CORRECTION FROM SOURCE: Southern Silver Files NI43-101 Technical Report for its Preliminary Economic Assessment for the Cerro Las Minitas Project This document corrects and replaces in its entirety the previous release that was issued by Southern
CORRECTION FROM SOURCE: Southern Silver
Files NI43-101 Technical Report for its
Preliminary Economic Assessment for the
Cerro Las Minitas Project
This document corrects and replaces in its entirety the previous release that was issued by Southern
Silver Exploration Corp. earlier today, October 13th, 2022 at 5:39pm ET.
Vancouver, British Columbia--(Newsfile Corp. - October 13, 2022) -
Southern Silver Exploration
Corp. (TSXV: SSV) ("Southern Silver")
reports that it has filed on SEDAR its National Instrument 43-
101 Technical Report titled
Preliminary Economic Assessment of the Cerro Las Minitas Project,
Durango State, Mexico
, dated October 13, 2022 (the "Technical Report"). The report was authored by
M3 Engineering & Technology Corp. ("M3"), Kirkham Geosystems Ltd. ("KGL"), Entech Mining Limited
("Entech"), and Metallurgical Process Consultants Limited ("MPC").
Filing of the Technical Report follows Southern Silver's news release issued August 29
th
, 2022
announcing the results of its Preliminary Economic Assessment ("PEA") on its 100% owned Cerro Las
Minitas Project, Durango State, Mexico.
PEA Highlights:
Robust Project Economics:
an after-tax
NPV8%
of
US$220M
(C$302M); after-tax
NPV5%
of
US$349M
(C$480M) and project
IRR
of
17.9%
(using base-case metal pricing of Ag- $21.95/oz, Cu -
$3.78/lb, Pb - $0.94/lb and Zn - $1.33/lb);
Large-Scale Underground Mining Operation
with a
15-year mine life
with an annual average plant
feed of
14.2 Mozs
AgEq
(inc. 5.8 Mozs Ag);
High-Revenue Project:
Base Case gross revenues total
US$3.7B
with silver representing 42% of
revenues, zinc representing 39% of revenues. The project has an
Initial CapEx of US$341M
;
Well Located Project
in a mining friendly jurisdiction with excellent infrastructure in southeast Durango
state, Mexico; and
Further Exploration Upside:
Drilling through to August 2022 has confirmed mineralized extensions to
the Mina La Bocona and Skarn Front deposits that have not been incorporated into the current Resource
Model. Other deposits remain open laterally and to depth and remain to be explored.
About Southern Silver Exploration Corp.
Southern Silver Exploration Corp. is an exploration and development company with a focus on the
identification of world-class mineral deposits in major jurisdictions, advancing them either directly or
through joint-venture relationships. Our specific emphasis is on advancing the 100% owned Cerro Las
Minitas project, one of the world's largest undeveloped silver-lead-zinc deposits, to a production
decision.
Southern has assembled a team of highly experienced technical, operational and transactional
professionals to support our efforts in developing (recent robust PEA) the Cerro Las Minitas project into
a premier, high-grade, silver-lead-zinc mine. Our property portfolio also includes the Oro porphyry
copper-gold project where a diamond drill program is underway and the Hermanas gold-silver vein
project where permitting applications for the conduct of a drill program is underway; both are located in
southern New Mexico, USA.
On behalf of the Board of Directors
"Lawrence Page"
Lawrence Page, Q.C.
President & Director, Southern Silver Exploration Corp.
For further information, please visit Southern Silver's website at
https://www.southernsilverexploration.com
or contact us at 604.641.2759 or by email at
.
Qualified Person
The PEA for the Cerro Las Minitas project as summarized in this release was completed by Kirkham
Geosystems Ltd. ("KGL"), M3 Engineering & Technology Corp. ("M3"), Entech Mining Limited
("Entech"), and Metallurgical Process Consultants Limited ("MPC"). The full Technical Report is
available on Southern Silver's website and on SEDAR under Southern Silver Exploration Corp.
The scientific and technical content of this news release was reviewed and approved by Robert
Macdonald, MSc. P.Geo, VP. Exploration, a Qualified Person as defined by National Instrument 43-101
- Standards of Disclosure for Mineral Projects.
Neither 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.
This news release contains forward-looking statements. Forward-looking statements address future
events and conditions and therefore involve inherent risks and uncertainties. Actual results may differ
materially from those currently anticipated in such statements. Factors that could cause actual results
to differ materially from those in forward-looking statements include the timing and receipt of
government and regulatory approvals, and continued availability of capital and financing and general
economic, market or business conditions.
Southern Silver Exploration Corp. does not assume any
obligation to update or revise its forward-looking statements, whether as a result of new information,
future events or otherwise, except to the extent required by applicable law.
To view the source version of this press release, please visit
https://www.newsfilecorp.com/release/140514