November 14, 2023
SILVER X PROVIDES OPERATIONAL UPDATE AND REPORTS PRODUCTION RESULTS AT NUEVA RECUPERADA FOR THIRD QUARTER 2023
Vancouver, BC, November 14, 2023 — Silver X Mining Corp. (TSX-V: AGX) (OTCQB: AGXPF) (F:AGX) (“Silver X” or the “Company”), a rapidly expanding silver developer and producer in Central Peru, is pleased to provide operational results for the third quarter ending September 30, 2023 (“Q3 2023”), further to its news release on September 19, 2023 regarding Nueva Recuperada property (the “Project”) operational update.
Production Highlights:
- Since the announcement on September 19, 2023, the Company has successfully processed 230,444 ounces of silver equivalent (“oz AgEq”) in just 45 days, with an average head grade of 304.25 g AgEq/t (9.71 oz AgEq/t).
- Processing of 90,303 oz AgEq in September 2023; 140,050 oz AgEq processed in October 2023.
- Q3 2023 processed metal was reduced to 120,915 oz AgEq, due to the temporary halt of operations in July and August 2023.
- Monthly metal throughput is currently back to the levels processed in Q3 2022 and Q4 2022 (before the temporary halt of operations in July and August 2023).
“We are very satisfied with the restart of production at Nueva Recuperada. Our team is doing an outstanding job in increasing production steadily and safely,” stated José García, CEO of Silver X. “We count now on a more robust mine schedule and have built stronger alliances with our local community and strategic partners. We continue to forge ahead in increasing throughput in Q4 2023, and in successfully delivering to our shareholders our plans to build a prolific silver district in Central Peru.”
Production Results:
Tangana Mine Production – Q3 2023 compared to Q3 2022 (1)
Notes:
(1) In Q3 2023, AgEq was calculated using metal prices of US$23.44 per oz Ag, U$1,925 per oz Au, US$1.00 per lb of Pb and US$1.12 per lb of Zn. In Q3 2022, AgEq was calculated using metal prices of US$19.50 per oz Ag, U$1,711 per oz Au, US$0.90 per lb of Pb and US$1.47 per lb of Zn.
(2) AgEq ounces produced were calculated based on all metals produced using the average sales prices of each metal for each month during the period. Revenues from concentrate sales does not consider metallurgical recoveries in the calculations as the metal recoveries are built into the sales amounts.
Please see “Cautionary Note Regarding Production without Mineral Reserves” at the end of this news release.
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. A. David Heyl is a consultant for Silver X.
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 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.
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
For further information, please contact:
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.
