Silver X announces the immediate resumption of mining operations at its Nueva Recuperada Project in Central Peru
During the brief pause, operational upgrades were completed that expect to enhance efficiency and profitability, including investment in equipment upgrades, workforce training, and safety measures
Freddy Mayor, has been appointed as COO and General Manager of the Company, replacing Mr. Enrique Garay
Vancouver, BC, September 19, 2023 — Silver X Mining Corp. (TSX-V: AGX) (OTCQB: AGXPF) (F:AGX) (“Silver X” or the “Company”), a rapidly expanding silver developer and producer in Central Peru, is pleased to announce the resumption of its mining operations at the Nueva Recuperada Project (“Nueva Recuperada”), effective immediately. The resumption follows a brief mining activity pause, during which the Company made operational upgrades and implemented new protocols to optimize production.

Operational Resumption Highlights at Nueva Recuperada:

A revised production schedule targeting areas of higher certainty. The predominant source of feed will come from the Tangana 1 and Tangana 2 veins, while surface exploration of the Morlupo and Cauca veins has revealed promising high-grade areas that could significantly improve the base case.
The recommencement of milling operations will be executed using stockpiled materials, ensuring a consistent and uninterrupted feed to the mill, thereby enhancing operational stability.
Significant cost reductions have been achieved through a prudent reduction in headcount, the ongoing implementation of the sub-level stopping method (“SLS”), and the addition of operational measures aimed at minimizing underground transportation and mineral handling.
A stronger alliance with the principal contractor is being established, fostering a collaborative working environment characterized by shared objectives, risk reduction, and economic incentives.
“Today marks a significant milestone in Silver X’s journey,” said José García, CEO of Silver X. “The restart of Nueva Recuperada confirms our commitment to make Nueva Recuperada a profitable operation, based on improved safety standards, efficiency, head grades and costs.”

Operational Upgrades and Importance for Investors

While mining activities were paused, the Company seized the opportunity to identify several costs reduction initiatives in key areas such as labour, mining method, mine haulage and milling efficiency. These initiatives are expected to yield improved production rates and decreased unit costs.

The new operational upgrades not only enable the mine’s production capabilities but also bolster the resilience of the business model in the face of market fluctuations. The Company is now well-positioned to execute its growth plans, establishing a strong foundation for long-term success.

FIGURE 1: Aerial View of Nueva Recuperada
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