GSilver Q3 Production of 700,264 AgEq Ounces Marks 107% increase over Q2
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GSilver Q3 Production of 700,264 AgEq Ounces Marks 107% increase over Q2
November 24, 2022 – Vancouver, British Columbia – Guanajuato Silver Company Ltd. (the “Company” or
“GSilver”) (TSXV:GSVR)(OTCQX:GSVRF)(AQSE:GSVR) is pleased to announce consolidated production results
for the three months ended September 30, 2022. Complete financial results are scheduled to be released on
November 29, 2022 and will be available on sedar.com and the Company’s website. Production results are
from the Company’s wholly owned El Cubo Mines Complex (“El Cubo”) and the San Ignacio Mine (“San
Ignacio”) in Guanajuato, Mexico, and the Topia Mine (“Topia”) in Durango, Mexico.
Q3 Production Highlights
• Silver ounces produced during the quarter totaled 329,297 ounces, marking a 111% increase over
Q2. Silver-equivalent ounces produced increased 107%.
• Average Silver recoveries of 88.5% and gold recoveries of 86.3% match or exceed historic production
recoveries and demonstrate the efficiency of the processing facilities at El Cubo and Topia.
• Significant lead and zinc sales commenced in August 2022 at Topia from which GSilver sells a lead-
silver concentrate to Samsung C&T UK Limited, and a zinc-silver concentrate to Ocean Partners UK
Limited.
Q3 2022 – Quarterly Consolidated Production
“The dramatic increase in production from Q2 to Q3 of this year reflects the welcomed addition of the San
Ignacio Mine and the Topia Mine into our growing production portfolio,” said James Anderson, Chairman
and CEO of Guanajuato Silver. “Having successfully enhanced our production status, we now look to continue
the trend of quarter over quarter increases in mined tonnage, grade, recoveries, and most importantly, silver-
equivalent ounces produced.”
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Q3 2022 – Strengthening Month over Month Production
1. Silver equivalents are calculated using an 89.97:1 (Ag/Au), 0.05:1 (Ag/Pb) and 0.08:1 (Ag/Zn) ratio for Q3 2022 and 83.4:1 (Ag/Au),
ratio for Q2 2022.
Technical Information
Reynaldo Rivera, VP of Exploration of GSilver, has approved the scientific and technical information contained
in this news release. Mr. Rivera is a member of the Australasian Institute of Mining and Metallurgy (AusIMM
- Registration Number 220979) and a "qualified person" as defined by National Instrument 43-101, Standards
of Disclosure for Mineral Projects.
About Guanajuato Silver
GSilver is a precious metals producer engaged in reactivating past producing silver and gold mines near the
city of Guanajuato, Mexico, which has an established 480-year mining history. With five mines and three
processing facilities, the Company is one of the fastest growing silver producers in Mexico.
ON BEHALF OF THE BOARD OF DIRECTORS
"James Anderson"
Chairman and CEO
For further information regarding Guanajuato Silver Company Ltd., please contact:
JJ Jennex, Gerente de Comunicaciones, T: 604 723 1433
Gsilver.com
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the
policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Forward-Looking Information
This news release contains certain forward-looking statements and information, which relate to future events or future
performance including, but not limited to, the current and projected mined output from the Company’s existing mines
including El Cubo, San Ignacio and Topia and the Company’s ability to continue to increase mined tonnage, grade,
recoveries and silver equivalent ounces on a monthly and/or quarterly basis in accordance with its objectives and
timetable; the Company’s status as one of the fastest growing silver producers in Mexico; the Company’s future
development and production activities; the opportunities for future exploration, development and production at the
Company’s mines and the proposed exploration, development and production programs therefor and the timing and
costs thereof; and the success related to any future exploration, development and/or production programs.
Such forward-looking statements and information reflect management's current beliefs and are based on information
currently available to and assumptions made by the Company; which assumptions, while considered reasonable by the
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Company, are inherently subject to significant operational, business, economic and regulatory uncertainties and
contingencies. These assumptions include: our mineral resource estimates and estimates of mineralized material at our
mineral properties and the assumptions upon which they are based, including geotechnical and metallurgical
characteristics of rock conforming to sampled results and metallurgical performance; available tonnage of mineralized
material to be mined and processed; resource grades and recoveries; assumptions and discount rates being appropriately
applied to production estimates; the ability of the Company to successfully integrate production from San Ignacio and
Valenciana into the Company’s existing mining and milling operations at El Cubo and the availability of excess processing
and tailings capacity at El Cubo to accommodate same; the Company’s ability to secure additional sources of mineralized
material for processing, prices for silver, gold and other metals remaining as estimated; currency exchange rates
remaining as estimated; availability of funds for the Company's projects and to satisfy current liabilities and obligations
including debt repayments; capital, decommissioning and reclamation estimates; prices for energy inputs, labour,
materials, supplies and services (including transportation) and inflation rates remaining as estimated; no labour-related
disruptions; no unplanned delays or interruptions in scheduled construction and production; all necessary permits,
licenses and regulatory approvals are received in a timely manner; and the ability to comply with environmental, health
and safety laws. The foregoing list of assumptions is not exhaustive.
Readers a re cautioned that such forward-looking statements and information are neither promises nor guarantees, and
are subject to risks and uncertainties that may cause future results, level of activity, production levels, performance or
achievements of GSilver to differ materially from those expected including, but not limited to, market conditions,
availability of financing, future prices of gold, silver and other metals, actual results of exploration, development and
production activities, actual resource grades and recoveries of silver, gold and other metals, availability of third party
mineralized material for processing, unanticipated geological or structural formations and characteristics, currency rate
fluctuations, rising inflation and interest rates, geopolitical conflicts including wars, environmental risks, operating risks,
accidents, labor issues, equipment or personnel delays, delays in obtaining governmental or regulatory approvals and
permits, inadequate insurance, and other risks in the mining industry. There are no assurances that GSilver will be able
to continue to increase production, tonnage milled and recoveries rates, improve grades and reduce costs at its existing
mines to process mineralized materials to produce silver, gold and other concentrates in the amounts, grades, recoveries,
costs and timetable anticipated. In addition, GSilver’s d ecision to process mineralized material from its existing mines is
not based on a feasibility study of mineral reserves demonstrating economic and technical viability and therefore is
subject to increased uncertainty and risk of failure, both economically and technically. Mineral resources and mineralized
material that are not Mineral Reserves do not have demonstrated economic viability, are considered too speculative
geologically to have the economic considerations applied to them, and may be materially affected by environmental,
permitting, legal, title, socio-political, marketing, and other relevant issues. There are no assurances that the Company's
projected production of silver, gold and other metals will be realized. In addition, there are no assurances that the
Company will meet its production forecasts or generate the anticipated c ash flows from operations to satisfy its
scheduled debt payments or other liabilities when due or meet financial covenants to which the Company is subject or
to fund its exploration programs and corporate initiatives as planned. There is also uncertainty about the continued
spread and severity of COVID-19, the ongoing war in Ukraine and rising inflation and interest rates and the impact they
will have on the Company's operations, supply chains, ability to access mining p rojects or procure equipment, contractors
and other personnel on a timely basis or at all and economic activity in general. Accordingly, readers should not place
undue reliance on forward-looking statements or information. All forward-looking statements and information made in
this news release are qualified by these cautionary statements and those in our continuous disclosure filings available on
SEDAR at www.sedar.com including the Company’s annual information form for the year ended December 31, 2021.
These forward-looking statements and information are made as of the date hereof and the Company does not assume
any obligation to update or revise them to reflect new events or circumstances save as required by law.