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Revenues from silver and gold sales totalled $70,520,085 (2011 - $41,870,124) for 2012, which includes $63,456,934 (2011 - $31,839,825) received on a cash basis, $4,448,553 (2011 - $13,081,984) of non-cash revenues due to adjustments to gold spot market prices related to Hedging Facility deliveries and $2,614,598 (2011 - $1,804,352) related to amortization of deferred revenues associated with the Sandstorm Agreement.

SilverCrest sold 588,312 ounces of silver (2011 - 344,724), 71% higher than 2011 at average realized prices of $32 (2011 - $35) per ounce. SilverCrest sold 34,834 ounces of gold (2011 - 23,962), 45% higher than 2011. The Company sold 21,383 ounces of gold (2011 - 400) at market spot realized price of $1,703 (2011 - $1,744) per ounce. The Company delivered 6,484 ounces of gold (2011 - 18,769) into the Hedging Facility at $926.50 per ounce before it was fully settled in November, and delivered 6,967 ounces of gold (2011 - 4,793) to Sandstorm at $350 per ounce.

Non-cash gold revenues totalled $7,063,151 (2011 - $14,886,336). Gold delivered into the Hedging Facility totalled 6,484 ounces (2011 - 18,769) at an average realized price of $925 (2011 - $926). The non cash amount reported of $4,448,553 (2011 - $13,081,984) represents the difference between the market spot price at the date of delivery for gold (at an average realized price of $1,611 (2011 - $1,588) per ounce) and the hedge price of $926.50 per ounce settled. Amortization of deferred revenue associated with the Sandstorm Agreement was $2,614,598 (2011 - $1,804,352).

Cost of sales amounted to $18,307,681 (2011 - $9,526,888). Cash cost per silver equivalent ounce sold amounted to $7.39, Au:Ag 54.3:1 (2011 - $6.07, (Au:Ag 50.4:1), Corporate market guidance for 2012 was $8.20 per silver equivalent ounce, (Au:Ag 55:1)). (This is a NON-IFRS Performance Measure). General and administrative expenses increased to $5,568,582 (2011 - $4,093,438) primarily from increased compensation and bonuses for management and employees, additional fees for listing on NYSE MKT (trading commenced in August, 2012) and the TSX-V as well as greater attendance at tradeshows, conferences and investor presentations in Europe and throughout North America. Cash cost per silver equivalent ounce sold for the year of $7.39 was approximately 10% better than market guidance of $8.20.

Loss on derivative instruments amounted to $3,839,146 (2011 - $11,497,957). With the Hedging Facility now fully repaid, this non-cash adjustment will be eliminated in future reporting periods.

Current income tax expense amounted to $4,156,000 (2011 - $985,000), which relates to the estimate of annual tax payable from Santa Elena operations. SilverCrest has prepaid $1,841,000 in cash, and $2,315,000 by offset of Mexican value added tax receivable. There was no outstanding tax payable at December 31, 2012. Deferred tax expense increased to $1,261,000 (2011 - $364,000) primarily from recognizing an income tax deduction on exploration drilling and related costs incurred in 2012 at Santa Elena and Cruz de Mayo.

Exchange gain (loss) on translation to US Dollars amounted to $561,523 (2011 - ($1,022,390)), due to the strength in 2012, of the Canadian dollar against the US dollar. The value of the Company's Canadian assets were translated at US$1.00 = CAD$1.0167 at December 31, 2011, and US$1.00 = CAD$0.9949 at December 31, 2012.

NON-IFRS PERFORMANCE MEASURES

The discussion of financial results in this press release includes reference to cash operating cost per silver equivalent ounce sold which is a non-IFRS performance measure. The Company provides this measure to provide additional information regarding the Company's financial results and performance. Please refer to the Company's MD&A for the year ended December 31, 2012, for a reconciliation of this measure to reported IFRS results.