Silver X Mining Announces the Appointment of New Chief Operating Officer and Bolstered Operational Focus for 2023
SILVER X MINING CORP.
Suite 1430 – 800 West Pender Street | Vancouver, BC | V6C 2V6
Silver X Mining Announces the Appointment of New Chief Operating Officer and
Bolstered Operational Focus for 2023
Vancouver, BC, June 1, 2023 – Silver X Mining Corp. (TSX-V: AGX) (OTCQB: AGXPF) (F: AGX) ("Silver X" or the
"Company") is pleased to announce the appointment of Enrique Garay , P.Geo., as Chief Operating Officer
(“COO”) effective June 1, 2023.
The appointment of a new COO is part of the Company’s commitment to operation al improvement and its
overarching strategy to ensure its growth potential at the Nueva Recuperada Project (the “Project”) in Peru. Mr.
Garay is a seasoned senior exploration and mine geologist with almost 30 years of experience in maximizing the
potential of operating assets and bringing new mines into production in the Americas. Throughout his career, he
was a key member in the evaluation, acquisition, development, construction, commissioning and operation of
three gold mines : Pierina, La Arena and Shahuindo , all in Peru . Mr. Garay served as Senior Vice President,
Geology, for Rio2 Limited from 2018 to 2022, monitoring $100 million CapEx and $10 million OpEx budgets with
exploration teams based in Peru and Chile . Prior to joining Rio2 Limited, Mr. Garay was Corporate Manager,
Geology and Exploration, for Nexa Resources in Peru , supervising the Cerro Lindo mine, Peru’s largest
underground polymetallic mine, and El Porvenir and Atacocha mines and Nexa’s exploration program in Peru .
Mr. Garay has also held positions with Rio Alto Mining Limited, Consorcio Minero Horizonte, Hochschild Mining
PLC, and Minera Barrick Misquichilca S.A. Mr. Garay holds a degree in Geological Engineering from the National
University of Engineering, Lima, Peru, a Master of Science, Mineral Economic degree from Queen’s University,
Canada, and is a Professional Geoscientist in British Columbia. As part of his appointment as COO, Mr. Garay will
also become the Qualified Person (QP), as such term is defined in National Instrument 43 -101 - Standards of
Disclosure for Mineral Projects, for Silver X.
“I am very excited to have Enrique join our team, one of the leading mining professionals in Peru” stated José M.
García, President & CEO of Silver X. “This appointment is a key step forward in Silver X’s strategy to establish
itself as an intermediate silver producer in the Americas. Enrique brings unparalleled experience in the
management and growth of operating mining companies. Enrique’s focus will be on building a sustainable and
profitable operation, bringing our costs in line with our performance in the third quarter of 2022, and
demonstrating the growth potential of our Project.”
As ramp up to nameplate capacity at the Nueva Recuperada mill continues, t he Company has focused its
resources on the development of the Tangana Mining Unit with record performance in terms of development
and mine preparation as well as accessing higher grade areas. In addition, among other measures, the Company
has reduced headcount and engaged contractors to carry out most of its operations making changes to the
management team and appointing Carlos Trillo Medrano as General Manager of Operations. These adjustments
are expected to deliver more sustainable levels of production in future quarters while improving effectiveness
and reducing costs.
RSU and Options Grant
The Company also announces it has awarded of 70,000 restricted share units of the Company (“RSUs”) pursuant
to the Company’s Restricted Share Unit Plan to an officer of the Company. The RSUs have a term of one year and
vest as to 50% on the date that is six months from the date of grant and as to the other 50% on the date that is
12 months following the date of the grant. Additionally, the Company announces that it has granted 250,000
stock options (the “Options”) t o purchase common shares of the Company pursuant to the Company’s Stock
Option Plan to an officer of the Company. The Options are exercisable to purchase common shares of the
Company at an exercise price of $0.29 per common share for a period of five years expiring on June 1, 2028, and
vest as to 30% immediately upon grant, as to 35% on the date that is six months following the date of grant and
as to the final 35% on the date that is 12 months following the grant.
Non-Brokered Private Placement
Further to the Company’s announcement on May 17, 2023, of its intention to complete a non-brokered private
placement (the “Financing”), the Company has amended the terms of the warrants forming part of the units of
the Company that are expected to be issued under the Financing to remove the acceleration clause.
About Silver X Mining Corp.
Silver X is a rapidly -expanding silver developer and producer. The Company owns the 20,000 -hectare Nueva
Recuperada Silver Project in Central Peru and produces silver, gold, lead and zinc from the Tangana Mining Unit.
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. García
CEO and Director
For further information, please contact:
Fiona Grant Leydier
Vice President, Investor Relations and Corporate Marketing
T: +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 suc h 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 re sults “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 Nueva Recuperada Project (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 expected ramp up at the Nueva
Recuperada mill; the expected resource expansion potential at the Tangana Mining Unit,; the expectation that
the Company will have sustainable levels of production and reduced costs in th e future quarters ; 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 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 re sults 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.