May 19, 2023
Silver X Mining Announces Termination of Asset Purchase Agreement for the Revenue-Virginius Mine Assets
Vancouver, BC, May 19, 2023 – Silver X Mining Corp. (TSX-V: AGX) (OTCQB: AGXPF) (F: AGX) (“Silver X” or the “Company”) reports that the asset purchase agreement (the “Agreement”) previously announced on April 17, 2023, to acquire the Revenue-Virginius Mine and certain related assets (collectively the “Assets”) from Alliance Management LLC, as receiver under a court supervised receivership in Ouray County, Colorado (the “Acquisition”) has been terminated.
“We have worked diligently on creating a plan for the acquisition of the Revenue Mine that would generate value for all stakeholders involved,” stated José M. García, President and CEO of Silver X. “However, there are circumstances beyond our control that have made it difficult to move forward. At this time, we are not willing to contribute further funds to the receivership process as we are not confident in the process and must ensure continued success of our core asset in Peru. We still believe in the viability of the Revenue Mine and remain open to dialogue with local stakeholders in Ouray, Colorado, to find a mutually agreeable agreement on which to move forward on.”
The Company believes the district has an unparalleled geological setting and remains interested in the acquisition of the Assets. Silver X will continue to explore other viable options to move forward with the Acquisition.
About Silver X
Silver X is a silver producer building a district-scale precious metals platform in central Peru. Its flagship Nueva Recuperada Silver District includes current production, development opportunities, and significant exploration potential. With a clear path to increased throughput and a pipeline of high-grade targets, Silver X is positioned for continued growth and long-term value creation. For more information visit our website at www.silverxmining.com.
About OTC Markets Group Inc.
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On Behalf of the Board
José M. García
CEO and Director
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Investor Relations
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”, “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 exploration plans, operating results, expected project performance, the potential for resource expansion at Tangana, the economic viability of the Tangana Mining Unit, and the Company’s expected financial performance.
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, 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.sedarplus.ca 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.
