November 16, 2023
SILVER X REPORTS A TWELVE-YEAR EXTENSION OF ITS SOCIAL AGREEMENT WITH THE COMMUNITY OF HUACHOCOLPA.
EFFECTIVE PERIOD 2023-2035
Vancouver, BC, November 16, 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 announce a 12-year extension of its social agreement (the “Agreement”) with the local Huachocolpa (Huancavelica, Peru) community, solidifying relations and enabling continued operations at the Nueva Recuperada Project (the “Project”) until November 2035.
Agreement Highlights:
- Became effective on November 6, 2023, granting twelve additional years of operational activities.
- Encompasses all areas including the Nueva Recuperada Processing Plant, Tangana Mining Unit, and the Red Silver Mining Unit.
- Demonstrates Silver X’s commitment to engaging and supporting local businesses, with up to 23 companies actively involved in the current operations.
- Incorporates social development initiatives focusing on education, health, agriculture, livestock, and local employment.
José García, CEO of Silver X commented: “Our commitment to sustainable development and supporting the local community and businesses has been instrumental in our rapid growth since the inception of our operations. This extension of our agreement with the Huachocolpa community is a requirement to increase our production capacity from 720 tonnes per day to 2,220 tonnes with an additional 1,500 tpd mill as outlined in the Preliminary Economic Assessment (PEA) published on February 14, 2023.”
“This agreement will serve as the cornerstone for a period of close collaboration between the Company and our local stakeholders, as Silver X aspires to be the partner of choice for developing mining projects in the Andean region. Our guiding principle is ‘Sustainable Development Through Mining,’ as reflected in our inaugural Sustainability Report published earlier this year.” José García, CEO of Silver X added.
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.
