Q1 2024 Production Highlights
Demonstrated a significant increase in mining tonnage, with a raise of 20 per cent from Q4 2023, marking a robust continuation of production upscaling since the pivotal restart in
Achieved a 3 per cent increase in silver equivalent processing to 363,795 oz AgEq in Q1 2024, compared to the previous quarter, and a 2 per cent uplift from Q1 2023, showcasing sustained growth.
Recorded an improvement in silver recovery rates, reaching an average of 89.2 per cent in Q1 2024, indicating enhanced efficiency in mineral extraction processes.
Successfully met operational targets for Q1 2024, setting a strong precedent for the upcoming quarter as the company pivots towards replicating this success in Q2, with a strategic outlook on enhancing production volumes.
'We are pleased to report our second consecutive quarter of increased mine production and mill throughput, alongside persistent efforts towards reducing costs at both operational corporate levels,' said Silver X CEO
'These results confirm that our Nueva Recuperada operations are on track. The combination of production with this outstanding geological setting, makes Silver X one of the most attractive investment cases,' he added.
AgEq ounces produced were calculated based on all metals produced using the average sales prices of each metal for each month during the period. Revenues from concentrate sales does not consider metallurgical recoveries in the calculations as the metal recoveries are built into the sales amounts. In Q1 2024, AgEq was calculated using metal prices of
Cautionary Note regarding Production without Mineral Reserves
The decision to commence production at the
About Silver X
Silver X is a rapidly expanding silver developer and producer. The Company owns the 20,000-hectare
Contact:
Vice President
Tel: +1 647 259 6901
Email: s.wahl@silverxmining.com
Cautionary Statement Regarding 'Forward-Looking' Information
This press release contains forward-looking information within the meaning of applicable Canadian securities legislation ('forward-looking information'). Generally, forward-looking information can be identified by the use of forward-looking terminology such as 'plans', 'expects' or 'does not expect', 'is expected', 'budget', 'scheduled', 'estimates', 'forecasts', 'intends', 'anticipates' or 'does not anticipate', or 'believes', or variations of such words and phrases or state that certain acts, events or results 'may', 'could', 'would', 'might' or 'will be taken', 'occur' or 'be achieved'. All information contained in this press release, other than statements of current and historical fact, is forward-looking information. Forward-looking information contained in this press release may include, without limitation, exploration plans, results of operations, expected performance at the Project, the Company's belief that the Tangana system will provide considerable resource expansion potential, that the Company will be able to mine the Tangana Mining Unit in an economic manner, and the expected financial performance of the Company.
The following are some of the assumptions upon which forward-looking information is based: that general business and economic conditions will not change in a material adverse manner; demand for, and stable or improving price for the commodities we produce; receipt of regulatory and governmental approvals, permits and renewals in a timely manner; that the Company will not experience any material accident, labour dispute or failure of plant or equipment or other material disruption in the Company's operations at the Project and Nueva Recuperada Plant; the availability of financing for operations and development; the Company's ability to procure equipment and operating supplies in sufficient quantities and on a timely basis; that the estimates of the resources at the Project and the geological, operational and price assumptions on which these and the Company's operations are based are within reasonable bounds of accuracy (including with respect to size, grade and recovery); the Company's ability to attract and retain skilled personnel and directors and the ability of management to execute strategic goals.
Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company, as the case may be, to be materially different from those expressed or implied by such forward-looking information, including but not limited to those risks described in the Company's annual and interim MD&As and in its public documents filed on www.sedar.com from time to time. Forward-looking statements are based on the opinions and estimates of management as of the date such statements are made. Although the 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 results not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking information. The Company does not undertake to update any forward-looking information, except in accordance with applicable securities laws.
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