Guanajuato Silver Announces Changes to Executive Team
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Guanajuato Silver Announces Changes to Executive Team
September 3, 2024 – Vancouver, British Columbia – Guanajuato Silver Company Ltd. (the “Company” or “GSilver”)
(TSXV:GSVR)(OTCQX:GSVRF) welcomes Juan Martin Pena to the role of VP Operations in Mexico. Mr. Pena is a
36-year veteran of the Mexican mining industry, having held senior roles with some of Mexico’s most successful
mining companies. From 2017 to 2024, Mr. Pena was the Operations Director for Grupo Mexico SAB de CV, one
of Mexico’s largest mining companies (BMV:GMEXICOB); prior to this, he was the General Manager at the Del
Toro silver mine owned by First Majestic Silver Corp. (TSX:AG). For 22 years, Mr. Pena was employed by Industrias
Penoles, S.A. de C.V. (BMV:PE&OLES), where he worked on numerous mining projects in increasingly senior roles.
Mr. Pena is a graduate of the University of Guanajuato in Mine Engineering.
James Anderson, Chairman and CEO, said, “Having spent over three decades working for the best mining
companies in Mexico, Juan Martin Pena brings a level of professionalism and business acumen that dovetails well
with the current stage of Guanajuato Silver’s development. We are excited to welcome Juan Martin to our team
and proud to continue our tradition of having a 100% Mexican local workforce.”
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e Company also announces the retirement of the father and son team of Gerardo and Hernan Dorado from
Guanajuato Silver to pursue new business interests. Hernan Dorado has resigned as a Director and Chief Strategy
Officer of the Company; Gerardo Dorado will be retiring from his position as VP of Projects at the end of
September.
James Anderson added, “The Dorados were my initial partners in Guanajuato Silver when the Company’s only
asset was its Pinguico development project; their local experience and deep ties to the Guanajuato mining
community were essential in helping drive the rapid growth of Guanajuato Silver. Now, with the Company having
moved well beyond the start-up stage, with our four producing silver mines and three production facilities, the
Dorados are looking to move on to their next business adventure. On behalf of the entire Company, I wish both
Hernan and Gerardo the greatest of future success.”
Guanajuato Silver also announces the granting of stock options to an Officer of the Company to purchase 300,000
common shares at $0.25. The stock options will be exercisable for a term of five years from today’s date pursuant
to its stock option plan, subject to vesting on the basis of one-third on the date of grant, one third after 12 months
and one-third after 24 months.
About Guanajuato Silver
GSilver is a precious metals producer engaged in reactivating past producing silver and gold mines in central
Mexico. The Company produces silver and gold concentrates from the El Cubo Mine Complex, Valenciana Mines
Complex, and the San Ignacio mine; all three mines are located within the state of Guanajuato, which has an
established 480-year mining history. Additionally, the Company produces silver, gold, lead, and zinc concentrates
from the Topia mine in northwestern Durango. With four operating mines and three proces sing facilities,
Guanajuato Silver is one of the fastest growing silver producers in Mexico.
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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 Statements
This news release contains certain forward-looking statements and information, which relate to future events or future
performance including, but not limited to, growth of the Company’s operating presence within Mexico, the Company’s
development, and the Company’s status as one of the fastest growing silver producers in Mexico.
Such f orward -looking statements and information reflect management's current beliefs and expectations and are based
on information currently available to and assumptions made by the Company; which assumptions, while considered
reasonable by the Company, are inherently subject to significant operational, business, economic and regulatory
uncertainties and contingencies. These assumptions include: our estimates of mineralized material at El Cubo, VMC, San
Ignacio and Topia 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 ramp up processing of mineralized material at Cata at the
projected rates and source sufficient high grade mineralized material to fill such processing capacity; 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 cost estimates;
decommissioning and reclamation estimates; prices for energy inputs, labour, materials, supplies and services (including
transportation) and inflation rates remaining as estimated; no labour-related d isruptions; 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 ar e 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, currency rate fluctuations, rising inflation and
interest rates, actual results of production, exploration and development 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, 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
successfully discover and mine sufficient quantities of high grade mineralized material at El Cubo, VMC, San Ignacio and
Topia for processing at its existing mills to increase production, tonnage milled and recoveries rates of gold, silver, and
other metals in the amounts, grades, recoveries, costs and timetable anticipated. In addition, GSilver’s d ecision to process
mineralized material from El Cubo, VMC, San Ignacio, Topia and its other 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
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other metals will be realized. In addition, there are no assurances that the Company will meet its production forecasts or
generate the anticipated cash 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 any resurgence of COVID-19, the ongoing war in Ukraine and Israel-Palestine
conflict, and higher inflation and interest rates and the impact they will have on the Company's operations, supply chains,
ability to access mining projects or procure equipment, supplies, 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.sedarplus.ca including
the Company’s annual information form for the year ended December 31, 2023. 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.