Americas Silver Announces 250% Increase IN GOLD Equivalent Reserves, Rebrands to Americas GOLD and Silver, and Updates ON Relief Canyon Construction
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AMERICAS SILVER ANNOUNCES 250% INCREASE IN GOLD EQUIVALENT RESERVES,
REBRANDS TO AMERICAS GOLD AND SILVER, AND
UPDATES ON RELIEF CANYON CONSTRUCTION
TORONTO, ONTARIO—September 5, 2019—Americas Gold and Silver Corporation (TSX: U SA) (NYSE
American: USAS) (“Americas Gold and Silver” or the “Company”), a growing North American precious
metals producer, today announces increased gold and silver rese rves, an update on the progress at Relief
Canyon, and a name change and rebrand to Americas Gold and Silver Corporation. This name change
reflects the increasing importance of gold in the Company’s portfolio and the transition from a silver
focused developer and producer to a diversified gold and silver company. Please see the Company’s
website at www.americas‐gold.com for further information.
Reserve and Resource Update
Americas Gold and Silver today announces its 2019 Mineral Reserve and Resource statement showing
increased gold and silver reserves. Highlights include:
Gold proven and probable reser ves increased to 653,000 ounces a s a result of the acquisition of
Pershing Gold Corporation and the Relief Canyon Mine on April 3, 2019.
Silver proven and probable reserves increased 45%, from 25.6 million ounces to 37.1 million
ounces, primarily from the inclus ion of the EC120 project (“EC1 20”) silver reserves. This increase
was partially offset by mine depletion and a reduction in silver reserves at the Galena Complex.
Gold equivalent reserves (includi ng silver reserves) increased approximately 250% from 320,000
ounces to 1.12 million ounces. Gold equivalent reserves increased by 90% on a per share basis
year‐over‐year.
“The recent acquisition of the Relief Canyon Mine and reserve g rowth from our existing operations have
increased our gold equivalent re serves by approximately 250%, a nd is expected to increase our precious
metals production by more than 500% by 2021,” said Darren Blasu tti, President & CEO of Americas Gold
and Silver. “This significant increase in our leverage to gold creates a unique re‐rating opportunity for our
s h a r e h o l d e r s a s w e t r a n s i t i o n t o a d i v e r s i f i e d p r e c i o u s m e t a l s p r o d u c e r w i t h m u l t i p l e a s s e t s i n N o r t h
America.”
MINERAL RESERVE AND MINERAL RESOURCE STATEMENT ‐ JUNE 30,20191
Proven and Probable Mineral Reserves
Gold and Silver Mineral Reserves
Proven Probable Proven and Probable
Tonnes Grade Ounces Tonnes Grade Ounces Tonnes Grade Ounces
(kt) (g/t) (koz) (kt) (g/t) (koz) (kt) (g/t) (koz)
Total Gold 13,176 0.83 352 13,994 0.67 301 27,170 0.75 653
Total Silver 14,331 19 8,758 18,972 47 28,375 33,303 35 37,133
Zinc, Lead and Copper Mineral Reserves
Proven Probable Proven and Probable
Tonnes Grade Pounds Tonnes Grade Pounds Tonnes Grade Pounds
(kt) (%) (Mlbs) (kt) (%) (Mlbs) (kt) (%) (Mlbs)
Total Zinc 880 3.42 66.3 1,318 3.43 99.8 2,198 3.43 166.1
Total Lead 1,025 2.34 52.8 1,872 3.07 126.6 2,897 2.81 179.5
Total Copper 129 0.55 1.6 3,106 0.42 29.1 3,236 0.43 30.6
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The 2019 Mineral Reserve and Resource statement shows an increase of 653,000 ounces of gold from the
p r e v i o u s y e a r a s a r e s u l t o f t h e a c q u i s i t i o n o f t h e R e l i e f C a n yo n p r o p e r t y . S i l v e r c o n t a i n e d i n t h e
consolidated proven and probable reserves increased by 45%, or 11.5 million ounces, to 37.1 million
ounces. This was due to the addition of silver reserves at EC12 0, following the completion of the EC120
Preliminary Feasibility Study and the Relief Canyon acquisition . EC120 added approximately 14.5 million
ounces of probable silver reserves and Relief Canyon added 1.1 million ounces of proven and probable
silver reserves.
