Andean Precious Metals Files Ni 43-101 Technical Report FOR San Bartolomé
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ANDEAN PRECIOUS METALS FILES
NI 43-101 TECHNICAL REPORT FOR SAN BARTOLOMÉ
TORONTO, ON – February 16, 2024 – Andean Precious Metals Corp. (“Andean” or the
“Company”) (TSX -V: APM) (OTCQX: ANPMF) today filed the Preliminary Feasibility Study
Technical Report for San Bartolom é Mine Bolivia dated February 6 , 2024 (the “ Technical
Report”).
The Technical Report was prepared by SRK Consulting (U.S.) Inc. in compliance with National
Instrument 43-101 – Standards for Disclosure for Mineral Projects (“NI 43-101”) and has been
filed on SEDAR+.
Andean previously released the results of the mineral resource and mineral reserve statement
(see news release dated December 27, 2023), showing an extension of 4.6 years for the San
Bartolomé operation based on a new proven and probable (“2P”) mineral reserve estimate.
“The Technical Report filed today further underscores the tremendous strides we have made to
replenish our reserves and resources and extend the operating life of San Bartolomé,” stated
Alberto Morales, Andean’s Executive Chairman and Chief Executive Officer. “Pursuing
opportunities that drive cash flow and profitability is our key priority in Bolivia. Topping our list of
growth initiatives remains securing more feedstock through new long-term third-party contracts
and from the Bolivian government. In parallel, our team is evaluating potential drill programs at
Tollojchi, Altavista, and Paca and regional M&A opportunities.”
Key Highlights of the Technical Report
• The operating life at San Bartolomé is extended by 4.6 years based on new 2P mineral reserve
estimate.
• The Technical Report considers only a portion of the Company’s third-party long-term contracts
where sufficient data was available, and excludes feedstock purchased from small independent
third-party miners in Bolivia with whom the Company does not have long-term contracts.
• As of the end of the first nine months ending September 30, 2023, third -party material
represented more than 60% of tonnes processed at San Bartolomé and nearly 70% of ounces
produced.
• Economic grade fines deposit facility (“FDF”) tailings are expected to fully replace pallaco
deposits from the flanks of the Cerro Ricco commencing in Q2 2024 and represent
approximately 11% of San Bartolomé’s 2024 silver production.
• San Bartolomé has been in operation since 2008 and requires US$6.7 million to enable the
hydraulic mining of the FDF tailings, which is anticipated to commence in the first half of 2024.
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• The Company’s existing processing plant in Bolivia can run both high-grade silver contracted
material and FDF tailings.
• Future opportunities identified in the Technical Report:
̶ San Bartolome plant is one of the only operations that actively acquires and processes
oxide mineral not suitable for typical flotation plants in Bolivia.
̶ Tollojchi, Altavista, and Paca deposits remain open with potential to increase mineral
resources.
̶ Current tests of oxygen injection are targeting better FDF tailings recoveries.
Annual Mine Plan Summary
The following table includes contracted material from Tollojchi, Altavista, and Paca deposits and
FDF tailings and excludes uncontracted material from independent third -party contractors. (For
additional information, please refer to the Technical Report on file at sedarplus.ca.)
