SILVER ELEPHANT MNG CORP - SILEF STOCK NEWS

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.

Silver Elephant Mining Corp. reported a record monthly mining output in May 2024, extracting 26,003 tonnes of Paca oxide materials with an average grade of 180.6 g/t silver. This achievement surpasses their previous records and highlights their operational prowess and safety standards. CEO John Lee emphasized the integral role of Silver Elephant in the Pulacayo township and their substantial growth since October 2023. The company plans to sell up to 800,000 tonnes of Paca oxide materials to Andean Precious Metals for US$5-7 million. The Paca project, according to a 2020 technical report, hosts substantial high-grade silver resources.

On May 27, 2024, Silver Elephant Mining announced the closure of the second and final tranche of its non-brokered private placement, raising $75,000 through the sale of 250,000 units at $0.30 per unit. Each unit includes one common share and half of a share purchase warrant, with each whole warrant allowing the purchase of an additional share at $0.45 for three years. Proceeds will be used for working capital and corporate purposes. These securities are subject to a hold period until September 24, 2024, and are not registered for sale in the U.S. under the U.S. Securities Act.

Silver Elephant Mining announced significant findings from its Pulacayo silver-lead-zinc project in Bolivia, reporting a 99-meter intersection with notable grades of gallium (27.8 g/t), indium (9.7 g/t), silver (21.2 g/t), zinc (1.1%), and lead (0.5%).

The company identified these intervals during a drillhole review, with assays from four diamond-drill-holes showing promising results. CEO John Lee highlighted the potential strategic importance of these minerals, especially given rising prices and China's export restrictions on gallium and indium.

The Pulacayo project has an indicated resource of 106.7 million ounces of silver, 1.4 billion pounds of zinc, and 690 million pounds of lead. The company plans further analysis to explore the potential of gallium and indium production, aiming to meet growing demand in high-tech applications.

Silver Elephant Mining Corp. announced that all resolutions proposed at their Annual General Meeting on May 10, 2024, were approved. The number of directors is set to four, with John Lee, Greg Hall, Douglas Flett, and Nigel Lees elected as directors.

The vote results were as follows: John Lee (91.27% For, 8.73% Withheld), Greg Hall (92.55% For, 7.45% Withheld), Douglas Flett (92.59% For, 7.41% Withheld), Nigel Lees (92.51% For, 7.49% Withheld). Mao & Ying LLP, Chartered Professional Accountants, were appointed as auditors with authorization for directors to fix their remuneration.

The detailed voting results are available on www.sedar.com.

Silver Elephant Mining announced a record monthly delivery of 20,894 tonnes of Paca oxide materials averaging 194.2 g/t silver in April 2023 to Andean Precious Metals. The company has been increasing its Bolivian activities since October 2023, benefiting from cash-flow from Paca oxide sales. CEO John Lee highlighted that the operation averaged 700 tonnes per day, with a focus on transitioning to phase 2 sulphide production. Silver Elephant plans to deliver up to 800,000 tonnes of Paca oxide materials for US$5-7 million, depending on silver prices. The Paca project hosts significant silver resources as detailed in a 2020 technical report by Mercator Geological Services. The report indicates high-grade silver and additional potential from sulphide resources, promising further revenue streams for the company.

Silver Elephant Mining Corp. has resumed broker-dealer quotation on the OTC Pink market under the symbol 'SILEF' after voluntary deregistration with the U.S. SEC. The common shares do not trade on a national stock exchange and are not required to be registered.