The increase in silver reserves was offset slightly by decrease s in silver reserves at San Rafael and Galena.
The decrease in silver reserves at San Rafael was mainly due to mining depletion from July 1, 2018 to June
30, 2019 in the Main Central and Main Superior areas of the ore body. The silver reserves at San Rafael
decreased by 11% or approximately 1.2 million ounces. Development towards the higher‐grade silver
reserves contained in the Upper Zone is in progress and product ion from this zone is expected to start in
early 2020. The decrease in silver reserves at Galena is due to mining depletion and adoption of more
conservative estimation parameters. The silver reserves at Galena decreased by 20% or approximately 3.0
million ounces. See the Notes for Mineral Reserve and Mineral Resource Estimates for further information.
Relief Canyon Update
Construction continues to advance at the fully‐funded Relief Ca nyon Project in Nevada, USA. Leach pad
construction has advanced with earthworks roughly 85% complete and the majority of the pad liner
Measured and Indicated Mineral Resources
Gold and Silver Mineral Resources ‐ Exclusive of Mineral Reserves
Measured Indicated Measured and Indicated
Tonnes Grade Ounces Tonnes Grade Ounces Tonnes Grade Ounces
(kt) (g/t) (koz) (kt) (g/t) (koz) (kt) (g/t) (koz)
Total Gold 427 0.70 10 1,825 0.63 37 2,252 0.64 47
Total Silver 2,421 161 12,505 12,985 111 46,274 15,407 119 58,779
Zinc, Lead and Copper Mineral Resources ‐ Exclusive of Mineral Reserves
Measured Indicated Measured and Indicated
Tonnes Grade Pounds Tonnes Grade Pounds Tonnes Grade Pounds
(kt) (%) (Mlbs) (kt) (%) (Mlbs) (kt) (%) (Mlbs)
Total Zinc 1,529 2.45 82.5 8,459 3.91 728.8 9,988 3.68 811.3
Total Lead 1,803 2.05 81.6 9,226 2.24 456.0 11,029 2.21 537.6
Total Copper 448 0.39 3.9 3,814 0.31 26.3 4,262 0.32 30.1
Tonnes Grade Ounces
(kt) (g/t) (koz)
Total Gold 3,095 0.27 27
Total Silver 10,512 153 51,826
Tonnes Grade Pounds
(kt) (%) (Mlbs)
Total Zinc 4,341 2.56 245
Total Lead 6,635 3.88 568
Total Copper 2,791 0.34 21.2
Inferred Mineral Resources
Gold and Silver Mineral Resources
Inferred
Zinc, Lead and Copper Mineral Resources
Inferred
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currently fabricated and onsite. Approximately 35% of the liner is installed and over 35% of the leach pad
overliner has been crushed, with completion of both scheduled for early in the fourth quarter of this year.
Several key milestones are expected to be met this September in cluding delivery and installation of both
the crusher and conveyor system and refinery equipment. Ledcor Group has mobilized equipment to begin
pioneering work and major mining equipment will begin mobilization in September as well. First gold pour
continues to be anticipated for December of this year.
Further information on the Relief Canyon development and the Mineral Reserve and Resource update will
be made available on the Company’s website at www.americas‐gold.com.
About Americas Gold and Silver Corporation
Americas Gold and Silver is a high‐growth, low‐cost, precious metals mining company with multiple assets
in North America. The Company expects to begin producing gold i n the fourth quarter of 2019 at its fully‐
funded Relief Canyon Project in Nevada, USA, which is currently in construction. It owns and operates the
Cosalá Operations in Sinaloa, Mexico and the Galena Complex in Idaho, USA. The Company also holds an
option on the San Felipe development project in Sonora, Mexico. For further information, please see SEDAR
or www.americas‐gold.com
Shawn Wilson, VP Technical Services and a Qualified Person under Canadian Securities Administrators
guidelines, has approved the applicable contents of this news r elease. For further information please see
SEDAR or americas‐gold.com.