Units Name Total Y01 Y02 Y03 Y04 Y05
Mt Ore Mined 9.7 2.2 2.6 1.9 1.9 1.0
Mt Waste Mined 7.6 4.7 1.9 0.6 0.2 0.1
Mt Total Mined 17.2 6.9 4.6 2.6 2.1 1.0
ROM
% Mass Yield 52.6 72.8 53.6 41.7 42.2 45.3
Mt Mass Yield Tonnes 5.08 1.62 1.41 0.81 0.80 0.43
g/t Ag Grade 93 143 85 60 60 61
Moz Contained Ag 15.19 7.39 3.85 1.55 1.56 0.84
Moz Recovered Ag 11.95 5.91 3.03 1.18 1.19 0.64
% Recovery 78.7 79.9 78.7 76.3 76.3 76.3
Capital and Operating Costs
Life of Mine Capital Cost Summary
Andean estimated the capital costs for the San Bartolomé project. The estimate is based on
historic costs incurred at the site, existing contracts with service providers and engineering to
prepare for the planned FDF expansion. Andean provided SRK with the details supporting their
capital estimates. The table below summarizes the capital cost estimate:
Sustaining Capex Unit Value
FDF hydraulic mining and pre-concentration US$ 6,700,000
Sustaining capital US$ 11,200,000
Closure US$ 2,250,000
Total US$ 20,150,000
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Operating Costs
Operating costs were developed by Andean and are based on the production schedule and stated
reserves. Cost estimation is based on requirements of equipment, operating labor, supervision,
and administrative labor, mine, and process consumables, maintenance, etc. The following table
summarizes the operating costs of the San Bartolomé project.
Description Unit Value
Mining/Purchase Costs
FDF US$/t-washed 2.00
Manto US$/t-washed 22.90
Platera US$/t-washed 22.90
Rosario US$/t-washed 22.90
Pacas US$/t-washed 60.80
Altavista US$/t-washed 137.00
Processing Costs
Pre-concentration FDF US$/t-washed 1.42
Processing FDF US$/t-Milled 16.13
Processing Manto US$/t-Milled 23.49
Processing Platera US$/t-Milled 23.49
Processing Rosario US$/t-Milled 23.49
Processing Paca US$/t-Milled 20.29
Processing Alta Vista US$/t-Milled 24.69
TSF FDF US$/t-Milled 1.76
TSF Manto US$/t-Milled 1.76
TSF Platera US$/t-Milled 1.76
TSF Rosario US$/t-Milled 1.76
TSF Paca US$/t-Milled 1.76
TSF Alta Vista US$/t-Milled 1.76
Other Costs
G&A US$/t-Milled 0.91
Indirect US$/t-Milled 2.80
Administrative US$/t-Milled 3.80
Note: TSF means tailings storage facility.
Qualified Persons
The technical report was prepared under the supervision of Patrick Daniels, BSc Mining, SME-
RM (SRK Principal Consultant, Mining Engineer) ; Matthew Fuller, P.Geo, LEG (Tierra Group,
Geoscientist); Donald J. Birak, MSc, RM -SME (Birak Consulting, Independent Consulting
Geologist); Giovanny Ortiz, BSc Geology, FAusIMM, Fellow (SEG), (SRK Principal Consultant,
Resource Geologist); Fernando Rodrigues, BS Mining, MBA, MMSAQP (SRK Practice Leader
and Principal Consultant, Mining Engineer) ; Eric Olin, MSc, MBA, RM -SME (SRK Principal
Process Metallurgist); Mark Allan Willow, MSc, CEM, SME -RM (SRK Practice Leader/Principal
Environmental Scientist) in accordance with the disclosure and reporting requirements set forth in
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NI 43-101. All the above are qualified persons under NI 43-101 and have no affiliation with Andean
or their subsidiaries except that of independent consultant/client relationships.
The scientific and technical information contained in this news release has been reviewed and
approved by Patrick Daniels, BSc Mining, SME-RM (SRK Principal Consultant, Mining Engineer)
and Donald J. Birak, MSc, RM-SME (Birak Consulting, Independent Consulting Geologist).
About Andean Precious Metals
Andean is a growing precious metals producer focused on expanding into top-tier jurisdictions in
the Americas. The Company owns and operates the San Bartolomé processing facility in Potosí,
Bolivia and the Soledad Mountain mine in Kern County, California, and is well-funded to act on
future growth opportunities. Andean’s leadership team is committed to creating value; fostering
safe, sustainable and responsible operations; and achieving its ambition to be a multi-asset, mid-
tier precious metals producer.
