SILVER X REPORTS STEADY PERFORMANCE DURING FIRST QUARTER OF COMMERCIAL PRODUCTION Solid results amid improving efficiencies and throughput while ramp up of production continues at Nueva Recuperada
SILVER X MINING CORP.
Suite 1430 – 800 West Pender Street | Vancouver, BC | V6C 2V6
SILVER X REPORTS STEADY PERFORMANCE DURING FIRST QUARTER OF COMMERCIAL
PRODUCTION
Solid results amid improving efficiencies and throughput while ramp up of production continues at
Nueva Recuperada
Vancouver, BC, May 11, 2023 – Silver X Mining Corp. (TSX-V: AGX) (OTCQB: AGXPF) (F: AGX) ("Silver X" or the
"Company") reports production results for the three months ended March 31, 2023, for the Company’s wholly-
owned Nueva Recuperada project in central Peru.
First Quarter 2023 Production Highlights
• Declared commercial production in January 2023 and returned to targeted throughput in January after
a period of social disruption in Peru.
• Total production of 282,687 silver equivalent (“AgEq”) (2) ounces with an average head grade of 277 g/t
AgEq.
• Ramp up continues with record throughput of 17,239 tonnes at 575 tonnes per day in March 2023.
• Processed 265% more AgEq ounces in the first quarter (“Q1”) of 2023 as compared with Q1 2022,
equating to 358,727 AgEq ounces compared with 98,327 AgEq ounces, respectively.
“I am pleased to report positive momentum and strong operating performance in our first quarter of commercial
production at Nueva Recuperada ,” stated José M. García , President and CEO of Silver X. “Despite supply
shortages in the fourth quarter of 2022 due to road blockages in Peru, we achieved record performance in March
of 17,500 tonnes processed at a rate of 5 75 tonnes per day. Throughput continues to increase along with
improved ore selectivity and stronger mine development translating into better head grades. These outcomes
reflect Silver X's dedication to efficiency and signal the potential for positive results in future quarters.”
First Quarter 2023 Production Results – Nueva Recuperada
Unit Q1 2023 Q1 2022 Change Q1 2023 Q4 2022 Change
Ore processed tonnes 40,271 11,403 253.2% 40,271 33,392 20.6%
Average head grades
Silver g/t 53.4 72.9 -26.7% 53.4 59.1 -9.6%
Gold g/t 0.99 0.60 65.8% 0.99 1.87 -47.0%
Zinc % 1.78 1.47 21.1% 1.78 1.86 -4.4%
Lead % 1.52 1.37 11.4% 1.52 1.61 -5.4%
AgEq(2) g/t 277 236 17.4% 277 367 -24.5%
AgEq(2) oz/t 8.90 7.58 17.4% 8.90 11.79 -24.5%
Average recoveries
Silver % 87.7% 86.8% 1.1% 87.7% 86.7% 1.2%
Gold % 63.6% 55.0% 15.7% 63.6% 72.7% -12.5%
Zinc % 82.8% 84.4% -1.9% 82.8% 79.3% 4.4%
Lead % 87.2% 89.2% -2.2% 87.2% 87.6% -0.4%
Metal processed
Silver oz 69,218 30,410 127.6% 69,218 63,456 9.1%
Gold oz 1,286 237 442.1% 1,286 2,013 -36.1%
Zinc lbs 1,577,974 379,486 315.8% 1,577,974 1,368,542 15.3%
Lead lbs 1,351,560 351,372 284.7% 1,351,560 1,184,484 14.1%
AgEq(2) processed oz 358,727 98,327 264.8% 358,727 393,622 -8.9%
AgEq(2) produced oz 282,687 63,499 345.2% 282,687 302,386 -6.5%
Notes:
(1) Nueva Recuperada completed in December 2022 the ramp up period of its operations and declared the start of the Commercial
production in January 2023.
(2) 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 meta l
recoveries are built into the sales amounts.
In Q1 2023, AgEq was calculated using metal prices of US$22.59 per oz Ag, U$1,889 per oz Au, US$0.97 per lb of Pb and US$1.42
per lb of Zn. In Q1 2022, AgEq was calculated using metal prices of US$24.46 per oz Ag, U$1,934 per oz Au, US$1.07 per lb of Pb
and US$1.83 per lb of Zn. In Q4 2022, AgEq was calculated using metal prices of US$22.70 per oz Ag, U$1,765 per oz Au, US$1.00
per lb of Pb and US$1.38 per lb of Zn.
Production was maintained at the previous quarter’s level. The head grades mined were lower due to stope
selection of lower grading blocks to avoid poor gold recoveries for the higher quality ores while the plant’s gold
circuit was repaired. Ore purchase d from t hird parties increased the overall quantity of ore processed and
represents overall 2.2% of total ore processed.
Underground development was emphasized with 649 meters of advances on the T1 and T2 veins on the levels
4700 and 4550. Silver X is planning to continue drilling at Tangana, particularly T1, T2 and T3 wit h up to 16
drillholes underneath the known mineralized zones, totaling 3,800 meters. Furthermore, additional surface
drilling on the T1 vein is intended to prove up the extension of the vein on strike for more than 500 meters.
Qualified Person
Mr. A. Dav id 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 in conjunction wit h 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 m ineral 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 Mining Corp.
Silver X is a rapidly -expanding silver developer and producer. The Company owns the +20,000-hectare Nueva
Recuperada Silver District in Central Peru and produces silver, gold, lead and zinc from the district’s Tangana
Mining Unit. In April 2023, Silver X announced its intent to acquire the Revenue -Virginius Mine, a high -grade
silver project in Colorado, USA. Our mission is to be a premier silver company delivering outstanding value to all
stakeholders and we aim to achieve this by consolidating and developing undervalued assets, creating value by
adding resources and increasing production while aspiring to social and environmental excellence. For more
information visit our website at www.silverxmining.com.
ON BEHALF OF THE BOARD
José M. García
President, CEO and Director
For further information, please contact:
Fiona Grant Leydier
Vice President, Investor Relations and Corporate Marketing
T: +1 647 259 6901 x 101
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 contain s 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 certain acts, events or results “may”, “could”, “wou ld”,
“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 Nueva Recuperada Project, the ability of the new zones at the Nueva Recuperada Project to
feed production at the Company’s Nueva Recuperada Plant in the near term, positive results of continued drilling
in Tangana; the expected improvement in the head grades in the next quarters; 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 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 Nueva Recuperada
Project and Nueva Recuperada Plant; the availability of fi nancing 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 Nueva Recuperada Project and the geological, operational an d 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 re sults 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.