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SilverCrest Metals Provides Corporate Update

SilverCrest Metals, $SILV, continues to advance its flagship Las Chispas project toward a production decision. SilverCrest has already secured the vast majority, if not, all funding for development of Las Chispas toward production. The company continues its aggressive exploration program with eight exploration drills operating, advancing underground development 10-15 meter per day.

The company will target 70k meters of drilling in the 2H 2020, focused on high-grade resources expansion of the following veins: Babicanora, Babi Sur, Babi Vista, Babicanora Norte, Las Chispas, Giovanni, William Tell, and Varela. The underground development will accelerate such that it reaches 500m/month in Q3. 

The feasibility study continues to advance and will incorporate on-going exploration. Basic engineering was completed in May 2020; Procurement of long lead equipment items are expected to start in 2H, 2020; Detailed engineering was initiated in June 2020 and will carry on to Q1, 2021; and the Feasibility study is currently expected near the end of this year. The feasibility study will likely show a material improvement relative to the PEA in 2019 due to continued exploration success and a likely up-sizing of the plant to 1,500-1,750tpd from 1,250tpd envisioned in the PEA. Construction will commence in 1H 2021. 

Las Chispas is proving to be one of the most exciting silver development projects, highlighted by the fact the time from discovery to production will be faster than most. With MAG Silver's Juanicipio deposit reaching first production in July/August, it should be followed by Las Chispas reaching production approx. 24-30 months later. A new group of high-grade, low-cost primary silver producers is being ushered in over the next couple of years. 

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