SILVER X PROVIDES OCTOBER 2022 OPERATIONS UPDATE: 192,830 Silver equivalent ounces mined; 169,537 silver equivalent ounces processed
SILVER X MINING CORP.
Suite 1430 – 800 West Pender Street, Vancouver, B.C. V6C 2V6
SILVER X PROVIDES OCTOBER 2022 OPERATIONS UPDATE:
192,830 Silver equivalent ounces mined; 169,537 silver equivalent ounces processed
Vancouver, B.C., November 8, 2022 - SILVER X MINING CORP. (TSX-
V:AGX)(OTCQB:AGXPF)(FRA:WPZ) ("Silver X " or the "Company") is pleased to provide a
monthly operational update for October 2022.
October 2022 Highlights
• 192,830 Silver equivalent ounces supplied from Tangana. Supply exceeded processing capacity
due to unexpected plant maintenance towards the end of the month
• 169,537 silver equivalent ounces* (AgEq) processed in October
• Average processing plant head grade of 14.96 oz/t (465 g/t) AgEq* in October
• October processing plant metal calculated recoveries of 89% for silver, 80% for gold, 85% for
zinc and 86% for lead
• 8 consecutive months of increased processing on a 3-month moving average from January 2022
In October 2022 the head grade at the Recuperada processing plant averaged 14.96 oz/t AgEq*.
Recoveries at the plant were 84.89% for silver, 79.53% for gold, 86.29% for lead and 84.89% for zinc
based on mass balance calculations.
Figure 1: Recuperada monthly processing figures for 2022.
*Note: Silver equivalent ounces for September were calculated using $1,6 65/oz Au, $1 9.36/oz Ag, $7, 621/t Cu, $1, 988/t Pb, $2,960/t Zn and does not
consider metallurgical recoveries.
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Tonnes Processed
Silver Equivalent Ounces
Recuperada 2022 Monthly Processing
oz AgEq Processed oz AgEq Mined Tonnes Processed
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Please see “Cautionary Note regarding Production without Mineral Reserves” at the end of this news
release.
“Recuperada continues to demonstrate strong operation performance. This is the third month in a row at
full speed” stated Jose M Garcia, CEO of Silver X. “This wouldn’t be possible if not for the hard work
of the Recuperada team. The bulk of production continues to come from the Tangana 1 vein where we
remain focused on grade and consistency”.
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 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 twelve years working in and supervisi ng 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 Comp any'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 demonstrating economic and technical viability. Accordingly, there
is inc reased 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 operatio ns 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
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For further information, please contact:
Silver X Mining Corp.
José M. Garcia, CEO
+34 635 204 069 | [email protected]
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defi ned 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 expec ted”, “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 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 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 t o 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.