Silver Elephant Renewed DEIA License to Restart Ulaan Ovoo Operation
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Silver Elephant Renewed DEIA License to Restart
Ulaan Ovoo Operation
Vancouver, British Columbia, September 18, 2023 – Silver Elephant Mining Corp. (“Silver
Elephant” or “the Company”) (TSX: ELEF, OTCQX: SILEF, Frankfurt:1P2N) announces the
Company has successfully renewed Detailed Environmental Impact Assessment license (“DEIA”)
required to restart Ulaan Ovoo coal operations. The DEIA is subject to renewal by the Ministry of
Environment every 5 years. The Company has held 100 % rights to Ulaan Ovoo mineral claims
and mining licenses in Mongolia since 2007.
Ulaan Ovoo features a single massive coal seam expo sed to surface and highly sought-after
quality of NCV 5000 kcal/kg, ash 5% and sulphur 0.3 %. The Australia Newcastle thermal coal
benchmark pricing currently quoted US$160 per tonne (NCV 6,000 kcal/kg, ash 15% sulphur
0.75%)
A total of 18,757 tonnes of Ulaan Ovoo coal was exported to China via Erlian port from December
2022 to May 2023. The coal is then mostly transported to China eastern seaports from Erlian by
rail. The Ulaan Ovoo operation stopped in May due t o falling global thermal coal prices and
scheduled equipment repair. The thermal coal prices in September have recovered since May
however they are still trailing the prices at the start of the year.
John Lee, CEO of Silver Elephant states: “2023 was a remarkable year for the Company’s
Mongolia operation, which generated cashflow from U laan ovoo coal export to China. Our
Mongolia subsidiaries are carefully managing expenses, while preparing to resume coal export
as coal market conditions continue to improve alongside rising oil prices”
The mine and coal export will remain on standby while Silver Elephant finalizes export pricing with
potential coal buyers.
About Mega Thermal Coal Corp.
Mega Thermal Coal Corp. is a wholly-owned subsidiar y of Silver Elephant, which owns and
operates the Ulaan Ovoo mine. Ulaan Ovoo produced approximately 1 million tonnes of coal sold
to over 30 international and Mongolian customers si nce 2007. 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 company with its flagship Pulacayo-Paca
silver project in Bolivia. It also owns 100% of Meg a Thermal Coal Corp. and 39% of Oracle
Commodity Holding Corp. (“Oracle”). Oracle holds ro yalties and equities in various mining
projects.
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
Neither the Toronto Stock Exchange nor its Regulation Services Provider (as that term is defined
in the policies of the Toronto Stock Exchange) acce pts responsibility for the adequacy or
accuracy of this release.
Cautionary Note Regarding Forward-Looking Statements and Reader Advisory
Certain statements contained in this 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 whi ch may contain words such as “expects”,
“anticipates”, “intends”, “plans”, “believes”, “est imates”, or similar expressions, and statements
related to matters which are not historical facts, are forward-looking information within the
meaning of applicable securities laws. Such forward -looking statements, which reflect
management’s expectations regarding either of Silve r 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 r eaders should not place undue reliance on
Silver Elephant’s forward-looking statements. Silve r Elephant believe that the expectations
reflected in the forward-looking statements contain ed in this news release and the documents
incorporated by reference herein are reasonable bas ed 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 describe d 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.