Silver Elephant Announces Sale of its Non Core Titan Project for an Aggregate of $1,290,000 in Cash and Cachee Shares
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Silver Elephant Announces Sale of its Non Core Titan
Project for an Aggregate of $1,290,000 in Cash and Cachee
Shares
Vancouver, British Columbia , August 9, 2023 – Silver Elephant Mining Corp. (“Silver
Elephant” or “the Company”) (TSX: ELEF, OTCQX: SILEF, Frankfurt:1P2N) is pleased to
announce the closing of sale of the Company’s Titan vanadium -iron-titanium project (“Titan
Project”) in Ontario to Cachee Gold Mine s Corp. (“Cachee”) and Cachee’s subsidiary Osprey
Advanced Materials Corp.
To acquire the Titan Project, Cachee paid Silver Elephant an aggregate of approximately $1.29
million, comprised of the following: i) $231,000 in cash; and ii) issued 13,283,801 common shares
in the capital of Cachee ("Shares"), valued at a price of $0.08 per Share, being the last financing
price of Cachee. In addition, Cachee granted to Silver Elephant a net smelter royalty (" NSR")
equal to 0.5% applicable after the commencement of commercial production if the V205 Flake
98% price per pound exceeds US$12.00/lb. NSR may be purchased back by Cachee at any time
for $500,000 in cash. The number of Shares issued to Silver Elephant in connectio n with the
transaction, equals 19.99% of total issued and outstanding Shares as of the date hereof. The
Shares issued to Silver Elephant are subject to certain contractual and regulatory resale
restrictions. Furthermore, Cachee granted to Silver Elephant a pre-emptive right for a period of
18 months from the closing date to participate in future equity financings of Cachee to maintain
its 19.99% interest in Cachee.
John Lee, Chairman and CEO of Silver Elephant Mining Corp. commented:
“Working with Alex and his team at Cachee has been a top -notch experience. We are confident
Cachee will make great strides with Titan Project.”
About the Titan Project
The Titan vanadium-iron-titanium project is located at Flett and Angus Townships, 120 kilometres
northeast of Sudbury, Ontario. The Titan Project consists of 262 contiguous hectares comprising
17 patented claims, with access to water, roads and electrical power.
About Cachee Gold Mines Corp.
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Cachee Gold Mines Corp. is a private mineral exploration company headquartered in
Toronto. Cachee's leadership team is comprised of seasoned individuals with a track record
in mining, technology, life sciences and finance.
For more information
Alex Storcheus, Chief Executive Officer
Cachee Gold Mines Corp.
+1.416.777.6165
About Silver Elephant Mining Corp.
Silver Elephant Mining Corp. is a premier silver mining and exploration company, with 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
CEO and Executive Director
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 policies of the Toronto Stock Exchange) accepts responsibility for the adequacy or
accuracy of this release.
Cautionary Note Regarding Forward-Looking Statements and Reader Advisory
Certain statements contained in this or other news release, including, but not limited to, statements with
respect to the debt settlements, the terms of the debt settlements, and the completion of the debt
settlements, among other things, and statements which may contain words such as “expects”, “anticipates”,
“intends”, “plans”, “believes”, “estimates” , “targets” , or similar expressions, and statements related to
matters which are not historical facts, are forward -looking information within the meaning of applicable
securities laws. Such forward -looking statements, which reflect management’s expectations regarding
either of Silver Elephant’s future growth, results of operations, performance, business prospects and
opportunities, are based on certain factors and assumptions and involve known and unknow n 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 forward -looking
statements.
These factors should be consid ered carefully, and readers should not place undue reliance on Silver
Elephant’s forward -looking statements. Silver Elephant believe that the expectations reflected in the
forward-looking statements contained in this news release and the documents incorpor ated by reference
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herein are reasonable based on information available to it, but no assurance can be given that these
expectations will prove to be correct. In addition, although Silver Elephant has 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 undertakes no obli gation 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.