Silver Elephant Announces Filing of Preliminary Economic Assessment for the Gibellini Vanadium Project, Nevada, USA
Silver Elephant Announces Filing of Preliminary Economic
Assessment for the Gibellini Vanadium Project, Nevada, USA
Vancouver, British Columbia, October 14, 2021 – Silver Elephant Mining Corp. (“Silver Elephant” or
the “Company”) (TSX:ELEF, OTCQX:SILEF, Frankfurt:1P2N) is pleased to announce that, further to its
press release dated August 30, 2021, it has filed its independent Technical Report titled “Gibellini Vanadium
Project, Eureka County, Nevada, NI 43- 101 Technical Report on Preliminary Economic Assessment Update”
(the “Report”) with a report date of October 8, 2021 and an effective date of August 30, 2021. The Report was
prepared by Wood Group USA, Inc (Wood) and Mine Technical Services Ltd. (MTS). The report has been filed
under the Company’s profile on the System for Electronic Document Analysis and Retrieval at www.sedar.com.
About Silver Elephant
Silver Elephant Mining Corp. is a premier mining and exploration company in nickel, silver, and vanadium.
Further information on Silver Elephant can be found at www.silverelef.com.
SILVER ELEPHANT MINING CORP
ON BEHALF OF THE BOARD
“JOHN LEE”
CEO and Chairman
For more information about Silver Elephant, please contact Investor Relations: +1.604.569.3661 ext. 101
[email protected], www.silverelef.com.
Neither the Toronto Stock Exchange nor its Regulation Services Provider (as that term is defined in the 11 / 12
Silver Elephant Mining Corp https://www.silverelef.com policies of the Toronto Stock Exchange) accepts
responsibility for the adequacy or accuracy of this release.
Cautionary Note Regarding Forward-Looking Statements
Forward-looking statements in this news release relate to future events or future performance and reflect current
estimates, predictions, expectations or beliefs regarding future events and include, but are not limited to, statements with
respect to: (i) the 2021 PEA representing a viable development option for the Gibellini project; (ii) construction of mining
project operations and related actions; (iii) estimates of the capital costs of constructing mine facilities and bringing a mine
into production, of sustaining capital and the duration of financing payback periods; (iv) the estimated amount of future
production, both produced and metal recovered; and (vi) life of mine estimat es and estimates of operating costs and total
costs, cash flow, net present value and economic returns including internal rate of return estimates from an operating
mine constructed at the Gibellini project. All forward- looking statements are based on Silv er Elephant’s or its consultants’
current beliefs as well as various assumptions made by them and information currently available to them. The most
significant assumptions are set forth above, but generally these assumptions include: (i) the presence of an d continuity of
vanadium mineralization at the Gibellini project at estimated tonnages and grades; (ii) the geotechnical and metallurgical
characteristics of rock conforming to sampled results; (iii) infrastructure construction costs and schedule; (iv) the
availability of personnel, machinery and equipment at estimated prices and within the estimated delivery times; (v)
currency exchange rates; (vi) vanadium sale prices; (vii) appropriate discount rates applied to the cash flows in the
economic analysis; (viii) tax rates applicable to the proposed mining operation; (ix) the availability of acceptable financing
on reasonable terms; (x) projected recovery rates and use of a process method, that although well -known and proven on
other commodity types such as co pper, has not been previously brought into production for a vanadium project; (xi)
reasonable contingency requirements; (xii) success in realizing proposed operations; and (xiii) assumptions that project
environmental approval and permitting will be forthc oming from county, state and federal authorities. The economic
analysis is partly based on Inferred Mineral Resources that are considered too speculative geologically to have the
economic considerations applied to them that would enable them to be categori zed as Mineral Reserves, and there is no
certainty that the2021 PEA based on these Mineral Resources will be realized. Currently there are no Mineral Reserves
on the Gibellini property. Although the Company’s management and its consultants consider these assumptions to be
reasonable based on information currently available to them, such assumptions may prove to be incorrect. Many forward-
looking statements are made assuming the correctness of other forward- looking statements, such as statements of net
present value and internal rates of return, which are based on most of the other forward- looking statements and
assumptions herein. The cost estimate and economic analysis information was prepared using current values, but the
time for incurring the costs will be in the future and it is assumed costs will remain stable over the relevant period. These
factors should be considered carefully, and readers should not place undue reliance on Silver Elephant’s or its
consultants’ forward-looking statements. Silver Elephant and its consultants believe that the expectations reflected in the
forward-looking statements contained in this news release and the documents incorporated by reference herein are
reasonable, but no assurance can be given that these expectations will prove to be correct. In addition, although Silver
Elephant and its consultants have attempted to identify important factors that could cause actual actions, events or results
to differ materially from those described in forward- looking statements, there may be other factors that cause actions,
events or results not to be as anticipated, estimated or intended. Silver Elephant and its consultants undertake no
obligation to release publicly any future revisions to forward- looking statements to reflect events or circumstances after
the date of this news or to reflect the occurrence of unanticipated events, except as expressly required by law. Powered
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