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Silver Elephant Announces the Sale of up to 800,000 Tonnes of Paca's Silver Oxide Materials to Andean Precious Metals Corp.
Vancouver, British Columbia--(Newsfile Corp. - September 12, 2023) -   Silver Elephant Minin...
About this update from Silver Elephant Mining Corp
[{"type":"text","content":"Silver Elephant Announces the Sale of up to 800,000 Tonnes of Paca's Silver Oxide Materials to Andean Precious Metals Corp.Vancouver, British Columbia--(Newsfile Corp. - September 12, 2023) -  Silver Elephant Mining Corp. (TSX: ELEF) (OTCQX: SILEF) (FSE: 1P2) (\"Silver Elephant\" or the \"Company\") is pleased to announce the Company's Bolivian subsidiaries (\"Silver Elephant Subsidiaries\") have entered into an exclusive sales and purchase agreement (\"the SPA\") for the sale of up to 800,000 tonnes of silver-bearing oxide materials (the \"Products\") from the Company's Paca project located in Potosi department, Bolivia (the \"Paca Project\") to Andean Precious Metals Corp.'s (\"Andean\") (TSXV: APM) (OTCQX: ANPMF) Bolivian subsidiary (\"Andean Subsidiary\").Pursuant to the SPA, the Andean Subsidiary will purchase the Products to be delivered to Andean Subsidiary's plant (the \"Facility\") in Potosi, which is approximately 191 km from the Paca Project. Andean Subsidiary will reimburse Silver Elephant Subsidiaries certain operating expenses and other expenses under the SPA, which will expire on the earlier of January 31, 2029, or when a total of 800,000 tonnes of Products have been delivered to the Facility (\"the Term\").Silver Elephant's CEO John Lee comments: \"Andean is Silver Elephant's ideal partner given Paca oxide's high silver recovery at Andean's commercial oxide facility, and Andean's financial strength. The proposed transaction will create jobs in the Pulacayo area and in the local indigenous Ayllu and deliver substantial royalty revenues to the Bolivian government. Sulphide extraction at Paca is planned after the initial oxide layer is removed.\"The Paca project hosts an indicated resource of 6.5 million oz of silver (1,095,000 tonnes grading 185 g/t Ag) in oxide form near surface estimated by Mercator in a NI43-101 technical report dated October 20, 2020. PacaZoneCategoryTonnesAg g/tAg MozAgEqPhase 1Oxide (In-pit)Indicated1,095,0001856.5Inferred345,0001311.5Phase 2Sulfide (In-pit)Indicated20,595,0004630.5106Inferred3,050,000464.594 Separately, the Company has entered into a Master Services Agreement (the \"MSA\") with Andean to provide its expertise in mining operations, community relations, logistics and access to all its technical and geological information for Paca. In exchange, Andean w...