Vancouver, B.C., May 16 - SILVER X MINING CORP. (TSX-V: AGX) (OTC QB: AGXPF)
("Silver X" or the "Company") is pleased to provide a monthly operational update for April 2022.
April 2022 Highlights
• 61,412 silver equivalent ounces (AgEq oz*) produced in April as ramp up continues to an
initial target of 150,000 silver equivalent ounces per month
• Average processing plant head grade of 9.59 oz/T AgEq* in April with grades of 2.05 oz Ag/T, 1.23% Pb/T, 1.20% Zn/T, 0.16% Cu/T and 1.31 g Au/T. The plant operated with weighted combined plant recoveries of approximately 72%
• Revenues in April of ~USD $1,190,0000 with 161 tons of Silver/Lead/Gold concentrate and 120 tons of Zinc concentrates sold
• The average Silver/Lead/Gold concentrate grades included 77.213 oz Ag/t, 42.851 % Pb/t, 4.872 % Cu/t, and 48.85 g Au/t (1.571 oz Au/t)
*AgEq based on April averages of USD $1,934.47/oz Au, $24.541/oz Ag, $2,396.74/t Pb, $4,371.03/t Zn and $10,183.13/t Cu and does not consider metallurgical recoveries.
In April, the Nueva Recuperada processing plant resumed full operations after the Q1 2022 mill expansion and refurbishment was completed (please refer to our April 7, 2022 News Release). It reached 500 Tpd during the last week of April, at an average head grade of 9.59 oz/T AgEq* and an overall weighted combined metal recovery of 72.29%.
Please see “Cautionary Note regarding Production without Mineral Reserves” at the end of this news release.
The ongoing in-mine exploration drilling in Tangana Mining Unit has continued to intersect significant intervals of silver-(gold)-polymetallic mineralization proximal to existing underground infrastructure. This mineralized material will be exploited to feed the Recuperada plant as it ramps up to 720 Tpd in the coming quarter.
Following this continued exploration and mine development success, Silver X intends to release a new 43-101 technical report with an updated Mineral Resource within the month of May.
"The month of April marked a very positive start to Q2 for Silver X as the fully refurbished Recuperada plant has continued expanding production towards nameplate capacity”, stated José M. Garcia, CEO of Silver X. “We will continue to streamline mine development, increase throughput, and expand concentrate sales in the coming quarters. We look forward to announcing additional exploration results and an updated resource estimate imminently”.
Cautionary Note regarding Production without Mineral Reserves
The decision to commence production at the Nueva Recuperada Project and the Company's ongoing mining operations as referenced herein (the "Production Decision and Operations") are based on economic models prepared by the Company in conjunction with management's knowledge of the property and the existing estimate of inferred mineral resources on the property.
The Production Decision and Operations are not based on a preliminary economic assessment, a pre-feasibility study or a feasibility study of mineral reserves demonstrating economic and technical viability. Accordingly, there is increased uncertainty and economic and technical risks of failure associated with the Production Decision and Operations, in particular: the risk that mineral grades will be lower than expected; the risk that additional construction or ongoing mining operations are more difficult or more expensive than expected; and production and economic variables may vary considerably, due to the absence of a detailed economic and technical analysis in accordance with NI 43-101.

Qualified Person
Mr. A. David Heyl who is a qualified person under NI 43-101, has reviewed and approved the technical content of this news release for Silver X. Mr. Heyl, B.Sc., C.P.G., QP is a Certified Professional Geologist and Qualified Person under NI 43-101. With over 25 years of field and upper management experience, Mr. Heyl has a solid geological background in generating and conducting exploration and mining programs for gold, rare earth metals, and base metals, resulting in several discoveries. Mr. Heyl has 20 years of experience in Peru. He worked for Barrick Gold, was the exploration manager for Southern Peru Copper, and spent over ten years working in and supervising underground and open pit mining operations in Peru. Mr. A. David Heyl is a consultant for Silver X Mining.