Silver X Provides Q4 and Half Year 2022 Production Results and Declares Commercial Production
SILVER X MINING CORP.
Suite 1430 – 800 West Pender Street, Vancouver, B.C. V6C 2V6
SILVER X PROVIDES Q4 AND HALF YEAR 2022 PRODUCTION RESULTS AND
DECLARES COMMERCIAL PRODUCTION
Vancouver, B.C., January 19 2023 - SILVER X MINING CORP. (TSX -V: AGX) (OTC QB:
AGXPF) (F: WPZ) ("Silver X" or the "Company"), is pleased to announce its operating results for the
fourth quarter (“Q4”) of 2022 and for the year ended December 31, 2022 from the Tangana mining unit
(“Tangana”) at the Company’s Nueva Recuperada propert y (the “ Project”) in Peru and declares
commercial production effective January 2023.
H2 2022 Production highlights (compared to 2021)
• Half year silver equivalent(1) (AgEq) head grade of 422 AgEq g/t in the second half of 2022
(“H2”)
• Processed 181% more AgEq ounces in H2 2022 than H2 2021, 874,662 oz AgEq versus 311,249
oz AgEq
• Produced 1 59% more AgEq ounces in the H2 2022 than H2 2021, 673,458 oz AgEq versus
260,153 oz AgEq
Q4 2022 Production highlights (compared to Q4 2021)
• Quarterly AgEq (1) head grade of 367 g/t AgEq in Q4 2021
• Processed 114% more AgEq ounces in the Q4 2022 than Q4 2021, 393,622 oz AgEq versus
184,332 oz AgEq
• Produced 101% more AgEq ounces in Q4 2022 than Q4 2021, 302,386 oz AgEq versus 150,440
oz AgEq
• Continued quarter over quarter improvements in tonnes mined and processed
“We are pleased with our strong finish to 2022 and excited to commence commercial production at the
Project in 2023” said José Garcia CEO of Silver X. “2022 was a transformational year as we delivered
quarter over quarter increase in production and mining. Continued exploration at the Project is poised to
provide consistent production and cash flow in the coming year. We look forward to continuing building
value for all our stakeholders.”
Commercial Production
The declaration of commercial production at the Project comes after a successful commissioning period
over the year 2022 which included the ra mp up of mining and processing activities at the Project to
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sustainable metal throughput levels. All key mill upgrades and mine development works completed to
date have demonstrated its ability to sustain ongoing production levels as the Tangana mine continues to
develop and grow its production. The Company will continue to seek opportunities to furth er optimize
the throughput and availabilities to achieve and ultimately exceed the Mine’s current 720 tonne per day
design nameplate capacity.
Continuing project development is providing access to new faces with plant head grade expected to
stabilize in the coming months. However, grade variation will likely continue in the short term given the
geological nature of the Tangana system. The H2 2022 head grade of 422 g/t AgEq is in line with internal
mine planning and updated guidance will be available shortly.
Recent demonstrations in Peru have remained localized in nature however the Recuperada operation has
been impacted by minor logistical disruptions. The Recuperada plant has been operating at a low through
put to start 2023 but is expected to return to full capacity by the third week of January. Nueva Recuperada
and other assets throughout the country, remain safe and secure.
Production Results
Production performance Unit 2022 2021 Var. Var. - %
Ore mined tonnes 33,794 29,042 4,752 16%
Ore processed tonnes 33,392 31,600 1,792 6%
Average head grades
Silver g/t 59.1 39.9 19.2 48%
Gold g/t 1.87 - 1.87 100%
Zinc % 1.86 2.15 (0.30) -14%
Lead % 1.61 1.36 0.25 18%
Average AgEq (1) head grades g/t 367 181 185 102%
Average AgEq (1) head grades oz/t 11.79 5.83 5.95 102%
Average recoveries
Silver % 87% 76% 11% 14%
Gold % 73% 0% 73% 100%
Zinc % 79% 85% -6% -7%
Lead % 88% 83% 5% 6%
Metal processed
Silver oz 63,456 40,554 22,901 56%
Gold oz 2,013 - 2,013 100%
Zinc lbs 1,368,542 1,500,927 (132,386) -9%
Lead lbs 1,184,484 947,103 237,381 25%
AgEq processed (1) oz 393,622 184,332 209,290 114%
AgEq produced (1)
oz 302,386 150,440 151,946 101%
Fourth Quarter
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Notes:
Production data is prepared on a Q4 2022 vs Q4 2021 and H2 2022 vs H2 2021 basis as the Company began operations in June 2021.
(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.
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 i n 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
Production performance Unit 2022 2021 Var. Var. - %
Ore mined tonnes 62,252 51,288 10,963 21%
Ore processed tonnes 64,441 57,801 6,641 11%
Average head grades
Silver g/t 63.6 36.1 27.5 76%
Gold g/t 2.5 - 2.48 100%
Zinc % 1.6 2.0 (0.46) -23%
Lead % 1.5 1.3 0.17 13%
Average AgEq (1) head grades g/t 422 167 255 152%
Average AgEq (1) head grades oz/t 13.57 5.4 8.19 152%
Average recoveries
Silver % 87% 77% 10% 13%
Gold % 79% 0% 79% 100%
Zinc % 81% 86% -5% -6%
Lead % 88% 84% 4% 5%
Metal processed
Silver oz 131,767 67,163 64,603 96%
Gold oz 5,141 - 5,141 100%
Zinc lbs 2,250,282 2,605,060 (354,778) -14%
Lead lbs 2,142,005 1,701,571 440,434 26%
AgEq processed (1) oz 874,662 311,249 563,413 181%
AgEq produced (1)
oz 673,458 260,153 413,305 159%
July - December
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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 polymeta llic 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
+1 604 831 8070 | [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
This press release contains forward -looking information within the meaning of applicable Canadian securities legislation
(“forward-looking information”). Generally, forward -looking information ca n 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 su ch 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 provid e 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, pe rmits 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 pr ice 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.
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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 import ant 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.