Guanajuato Silver Reports Fatal Accident at San Ignacio Mine
1
Guanajuato Silver Reports Fatal Accident at San Ignacio Mine
August 14, 2023 – Vancouver, British Columbia – Guanajuato Silver Company Ltd. (the “Company” or “GSilver”)
(TSXV:GSVR)(AQUIS:GSVR)(OTCQX:GSVRF) regrets to report an employee fatality that occurred on Saturday,
August 12, due to an accident at the San Ignacio mine in Guanajuato, Mexico.
The area of the incident was shut down temporarily as the Company works with Mexican authorities to conduct
a thorough investigation; the Company will review the conclusions and implement any additional safety measures
recommended to prevent such an accident from reoccurring. The safety and well-being of Guanajuato Silver’s
employees, contractors, and neighbours remains the Company’s highest priority.
Ramon Davila, President stated, “We offer our prayers and condolences to the family at this tragic time. We are
currently providing support to all those impacted, while at the same time we are working with local authorities to
fully understand the specific details of this incident.”
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 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, 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 a nd 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
Cata 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 benefi ts to be derived from the Company’s development and operational activities being
2
achieved as anticipated; the continued 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 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, 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 geological or
structural formations and char acteristics, 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 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 no t 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 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 about the continued spread and severity of COVID- 19, the
ongoing war in Ukraine, 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, 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.