Silver Elephant Announces 13,072 Tonnes of Paca Silver Oxide Delivered to Andean Precious Metals Corp. Since October
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Silver Elephant Announces 13,072 Tonnes of Paca Silver
Oxide Delivered to Andean Precious Metals Corp. Since
October
Vancouver, British Columbia, December 8, 2023 — Silver Elephant Mining Corp. (“Silver
Elephant” or the “Company”) (TSX: ELEF, OTC:SILEF, Frankfurt:1P2N) announces from
October 17, 2023 to December 2, 2023, the Company mined a total of 13,072 tonnes of Paca
oxide materials with an average grade of 190.2 g/t silver (“Products”) and trucked the Products to
Andean Precious Metals Corp. (“Andean”). All Products are excavated from the Paca resources
tabulated below.
Pursuant to the sales and purchase agreement and ma ster services agreement both dated
September 12, 2023 between Silver Elephant and Ande an, Andean will pay Silver Elephant
US$1.8 million by January 31, 2024, or when 36,000 tonnes of Products have been delivered to
Andean’s processing facility.
John Lee, Silver Elephant CEO comments: “The contin ued progress and activities at Paca
demonstrated team effort and community support. Sil ver Elephant aims to grow and maintain
local employment; in addition to contributing to go vernment royalties in the months and years
ahead.”
The Paca project hosts a high grade silver resource according to a technical report by Mercator
Geological Services, dated effective October 13, 20 20 titled “Mineral Resource Estimate
Technical Report for the Pulacayo Project, Potosi Department Antonnio Quijarro Province Bolivia”
(the “Technical Report”). The mineral resource estimate from the Technical Report is as follows:
Paca Zone Category Tonnes Ag g/t Ag Moz Zn% Pb %
Phase 1 Oxide In Pit Indicated 800,000 23 1 5.9 - -
Inferred 235,000 159 1.2 - -
Phase 2 Sulfide In Pit Indicated 1,810 ,000 256 14.9 1.22 1.22
Inferred 190 ,000 338 2.1 0.61 0.98
Oxide resources are based on a Pit-constrained estimate using a 90 g/t Ag cutoff. Sulfide resources are based on a
pit-constrained estimate using a 200 g/t Ag Eq cutoff. Ag Eq = Silver Equivalent (Recovered) = (Ag
g/t*89.2%)+((Pb%*(US$0.95/lb. Pb/14.583 Troy oz./lb./US$17 per Troy oz. Ag)*(10,000*91.9%))+((Zn%*(US$1.16/lb.
Zn/14.583 Troy oz./lb./US$17 per Troy oz. Ag)*(10,000*82.9%)). Sulphide zone metal recoveries of 89.2% for Ag,
91.9% for Pb, and 82.9% for Zn were used in the Silver Equivalent (Recovered) equation and reflect metallurgical
testing results disclosed previously for the Pulacayo Deposit.Matthew Harrington P. Geo. is the independent Qualified
Person for the resource estimate.
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The Technical Report was filed on October 26, 2020 and is available under the Company’s profile on SED AR+ at
www.sedarplus.ca . This news release includes an estimate of mineral resources as disclosed in the Technical Report.
Mineral resources that are not mineral reserves do not have demonstrated economic viability.
The Company is studying a proposed Phase 2 for Paca sulphide development. The objective is
to start mining Paca sulphide materials and truck them to one of several nearby milling plants that
will produce lead-silver and zinc concentrates for sale in 2024.
The Company has in parallel, engaged consultants to prepare and apply for the environmental
permit to build a sulphide processing plant to prod uce metal concentrates on site at Pulacayo.
The time table to obtain such permit will be provided in early 2024.
About Pulacayo-Paca
The Paca project is part of the Company’s Pulacayo project with a total indicated resource of
106.7 million oz silver, 1.4 billion pounds of zinc and 690 million pounds of lead published in the
Technical Report and tabulated below. Silver Elephant and its subsidiaries have spent over $35
million on Pulacayo and Paca, which is considered t o be an advanced project with over 96,000
meters of drilling, and a historic feasibility study.
