Silver Elephant Delivers 836,243 oz Silver since October 2023, Plans Expansion by Year End.
Silver Elephant Delivers 836,243 oz Silver since October 2023,
Plans Expansion by Year End.
Vancouver, British Columbia, August 14, 2024 — Silver Elephant Mining Corp. (“Silver
Elephant” or the “Company”) (TSX: ELEF, OTCQB: SILEF, Frankfurt: 1P2) announces in July
2024, the Company mined a total of 27,066 tonnes of Paca oxide materials from its Pulacayo-
Paca silver project with an average grade of 175.5 g/t silver (“Products”) and trucked the Products
to Andean Precious Metals Corp. (“Andean”) in Potos i department in Bolivia. The Company has
mined and shipped over 154,800 tonnes of silver-bearing oxide materials grading 177.4 g/t silver
with no lost time incidents since Paca’s operational start in October 2023.
John Lee, CEO of Silver Elephant commented: “ In July, Silver Elephant produced consistently at
1,000 tonnes per day over a 27-day work schedule at the Company’s Paca project in Bolivia while
maintaining positive community relations with the P ulacayo township. Silver Elephant has
contributed meaningful taxes and royalty revenues to the Bolivian government based on 836,243
oz silver production in the past 9 months to the end of July 2024.
Further, Silver Elephant is expanding its Paca oper ation with planned Paca phase one sulphide
mining by year end (refer to the Company’s news release dated July 8, 2024) which will generate
further revenue.”
Paca Production by Month
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
July-24 27,066 175.5
Total 154,800 177.4
Pursuant to the sales and purchase agreement (“SPA”) and master services agreement detailed
in the news release dated September 12, 2023, Silve r 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 curre nt silver price and production run rate, the
Company expects to receive US$2.5 million before Ja nuary 31, 2025. In addition, Andean has
also agreed to reimburse Silver Elephant for operating expenses under the SPA.
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 esti mate using a 90 g/t Ag cutoff. Sulfide resources ar e based on a
pit-constrained estimate using a 200 g/t Ag Eq cuto ff. 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 tes ting results
disclosed previously for the Pulacayo Deposit. Mat thew Harrington P. Geo. is the independent Qualifie d 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
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 Troyoz./lb./ US$17 per Troy oz.
Ag)*(10,000*91.9%))+((Zn%*(US$1.16/lb. Zn/14.583 Tr oy 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 C ompany’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 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 not independent of the Company in th at he is employed by it. Mr. Zamora 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”
CEO
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 opp ortunities, 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 an d 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.