a lower level of confidence than
indicated Resources. 9
Production Stages1. SANTA ELENA HIGH GRADE OPEN PIT 2. CRUSHER
FACILITY4. DORE PRODUCTION 2013E: 33k oz Au, 625koz Ag103. HEAP
LEACH EXPANSION & MILL SITE
Santa Elena Production Data(1) Silver equivalence is a weighted
volume average based on market spot prices per ounces of gold and
silver at the quarter end dates.(2) (1) Silver equivalence is based
on market spot prices per ounce of silver and gold at the quarter
end dates. All numbers are rounded(3) Sandstorm Agreement: 20% gold
stream at $350/ozSanta Elena Mine Operating Highlights Q1 2013 Q4
2012 YTD 2012Silver ounces produced 153,481 153,863 579,609Gold
ounces produced (3) 7,225 7,831 33,004Silver equivalent ounces
produced (1) 556,667 588,948 2,371,755Silver ounces sold 157,088
171,714 588,312Gold ounces sold 7,370 8,444 34,834Silver equivalent
ounces sold (1) 568,380 640,856 2,477,623Tonnes ore mined 257,726
301,295 1,092,305Tonnes waste mined 1,100,362 924,927
4,640,700Waste / ore ratio 4.27 3.07 4.25Ore tonnes crushed 252,830
308,693 1,157,226Average ore tonnes crushed per day 2,809 3,355
3,162Average silver ore grade (gpt) loaded on pad 62.09 59.59
47.95Average gold ore grade (gpt) loaded on pad 1.54 1.42
1.43Silver ounces delivered to pad 504,711 591,441 1,784,118Gold
ounces delivered to pad 12,536 14,089 53,296Ag: Au Ratio (2) 55.8:1
55.6:1 54.3:111
12Santa Elena Mine Expansion Plan Capex Schedule($ Millions)
TOTAL 2013(Budget)2012 2011Mill Complex 58.7 53.2 5.5 -Underground
Development 12.3 7.8 3.5 1.0Drilling & Pre-Feasibility 9.5 3.5
5.0 1.080.5 64.5 14.0 2.0 Pre Feasibility in Q2|2013 Decline ramp,
UG development and drilling in process Construct, 3,000 tonnes per
day conventional mill by end of 2013 Mill feed from Open Pit and
Underground in 2014
13Potential Mill Feed Schedule 2013 - 2024Source 2013 2014 2015
2016 2017 2018 2019 2020 2021 2022 2023 2024Open Pit (until August
2014)Underground (to commence Q3|2014)Heap Leach Material (to
commence Q3|2014)Cruz de Mayo(1)(2)Note (1): ResourcesNote (2):
2013 Open Pit Heap Leach Reserves To Be Processed
Santa Elena Expansion - Mill Plan (Ultimate Foot Print)Open
PitLeachPadPhase 1Leach PadPhase 2Merrill Crowe PlantFuture
CrushingCircuitWaste DumpFuture CCDCircuit , 3000 tpdUnderground
Decline Portal14Production WellAA
Santa Elena Production Expansion - Long Section15
La Joya : Geological Model - Phase I & II
DrillProgram16Conceptual Starter Pit
La Joya Exploration PotentialLa Paloma17
La Joya NI 43-101 Resource Estimate - January 2013* Silver
equivalency includes silver, gold and copper and excludes lead,
zinc, molybdenum and tungsten values. Ag:Au is 50:1, Ag:Cu is 86:1,
based on 5 year historic metal price trends of US$24/oz silver,
US$1200/oz gold, US$3/lb copper.100% metallurgical recovery is
assumed.**Classified by EBA, A Tetra Tech Company and conforms to
NI 43-101, 43-101CP, and CIM definitions for resources. All numbers
are rounded.***Inferred Resources have been estimated from
geological evidence and limited sampling and must be treated with a
lower level of confidence than Measured and Indicated Resources18Ag
Eq*Cut-offgptResourceCategory*Tonnage(000)Ag gptAugptCu %Ag EqgptAg
Oz(000)Au oz(000)Cu lbs (000)Ag Eq* Oz(000)15 Inferred 126,700 23.5
0.17 0.19 48.7 95,900 716.2 533,200 198,60030 Inferred 71,200 34.4
0.22 0.28 69.8 78,700 524.8 436,800 159,80060 Inferred 27,900 57.5
0.28 0.48 112.2 51,600 258.8 288,400 100,800
La Joya Resource Sections A-A (Looking NE)19Potential Starter
Pit
Investment Highlights Unhedged High Grade, Low Cost Producer
Excellent Profit Margins Strong Earnings And Cash Flow Significant
Increase In Production by 2014 Good Organic Growth Opportunities
Expanding Reserves & Resources Building The Next Mid-Tier
Silver Producer Personnel In Place For Future GrowthUpcoming
Catalysts 2013 Quarterly Production Data & Financial Statements
Santa Elena Expansion Pre-Feasibility Study Revised Corporate
Reserve & Resources Revised Life of Mine Plan Santa Elena
Expansion Updates Santa Elena Exploration Results La Joya moving to
PEA status in 201320Santa Elena CCD Tank Construction
21Institutional Holdings Analyst CoverageInstitutional
Investors Sprott Inc Libra Advisors Wellington Management AGF
Investments JP Morgan Chase IG Investment Management Global X
Management Global Strategy Financial Great West Life US Global
InvestorsFirm Analyst Canaccord Genuity Nicholas Campbell Cormark
Securities Graeme Jennings Dundee Capital Chris Lichtenheldt Global
Hunter Securities Jeff Wright Haywood Securities Benjamin Asuncion
Jennings Capital Kwong-Mun Achong Low PI Financial Corp Philip Ker
Raymond James Chris Thompson Roth Capital Partners Brian Post
Stonecap Securities Christos Doulis
22Peer Comparables Market Capitalization & EarningsSource:
Company disclosure and BloombergPrimero Endeavour Silver Timmins
Fortuna Silver SilverCrest Aurcana Silver Great Panther Scorpio
Mining49.6 42.1 36.1 31.5 30.5 10 5.5 7.1529459364 350221
20513599$millionsPeer Comparables - April 23, 20132012 Earnings
Market Capitalization
Contact UsMichael Rapsch,Manager, Corporate CommunicationsTel:
(604) 694-1730Toll Free: 1-866-691-1730Fax: (604)
[email protected] 501
- 570 Granville StreetVancouver, BC V6C 3P1SILVERCRESTMINES.COM
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