ANDEAN PRECIOUS METALS ANNOUNCES MINERAL RESOURCE ESTIMATE FOR ITS DRY-STACK TAILINGS FACILITIES 18.11 million tonnes of inferred mineral resources, grading 43.2 grams per tonne silver and 0.16% tin
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ANDEAN PRECIOUS METALS ANNOUNCES MINERAL RESOURCE ESTIMATE
FOR ITS DRY-STACK TAILINGS FACILITIES
18.11 million tonnes of inferred mineral resources, grading 43.2 grams per tonne silver and 0.16% tin
TORONTO, Ontario, November 13, 2022 – Andean Precious Metals Corp. (TSX-V: APM)
(OTCQX: ANPMF) (“Andean” or the “Company”) is pleased to announce the initial mineral
resource estimate for the Company’s dry-stack tailings facility (“DSF”) and an update of
metallurgical test results from its fines disposal facility (“FDF”).
Overview
• Samples from 48 DSF sonic drill holes returned very consistent assays averaging 42.7
grams per tonne silver (Ag) and tin (Sn) assays averaging 0.15% Sn.
• Combined with the current FDF mineral resource (effective December 2021), the two
facilities contain 10 million tonnes of indicated resources and 19.6 million tonnes of
inferred resources containing silver and tin. Both estimates were prepared by SRK
Consulting (USA), Inc.
• FDF metallurgical test results indicate that the deposit is variable in mineralogy and
particle sizing. Preliminary test work suggests that metallurgical recoveries for Sn of 40
– 50% could potentially lead to the production of low-grade tin concentrates. This is in
line with early estimates by the Company.
• Initial test work is now underway for the DSF and, if positive, will allow Andean to
evaluate the merits of a much larger combined FDF/DSF reprocessing project.
• Tin price has declined from $40,000 per tonne to $20,000 per tonne during 2022, which
will be considered in the initial economic modelling for the project.
President and CEO, Simon Griffiths, stated, “Based on the new additional resource estimate for
the DSF and the initial metallurgical test results for the FDF, the Company is considering
expanding the scope of the expansion study incorporating both FDF and DSF. The average
grades in the DSF are similar for silver, but higher for tin, to those within the FDF.”
Next Steps
• Complete follow-up test work for the FDF and the initial test work for the DSF.
• Assess the viability of building a larger stand-alone tin production circuit adjacent to the
FDF and DSF facility.
• Subject to positive results with current test work, an internal scoping study will precede
a decision to commence a preliminary economic assessment (“PEA”).
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DSF Mineral Resource
Table 1: DSF Inferred Mineral Resource Estimate
Tonnes
Average
Ag Grade
Average
Sn Grade
(M) (g/t) (%)
Inferred 18.11 43.2 0.16
Notes to Table 1
1. Mineral resources are not mineral reserves and do not have demonstrated economic viability.
There is no certainty that all or any part of the mineral resources estimated will be converted
into mineral reserves.
2. Mineral resource tonnages have been rounded to reflect the accuracy of the estimate, any
apparent errors are insignificant.
3. A nominal cut-off of US$25/t has been used for reporting the mineral resource. All cost
assumptions were provided by Andean.
4. DSF Mineral Resources are effective as of March 31, 2022.
DSF Sonic Drilling
Underpinning this initial mineral resource estimate are results from 48 drill holes using sonic
drilling methods. Drill depths ranged from 2 to 57 meters with samples collected on 1-metre
intervals. The average depth of each of the 48 sonic holes was 23.2 m. Depths of the drilling
were carefully controlled to preserve the integrity of the DSF liner.
Drill sample preparation and analyses were performed by ALS Global in Bolivia and Peru,
respectively, on half sonic core samples. ALS is a certified, commercial analytical services
provider. All Ag analyses were produced by ALS using ICP-MS (ALS method ME-ICP61) and
Sn by XRF methods (ALS method ME-XRF15b). The Qualified Persons reviewed the analytical
data used to prepare the composites.
Most Recent NI 43-101 Technical Report
As documented in the most recent NI 43-101 Technical Report for the San Bartolomé Mine
Bolivia dated March 25, 2022 and prepared by SRK Consulting (USA), Inc., D.J. Birak and
S.R.J. Perkins (see the technical report under the Company’s profile on www.sedar.com), the
FDF contains over 10.1 million tonnes of indicated mineral resources averaging 49 grams per
tonne silver and 0.12% Sn and 1.5 million tonnes of inferred mineral resources averaging 48
grams per tonne silver and 0.09% Sn.
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FDF Oxides – Mineral Resource
Table 2: FDF Mineral Resource Estimate
Classification
Mineral Resources
Tonnes
Average
Ag Grade
Contained
Ag oz.
Average
Sn Grade
Contained
Sn
(M) (g/t) (M) (%) (Kt)
Indicated 10.15 49.5 16.20 0.12 11.93
Inferred 1.51 48.4 2.30 0.09 1.33
Notes to Table 2
1. Mineral resources are not Mineral Reserves and do not have demonstrated economic viability. There is
no certainty that all or any part of the Mineral Resources estimated will be converted into Mineral Reserves
estimate.
2. Mineral resource tonnage and contained metal have been rounded to reflect the accuracy of the estimate,
any apparent errors are insignificant.
