Silver X Provides July Operations Update: 58% Month over Month Processing Increase from June 2022
SILVER X MINING CORP.
Suite 1430 – 800 West Pender Street, Vancouver, B.C. V6C 2V6
SILVER X PROVIDES JULY OPERATIONS UPDATE: 58% MONTH OVER MONTH
PROCESSING INCREASE FROM JUNE 2022
Vancouver, B.C., 4 August 2022 - SILVER X MINING CORP. (TSX-V: AGX) (OTC QB:
AGXPF) ("Silver X" or the "Company") is pleased to provide a monthly operational update for July
2022.
July Highlights
• 123,952 silver equivalent ounces * (AgEq) calculated from processing in July, a 58% increase
from June 2022
• Average calculated processing plant head grade of 10.84 oz/t AgEq* in July
• July calculated processing plant metal recoveries of 86% for silver, 74% for gold, 82% for zinc
and 87% for lead
• Processing to expand in Q3 with newly completed access to parallel Cauca structure
• Advanced more than 394 meters of underground infrastructure at Tangana, both in development
drifting on the Tangana 1 vein system and the Cauca crosscut
In July 2022 at the Recuperada processing plant, the calculated head grade averaged 10.84 oz/t AgEq*.
The plant in July had calculated recoveries of 86% for silver, 74% for gold, 87% for lead and 82% for
zinc.
Figure 1: Recuperada monthly processing silver equivalent ounces** in concentrate revenues and processed tonnages
amounts s for 2022.
* July Silver equivalent ounces were calculated using the average monthly sale prices of $1,737.61/oz Au, $ 19.08/oz Ag,
$7,529.79/t Cu, $1,976.26/t Pb, $3,097.21/t Zn and the revenues from concentrate sales and does not consider metallurgical
recoveries in the calculations as the metal recoveries are built into the sales amounts.
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Jan-22 Feb-22 Mar-22 Apr-22 May-22 Jun-22 Jul-22
Tonnes Processed
Silver Equivalent Ounces
2022 tonnes/month processed
Silver Equivalent Ounces Produced Tonnes Processed
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** 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.
In July, Silver X continued to develop the Tangana 1 vein system with more than 394 meters of
underground infrastructure development, setting the operations to continue to grow over the Q3 of 2022.
In August, the historical 700 level will be assessed and reinforced to open additional stopes. Furthermore,
additional secondary structures like the Sigmoid and Split zone will be prepared and developed further.
Figure 2: Long section of the Tangana 1 Vein showing stopes developed and extracted in the month of July in light blue.
“July has been an encouraging month in terms of economic performance. Our management team is
doing a wonderful job in ramping up development and processing and we should extend this steady
growth over the next few months as more mining faces become accessible and the mine and plant are
further de-risked. Furthermore, we are completing the installation of the gravimetry equipment for a
better recovery of gold which should further supplement cash flows. As development and processing
stabilizes and increases, we expect to further improve our results during Q3”, stated José M. Garcia,
CEO of Silver X. “Accessing the Cauca vein will double the number of development faces and
improved mine planning to access higher grade areas continue to improve our margins. Combined with
promising exploration results, the expanded development strengthens the Company’s cash flow profile
and puts Silver X in a solid position moving forward.”
Tangana 1 Vein Long Section
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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 25 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.
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
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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 certa in
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 limitatio n, exploration plans, results of operations,
expected performance at the Project, the ability of the new zones at the Project, including without limitation, the Cauca vein,
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 resource expansion potential, that the Company will be able to mine the Tangana Mining Unit in
an economic manner, expected cash flows from operations 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 Com pany 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.