Guanajuato Silver Reports Fatal Accident
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Guanajuato Silver Reports Fatal Accident
October 23, 2023 – Vancouver, British Columbia – Guanajuato Silver Company Ltd. (the “Company” or “GSilver”)
(TSXV:GSVR)(OTCQX:GSVRF) regrets to report that an employee fatality occurred on Tuesday, October 22, due to
an accident at the San Ignacio mine in Guanajuato, Mexico.
In response to the incident, the Company has temporarily suspended operations in the immediate area of the
accident as it cooperates with the appropriate Mexican authorities. The conclusions from this investigation may
guide additional safety protocols to reduce the possibility of a similar recurrence. Guanajuato Silver remains
steadfast in its commitment to the health and safety of its workforce, contractors, and local communities.
Carlos Silva, Chief Operating Officer of Guanajuato Silver, stated, “As a company, we are fully engaged in
supporting those affected while working diligently with officials to understand the specifics of what occurred. Our
thoughts and deepest sympathies are with the family and loved ones during this challenging time.”
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 duration of any shut down, implementation of additional safety measures
and results of any investigation.
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: the investigation by Mexican authorities does not require
any or a prolonged shut down of the San Ignacio mine, our estimates of mineralized material at El Cubo and San Ignacio
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 its El Cubo C ata and Topia mills 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; improved efficiencies
and benefits to be derived from the Company’s development and operational activities being achieved as anticipated; the
continued availability of funds for the Company's projects and to satisfy current liabilities and obligations including debt
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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
disruptions; no unpla nned 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 G Silver to differ materially from those expected including, but not limited to, the results of any
investigation by Mexican authorities and any related actions, market conditions, availability of financing, future prices of
gold, silver and other metals, currency rate fluctuations, elevated 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 geolo gical 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 and San Ignacio 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 and San Ignacio 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 w ill
meet its production forecasts or generate the anticipated operational efficiencies and cash flow 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 a bout any resurgence of
COVID-19, the ongoing war in Ukraine and conflict in Gaza, elevated 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, suppl ies,
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 thi s 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, 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.