SILVER ELEPHANT MNG CORP - SILEF STOCK NEWS

Silver Elephant Mining Corp. (TSX: ELEF) (OTCQB: SILEF) has announced positive drill results from its Paca deposit in Bolivia. Notable findings include:

- PC24-11: 41.06 meters of 237 g/t silver from surface
- PC24-01: 38.15 meters of 83 g/t silver from surface

The company plans to sell up to 800,000 tonnes of Paca oxide materials to Andean Precious Metals Corp. for US$5-7 million. At current silver prices, Silver Elephant expects to receive US$2.5 million before January 31, 2025. The drill program has improved confidence in the Paca resource model and proven additional silver mineralization outside the existing resource area.

Silver Elephant Mining Corp. (TSX: ELEF) (OTCQB: SILEF) (FSE: 1P2) has upgraded its common shares quotation to the OTCQB market in the United States, effective July 25, 2024. This move represents a significant step for the company, potentially increasing its visibility and accessibility to U.S. investors. The OTCQB is a mid-tier over-the-counter market for U.S. stocks, known for its more stringent listing requirements compared to the pink sheets. Investors can now find quotes and current financial disclosures for Silver Elephant on the OTC Markets website under the ticker SILEF.

Silver Elephant Mining Corp. (TSX: ELEF, OTC Pink: SILEF) has closed the first tranche of its non-brokered private placement, raising $1,111,584 through the issuance of 2,315,800 units at $0.48 per unit. Each unit includes one common share and one warrant, allowing the purchase of an additional share at $0.70 for three years. The company issued 159,978 units as finder's fees. Proceeds will fund phase one sulphide operations at the Paca silver project in Bolivia and general corporate purposes. The securities are subject to a hold period until November 24, 2024. Silver Elephant has increased the proposed placement from 2,000,000 to 3,000,000 units.

Silver Elephant Mining Corp. (TSX: ELEF) (OTC Pink: SILEF) has announced promising drill results from its Paca deposit in Bolivia. Notable findings include:

- Hole PC24-18: 39.9 meters of 159 g/t silver from surface, including 3.0 meters of 583.5 g/t silver

- Hole PC24-23: 23.1 meters of 138 g/t silver from surface, including 2.7 meters of 360 g/t silver

The company has an agreement with Andean Precious Metals Corp. to sell up to 800,000 tonnes of Paca oxide materials for US$5-7 million. At current rates, Silver Elephant expects to receive US$2.5 million before January 31, 2025. The drill program has potential to expand the Paca oxide resource, which could lead to additional sales agreements.

Silver Elephant Mining announced a non-brokered private placement to raise $960,000 through the sale of 2,000,000 units at $0.48 per unit. Each unit includes one common share and one warrant to purchase an additional share at $0.70 within three years. Funds will support commissioning of the Paca phase one sulphide operation and general corporate uses. Directors are subscribing for 400,000 units, amounting to $192,000. This transaction is a related party transaction under MI 61-101, but exemptions apply. Toronto Stock Exchange approval is pending.

Silver Elephant Mining announced a record-setting monthly silver production. In June 2024, the company mined 29,270 tonnes of Paca oxide materials, averaging 177.5 g/t silver, and transported them to Andean Precious Metals in Bolivia. Since beginning operations at Paca in October 2023, Silver Elephant has mined and shipped 127,734 tonnes of silver-bearing materials, resulting in 683,237 oz of silver production.

The CEO, John Lee, highlighted the achievement of a daily high of 1,665 tonnes on June 26, with an average of 976 tonnes-per-day. The company plans to sell up to 800,000 tonnes of Paca oxide materials for $5-$7 million, expecting to earn $2 million by January 2025. Future revenue is anticipated from the proposed Paca phase one sulphide operation. A 2020 technical report confirms high-grade silver resources at Paca, presenting both oxide and sulphide zones with significant indicated and inferred resources.

Silver Elephant Mining has announced plans to start phase one mining of sulphide materials at its Paca silver project in Bolivia by September 2024. This phase aims to extract 10,000 tonnes of mineralized materials, seeking to generate cash flow and validate the Paca resource model.

The project, lasting around 5 months, will include developing a 367-meter tunnel and using the shrinkage stoping method to mine the materials. Expected grades are 412 g/t Ag, 1.09% Pb, and 0.38% Zn.

The company owns the needed mining equipment, and toll milling and concentrate sales will begin in November 2024. Successful phase one execution may lead to full-scale mining in 2025.

Silver Elephant Mining Corp. reported significant gallium and indium assay results from its Pulacayo-Paca silver-lead-zinc project in Bolivia. The results, based on 199 core samples from 12 drill holes, revealed substantial occurrences of gallium (up to 34 g/t) and indium (up to 266 g/t), correlated with high zinc levels. The assay was conducted by ALS Laboratory. The Pulacayo-Paca project has a total indicated resource of 106.7 million ounces of silver, 1.4 billion pounds of zinc, and 690 million pounds of lead. These elements could potentially enhance the value of the final concentrate produced from mining and processing activities.

Silver Elephant Mining has commenced a 1,500-meter diamond drilling program at its Paca Silver Project in Bolivia. The drilling, which consists of 24 holes, aims to test oxide mineralization continuity. So far, nine holes have been completed, with samples sent to ALS Global for analysis, expecting results in June 2024.

This program is funded by Andean Precious Metals, who will buy up to 800,000 tonnes of Paca oxide materials for $5-7 million, reimbursing Silver Elephant for operating expenses.

The Paca project hosts a high-grade silver resource, with previous estimates indicating substantial oxide and sulfide mineral resources.