Sees 19% Q4 Production Increase Over Q3
Guanajuato Silver Company Ltd. (TSX-V:GSVR) (AQUIS:GSVR) (OTCQX:GSVRF) is pleased to announce consolidated production results for the three months ended December 31, 2022. Production results are from the Company’s wholly owned El Cubo Mines Complex, Valenciana Mines Complex, and San Ignacio Mine in Guanajuato, Mexico, and the Topia Mine in Durango, Mexico.
Q4 2022 Production Highlights
“We ended 2022 with record production of precious metals from five mines and three processing facilities,” said Chairman & CEO, James Anderson. “Capital investments made during Q4 are already generating improved efficiencies and our operations team continues to look for opportunities to enhance profit margins as we strive to continue our trend of quarterly increases in silver production across all of our producing assets.”
Q4 2022 Mine Operations Continue Trend of Quarter over Quarter Production Increases
Consolidated silver production increased 22% to 401,244 ounces in Q4 2022 compared to Q3 2022; similarly, consolidated gold production increased by 21% to 3,907 ounces over the same period. During the fourth quarter, mineralized material from San Ignacio was sent to the El Cubo mill for processing; in 2023 the Company expects to process all mineralized material from San Ignacio at the recently reactivated Cata mill at VMC. (See GSilver news release dated January 17, 2023 – “Guanajuato Silver Restarts the Cata Mill at the Valenciana Mines Complex“)
In Durango, third-party mill feed from local operations in the vicinity of the Topia mine added to production during the quarter; this supplemental production amounted to 20% of all tonnes processed at Topia during the quarter and contributed to higher grades. There are several small mining operations located nearby the Topia mine, and the Company intends to use the Topia processing facilities as the centerpiece of a hub & spoke strategy that would bring in supplemental material for processing in partnership with neighboring operations.
Consolidated silver equivalent production in Q4 was 19% higher than the previous quarter. This increase reflects the continuing ramp-up of operations at all of GSilver’s mining assets. Total production for 2022 was 2.15 million AgEq; the Company ended the year at a commercial run-rate of 3.5 million silver-equivalent ounces, which was approximately 8% higher than initially anticipated for 2022.
About Guanajuato Silver
GSilver is a precious metals producer engaged in reactivating past producing silver and gold mines in central Mexico. The Company produces silver and gold concentrates from the El Cubo Mine, Valenciana Mines Complex, and the San Ignacio mine; all three mines are located within the state of Guanajuato, which has an established 480-year mining history. Additionally, the Company produces silver, gold, lead, and zinc concentrates from the Topia mine in northwestern Durango. With four operating mines and three processing facilities, Guanajuato Silver is one of the fastest growing silver producers in Mexico.
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.
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