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UPDATE: First Majestic Tumbles 12% Despite Quarterly Record Production of 2.73 Mln Silver Ounces

First Majestic Silver Corp. (FR.TO) announced that total production at its 5 operating mines in Mexico for the first quarter ending March 31, 2013, reached 2,731,792 equivalent ounces of silver, representing a 36% increase compared to the same quarter in 2012.

Total silver production for the quarter consisted of 2,437,664 ounces of silver, representing an increase of 33% compared to the same quarter in 2012. In addition, 4,058,114 pounds of lead and 1,679,378 pounds of zinc were produced representing an increase of 28% and 27%, respectively, compared to the same quarter of the previous year. Also, 1,584 ounces of gold was produced, representing an increase of 159% compared to the first quarter of 2012.

FR dropped more than 12% to $12.46, moving closer to 52-week low $12.26.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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