Gold and silver miner Fresnillo has approved the feasibility study for the development of its wholly-owned 500m dollar San Julin silver project.
The project is a key part of the company's goal to produce 65m ounces of silver and 500,000 ounces of gold per year by 2018. The firm said it is confident that the project has sufficient geological potential to become a new mining district in the future.
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Commercial production from the project is expected in the second half of 2014.
Fresnillo also announced the resignation of its Chief Operating Officer Manuel Luvanos, who is set to retire.
Octavio Alvdrez, Chief Executive Officer, will assume the responsibilities of Luvanos and be supported by the rest of the Executive Committee including Mario Arregun, Chief Financial Officer and David Giles, Chief Exploration Officer, the firm said. Alvdrez will be directly responsible for both project development and mining operations.
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