February 27, 2024
Silver X Announces Upcoming Developments in the Plata Mining Unit in Addition to the Current Production
Company’s Next Brownfield Target at Nueva Recuperada
Vancouver, BC, February 27, 2024 – Silver X Mining Corp. (TSX-V: AGX) (OTCQB: AGXPF) (F: AGX) (“Silver X” or the “Company”) reports its prioritization of the Plata Mining Unit (Plata) as its next brownfield renovation located within the Company’s flagship Nueva Recuperada Silver District in central Peru. This renovation is in addition to the primary production at Nueva Recuperada.
A former producing area of the project with abundant veins that have been only lightly exploited, Plata has strong exploration potential to increase overall production and is strategically situated 10 km south of the Nueva Recuperada plant.
Previously under the management of Compañia de Minas Buenaventura SAA (BVN), Plata (formerly Esperanza) was the last historical operation to close in the district. In their latest Technical Report entitled “NI 43-101 Preliminary Economic Assessment, Nueva Recuperada Project, Huancavelica, Peru, 2022, prepared by LOM Consultants,” Silver X reports an initial inferred resource at Plata of 448,812 tonnes, at grades of 220.81 g/t Ag, 2.55% Pb, and 4.58% Zn. This indicates a substantial amount of silver, lead, and zinc content, affirming the project’s potential value.
Silver X believes that Plata has the potential to become a valuable asset within the district and that its higher grade (See NI 43-101) and abundance of veins could make Planta a premier silver target in the upcoming years. According to President and CEO Jose M. Garcia, “Silver X has diligently reconstructed the project’s historical data, recovering 8,809 sample results from 6,583 underground sampling channels as well as additional sample and drilling information from 265 diamond drill holes over 33,391 meters. The Plata unit development and potential expansion could significantly impact Silver X’s growth, contributing to the company’s goal of becoming a premier silver company,” he added.
See Map 1 for location in Peru.
About Silver X
Silver X is a rapidly expanding silver producer and developer advancing the Nueva Recuperada Project in Peru, a 20,795-hectare, district-scale land package with two mining units and over 200 targets. Current production at the Tangana Mining Unit is scaling alongside the planned restart of the Plata Mine, supporting a path to ~6 million AgEq ounces annually by 2029. With immediate revenue, scalable growth, and long-term discovery upside ¬– all within one integrated project – Silver X is building the next-generation silver company defined by growth, resilience, and responsible mining.
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:
Kaitlin Taylor
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 Statement Regarding “Forward-Looking” Information
This press release contains forward-looking information within the meaning of applicable Canadian securities legislation (“forward-looking information”). Generally, forward-looking information can be identified by the use of forward-looking terminology such as “plans”, “expects” or “does not expect”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates” or “does not anticipate”, or “believes”, or variations of such words and phrases or state that certain acts, events or results “may”, “could”, “would”, “might” or “will be taken”, “occur” or “be achieved”. All information contained in this press release, other than statements of current and historical fact, is forward looking information. Forward- looking information contained in this press release may include, without limitation, statements in respect of the timing and ability of the Company to complete the Offering; the use of proceeds in connection with the Offering; the ability to obtain all necessary corporate and regulatory approvals, including the approval of the TSX Venture Exchange in connection with the Offering; and the ability to satisfy all conditions to the closing of the Offering, exploration plans, results of operations, expected performance at the Company’s project.
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, as the case may be, 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.sedar.com from time to time. Forward- looking statements are based on the opinions and estimates of management as of the date such statements are made. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, 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.
