Guanajuato Silver Announces Filing of New San Ignacio Mineral Resource Estimate
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Guanajuato Silver Announces Filing of New San Ignacio Mineral Resource Estimate
November 2, 2023 – Vancouver, British Columbia – Guanajuato Silver Company Ltd. (the “Company” or “GSilver”)
(TSXV:GSVR)(OTCQX:GSVRF) announces the filing of a National Instrument 43-101 Technical Report (the
“Report”) for a new mineral resource estimate (the “2023 MRE”) for Guanajuato Silver’s 100% owned San Ignacio
mine located in Guanajuato, Mexico. The Report and 2023 MRE was prepared by APEX Geoscience Ltd. (“APEX”),
with an effective date of September 21, 2023, and supports the disclosure made by the Company in its news
release dated September 27, 2023 – “Guanajuato Silver Provides New Mineral Resource Estimate for the San
Ignacio Mine”. The Report has been filed under the Company’s SEDAR+ profile and can be viewed at
sedarplus.com.
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. In addition, the Company produces silver, gold, lead, and zinc concentrates
from the Topia mine in northwestern Durango. With four operating mines and three processing facilities,
Guanajuato Silver is one of the fastest growing silver producers in Mexico.
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.
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 the Company’s status as one of the fastest growing silver producers in Mexico.
Such forward-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
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contingencies. These assumptions include: our estimates of mineral resources and other mineralized material at El Cubo and
the Company’s other mining projects in Guanajuato, Mexico 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 the 2023 Preliminary Economic Assessment on El Cubo (“2023 PEA”); the ability
of the Company to ramp up processing of mineral resources and material at El Cubo and the Company’s other mining projects
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;
operating costs; 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 are 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, high 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 mineral resources or other material at El Cubo, VMC, San Ignacio and Topia (including at Topia
buying and processing ore from contractors) for processing at its existing mills to increase production, tonnage milled and
recovery rates of gold, silver, and other metals in the amounts, grades, recoveries, costs and timetable anticipated. In
addition, GSilver’s decision to process mineral resources and other material from El Cubo, VMC, San Ignacio and Topia 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 that are not mineral reserves
do not have demonstrated economic viability, are considered too speculative geologically to have 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 or
the 2023 PEA 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 the continued spread and severity of COVID-19, the ongoing war in Ukraine and
high 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.sedar.com including the Company’s most recently filed
annual information form. 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.