April 6, 2023

SILVER X ANNOUNCES FILING OF TECHNICAL REPORT FOR THE NUEVA RECUPERADA PROPERTY INCLUDING THE TANGANA MINING UNIT EXTENSION PEA

Vancouver, BC, April 6, 2023 – Silver X Mining Corp. (TSX-V: AGX) (OTC QB: AGXPF) (F: AGX) (“Silver X” or the “Company”) reports that further to its news release dated February 14, 2023 (the “Initial Release”), it has filed pursuant to National Instrument 43-101 Standards of Disclosure for Mineral Projects (“NI 43-101”) an independent technical report titled “Nueva Recuperada, Huancavelica, Peru. Preliminary Economic Assessment” (the “Technical Report”) in connection with the Nueva Recuperada Property, including a preliminary economic assessment on the Tangana Mining Unit extension. The Technical Report prepared by LOM Consultants Ltd is dated April 4, 2023, with an effective date of October 31, 2022, and is available on SEDAR at www.SEDAR.com and on the Company’s website at www.silverxmining.com.

During the completion of the technical report the Company identified a typographical error in the mineral resource table that was included in the Initial Release (the “Initial Table”). While the Initial Table and the one included in the Technical Report both report the same tonnage, some non-material variation on the grades (which have been updated in the below table) were identified but these do not affect the overall results.

Additionally, the effective date for the mineral resources included in the Initial Table was incorrectly noted as February 13, 2023, when the correct effective date as set out in the Technical Report is October 31, 2022.

Table 1.1 – Nueva Recuperada Mineral Resources (effective date October 31, 2022)

NOTES:

  • The independent QP for the mineral resource estimate, as defined by NI 43-101, is David Heyl, Geo. The effective date is October 31, 2022.
  • The estimate is reported for an underground, conventional cut and fill
  • The mineral resource estimate includes two resource models: 1) A block model defined for the core of the resource, estimated through the drilling and mine development; geo-statistical method is the reverse of the distance; 2) a polygonal model for some of the inferred resources based on veins outcrops and surface sampling.
  • The approximate cut-off grade applied to all resources is $60/t.
  • These Mineral Resources are not Mineral Reserves as they do not have demonstrated economic
  • The Mineral Resource estimate follows CIM Definition
  • The QPs of this PEA are not aware of any known environmental, permitting, legal, title-related, taxation, socio-political, marketing, or other relevant issues that could materially affect the Mineral Resource estimate other than those disclosed in the Technical Report.

Cautionary Statement Regarding PEA 

The PEA is preliminary in nature and includes inferred mineral resources that are considered too speculative geologically to have the economic considerations applied to them that would enable them to be categorized as mineral reserves, and there is no certainty that the preliminary economic assessment will be realized. Mineral resources are not mineral reserves and do not have demonstrated economic viability.

Qualified Person

Mr. A. David Heyl, B.Sc., C.P.G., who is a qualified person under NI 43-101, has reviewed and approved the technical content of this news release for Silver X. Mr. Heyl is a consultant for Silver X.

Cautionary Note regarding Production without Mineral Reserves

The decision to commence production at the Nueva Recuperada Property and the Company’s ongoing mining operations as referenced herein (the “Production Decision and Operations”) are based on economic models prepared by the Company in conjunction with management’s knowledge of the property and the existing estimate of inferred mineral resources on the property. The Production Decision and Operations are not based on a preliminary economic assessment, a pre-feasibility study or a feasibility study of mineral reserves demonstrating economic and technical viability. Accordingly, there is increased uncertainty and economic and technical risks of failure associated with the Production Decision and Operations, in particular: the risk that mineral grades will be lower than expected; the risk that additional construction or ongoing mining operations are more difficult or more expensive than expected; and production and economic variables may vary considerably, due to the absence of a detailed economic and technical analysis in accordance with NI 43-101.

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About Silver X

Silver X is a growing silver producer building a multi-asset precious metals platform in Peru. The Company’s portfolio includes the Nueva Recuperada Project, a district-scale land package of 20,795 hectares with three mining units and more than 200 exploration targets, as well as the recently acquired Pampas Project.

With existing production, scalable expansion opportunities, and significant exploration upside, Silver X is positioned for continued growth and long-term value creation. For more information visit our website at www.silverxmining.com.

On Behalf of the Board

José M. García

CEO and Director

For further information, please contact:

Susan Xu
Investor Relations

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Cautionary Note Regarding Production without Mineral Reserves

The decision to commence production at the Nueva Recuperada Project and the Company’s ongoing mining operations as referenced herein (the “Production Decision and Operations”) are based on economic models prepared by the Company in conjunction with management’s knowledge of the property and the existing estimate of mineral resources on the property. The Production Decision and Operations are not based on a pre-feasibility study or a feasibility study of mineral reserves demonstrating economic and technical viability. Accordingly, there is increased uncertainty and economic and technical risks of failure associated with the Production Decision and Operations, in particular: the risk that mineral grades will be lower than expected; the risk that additional construction or ongoing mining operations are more difficult or more expensive than expected; and production and economic variables may vary considerably.

Cautionary Statement Regarding “Forward-Looking” Information

This press release contains forward looking information within the meaning of applicable Canadian securities legislation (“forward looking information”). Forward looking information is generally identified by words such as “plans”, “expects”, “estimates”, “intends”, “anticipates”, “targets”, “believes”, or similar expressions, including statements that certain events or results “may”, “could”, “would” or “will” occur. All statements other than historical facts constitute forward looking information, including, without limitation, statements regarding the Mineral Resource Estimate, the conversion of Inferred resources, future drilling, the 2025 PEA and an updated PEA, the expansion and permitting of the Recuperada plant, and the Company’s growth plans.

Forward looking information is based on a number of assumptions, including that general economic and business conditions will not materially worsen; commodity demand and prices will remain stable or improve; required permits and approvals will be obtained on a timely basis; operations will not be materially disrupted by accidents, labour issues or equipment failures; financing will be available; equipment and supplies will be accessible as needed; resource estimates and underlying assumptions (including size, grade and recovery) are reasonable; and the Company will be able to attract and retain qualified personnel and execute its strategic objectives.

Forward looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company to be materially different from those expressed or implied by such forward looking information, including but not limited to those risks described in the Company’s annual and interim MD&As and in its public documents filed on www.sedarplus.ca from time to time. Readers should not place undue reliance on forward looking information. The Company does not undertake to update any forward looking information, except in accordance with applicable securities laws.