For more information:
Darren Blasutti
President and CEO
Americas Gold and Silver Corporation
416‐848‐9503
1Notes for Mineral Reserve and Mineral Resource Estimates:
CIM (2014) Definition and Standards were followed for Mineral R eserve and Mineral Resource Estimates.
Mineral Reserves are estimated at a net smelter return (“NSR”) cut‐off value of US$50/tonne at San Rafael,
$40/tonne at El Cajón, $40/tonne at Zone 120 and $198/tonne at Galena. Mineral Reserves are estimated
at a 0.17g/tonne gold cut‐off grade constrained by an open pit design based on a $1,300 gold pseudoflow
pit shell. The NSR cut‐off is calculated using recent operatin g results for recoveries, off‐site concentrate
costs, and on‐site operating costs. Mineral Reserves are estimated using metal prices of US$1,300 per
ounce of gold, $16.00 per ounce of silver, $2.50 per pound of copper, $0.90 per pound of lead and $0.90 per
pound of zinc. Numbers may not add or multiply accurately due to rounding.
Mineral Resources are estimated at a NSR cut‐off value of US$34 /tonne at San Rafael, $US40/tonne at El
Cajón, $40/tonne at Zone 120 and $198/tonne at Galena. Mineral Resources are estimated at a 90g/tonne
silver equivalent cut‐off grade at Nuestra Señora. Mineral Res o u r c e s a r e e s t i m a t e d a t a 2 . 5 % z i n c
equivalent cut‐off grade at San Felipe. Mineral Resources are estimated at a 0.17g/tonne gold cut‐off grade
at Relief Canyon and are constrained by a $1,500 gold pseudoflo w pit shell. Inferred Mineral Resources at
Relief Canyon include existing low‐grade stockpiles. Mineral Resources are estimated using metal prices of
US$1,500 per ounce of gold, $18.00 per ounce of silver, $3.00 per pound of copper, $1.05 per pound of lead
and $1.05 per pound of zinc. Mineral Resources are reported exclusive of Mineral Reserves and as such the
Mineral Resources do not have demonstrated economic viability. N u m b e r s m a y n o t a d d o r m u l t i p l y
accurately due to rounding.
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All Mineral Resource estimates, except for San Felipe, were prepared internally by or by Company personnel
under the supervision of Niel de B ruin, P.Geo., a Qualified Per son for the purpose of NI 43‐101. The San
Felipe Mineral Resource estimate was prepared by Paul Tietz, C.P.G., an independent consultant and
Qualified Person for the purpose of NI 43‐101. All Mineral Res erve estimates were prepared internally by
or by Company personnel under the supervision of Shawn Wilson, P.Eng., a Qualified Person for the purpose
of NI 43‐101.
Varying cut‐off grades have been used depending on the mine, methods of extraction and type of ore
contained in the reserves. Mineral resource metal grades and material densities have been estimated using
industry‐standard methods appropriate for each mineral project with support of various commercially
available mining software packages. The Company’s normal data verification procedures have been
employed in connection with the calculations. Verification procedures include industry standard quality
control practices. Sampling, analytical and test data underlyi ng the stated mineral resources and reserves
have been verified by employees of the Company under the superv ision of Qualified Persons, for purposes
of 43‐101 and/or independent Qualified Persons. The Company is n o t a w a r e o f a n y e n v i r o n m e n t a l ,
permitting, legal, title, taxatio n, socio‐economic, marketing, political, or other relevant issues that would
materially affect the Mineral Reserve and Mineral Resource Estimates. Additional details regarding Mineral
Reserve and Mineral Resource est imation, classification, reporting parameters, key assumptions and
associated risks for each of the Company’s mineral properties a re provided in the respective NI 43‐101
Technical Reports which are available at www.sedar.com and the Company’s website at www.americas‐
gold.com.
Cautionary Statement on Forward‐Looking Information:
This news release contains “forward‐looking information” within the meaning of applicable securities laws.
