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Silver Elephant Provides Update on Mining Production Contract with Comibol
Vancouver, British Columbia--(Newsfile Corp. - April 2, 2025) - Silver Elephant Mining Corp. (T...
About this update from Silver Elephant Mining Corp
[{"type":"text","content":"Silver Elephant Provides Update on Mining Production Contract with ComibolVancouver, British Columbia--(Newsfile Corp. - April 2, 2025) - Silver Elephant Mining Corp. (TSX: ELEF) (OTCQB: SILEF) (FSE:1P2) (\"Silver Elephant\" or the \"Company\") provides an update on its ongoing efforts to reinstate the Mining Production Contract (\"MPC\") dated October 3, 2019 with the Corporacion Minera de Bolivia (\"Comibol\") which reports to the Bolivian Ministry of Mines and Metallurgy (the \"Ministry of Mines\"). The MPC is a commercial contract which grants the Company the exclusive rights to develop 2,803 hectares of the Pulacayo-Paca Project in Boliva as detailed in the news release dated October 7, 2019. In December 2024 Comibol delivered a notice to the Company that Comibol was unilaterally cancelling the MPC (the \"Notice of Cancelation\") alleging that the Company conducted illegal mining activities. Since receiving the Notice of Cancelation, the Company and its representatives have met numerous times with Comibol representatives to seek clarification and to advocate for the reinstatement of the MPC. Following an internal investigation and based on available Comibol reports and site visit inspections, the Company has found is no physical evidence that it conducted any illegal mining. Further, the Company strongly maintains the position, which is affirmed by external Bolivian legal counsel, that all authorizations and permits issued to the Company to conduct activities in the MPC area were valid in accordance with Bolivian law, as they were duly issued and approved via written resolutions of Comibol's board of directors.The Company notes that there are a number of mining companies conducting activities relying on similar permits and authorisations issued by Comibol's board of directors.While the Company was meeting with Comibol officials advocating to have the MPC reinstated, it became aware that Andean Precious Metals Corp. (\"Andean\") a former customer of the Company, entered into a purchase and sales agreement with Comibol to purchase oxide materials from the Termidad and Real Del Monte concessions which are within the MPC area. Please refer to Andean's news release dated February 6, 2025 for further background information. The Company, Andean and their related parties were parties to a Master Services Agreement (the \"MSA\") and...