Silver X Provides Second Quarter Operations Update: Production Increase 115% from Q1 2022
SILVER X MINING CORP.
Suite 1430 – 800 West Pender Street, Vancouver, B.C. V6C 2V6
SILVER X PROVIDES SECOND QUARTER OPERATIONS UPDATE: PRODUCTION
INCREASE 115% FROM Q1 2022
Vancouver, B.C., July 6, 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 Q2 2022.
Second Quarter Highlights
• 219,482 silver equivalent ounces* (AgEq) mined in Q2, a 115% increase from Q1 2022.
• Average processing plant head grade of 10.51 oz/t AgEq* in Q2
• Q2 processing plant metal recoveries of 87% for silver, 57% for gold, 76% for zinc and 86% for
lead
• Production to expand in Q3 with newly completed access to parallel Cauca structure
• Advanced more than 700 meters of workings at Tangana, both in drifting and the Cauca crosscut
In Q2, the Recuperada processing plant continued ramping up to its designed capacity of 720 tonnes per
day. For the second quarter 2022 , the head grade averaged 10.51 oz/t AgEq*. The plant in Q2 had
recoveries of 87% for silver, 57% for gold, 86% for lead and 76% for zinc.
Figure 1: Recuperada monthly processing figures for 2022. Q2 Silver equivalent ounces* were calculated using $1,872.99/oz
Au, $22.64/oz Ag, $9,526.36/t Cu, $2,203.09/t Pb, $3,924.81/t Zn and does not consider metallurgical recoveries
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Jan-22 Feb-22 Mar-22 Apr-22 May-22 Jun-22
Tonnes Processed
Silver Equivalent* Ounces
Recuperada 2022 Monthly Mine Production
Silver Equivalent Ounces Produced Tonnes Processed
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Please see “Cautionary Note regarding Production without Mineral Reserves” at the end of this news
release.
The Company’s recently updated mineral resource estimate, announced on June 2, 2022, includes
841,286 T at 118.49 g/T Ag, 2.85 % Pb/T and 2.16 % Zn/T which will feed the Recuperada plant over
the coming quarters. Furthermore, appreciable gold values continue to be encountered and recovered
within the Main Tangana structure.
In Q2, Silver X continued to develop the Tangana 1 vein with more than 700 meters of underground
development, setting the operations to reach 150,000 oz AgEq* per month in Q3. Development in Q2 on
the Tangana 1 vein has been on four sublevels. In June the sublevels on the Tangana 1 vein had width
averages of approximately 2 m. Infrastructural work has focused on connecting by a 400 m crosscut the
Tangana works with the parallel Cauca vein system to open additional mining faces. The Cauca vein has
been mapped on surface over 1.77 kilometres of strike at an average width of 1.8 metres and was formerly
an operating mine.
Figure 2: Underground mining plan for the Cauca (right) and Tangana (left) structures. Recently completed mine
development tunnels are shown in orange.
"We are pleased that our hardworking mining team has improved upon the production levels first reached
last month”, stated José M. Garcia, CEO of Silver X. “The new expanded mineral resource estimate and
sustained economic production create a strong foundation for the Company to grow over the coming
quarters. The newly completed access to the parallel Cauca structure ha s the potential to double the
production rate as new mining faces are opened up.”
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
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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 sup ervising 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 assessment, 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 polymetallic concentrate plan t. 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
This press release contains forward-looking information within the meaning of applicabl e 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”, “es timates”, “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 taken”, “occur” or “be achieved”. All information
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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 provide 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 gene ral 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 results and future events coul d
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.