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Silver Elephant Signs Agreement to Sell 15,000 Tonnes of Ulaan Ovoo Coal To a Hong Kong Coal Buyer by March End
Vancouver, British Columbia--(Newsfile Corp. - February 1, 2023) - Silver Elephant Mining Corp.&...
About this update from Silver Elephant Mining Corp
[{"type":"text","content":"Silver Elephant Signs Agreement to Sell 15,000 Tonnes of Ulaan Ovoo Coal To a Hong Kong Coal Buyer by March EndVancouver, British Columbia--(Newsfile Corp. - February 1, 2023) - Silver Elephant Mining Corp. (TSX: ELEF) (OTCQX: SILEF) (FSE: 1P2) (\"Silver Elephant\" or \"the Company\") announces that a sales and purchase agreement (\"SPA\") has been entered between Silver Elephant's Mongolia subsidiary (the \"Seller\") and a Hong Kong commodity trading and logistics company with significant presence in Mongolia (the \"Purchaser\").The Seller and Purchaser are sometimes hereafter referred to collectively as the \"Parties.\"Under the SPA, the Seller will supply to the Purchaser 15,000 tonnes of coal (the \"Trial Shipment\") from the Company's Ulaan Ovoo mine. The Seller will deliver the Trial Shipment at the Sukhbaatar rail station in Mongolia (Point of Delivery). The Trial Shipment will then travel southbound to China by rail. The delivery is scheduled to be completed by March 31, 2023.\"After a brief pause for the lunar new year, coal sales and delivery from Silver Elephant's Ulaan Ovoo mine is resuming in February. Our goal is to achieve steady continued coal sales year-round in 2023, which we expect to be the record year in sales revenue for Ulaan Ovoo,\" commented John Lee, CEO of the Company.Parties intend to expand the sales volume under the SPA after successful completion of the Trial Shipment. The SPA expires on December 31, 2023.About Mega Thermal Coal Corp.Mega Thermal Coal Corp. is a wholly owned subsidiary of Silver Elephant, which owns and operates the Ulaan Ovoo mine. Mega Thermal Coal Corp. also owns the Chandgana Khavtgai and Chandgana Tal coal mines in Mongolia. Further information on Mega Coal can be found at www.megacoal.ca.About Silver Elephant Mining Corp.Silver Elephant Mining Corp. is a premier silver mining and exploration company, with a flagship Pulacayo silver project in Bolivia. It also owns 100% of Mega Thermal Coal Corp and 39% of Oracle Commodity Holding Corp. (\"Oracle\"). Oracle has equity and royalty investments in nickel and vanadium mining.Further information on Silver Elephant can be found at www.silverelef.com.SILVER ELEPHANT MINING CORP.ON BEHALF OF THE BOARDJohn LeeCEOFor more information about Silver Elephant, please contact Investor Relations:+1.604.569.3661 ext. 101info@sil...