Combined Pulacayo and Paca Indicated Mineral Resources
Tonnes Ag g/t Pb % Zn %
Oxide 2,185,000 155 - -
Sulfide 45,855,000 65 0.69 1.37
Combined Indicated Mineral Resources includes Pulacayo pit-constrained and out-of-pit plus only Paca pit-
constrained resources. Oxide resources use a 50 g/t Ag cutoff. Sulfide resources use a 100 g/t Ag Eq cutoff. Ag Eq =
Silver Equivalent (Recovered) = (Ag g/t*89.2%)+((Pb%*(US$0.95/lb. Pb/14.583 Troy
oz./lb./US$17 per Troy oz. Ag)*(10,000*91.9%))+((Zn%*(US$1.16/lb. Zn/14.583 Troy oz./lb./US$17 per
Troy oz. Ag)*(10,000*82.9%)). Sulphide zone metal recoveries of 89.2% for Ag, 91.9% for Pb, and 82.9%
for Zn were used in the Silver Equivalent (Recovered) equation and reflect metallurgical testing results
disclosed previously for the Pulacayo Deposit. Matthew Harrington P. Geo. is the independent Qualified Person for
the resource estimate.
A subsidiary of Silver Elephant entered into a Mini ng Production Contract (“MPC”) with
Corporación Minera de Bolivia (“COMIBOL”), a branch of the Bolivian Ministry of Mining and
Metallurgy on October 3, 2019. The MPC grants the Company’s subsidiary an exclusive right to
develop and mine at the Pulacayo and Paca concessions for up to 30 years.
The Pulacayo Project is at the center of a major silver mining district in Bolivia and is within 250
km driving distance to the San Cristobal mine, the Cerro Rico mine, Pan American’s San Vicente
mine, Eloro’s Iska Iska project, and New Pacific’s Silver Sands project.
Qualified Person
The technical contents of this news release have be en prepared under the supervision of Bill
Pincus, who is an independent consultant of the Com pany. Bill Pincus is a qualified person as
defined by the guidelines of NI 43-101.
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About Silver Elephant Mining Corp.
Silver Elephant Mining Corp. is an active silver mi ning and exploration company advancing its
flagship Pulacayo silver project in Bolivia.
Further information on Silver Elephant can be found at www.silverelef.com .
SILVER ELEPHANT MINING CORP.
ON BEHALF OF THE BOARD
“John Lee”
Executive Chairman
For more information about Silver Elephant, please contact Investor Relations:
+1.604.569.3661 ext. 101
www.silverelef .com
FORWARD-LOOKING INFORMATION
This news release contains “forward-looking informa tion” and “forward-looking statements”
(collectively, “ forward-looking information ”) within the meaning of applicable securities laws .
Forward-looking information is generally identifiable by use of the words “believes,” “may,” “plans,”
“will,” “anticipates,” “intends,” “could”, “estimat es”, “expects”, “forecasts”, “projects” and similar
expressions, and the negative of such expressions. Such forward-looking information, which
reflects management’s expectations regarding Silver Elephant’s future growth, results of
operations, performance, business prospects and opportunities, are based on certain factors and
assumptions and involve known and unknown risks and uncertainties which may cause the actual
results, performance, or achievements to be materially different from future results, performance,
or achievements expressed or implied by such forwar d-looking information. Forward-looking
information in this news release include a proposed Phase 2 for the Paca project and expected
timing thereof, along with the expected timing to p roduce lead-silver and zinc concentrates for
sale and environmental permitting for the project.
Forward-looking information involves significant risks and uncertainties, should not be read as a
guarantee of future performance, events or results, and may not be indicative of whether such
events or results will actually be achieved. A number of risks and other factors could cause actual
results to differ materially from expected results discussed in the forward-looking information,
including but not limited to: changes in operating plans; ability to secure sufficient financing to
advance the Company’s project; conditions impacting the Company’s ability to mine at the project,
such as unfavourable weather conditions, developmen t of a mine plan, maintaining existing
permits and receiving any new permits required for the project, and other conditions impacting
mining generally; maintaining cordial business rela tions with strategic partners; risks inherent to
mineral resource estimation, including uncertainty as to whether mineral resources will be further
developed into mineral reserves; commodity price va riation; and general market, industry and
economic conditions. Additional risk factors are set out in the Company’s latest annual and interim
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management’s discussion and analysis and annual information form (AIF), available on SEDAR+
at www.sedarplus.ca.
Forward-looking information is based on reasonable assumptions by management as of the date
of this news release, and there can be no assurance that actual results will be consistent with any
forward-looking information included herein. Reader s are cautioned that all forward- looking
statements in this news release are made as of the date of this news release. The Company
undertakes no obligation to update or revise any forward-looking information in this news release
to reflect circumstances or events that occur after the date of this news release, except as required
by applicable securities laws.