Business
Ag and Au Concentrate Sales Accelerate for GSilver
Company Expands Private Placement VANCOUVER, BC / ACCESSWIRE / November 29, 2021 / Guan...
About this update from Guanajuato Silver Company Ltd.
[{"type":"text","content":"Ag and Au Concentrate Sales Accelerate for GSilverCompany Expands Private PlacementVANCOUVER, BC / ACCESSWIRE / November 29, 2021 / Guanajuato Silver Company Ltd. (the \"Company\" or \"GSilver\") (TSXV:GSVR)(OTCQX:GSVRF) is pleased to provide a production update on the continuing ramp-up at its 100% owned El Cubo silver and gold mine in Guanajuato, Mexico.Concentrate Sales:On November 15, 2021, the Company received provisional proceeds of approximately US$750,000 from the sale of a second delivery of precious metals concentrate from El Cubo. This second shipment consisted of approximately 90 tonnes of bulk silver and gold concentrate grading approximately 220 ounces per tonne silver and 2.2 ounces per tonne gold; the Company continues to ramp up both in terms of tonnes processed and head-grade. Additionally, the Company has now delivered and invoiced approximately 175 additional tonnes of concentrate at similar grades and anticipates receiving a third provisional payment of approximately US$1,300,000 on or about Dec. 3, 2021.James Anderson, Chairman and CEO, said, \"As Mexico's newest precious metals producer, we continue to advance towards the successful completion of this ramp-up stage at El Cubo. Because of the technical excellence and deep commitment of our Mexican operations team, we remain ahead of our planned production schedule, and our goal of becoming EBITA positive in Q1 remains on-track.\"Mine Production:Since October 15, 2021, the Company has mined mineralized material at the rate of approximately 450 tonnes per day from the El Cubo mine. For the week ending November 21, 2021, the Company averaged 950 tonnes per day while combining mining from El Cubo and deliveries from the El Pinguico stockpile, showing GSilver's ability and flexibility to accelerate production as desired and as warranted. The current mined output from El Cubo remains on target with the Company's ramp-up schedule.The El Cubo processing complex is currently operating at approximately 1,000 tonnes per day and the Company expects the plant to operate for 22 to 24 days per month, with 6 to 8 days per month of downtime for further refurbishment and mill maintenance, for an average monthly operating rate of 22,500 tonnes for the next 6 months.Recoveries:Since the recommencement of production, silver recoveries have averaged approximately 85%; this is ap...