Guanajuato Silver Provides Corporate Update ~ Management Realignment in Anticipation of Continued Growth ~
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Guanajuato Silver Provides Corporate Update
~ Management Realignment in Anticipation of Continued Growth ~
April 25, 2023 – Vancouver, British Columbia – Guanajuato Silver Company Ltd. (the “Company” or “GSilver”)
(TSXV:GSVR)(AQUIS:GSVR)(OTCQX:GSVRF) is pleased to announce changes to its senior management team.
These changes are designed to support future expansion of the Company’s growing portfolio of mining assets and
to augment production from the Company’s wholly owned El Cubo Mines Complex (“El Cubo”), Valenciana Mines
Complex (“VMC”), and San Ignacio Mine (“San Ignacio”) in Guanajuato, Mexico, and the Topia Mine (“Topia”) in
Durango, Mexico.
Hernan Dorado Smith, formally Chief Operating Officer, will now take the position of Chief Strategy Officer; in this
new role, Mr. Dorado will focus on developing expansion strategies and formulating new business opportunities
within Mexico, in-line with the Company’s growth-through-acquisition strategy. Mr. Dorado is a fifth-generation
mining engineer and has been a director of Guanajuato Silver since 2017.
James Anderson, Chairman and CEO, said, “Guanajuato Silver has established a reputation of being very good at
identifying mining assets that can be revitalized and quickly brought back into optimal production. With the silver
market enjoying signs of a major revival, we believe that the time is now to accelerate our plans into sourcing new
opportunities for growth; I’m excited to work directly with Hernan who will be leading these efforts.”
In parallel, Mario Valdez has been promoted from VP Operations to Co-Chief Operating Officer. Mr. Valdez will
share the position of COO with Ramon Davila, who is Guanajuato Silver’s President. Mario Valdez is a mining
engineer and metallurgist with over 38 years of experience in Mexico’s mining industry. Prior to joining
Guanajuato Silver, Mr. Valdez was the General Manager of Grupo Frisco’s San Francisco del Oro mine in
Chihuahua. From 2009 to 2014, Mr. Valdez held various senior management roles with First Majestic; notably, he
was the General Manager of the La Parrilla silver mine in Durango, and the General Manager at La Encantada silver
mine in Coahuila; he ended his tenure with First Majestic as the Vice President of Mexican Operations.
Commenting on Mario Valdez’s appointment, Mr. Davila said, “At First Majestic, Mario was instrumental in helping
to build one of the mining industry’s recent genuine success stories. As we grow Guanajuato Silver into Mexico’s
next mid-tier silver miner, our ability to expand production while optimizing mine economics will be paramount;
Mario is ideally suited to take our current operations to the next level of growth.”
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 s 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 processing
facilities, Guanajuato Silver 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 Statements
This news release contains certain forward -looking statements and information, which relate to fu ture events or future
performance including, but not limited to, the Company’s proposed expansion plans and growth-through-acquisitions
strategy and the timing thereof; the current revival in the silver market, potential growth opportunities and the Company’s
ability to successfully capitalize on same; and the Company’s status as one of the fastest growing and next mid- tier silver
producer 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, ar e 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 El Cubo and
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; ca pital 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 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 ris ing
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, availability of attractive
acquisition targets a nd growth opportunities for the Company , unanticipated geological or structural formations and
characteristics, geopolitical conflicts including wars, environmental risks, operating risks, accidents, labor issues,
equipment or personnel delays, delays in o btaining 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 recovery rates of gold, silver, and other metals in the amounts,
grades, recoveries, costs and timetable anticipated. In addition, GSilver’s decision to process mineralized 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 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 or that
the Comp any will meet its production forecasts or generate the anticipated cash flows from operations to satisfy its
scheduled debt payments or other liabilities when due, meet financial covenants to which the Company is subject or fund
its exploration programs and corporate initiatives as planned. In addition, there are no assurances that the Company will
be successful in identifying and acquir ing new mining projects or other opportunities pursuant to its growth-through-
acquisitions strategy as currently contemplated or at all. There is also uncertainty about the continued spread and severity
of COVID-19, the ongoing war in Ukraine, inflation and rising 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 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.