SilverCrest Pays Out Gold Hedge Facility; Gold and Silver

SilverCrest Pays Out Gold Hedge Facility; Gold and Silver Production
Now Completely Unhedged 
VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 11/07/12 --
Amex:SVLC) (the "Company"), is pleased to announce that it has paid
out the remaining balance of the gold hedge facility established with
Macquarie Bank Limited in June, 2009 as a condition of finalizing the
Project Loan Facility for the construction of the Company's Santa
Elena Mine. The Company is now a completely unhedged silver and gold
producer. The original hedge facility was comprised of 55,000 ounces
of gold sold forward at US$926.50 per ounce and deliveries into the
hedge facility were scheduled to continue into 2014. During 2010 and
2011 the Company made scheduled deliveries of 26,000 ounces of gold
into the hedge facility from gold production from the Santa Elena
mine leaving a balance of 29,000 ounces of gold which the Company has
settled in cash for US$ 23,254,800. This reflects an effective
settlement price of US$ 1,728 per ounce of gold inclusive of all
transaction costs. The payout of the hedge facility was financed with
partial proceeds from the Company's recent CAD$34.5 million bought
deal, prospectus financing which closed on October 30, 2012.  
J. Scott Drever, President stated: "We are pleased to have been able
to take advantage of the recent correction in the gold price to
eliminate the outstanding gold hedge. The early elimination of the
gold hedge will substantially increase our cash flows from operations
for 2013 and 2014 which in turn strengthens our balance sheet and
increases our flexibility to pursue our corporate objectives for
Amex:SVLC) is a Canadian precious metals producer headquartered in
Vancouver, BC. SilverCrest's flagship property is the 100%-owned
Santa Elena Mine, which is located 150 km northeast of Hermosillo,
near Banamichi in the State of Sonora, Mexico. The mine is a
high-grade, epithermal gold and silver producer, with an estimated
life of mine cash cost of US$8 per ounce of silver equivalent (55:1
Ag:Au). SilverCrest anticipates that the 2,500 tonnes per day
facility should recover approximately 4,805,000 ounces of silver and
179,000 ounces of gold over the 6.5 year life of the open pit phase
of the Santa Elena Mine. A three year expansion plan is underway to
double metals production at the Santa Elena Mine and exploration
programs are rapidly advancing the definition of a large polymetallic
deposit at the La Joya property in Durango State. 
This news release contains "forward-looking statements" within the
meaning of Canadian securities legislation and the United States
Securities Litigation Reform Act of 1995. Such forward-looking
statements concern the Company's anticipated results and developments
in the Company's operations in future periods, planned exploration
and development of its 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 expectations of
future performance, including silver and gold production and planned
work programs. Statements concerning reserves and mineral resource
estimates may also constitute forward-looking 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 mineral
reserves, such statements reflect the conclusion based on certain
assumptions that the mineral deposit can be economically exploited.  
Forward-looking 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 those expressed or implied by
the forward-looking statements, including, without limitation: risks
related to precious and base metal price fluctuations; risks related
to fluctuations in the currency markets (particularly the Mexican
peso, Canadian dollar and United States dollar); risks related to the
inherently dangerous activity of mining, including conditions or
events beyond our control, and operating or technical difficulties in
mineral exploration, development and mining activities; uncertainty
in the Company's ability to raise financing and fund the exploration
and development of its mineral properties; uncertainty as to actual
capital costs, operating costs, production and economic returns, and
uncertainty that development activities will result in profitable
mining operations; risks related to reserves and mineral resource
figures being estimates based on interpretations and assumptions
which 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 may increase costs of doing business and
restrict our operations; risks related to mineral properties being
subject to prior unregistered agreements, transfers, or claims and
other defects in 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 Company's
status as a foreign private issuer in the United States; risks
related to all of the Company's properties being located in Mexico
and El Salvador, including political, economic, social and regulatory
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 described in
the forward-looking statements. The Company's forward-looking
statements are based on beliefs, expectations and opinions of
management on the date the statements are made. For the reasons set
forth above, investors should not place undue reliance on
forward-looking statements.  
The information provided in this news release is not intended to be a
comprehensive review of all matters and developments concerning the
Company. It should be read in conjunction with all other disclosure
documents of the Company. The information contained herein is not a
substitute for detailed investigation or analysis. No securities
commission or regulatory authority has reviewed the accuracy or
adequacy of the information presented. 
J. Scott Drever, President       
Neither TSX Venture Exchange nor its Regulation Services Provider (as
defined in the policies of the TSX Venture Exchange) accepts
responsibility for the adequacy or accuracy of this release. 
SilverCrest Mines Inc.
Fred Cooper
(604) 694-1730 ext. 108 or Toll Free: 1-866-691-1730
(604) 694-1761 (FAX)
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