Silver X Provides September 2022 Operations Update: 162,049 Silver Equivalent Ounces* Processed
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SILVER X MINING CORP.
Suite 1430 – 800 West Pender Street, Vancouver, B.C. V6C 2V6
SILVER X PROVIDES SEPTEMBER 2022 OPERATIONS UPDATE: 162,049 SILVER
EQUIVALENT OUNCES* PROCESSED
Vancouver, B.C., October 5, 2022 - SILVER X MINING CORP. (TSX -V: AGX) (OTC QB:
AGXPF) (F: WPZ) ("Silver X" or the "Company") is pleased to provide a monthly operational update
for September 2022.
September 2022 Highlights
• 162,049 silver equivalent ounces* (AgEq) processed in September
• Average processing plant head grade of 18 oz/T (564 g/T) AgEq* in September
• September processing plant metal calculated recoveries of 84% for silver, 80% for gold, 75% for
zinc and 85% for lead
• Advanced 245 meters of workings at Tangana, both in drifting along Tangana & Cauca veins,
development ramps, and cross cutting.
In September 2022 the head grade at the Recuperada processing plant averaged 18.12 oz/T AgEq*.
Recoveries at the plant in September were 86.88% for silver, 79.83% for gold, 84.71% for lead and
74.76% for zinc based on mass balance calculations.
Figure 1: Recuperada monthly processing silver equivalent ounces** in concentrate revenues and processed tonnage
amounts for 2022.
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Notes:
*Silver equivalent ounces for September were calculated using the monthly average sales prices for concentrates of $1,684/oz
Au, $18.84/oz Ag, $7,734/t Cu, $1,874/t Pb, $3,136/t Zn and does not consider metallurgical recoveries in the calculations as
the metal recoveries are built into the sales amounts.
** 2022 Silver equivalent ounces were calculated using the average sale prices of each metal for each month, and the
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.
Monthly Summary
“Despite the shutdown due an accident at the operations, the Tangana team has maintained consistent
production levels” stated José M. Garcia, CEO of Silver X. “ Production remains concentrated on the
Tangana 1 vein where the focus remains on grade control and mine expansion as well an all -
encompassing review of all safety procedures . The Tangana contracting crew received additional
equipment in September to enable them to increase the production rate . Also of note, the recent drill
intersects support our belief that the current mineralization has significant production potential.”
Figure 2: Long Section of Tangana 1 vein workings showing the September stope production
Qualified Person
Mr. A. David Heyl, 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, B.Sc., C.P.G., QP is a Certified Professional
Geologist and] Qualified Person under NI 43 -101. With over 35 years of fi eld and upper management
experience, Mr. Heyl has a solid geological background in generating and conducting exploration and
mining programs for gold, rare earth metals, and base metals, resulting in several discoveries. Mr. Heyl
has 20 years of experience in Peru. He worked for Barrick Gold, was the exploration manager for
Southern Peru Copper, and spent over twelve years working in and supervising underground and open
pit mining operations in the Americas. Mr. A. David Heyl is a consultant for Silver X.
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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 assessme nt, 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 Canadian silver mining company with assets in Peru. The Company’s flagship asset is the
Tangana silver, gold, lead, zinc and copper project (the "Project") located in Huancavelica, Peru, 10 km
north-northwest of the Nueva Recuperada polymetal lic concentrate plant. Founders and management
have a successful track record of increasing shareholder value. For more information visit our website at
www.silverxmining.com.
ON BEHALF OF THE BOARD
José M. Garcia
CEO and Director
For further information, please contact:
Silver X Mining Corp.
José M. Garcia, CEO
+1 604 358 1382 | [email protected]
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 o f 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 certa in
acts, events or results “may”, “could”, “would”, “might” or “will be taken”, “occur” or “be ac hieved”. 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, exploration plans, results of operations,
expected performance at the Project, the ability of the new zones at the Project to feed production at the Company’s Nueva
Recuperada Plant in the near term, the Company’s belief that the Tangana system will provide considerable res ource
expansion potential, that the Company will be able to mine the Tangana Mining Unit in an economic manner, and the expected
financial performance of the Company.
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The following are some of the assumptions upon which forward -looking information is based : that general business and
economic conditions will not change in a material adverse manner; demand for, and stable or improving price for the
commodities we produce; receipt of regulatory and governmental approvals, permits and renewals in a timely manne r; that
the Company will not experience any material accident, labour dispute or failure of plant or equipment or other material
disruption in the Company’s operations at the Project and Nueva Recuperada Plant; the availability of financing for operations
and development; the Company’s ability to procure equipment and operating supplies in sufficient quantities and on a timely
basis; that the estimates of the resources at the Project and the geological, operational and price assumptions on which these
and the Company’s operations are based are within reasonable bounds of accuracy (including with respect to size, grade and
recovery); the Company’s ability to attract and retain skilled personnel and directors; and the ability of management to execute
strategic goals.
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 achie vements 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 docum ents 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 i mportant 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.