Silver X Provides April Operations Update
SILVER X MINING CORP.
Suite 1430 – 800 West Pender Street, Vancouver, B.C. V6C 2V6
SILVER X PROVIDES APRIL OPERATIONS UPDATE
Vancouver, B.C., May 16 - SILVER X MINING CORP. (TSX-V: AGX) (OTC QB: AGXPF)
("Silver X" or the "Company") is pleased to provide a monthly operational update for April 2022.
April 2022 Highlights
• 61,412 silver equivalent ounces (AgEq oz*) produced in April as ramp up continues to an
initial target of 150,000 silver equivalent ounces per month
• Average processing plant head grade of 9.59 oz/T AgEq* in April with grades of 2.05 oz
Ag/T, 1.23% Pb/T, 1.20% Zn/T, 0.16% Cu/T and 1.31 g Au/T . The plant operated with
weighted combined plant recoveries of approximately 72%
• Revenues in April of ~USD $1,190,0000 with 161 tons of Silver/Lead/Gold concentrate
and 120 tons of Zinc concentrates sold
• The average Silver/Lead/Gold concentrate grades included 77.213 oz Ag/t, 42.851 % Pb/t,
4.872 % Cu/t, and 48.85 g Au/t (1.571 oz Au/t)
*AgEq based on April averages of USD $1, 934.47/oz Au, $24.541/oz Ag, $ 2,396.74/t Pb, $ 4,371.03/t Zn and
$10,183.13/t Cu and does not consider metallurgical recoveries.
In April, the Nueva Recuperada processing plant resumed full operations after the Q1 2022 mill
expansion and refurbishment was completed (please refer to our April 7, 2022 News Release). It
reached 500 Tpd during the last week of April, at an average head grade of 9.59 oz/T AgEq* and
an overall weighted combined metal recovery of 72.29%.
Please see “Cautionary Note regarding Production without Mineral Reserves” at the end of this
news release.
The ongoing in -mine exploration drilling in Tang ana Mining Unit has continued to intersect
significant intervals of silver-(gold)-polymetallic mineralization proximal to existing underground
infrastructure. This mineralized material will be exploited to feed the Recuperada plant as it ramps
up to 720 Tpd in the coming quarter.
Following this continued exploration and mine development success, Silver X intends to release a
new 43-101 technical report with an updated Mineral Resource within the month of May.
"The month of April marked a very positive start to Q2 for Silver X as the fully refurbished
Recuperada plant has continued expanding production towards nameplate capacity”, stated José
M. Garcia, CEO of Silver X . “We will continue to streamline mine development, increase
throughput, and expand concentrate sales in the coming quarters. We look forward to announcing
additional exploration results and an updated resource estimate imminently”.
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 demonstra ting 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.
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 Qual ified Person under NI 43 -101. With over 25 years of field 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 ten years working in and
supervising underground and open pit mining operations in Peru. Mr. A. David Heyl is a consultant
for Silver X Mining.
About Silver X Mining
Silver X is a Canadian silver mining company with assets in Peru. The Company’s flagship asset
is the Nueva Recuperada silver, gold, lead, zinc and copper project (the " Project") loc ated in
Huancavelica, Peru, with its Tangana Mining Unit located 10 km north -northwest of the Nueva
Recuperada polymetallic concentrate plant. Founders and management have a successful track
record of increasing shareholder value. For more information visi t 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 accu racy 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 expec ted”, “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 take n”, “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 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 pro vide 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 adverse manner; demand for, and stable or improving price for
the commodities we produce ; receipt of regulatory and governmental approvals, permits and renew als 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.