3. A nominal cut-off of $25.00 per tonne has been used for reporting the mineral resources at the FDF. This
cut-off considers, on a per tonne basis, $1.50 mining cost, $19.00 processing costs, $4.50 general &
administrative costs. All cost assumptions were provided by Andean and are based on internal studies for
current operations.
4. FDF mineral resources are effective as of December 31, 2021. Assumptions include 100% mining
recovery.
5. Refer to Company’s NI 43-101 Technical Report for the San Bartolomé Mine Bolivia dated March 25, 2022,
as filed on www.sedar.com
FDF Metallurgy
A first batch of FDF samples from 23 sonic drill holes were prepared into 14 composites based
on grade, location and lithological descriptions. A second batch of samples from the remaining
51 FDF holes were analyzed at SGS Lakefield during Q2 2022 and preparation of a further 10
composites have been completed during Q3.
FDF and DSF test work is underway at SGS Lakefield on hydraulically prepared size ranges is
aimed at evaluating concentration ratios and recoveries in pilot-scale gravity concentration
equipment.
A set of 12 whole core twin samples from DSF sonic drilling was recently sent to SGS Lakefield
for similar tests, followed by more detailed testing if required.
Qualified Persons
The scientific and technical content disclosed in this press release was reviewed and approved
by Simon R.J. (Jerry) Perkins, consulting metallurgist and process engineer to the Company, a
Qualified Person as defined by NI 43-101 and Fellow and Chartered Professional of the
Australasian Institute of Mining and Metallurgy FAusIMM CP(Met) and by Donald J. Birak,
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Senior Consulting Geologist to the Company, a Qualified Person as defined by NI 43-101 and
Registered Member of the Society for Mining, Metallurgy and Exploration (SME) and Fellow of
the Australasian Institute of Mining and Metallurgy (AusIMM). Mr. Birak inspected the drilling
site and archived sonic core during a June 2022 site visit and reviewed the analytical and QAQC
results cited herein. Giovanny Ortiz, (SRK USA), FAusIMM prepared and reviewed the mineral
resource estimate contained herein.
About Andean Precious Metals
Andean Precious Metals is a Canadian, growth-focused silver producer that owns and operates
the San Bartolomé project located in the department of Potosí, Bolivia. San Bartolomé has been
operating consistently since 2008, producing an average of over 5Moz of silver per year. The
Company is also exploring its wholly owned San Pablo gold project and seeking other accretive
opportunities in Bolivia and the wider Americas. Andean is committed to fostering safe,
sustainable and responsible operations. For more information, please visit
www.andeanpm.com.
Company Contact North America Europe
Trish Moran
VP Investor Relations
T: +1 416 564 4290
Anna Speyer
NATIONAL Capital Markets
T: +1 416 848 1376
Charles Vivian
Tavistock
T: +44 20 7920 3150
Neither the TSX Venture Exchange, Inc. 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.
Caution Regarding Forward-Looking Statements
This press release contains statements which constitute "forward-looking statements" and "forward-
looking information" within the meaning of applicable securities laws (collectively, "forward-looking
statements"), including statements regarding the plans, intentions, beliefs and current expectations of
Andean with respect to future business activities and operating performance. Forward-looking statements
are often identified by the words "may", "would", "could", "should", "will", "intend", "plan", "anticipate",
"believe", "estimate", "expect" or similar expressions. Forward-looking statements in this news release
include statements relating to the test work to be completed, the Company’s evaluation of a revised
FDF/DSF reprocessing project, the completion of an internal scoping study and PEA, and the timeline for
completion thereof.
Investors are cautioned that forward-looking statements are not based on historical facts but instead
reflect Andean's expectations, estimates or projections concerning future results or events based on the
opinions, assumptions and estimates of management considered reasonable at the date the statements
are made. Although Andean believes that the expectations reflected in such forward-looking statements
are reasonable, such statements involve risks and uncertainties, and undue reliance should not be placed
thereon, as unknown or unpredictable factors could have material adverse effects on future results,
performance or achievements of Andean. Among the key factors that could cause actual results to differ
materially from those projected in the forward-looking statements are the following: changes in commodity
and power prices; risks inherent in exploration estimates; results, timing and success; inaccurate
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metallurgical assumptions (including with respect to the grade and recoverability of mineral resources);
changes in development or mining plans due to changes in logistical, technical or other factors;
unanticipated operational difficulties (including failure of plant, equipment or processes to operate in
accordance with specifications, cost escalation, unavailability of materials, equipment and third party
contractors, delays in the receipt of government approvals, industrial disturbances or other job action,
and unanticipated events related to health, safety, and environmental matters); changes in general
economic, business and political conditions, including changes in the financial markets; changes in
applicable laws and regulations both locally and in foreign jurisdictions; compliance with extensive
government regulation; the risks and uncertainties associated with foreign markets. These forward-
looking statements may be affected by risks and uncertainties in the business of Andean and general
market conditions, including COVID-19 and the ongoing conflict between Russia and Ukraine and any
actions taken by other countries in response thereto, such as sanctions or export controls.
Should one or more of these risks or uncertainties materialize, or should assumptions underlying the
forward-looking statements prove incorrect, actual results may vary materially from those described
herein as intended, planned, anticipated, believed, estimated or expected. Although Andean has
attempted to identify important risks, uncertainties and factors which could cause actual results to differ
materially, there may be others that cause results not to be as anticipated, estimated or intended and
such changes could be material. Andean does not intend, and does not assume any obligation, to update
the forward-looking statements except as otherwise required by applicable law.