Americas Silver Corporation Provides Updated Mineral Reserve and Resource Estimates
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AMERICAS SILVER CORPORATION PROVIDES UPDATED MINERAL RESERVE AND RESOURCE ESTIMATES
TORONTO, ONTARIO—October 11, 2018—Americas Silver Corporation (TSX: USA) (NYSE American: USAS)
(“Americas Silver” or the “Company”) is pleased to provide updated Mineral Reserve and Resource
estimates for its two 100% owned assets, the Galena Complex in Idaho, USA and the Cosalá Operations in
Sinaloa, Mexico, including the San Rafael, El Cajón, and Nuestra Señora mines, and the Zone 120 deposit.
The estimate also includes the San Felipe project in Sonora, Mexico on which the Company holds an
option.
This updated Mineral Reserve and Resource estimate reflects the drilling programs completed between
June 30, 2017 and June 30, 2018 as well as production data during that period (where applicable) with an
effective date of June 30, 2018 for the estimates. The Mineral Resources attributable to the San Felipe
project have an effective date of March 15, 2018.
Highlights include:
Silver inventory contains 26 million ounces of proven and probable reserves, a decrease of 2
million ounces or 9%; 70 million ounces of measured and indicated resources, an increase of 12
million ounces or 21%; and 28 million ounces of inferred resources, a decrease of 9 million
ounces or 23%.
Zone 120 indicated resources increased by 30% to over 16 million silver ounces.
Galena replaced the contained silver in the proven and probable reserves.
The inclusion of the San Felipe project adds 9 million ounces of silver, 560 million pounds of zinc
and 256 million pounds of lead to measured and indicated resources as published in the May 3,
2018 technical report.
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“The Company has done a good job at managing its proven and probable mineral reserves and measured
and indicated resources despite modest exploration budgets,” sa id Darren Blasutti, President and CEO.
“With reserves and measured and indicated resources of approxim ately 100 million ounces of silver, 1.1
billion pounds of zinc, and over 800 million pounds of lead across our royalty‐ and stream‐free properties,
we provide very attractive production optionality and per share resource leverage to higher commodity
prices.”
Compared to the last Mineral Reserve and Resource estimate at J une 30, 2017, silver contained in the
consolidated proven and probable reserves dropped 9%, or 2.6 million ounces, to 25.6 million ounces due
to mining depletion, the Nuestra Señora mine’s repositioning to care and maintenance, and a change in
pillar design at San Rafael. These factors also contributed to the decrease in zinc and lead comparatively
between periods. The mining recovery at San Rafael dropped from 9 0 % t o 8 0 % a f t e r i n c o r p o r a t i n g
geotechnical parameters which reflect the pillar requirements associated with the “post‐pillar cut and fill”
mining method. Galena continues to primarily produce silver‐lead ore and the proven and probable
reserves associated with this material decreased by 11% or approximately 0.9 million ounces. Drilling and
additional resource modeling work completed on the silver‐copper resource increased the contained
silver reserves by 12%, or 0.8 million ounces to 7.9 million ounces. The net result at Galena is silver
contained in the reserves remained unchanged, despite production depletion.
Silver contained in the consolidated measured and indicated res ources increased by 21% to 70.1 million
ounces. The measured and indicated resources were down slightl y at Galena compared with the 2017
estimate while Cosalá Operations were boosted by gains at Zone 120 which increased 3.7 million ounces
and the San Felipe Project added 9.1 million ounces. Total silver contained in the inferred category
decreased by 23% to 28.3 million ounces primarily due to the resource conversion at Zone 120, adopting
more conservative estimation parameters for inferred classifica tion at Galena offset by the inclusion of
3.1 million ounces from San Felipe Project.
Drilling completed in early 2018 in the Company’s Zone 120 depo sit improved the confidence and
understanding of the deposit. The tonnage and silver contained in the indicated resources increased to
2.7 million tonnes and 16.2 million ounces grading 186 g/t silv er and 0.46% copper, an improvement of
approximately 30%, or 0.6 million tonnes and 3.7 million ounces . Given the similarities in ore
characteristics with the El Cajón measured and indicated resource (1.1 million tonnes and 5.7 million
ounces), and critical mass of the combined measured and indicat ed resource between Zone 120 and El
Cajón, the Company is internally assessing the economic viability of the joint development of these
deposits. The evaluation is expected to be completed in Q4, 2018.
Additional detail can be found on the Company’s website www.americassilvercorp.com.
About Americas Silver Corporation
Americas Silver is a silver mining company focused on growth in precious metals from its existing asset
base and execution of targeted accretive acquisitions. It owns and operates the Cosalá Operations in
Sinaloa, Mexico and the Galena Mine Complex in Idaho, USA. The Company holds an option on the San
Felipe development project in Sonora, Mexico.
Daren Dell, Chief Operating Officer and a Qualified Person under Canadian Securities Administrators
guidelines, has approved the applicable contents of this news release. For further information please see
SEDAR or americassilvercorp.com.
