Silver Elephant Delivered 683,237 oz Silver Since October 2023, Set New Monthly Production Record in June 2024
Silver Elephant Delivered 683,237 oz Silver Since October
2023, Set New Monthly Production Record in June 2024
Vancouver, British Columbia, July 10, 2024 — Silver Elephant Mining Corp. (“Silver
Elephant” or the “Company”) (TSX:ELEF, OTC:SILEF, Frankfurt:1P2) announces in June, the
Company mined a total of 29,270 tonnes of Paca oxide materials with an average grade of 177.5
g/t silver (“Products”) and trucked the Products to Andean Precious Metals Corp. (“Andean”) in
Potosi department in Bolivia. The Company has mined and shipped over 127,734 tonnes of silver-
bearing oxide materials grading 177.7 g/t silver with zero safety incident since Paca operational
start in October 2023. These production numbers have exceeded the Company’s expectations.
John Lee, CEO of Silver Elephant commented: “Silver Elephant yet again set a new monthly silver
mining production record of 976 tonnes-per-day on average including a daily-high of 1,665 tonnes
on June 26 from the Company’s Paca project in Bolivia.
Silver Elephant has contributed meaningful taxes and royalty revenues to the Bolivian government
based on 683,237 oz gross silver production record in the past 8 months to the end of June 2024,
and became an integral part of the Pulacayo township with positive community relations.
Further, Silver Elephant continues to raise its pro file as a growing silver producer with the
proposed Paca phase one sulphide operation (refer t o the Company’s news release dated July
8, 2024) which will generate further revenue stream.”
Month Tonnes Grade g/t
Oct-23 4,502 244.9
Nov-23 7,269 156.5
Dec-23 19,704 144.9
Jan-24 4,283 146
Mar-24 15,809 176.6
Apr-24 20,894 194.2
May-24 26,003 180.6
Jun-24 29,270 177.5
Total 127,734 177.7
Pursuant to the sales and purchase agreement and ma ster services agreement detailed in the
news release dated September 12, 2023, 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 million
depending on the silver price. At the current silve r price and production run rate, the Company
expects to receive US$2 million before January 31, 2025. In addition, Andean has also agreed to
reimburse Silver Elephant for operating expenses under the sales and purchase agreement.
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
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.
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.
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 to 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. Mr. Pincus is a qualified person as
defined by the guidelines of NI 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 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”) 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 Product to Andean, and expected timing and benefits
of phase 2 sulphide production for 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.