Silver Elephant Delivers Additional 6,600 Tonnes of Coal to China from its Ulaan Ovoo Mine in Mongolia
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Silver Elephant Delivers Additional 6,600 Tonnes of Coal to
China from its Ulaan Ovoo Mine in Mongolia
Vancouver, British Columbia, January 11, 2023 – Silver Elephant Mining Corp. (“Silver
Elephant” or “the Company”) (TSX: ELEF, OTCQX: SILEF, Frankfurt:1P2N) announces that,
further to its news release dated December 28, 2022, and November 21, 2022, an additional
6,600 tonnes of coal in two separate rail shipments have arrived in Tianjin seaport in China from
its Ulaan Ovoo mine in Mongolia. In total, 9,766 tonnes (three rail shipments) of coal have been
exported to China since the cross-border sales started on December 9, 2022. Tianjin is a major
Chinese seaport and exposes Ulaan Ovoo coal to international seaborne coal pricing.
“Bringing Ulaan Ovoo coal to Tianjin is a monumental achievement for the Company. This means
potentially broader market reach; and the indexing of Ulaan Ovoo coal sales price to international
seaborne pricing with transparency.
We are onto a good start in 2023 to reach our sales target of 200,000 to 500,000 tonnes. The
Company has received additional coal purchase interests from several international buyers. Every
coal sale generates profits for Silver Elephant as our Mongolia operating partner is responsible
for coal extraction.” commented John Lee, CEO of Silver Elephant.
For each shipment, approximately 3,000 tonnes of Ulaan Ovoo coal were loaded onto 50 wagons
(driven by a dedicated Ulaanbaatar railway locomotive) at Mongolia’s Sukhbaatar station (Sales
Delivery Point). The train traveled south bound, arriving at China’s Erlian port where the coal was
unloaded. The coal may then be picked up and further transported within the China rail network.
As of the date of this news release, the wagons have been returned to Sukhbaatar to start the
fourth run.
The Company holds 100% of the rights to the Ulaan Ovoo mineral claims and mining licenses.
The Company and its Mongolian operating partner have agreed to share the proceeds from coal
sales from stockpiled coal sales on a 50-50 basis until June 30, 2023. There are approximately
75,000 tonnes of coal mined by the Mongolian operating partner stockpiled at the Ulaan Ovoo
mine site and the nearby Sukhbaatar rail siding.
About Mega Thermal Coal Corp.
Mega Thermal Coal Corp. is a wholly-owned subsidiary of Silver Elephant, which owns and
operates the Ulaan Ovoo mine. Mega Thermal Coal Corp. also owns and operates Chandgana
Khavtgai and Chandgana Tal coal mines in Mongolia.
Further information on Mega Coal can be found at www.megacoal.ca.
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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. It also owns 100% of Mega Thermal Coal Corp and 39% of
Oracle Commodity Holding Corp. (“Oracle”). Oracle has equity and royalty investments in nickel
and vanadium mining companies.
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
[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
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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 unknown 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 considered 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 incorporated by reference
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 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.