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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, the Company’s expectations intentions,
plans, assumptions and beliefs with respect to, among other thi ngs, the realization of exploration,
operational, production, and development plans, the Cosalá Oper ations and Galena Complex as well as
the Company’s financing efforts. Often, but not always, forward‐looking information can be identified by
forward‐looking words such as “anticipate”, “believe”, “expect”, “goal”, “plan”, “intend”, “estimate”,
“may”, “assume” and “will” or similar words suggesting future o utcomes, or other expectations, beliefs,
plans, objectives, assumptions, i ntentions, or statements about future events or performance. Forward‐
looking information is based on the opinions and estimates of t h e C o m p a n y a s o f t h e d a t e s u c h
information is provided and is subject to known and unknown ris ks, uncertainties, and other factors that
may cause the actual results, level of activity, performance, or achievements of the Company to be
materially different from those expressed or implied by such fo rward looking information. This includes
the ability to develop and operate the Cosalá and Galena properties, risks associated with the mining
industry such as economic factors (including future commodity p rices, currency fluctuations and energy
prices), ground conditions and factors other factors limiting mine access, failure of plant, equipment,
processes and transportation services to operate as anticipated , environmental risks, government
regulation, actual results of current exploration and production activities, possible variations in ore grade
or recovery rates, permitting timelines, capital expenditures, reclamation activities , 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 mat erially from those contained in forward‐
looking information, there may be other factors that cause results not to be as anticipated, estimated, or
intended. Readers are cautioned not to place undue reliance on such information. By its nature, forward‐
looking information involves numerous assumptions, inherent ris ks and uncertainties, both general and
specific that contribute to the possibility that the predictions, forecasts, and projections of various future
events will not occur. The Company undertakes no obligation to update publicly or otherwise revise any
forward‐looking information whether as a result of new informat ion, future events or other such factors
which affect this information, except as required by law.
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.
W h i l e t h e t e r m s “ m i n e r a l r e s o u r c e ” , “ m e a s u r e d m i n e r a l r e s o u r c e ”, “indicated mineral resource”, and
“inferred mineral resource” are recognized and required by Cana dian regulations, they are not defined
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 Co mmission (“SEC”). A s 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 legal 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.
For more information:
Darren Blasutti
President and CEO
416‐848‐9503
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† CIM Definition and Standards were followed for Mineral Reserve Estimates. Mineral Reserves are estimated at a NSR cut‐off
value of US$40/tonne at Nuestra Señora, US$50/tonne at San Rafael and US$198/tonne at Galena. The NSR cut‐off is
calculated using recent operating results for recoveries, off‐site concentrate costs, and on‐site operating costs. Mineral Reserves
are estimated using metal prices of $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.
‡ CIM Definition and Standards were followed for Mineral Resource Estimates. Mineral Resources are estimated at a NSR cut‐off
value of US$34/tonne at San Rafael, US$40/tonne at Zone 120, US$30/tonne at El Cajón and US$198/tonne at Galena. Mineral
Resources at Nuestra Señora are estimated at a 90g/tonne silver equivalent cut‐off grade. Mineral Resources at San Felipe are
estimated at a 2.5% zinc equivalent cut‐off grade. NSR and equivalent cut‐offs were calculated using recent or expected
operating results for recoveries, off‐site concentrate costs, and on‐site operating costs. Mineral Resources are estimated using
$18.00/oz Ag, $3.00/lb Cu, $1.05/lb Pb and $1.05/lb Zn. Mineral Resources are reported exclusive of Mineral Reserves and as
such the Mineral Resources do not have demonstrated economic viability. Numbers may not add or multiply accurately due to
rounding.
The Mineral Resource estimate for the Cosalá Operations is based on block models prepared by independent mineral resource
consultants. The Nuestra Señora Mineral Reserve and Resource estimate was prepared by Company personnel under the
supervision of James Stonehouse, a Qualified Person for the purpose of NI 43‐101. The San Rafael, Zone 120, El Cajón and San
Felipe Mineral Resource estimates were prepared by Paul Tietz, C.P.G. who is an independent consultant and Qualified Person
for the purpose of NI 43‐101. The San Rafael Mineral Reserve estimate was prepared by company personnel under the
supervision of Shawn Wilson, a Qualified Person for the purpose of NI 43‐101.
The Mineral Resource estimate for the Galena Complex was prepared using a combination of block modelling and the
accumulation method. The Mineral Resource estimate was prepared by Company personnel under the supervision of Aaron
Gross, C.P.G., a Qualified Person for the purpose of NI 43‐101. The Mineral Reserve estimate was prepared by Company
personnel under the supervision of Shawn Wilson, a Qualified Person for the purpose of NI 43‐101.
The Mineral Resources attributable to the San Felipe project have an effective date of March 15, 2018.
Varying cut‐off grades have been used depending on the mine, me thods 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 underlying the stated mineral resources and reserves have been
verified by employees of the Co mpany under the supervision of Q ualified Persons, for purpose s of 43‐101 and/or independent
Qualified Persons. Additional details regarding Mineral Reserve and Mineral Resource estimation, classification, reporting
parameters, key assumptions and associated risks for each of the Company’s mineral properties are provided in the respective NI
43‐101 Technical Reports which are available at www.sedar.com