Silver Elephant Receives Notice of Cancelation of P ulacayo Mining Production Contract from Comibol
Silver Elephant Receives Notice of Cancelation of P ulacayo
Mining Production Contract from Comibol
Vancouver, British Columbia, December 31, 2024 — Silver Elephant Mining Corp. (“Silver
Elephant” or the “Company”) (TSX: ELEF, OTCQB: SILEF, Frankfurt: 1P2) reports that the
Company received a notice of cancellation of its Pu lacayo Mining Production Contract (“MPC”)
from Corporacion Minera de Bolivia, a state-owned mining company (“Comibol”).
Comibol’s one page notice to the Company cites alle ged illegal mining as the grounds for the
MPC cancelation. The Company maintains that it has operated in full compliance and received
proper authorisations for its activities in the are a covered under the MPC (“MPC area”). The
Company is not aware of any illegal mining by third parties.
The MPC was executed on October 3, 2019 between a S ilver Elephant Bolivian subsidiary and
Comibol. The MPC, which remained subject to ratification from the Bolivian congress, granted the
Company’s subsidiary an exclusive right to develop and mine at certain Comibol concessions
located in the Pulacayo and Paca areas for up to 30 years. Comibol reports to the Bolivian Ministry
of Mining and Metallurgy and controls approximately 163 Bolivian mining concessions .
The notice of MPC cancelation does not affect Silve r Elephant’s Apuradita mining concession
next to Comibol’s Paca concessions. The Company is currently developing a tunnel to access
silver sulphide materials at Apuradita, a mining concession which is registered directly under the
name of a Silver Elephant Bolivian subsidiary.
The Company is preparing to appeal the cancelation pursuant to the terms of the MPC, which is
a commercial contract, and under Bolivian law. No mining activities may take place in the MPC
area until the dispute is resolved according to Bolivian law.
The Company intends to continue to maintain its positive social relations with local communities,
which the Company’s Bolivian subsidiaries have spent more than a decade in building.
About Silver Elephant Mining Corp.
Silver Elephant is a mineral exploration company wi th the Paca silver project and Triunfo gold
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 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, any
potential outcome from the appeal process relating to COMIBOL’s cancelation of the MPC, the
Company’s ability to access grade sulphide materials at Apuradita.
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 including risks associated with any appeal process relating to the cancelation of the
MPC; 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.