REG - Guanajuato Silver Co - Q3 Production Update

Guanajuato SilverAnnouncement

24/11/2022 14:00

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RNS Number : 5411H  Guanajuato Silver Company Ltd.  24 November 2022

24 November 2022

 

Guanajuato Silver Company Ltd

("Guanajuato Silver" or the "Company")

 

Q3 Production of 700,264 AgEq Ounces Marks 107% increase over Q2

 

 

Guanajuato Silver Company Ltd. (TSXV:GSVR) (OTCQX:GSVRF) (AQSE:GSVR), a
precious metals producer in Mexico, is pleased to announce consolidated
production results for the three months ended September 30, 2022. Complete
financial results are scheduled to be released on November 29, 2022 and will
be available on sedar.com and the Company's website.  Production results are
from the Company's wholly owned El Cubo Mines Complex ("El Cubo") and the San
Ignacio Mine ("San Ignacio") in Guanajuato, Mexico, and the Topia Mine
("Topia") in Durango, Mexico.

Q3 Production Highlights

·    Silver ounces produced during the quarter totaled 329,297 ounces,
marking a 111% increase over Q2. Silver-equivalent ounces produced increased
107%.

·    Average Silver recoveries of 88.5% and gold recoveries of 86.3% match
or exceed historic production recoveries and demonstrate the efficiency of the
processing facilities at El Cubo and Topia.

·    Significant lead and zinc sales commenced in August 2022 at Topia
from which GSilver sells a lead-silver concentrate to Samsung C&T UK
Limited, and a zinc-silver concentrate to Ocean Partners UK Limited.

Q3 2022 - Quarterly Consolidated Production

"The dramatic increase in production from Q2 to Q3 of this year reflects the
welcomed addition of the San Ignacio Mine and the Topia Mine into our growing
production portfolio," said James Anderson, Chairman and CEO of Guanajuato
Silver. "Having successfully enhanced our production status, we now look to
continue the trend of quarter over quarter increases in mined tonnage, grade,
recoveries, and most importantly, silver-equivalent ounces produced."

Q3 2022 - Strengthening Month over Month Production

 

1.     Silver equivalents are calculated using an 89.97:1 (Ag/Au), 0.05:1
(Ag/Pb) and 0.08:1 (Ag/Zn) ratio for Q3 2022 and 83.4:1 (Ag/Au), ratio for Q2
2022.

 

Technical Information

Reynaldo Rivera, VP of Exploration of GSilver, has approved the scientific and
technical information contained in this news release. Mr. Rivera is a member
of the Australasian Institute of Mining and Metallurgy (AusIMM - Registration
Number 220979) and a "qualified person" as defined by National Instrument
43-101, Standards of Disclosure for Mineral Projects.

 

 

For further information regarding Guanajuato Silver Company Ltd., please
contact:

 

JJ Jennex, Gerente de Comunicaciones, T: 604 723 1433

E: jjj@GSilver.com

GSilver.com((1))

 

VSA Capital - AQSE Corporate Adviser

T: +44 (0) 20 3005 5000

Simon Barton - Corporate Finance

Andrew Monk - Corporate Broking

David Scriven - Corporate Broking

 

About Guanajuato Silver

Guanajuato Silver is a precious metals producer engaged in reactivating past
producing silver and gold mines near the city of Guanajuato, Mexico, which has
an established 480-year mining history. With five mines and three processing
facilities, the Company is one of the fastest growing silver producers in
Mexico.

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