Silver Elephant Delivered 31,693 Tonnes of Paca Min erals Grading 184g/t Silver in October, Set New Monthly Production Record
Silver Elephant Delivered 31,693 Tonnes of Paca Min erals
Grading 184g/t Silver in October, Set New Monthly
Production Record
Vancouver, British Columbia, November 19, 2024 — Silver Elephant Mining Corp. (“Silver
Elephant” or the “Company”) (TSX: ELEF, OTCQB: SILEF, Frankfurt: 1P2) announces that in
October 2024, the Company mined a total of 31,693 tonnes of oxide materials (1,022 tonnes per
day) with an average grade of 184 g/t silver from i ts Paca project (“Products”) and trucked the
Products to Andean Precious Metals Corp. (“Andean”) in Potosi department, Bolivia.
The Company has mined and shipped 237,377 tonnes of silver-bearing oxide materials grading
181 g/t silver, which is 1,300,144 oz of silver bas ed on reported government tax records, since
Paca’s operation began in October 2023. The operation has seen remarkable grade consistency,
and experienced no lost time incidents.
Paca Production by Month
Month Tonnes Grade g/t
23-Oct 4,501 243
23-Nov 7,264 156
23-Dec 19,074 145
24-Jan 4,283 146
24-Mar 15,809 182
24-Apr 20,894 195
24-May 25,992 180
24-Jun 29,280 175
24-Jul 27,039 185
24-Aug 22,669 193
24-Sep 28,879 189
24-Oct 31,693 184
Total 237,377 181
Silver Elephant plans to sell and deliver up to 800,000 tonnes of Paca oxide materials to Andean
for a total of between US$5 million and US$7 millio n. At the current silver price and production
run rate, the Company expects to receive US$2.5 mil lion before January 31, 2025 and remain
debt-free. In addition, Andean has also agreed to r eimburse Silver Elephant for operating
expenses under the sales and purchase agreement detailed in the news release dated September
12, 2023.
Alongside the ongoing Paca oxide operation, Silver Elephant launched tunnel development for
the Paca sulfide project in August, 2024, as outlined in the Company’s July 8, 2024 news release.
Revenue from the sulfide operation, which is not in cluded in the agreements with Andean, is
anticipated by the end of 2024.
The Paca project hosts a high grade silver resource according to a technical report by Mercator
Geological Services, dated effective October 13, 20 20 titled “Mineral Resource Estimate
Technical Report for the Pulacayo Project, Potosi Department Antonnio Quijarro Province Bolivia”
(the “Technical Report”). The mineral resource estimate from the Technical Report is as follows:
Paca Zone Category Tonnes Ag g/t Ag Moz Zn% Pb %
Phase 1 Oxide In Pit Indicated 800,000 231 5.9 - -
Inferred 235,000 159 1.2 - -
Phase 2 Sulfide In Pit Indicated 1,810,000 256 14.9 1.22 1.22
Inferred 190,000 338 2.1 0.61 0.98
Mineral Resources are effective October 13, 2020. Oxide resources are based on a Pit-constrained esti mate using a
90 g/t Ag cutoff. Sulfide resources are based on a pit-constrained estimate using a 200 g/t Ag Eq cutoff. Ag Eq = Silver
Equivalent (Recovered) = (Ag g/t*89.2%) +((Pb%*(US$ 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%)). S ulphide
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.
The Technical Report was filed on October 26, 2020, and is available under the Company’s profile
on SEDAR+ 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.
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 Elepha nt 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
Mineral Resources are effective October 13, 2020. Combined Indicated Mineral Resources includes Pulac ayo pit-
constrained and out-of-pit plus only Paca pit-const rained resources. Oxide resources use a 50 g/t Ag c utoff. Sulfide
resources use a 100 g/t Ag Eq cutoff. Ag Eq = Silve r Equivalent (Recovered) = (Ag g/t*89.2%)+((Pb%*(US $0.95/lb.
Pb/14.583 Troyoz./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 r ecoveries 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 a Mining Pr oduction Contract (“MPC”) with Corporación
Minera de Bolivia (“COMIBOL”), a branch of the Boli vian Ministry of Mining and Metallurgy on
October 3, 2019. The MPC grants the Company’s subsi diary 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 si lver 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 been prepared under the supervision of Carlos
Zamora, who is an employe of the Company and is not considered independent. Mr. Zamora is a
qualified person as defined by National Instrument 43-101.
About Silver Elephant Mining Corp.
Silver Elephant is a silver mining company, with it s flagship Pulacayo-Paca silver project in
production since October 2023 registering over 1.3 million oz of silver production 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 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”) withi n 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, is based on certain factors and
assumptions and involves known and unknown risks an d uncertainties which may cause the
actual results, performance, or achievements to be materially different from future results,
performance, or achievements expressed or implied b y such forward-looking information.
Forward-looking information in this and other news releases includes, but not limited to, the
expected amount and timing for delivery of 800,000 tonnes of ore to Andean, the timing for any
payments from Andean under its agreements with the Company, including but not limited to, the
receipt of $2,500,000 before January 31, 2025, the impact of the Company’s growth plans in 2025
the timing for the Company’s plans and the expected timing to begin production and revenue
generation for the sulphide production at the Paca 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 and contractual
counter-parties; meeting regulatory requirements and changes thereto; risks inherent to mineral
resource estimation, including uncertainty as to wh ether mineral resources will be further
developed into mineral reserves; political risk in the jurisdictions where the Company’s projects
are located; commodity price variation; and general market, industry and economic conditions.
Additional risk factors are set out in the Company’ s latest annual and interim 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.