Silver X Delivers Solid Production Growth During the First Quarter of 2024
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SILVER X MINING CORP
Suite 1012 – 1030 West Georgia Street | Vancouver, BC | V6E 2Y3
SILVER X DELIVERS SOLID PRODUCTION GROWTH DURING THE
FIRST QUARTER OF 2024
Vancouver, British Columbia, April 24, 2024 – SILVER X MINING CORP. (TSX-
V: AGX) (OTCQB: AGXPF) (F: AGX) ("Silver X" or the "Company"), an expanding silver
developer and producer in Central Peru, is pleased to announce its operating results for
the first quarter ending March 31, 2024 (“Q1 2024”) at the Company’s Nueva Recuperada
property (the “Project”) in Peru.
Q1 2024 Production Highlights
• Demonstrated a significant increase in mining tonnage, with a raise of 20 per
cent from Q4 2023, marking a robust continuation of production upscaling since
the pivotal restart in September 2023.
• Achieved a 3 per cent increase in silver equivalent processing to 363,795
oz AgEq in Q1 2024, compared to the previous quarter, and a 2 per cent uplift
from Q1 2023, showcasing sustained growth.
• Recorded an improvement in silver recovery rates, reaching an average of 89.2
per cent in Q1 2024, indicating enhanced efficiency in mineral extraction
processes.
• Successfully met operational targets for Q1 2024, setting a strong precedent for
the upcoming quarter as the company pivots towards replicating this success in
Q2, with a strategic outlook on enhancing production volumes.
"We are pleased to report our second consecutive quarter of increased mine
production and mill throughput, alongside persistent efforts towards reducing costs at
both operational corporate levels,” said Silver X CEO Jose M. Garcia.
“These results confirm that our Nueva Recuperada operations are on track. The
combination of production with this outstanding geological setting, makes Silver X one
of the most attractive investment cases,” he added.
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Tangana Mine Production – Q1 2024 compared to Q4 2023 (1)
Notes:
(1)
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. In Q1 2024, AgEq was.
calculated using metal prices of U.S. $23.56 per oz Ag, U.S. $2,073 per oz Au, U.S.
$0.94 per lb of Pb and US$1.11 per lb of Zn.
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 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
Unit Q1-2024 Q4-2023 Change Change %
Ore mined tonnes 35,751 29,900 5,851 19.6%
Ore processed tonnes 37,903 34,299 3,604 10.5%
Average head grades
Average AgEq head grades g/t 299 314 (16) -5.0%
Average AgEq head grades oz/t 9.60 10.10 (0.50) -5.0%
Average recoveries
Silver % 89.2% 89.1% 0.1% 0.1%
Gold % 61.7% 70.5% -8.8% -12.5%
Zinc % 85.2% 85.1% 0.1% 0.1%
Lead % 88.9% 86.9% 2.0% 2.3%
AgEq processed 1 2 oz 363,795 354,207 9,588 2.7%
AgEq produced 1 2 oz 298,047 292,380 5,667 1.9%
Comparative with prior quarter
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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 rapidly expanding silver developer and producer. The Company owns the
20,000-hectare Nueva Recuperada Silver District in Central Peru and produces silver,
gold, lead and zinc from its Tangana Project. Our mission is to be a premier silver
company delivering outstanding value to all stakeholders and we aim to achieve this by
consolidating and developing undervalued assets, creating value by adding resources
and increasing production while aspiring to social and environmental excellence. 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:
Sebastian Wahl
Vice President, Corporate Development
+1 647 259 6901 x 101
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, exploration plans,
results of operations, expected performance at the Project, the Company’s belief that
the Tangana system will provide considerable resource 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.
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
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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 manner; 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
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.