Forward‐looking information includes, but is not limited to, Americas Gold and Silver’s expectations,
intentions, plans, assumptions and beliefs with respect to, amo ng other things, the Company’s financing
efforts; exploration, production and cost performance at the Co salá Operations and the Galena Complex;
construction, production, development plans and performance expectations at the Relief Canyon Mine and
the impact on Americas Gold and Silver’s financial performance; Often, but not always, forward‐looking
information can be identified by forward‐looking words such as “anticipate”, “believe”, “expect”, “goal”,
“plan”, “intend”, “potential’, “e stimate”, “may”, “assume” and “will” or similar words suggesting future
outcomes, or other expectations, beliefs, plans, objectives, as sumptions, intentions, or statements about
future events or performance. Forward‐looking information is based on the opinions and estimates of
Americas Gold and Silver as of the date such information is provided and is subject to known and unknown
risks, uncertainties, and other factors that may cause the actu al results, level of activity, performance, or
achievements of Americas Silver to be materially different from those expressed or implied by such
forward‐looking information. With respect to the business of Americas Gold and Silver, these risks and
uncertainties include interpretations or reinterpretations of geologic information; unfavorable exploration
results; inability to obtain permits required for future exploration, development or production; general
economic conditions and conditio ns affecting the industries in which the Company operates; the
uncertainty of regulatory requirements and approvals; fluctuating mineral and commodity prices; the
ability to obtain necessary future financing on acceptable term s or at all; the ability to develop, complete
construction and operate the Relief Canyon Mine; and risks asso ciated with the mining industry such as
economic factors (including future commodity prices, currency fluctuations and energy prices), ground
conditions and other factors limiting mine access, failure of plant, equipment, processes and transportation
services to operate as anticipat ed, environmental risks, govern ment regulation, actual results of current
exploration and production activities, possible variations in o re grade or recovery rates, permitting
timelines, capital and construction expenditures, reclamation activities, labor relations, social and political
developments and other risks of the mining industry. Although t he Company has attempted to identify
important factors that could cause actual results to differ materially from those contained in forward‐
looking information, there may be other factors that cause resu lts not to be as anticipated, estimated, or
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intended. Readers are cautioned not to place undue reliance on such information. Additional information
regarding the factors that may c ause actual results to differ m aterially from this forward -looking
information is available in Americas Gold and Silver’s filings with the Canadian Securities Administrators on
SEDAR and with the SEC. Americas Gold and Silver does not undertake any obligation to update publicly or
otherwise revise any forward‐looking information whether as a result of new information, future events or
other such factors which affect this information, except as required by law. Americas Gold and Silver does
not give any assurance (1) that Americas Gold and Silver will achieve its expectations, or (2) concerning the
result or timing thereof. All subsequent written and oral forward-looking information concerning Americas
Gold and Silver are expressly qualified in their entirety by the cautionary statements above.
Cautionary Note to U.S. Investors:
The terms “mineral resource”, “measured mineral resource”, “indicated mineral resource”, “inferred
mineral resource” used in the press release are Canadian mining terms used in accordance with National
Instrument 43‐101 ‐ Standards of Disclosure for Mineral Projects under the guidelines set out in the
Canadian Institute of Mining, Metallurgy and Petroleum Standards. Mineral resources which are not
mineral reserves do not have demonstrated economic viability.
While the terms “mineral resource”, “measured mineral resource”, “indicated mineral resource”, and
“inferred mineral resource” are recognized and required by Canad i an r e g u l at ion s, t h e y ar e n ot d e f i ne d
terms under standards in the United States and normally are not permitted to be used in reports and
registration statements filed with the Securities & Exchange Commission (“SEC”). As such, information
contained in the Company's disclosure concerning descriptions of mineralization and resources under
Canadian standards may not be comparable to similar information made public by U.S companies in SEC
filings. With respect to “inferred mineral resource” there is a great amount of uncertainty as to their
existence and a great uncertainty as to their economic and lega l feasibility. It cannot be assumed that all
or any part of an “inferred mineral resource” will ever be upgr aded to a higher category. Investors are
cautioned not to assume that any part or all of the mineral deposits in these categories will ever be
converted into reserves.