CORRECTION FROM SOURCE ANDEAN PRECIOUS METALS ANNOUNCES COMMISSIONING OF THE FINES DISPOSAL FACILITY AT SAN BARTOLOMÉ MINE AND CHANGES TO MANAGEMENT TEAM A correction from source has been issued for the Andean Precious Metals news release that was
1
CORRECTION FROM SOURCE
ANDEAN PRECIOUS METALS ANNOUNCES COMMISSIONING OF THE
FINES DISPOSAL FACILITY AT SAN BARTOLOMÉ MINE AND CHANGES
TO MANAGEMENT TEAM
A correction from source has been issued for the Andean Precious Metals news release that was
disseminated on July 31, 2024 at 7:00am ET. The previously stated amount of inferred mineral
resources was incorrect. The accurate figure is 0.092 million tonnes, not 0.92 million tonnes. The
complete and corrected release follows:
TORONTO, ON – July 31, 2024 – Andean Precious Metals Corp. (“Andean” or the “Company” )
(TSX-V: APM) (OTCQX: ANPMF) is pleased to announce the commissioning of production from the
Fines Disposal Facility (“FDF”) at the San Bartolomé Silver Mine, in Potosí, Bolivia. This significant
milestone enhances Andean’s commitment to sustainable and efficient mining practices.
The San Bartolomé mine started to process the FDF material in the amount of 11,000 tonnes during
the month of May, and 8,000 tonnes during the month of June, using trucks and excavators. The new
Fine Minerals Processing Plant was fully operational on July 18th and was finally commissioned on
July 23rd, operating at 190 tonnes per hour with 35% pulp density. It is now currently operating at
1,300 tonnes per day, marking a key advancement in the processing of the FDF deposit. This will
enable us to further upgrade the silver content through innovative screening and separation
techniques in the future. With full commissioning, the Company now aims to ramp up the processing
of our FDF material to up to 1,500 tonnes per day, which is expected to be accomplished during this
third quarter. Once the plant is stabilized and operating consistently, there will be a potential to further
increase the tonnage to up to 2,000 tonnes per day.
Economic Potential:
Explored primarily through barge-supported sonic drilling, the FDF contains an estimated 3.3 million
tonnes of proven and probable mineral reserves grading 58 g/t of silver. The mineral reserves are
contained within 3.8 million tonnes of measured and indicated mineral resources grading 56 g/t of
silver. The FDF also contains 0.092 million tonnes of inferred mineral resource grading 52 g/t of silver.
Initial silver grades during startup will be 25 g/t, increasing in deeper areas as production progresses.
The maiden mineral resources and reserves within the FDF were disclosed in a press release dated
December 27, 2023 and in a subsequent NI 43-101 technical report on file at www.sedarplus.ca
prepared by Giovanny Oriz and Fernando Rorigues of SRK Consulting (U.S.) Inc and Donald J. Birak,
Independent Consultant.
Sustainability and Efficiency:
The FDF will enhance the sustainability of the San Bartolomé operation by utilizing the fines material,
previously considered waste, as a valuable resource. The project underscores Andean’s dedication to
reducing the environmental impact while optimizing silver recovery processes.
2
Alberto Morales, Executive Chairman and Chief Executive Officer stated “We are thrilled to
commission the Fines Disposal Facility at San Bartolomé. This project not only exemplifies our
commitment to innovation and sustainability but also strengthens our position as a leading silver
producer in Bolivia. Based on current commodity prices, the processing of our FDF deposit is not only
expected to improve the overall performance of the mine, but also its gross operating margin. We look
forward to the positive impact this will have on our operations and the local community.”
Management Changes:
Segun Odunuga will be stepping down as EVP, Finance, effective today, July 31, 2024. We would like
to thank Segun for his hard work and dedication during his time at Andean and for his contributions to
the Company’s financial and overall progress during our transition into a mid-tier producer. As he
leaves the Company to pursue new opportunities, we wish him all the best in his future endeavors.
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 our ambition to be a multi-asset, mid-tier precious metals
producer.
Qualified Person Statement
The scientific and technical content disclosed in this news release was reviewed and approved by
Donald J. Birak, Independent Consulting Geologist to the Company, a Qualified Person as defined by
National Instrument 43-101 – Standards for Disclosure for Mineral Projects, Registered Member, Society
for Mining, Metallurgy and Exploration (SME), Fellow, Australasian Institute of Mining and Metallurgy
(AusIMM). Mr. Birak has visited Manquiri’s various sites frequently, most recently in September 2023.
For more information, please contact:
Amanda Mallough
Director, Investor Relations
T: +1 647 463 7808
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
3
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 the performance and the processing capacity of the Fine Minerals Processing Plant and the
economic and other effects of processing the FDF deposit. Such forward-looking statements are based
on a number of material factors and assumptions, 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 equipment 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 interpretation 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 foreign 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 obtaining 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 MD&A dated March 31, 2024.
4
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.