For more information, please contact:
Trish Moran
VP Investor Relations
T: +1 416 564 4290
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
Certain statements and information in this release constitute “forward -looking statements” within
the meaning of applicable U.S. securities laws and “forward -looking information” within the
meaning of applicable Canadian securities laws, which we refer to collectively as “forward-looking
statements”. Forward -looking statements are statements and information regarding possible
events, conditions or results of operations that are based upon assumptions about future
economic conditions and courses of action. All statements and information other than statements
of historical fact may be forward-looking statements. In some cases, forward-looking statements
can be identified by the use of words such as “seek”, “expect”, “anticipate”, “budget”, “plan”,
“estimate”, “continue”, “forecast”, “intend”, “believe”, “predict”, “potential”, “target”, “may”, “could”,
“would”, “might”, “will” and similar words or phrases (including negative variations) suggesting
future outcomes or statements regarding an outlook.
Forward-looking statements in this release include, but are not limited to, statements and
information regarding composition of Andean’s silver production in 2024, requirements for San
Bartolomé’s continued operation, the potential of future opportunities identified in the Technical
Report, life of operation estimates and the mine plan and required capital and operating costs .
Such forward-looking statements are based on a number of material factors and assumptions,
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including, but not limited to: the Company’s ability to carry on exploration and development
activities; the Company’s ability to secure and to meet obligations under property and option
agreements and other material agreements; the timely receipt of required approvals and permits;
that there is no material adverse change affecting the Company or its properties; that contracted
parties provide goods or services in a timely manner; that no unusual geological or technical
problems occur; that plant and equipm ent function as anticipated and that there is no material
adverse change in the price of silver, costs associated with production or recovery. Forward -
looking statements involve known and unknown risks, uncertainties and other factors which may
cause actual results, performance or achievements, or industry results, to differ materially from
those anticipated in such forward -looking statements. The Company believes the expectations
reflected in such forward-looking statements are reasonable, but no assurance can be given that
these expectations will prove to be correct, and you are cautioned not to place undue reliance on
forward-looking statements contained herein.
Some of the risks and other factors which could cause actual results to differ materially from those
expressed in the forward-looking statements contained in this release include, but are not limited
to: risks and uncertainties relating to the interpretati on of drill results, the geology, grade and
continuity of mineral deposits and conclusions of economic evaluations; results of initial feasibility,
pre-feasibility and feasibility studies, and the possibility that future exploration, development or
mining results will not be consistent with the Company’s expectations; risks relating to possible
variations in reserves, resources, grade, planned mining dilution and ore loss, or recovery rates
and changes in project parameters as plans continue to be refined; mining and development risks,
including risks related to accidents, equipment breakdowns, labour disputes (including work
stoppages and strikes) or other unanticipated difficulties with or interruptions in exploration and
development; the potential for delays in exploration or development activities or the completion of
feasibility studies; risks related to the inherent uncertainty of production and cost estimates and
the potential for unexpected costs and expenses; risks related to commodity price and fore ign
exchange rate fluctuations; the uncertainty of profitability based upon the cyclical nature of the
industry in which the Company operates; risks related to failure to obtain adequate financing on a
timely basis and on acceptable terms or delays in obta ining governmental or local community
approvals or in the completion of development or construction activities; risks related to
environmental regulation and liability; political and regulatory risks associated with mining and
exploration; risks related to the uncertain global economic environment; and other factors
contained in the section entitled “Risk Factors” in the Company’s Management Discussion and
Analysis dated November 29, 2023.
Although the Company has attempted to identify important factors that could cause actual results
or events to differ materially from those described in the forward -looking statements, you are
cautioned that this list is not exhaustive and there may be other factors that the Company has not
identified. Furthermore, the Company undertakes no obligation to update or revise any forward -
looking statements included in this release if these beliefs, estimates and opinions or other
circumstances should change, except as otherwise required by applicable law.