Silver Elephant Receives Notice of Cancelation of Pulacayo Mining Production Contract from Comibol
Silver Elephant Mining Corp. (TSX: ELEF) (OTCQB: SILEF) has received a notice of cancellation for its Pulacayo Mining Production Contract (MPC) from Comibol, Bolivia's state-owned mining company. The cancellation notice cites alleged illegal mining, though Silver Elephant maintains full compliance with authorizations. The MPC, signed in October 2019, granted the company's subsidiary exclusive mining rights for up to 30 years in Pulacayo and Paca areas, pending Bolivian congressional ratification.
The cancellation does not affect Silver Elephant's Apuradita mining concession, where the company is developing a tunnel for silver sulphide materials. The company plans to appeal the cancellation under both MPC terms and Bolivian law. Mining activities in the MPC area must cease until the dispute resolution.
Silver Elephant Mining Corp. (TSX: ELEF) (OTCQB: SILEF) ha ricevuto una comunicazione di cancellazione del suo Contratto di Produzione Mineraria (MPC) da parte di Comibol, la società mineraria statale della Bolivia. La comunicazione di cancellazione cita presunti casi di estrazione mineraria illegale, sebbene Silver Elephant affermi di essere completamente conforme alle autorizzazioni. L'MPC, firmato nell'ottobre 2019, ha concesso alla filiale dell'azienda diritti minerari esclusivi per un periodo di fino a 30 anni nelle aree di Pulacayo e Paca, in attesa della ratifica da parte del congresso boliviano.
La cancellazione non influisce sulla concessione mineraria Apuradita di Silver Elephant, dove l'azienda sta sviluppando un tunnel per materiali solfurei di argento. L'azienda prevede di fare appello alla cancellazione secondo i termini dell'MPC e secondo la legge boliviana. Le attività minerarie nell'area dell'MPC devono cessare fino alla risoluzione della controversia.
Silver Elephant Mining Corp. (TSX: ELEF) (OTCQB: SILEF) ha recibido un aviso de cancelación de su Contrato de Producción Minera (MPC) por parte de Comibol, la empresa minera estatal de Bolivia. El aviso de cancelación menciona la supuesta minería ilegal, aunque Silver Elephant mantiene el cumplimiento total de las autorizaciones. El MPC, firmado en octubre de 2019, otorgó a la subsidiaria de la compañía derechos mineros exclusivos por un período de hasta 30 años en las áreas de Pulacayo y Paca, a la espera de la ratificación del Congreso boliviano.
La cancelación no afecta a la concesión minera Apuradita de Silver Elephant, donde la compañía está desarrollando un túnel para materiales de sulfuros de plata. La compañía planea apelar la cancelación tanto bajo los términos del MPC como bajo la ley boliviana. Las actividades mineras en el área del MPC deben cesar hasta que se resuelva la disputa.
실버 엘리펀트 마이닝 주식회사 (TSX: ELEF) (OTCQB: SILEF)는 볼리비아의 국영 광산 회사인 코미볼로부터 그들의 풀라카요 광산 생산 계약(MPC)에 대한 취소 통지를 받았습니다. 취소 통지는 다소 불법적인 광산 채굴을 언급하고 있지만, 실버 엘리펀트는 모든 허가를 완전히 준수하고 있다고 주장합니다. 2019년 10월에 서명된 MPC는 회사의 자회사에 풀라카요 및 파카 지역에서 최대 30년 동안 독점 채굴 권한을 부여하며, 이는 볼리비아 의회의 비준을 기다리고 있습니다.
이번 취소는 실버 엘리펀트의 아푸라디타 광산 권한에는 영향을 미치지 않으며, 그 지역에서 회사는 은 황화물 재료를 위한 터널을 개발하고 있습니다. 회사는 MPC의 조건과 볼리비아 법에 따라 취소에 항소할 계획입니다. MPC 지역에서의 광산 활동은 분쟁 해결까지 중단해야 합니다.
Silver Elephant Mining Corp. (TSX: ELEF) (OTCQB: SILEF) a reçu un avis d'annulation de son Contrat de Production Minier (MPC) de la part de Comibol, l'entreprise minière d'État de Bolivie. L'avis d'annulation cite une prétendue extraction minière illégale, bien que Silver Elephant maintienne une conformité totale avec les autorisations. Le MPC, signé en octobre 2019, a accordé à la filiale de l'entreprise des droits miniers exclusifs pour une période pouvant aller jusqu'à 30 ans dans les zones de Pulacayo et Paca, sous réserve de la ratification par le congrès bolivien.
L'annulation n'affecte pas la concession minière Apuradita de Silver Elephant, où l'entreprise développe un tunnel pour des matériaux sulfurés d'argent. L'entreprise prévoit de faire appel de l'annulation tant selon les termes du MPC que selon la législation bolivienne. Les activités minières dans la zone du MPC doivent cesser jusqu'à ce que le litige soit résolu.
Silver Elephant Mining Corp. (TSX: ELEF) (OTCQB: SILEF) hat von Comibol, dem staatlichen Bergbauunternehmen Boliviens, eine Kündigungsmitteilung für seinen Bergbauproduktionsvertrag (MPC) erhalten. Die Kündigungsmitteilung verweist auf angeblich illegale Bergbauaktivitäten, während Silver Elephant jedoch die vollständige Einhaltung der Genehmigungen betont. Der MPC, der im Oktober 2019 unterzeichnet wurde, gewährte der Tochtergesellschaft des Unternehmens exklusive Bergbaurechte für bis zu 30 Jahre in den Regionen Pulacayo und Paca, vorbehaltlich der Ratifizierung durch das bolivianische Parlament.
Die Kündigung hat keine Auswirkungen auf die Bergbaulizenz Apuradita von Silver Elephant, wo das Unternehmen einen Tunnel für silberhaltige Sulfidmaterialien entwickelt. Das Unternehmen plant, die Kündigung sowohl gemäß den MPC-Bedingungen als auch nach bolivianischem Recht anzufechten. Bergbauaktivitäten im MPC-Gebiet müssen bis zur Klärung des Streits eingestellt werden.
- Company retains ownership of Apuradita mining concession
- Development of silver sulphide tunnel at Apuradita continues unaffected
- Loss of exclusive mining rights in Pulacayo and Paca areas
- Forced suspension of mining activities in MPC area pending dispute resolution
- Potential legal costs and delays associated with appeal process
Vancouver, British Columbia--(Newsfile Corp. - December 31, 2024) - Silver Elephant Mining Corp. (TSX: ELEF) (OTCQB: SILEF) (FSE: 1P2) ("Silver Elephant" or the "Company") reports that the Company received a notice of cancellation of its Pulacayo Mining Production Contract ("MPC") from Corporacion Minera de Bolivia, a state-owned mining company ("Comibol").
Comibol's one page notice to the Company cites alleged illegal mining as the grounds for the MPC cancelation. The Company maintains that it has operated in full compliance and received proper authorisations for its activities in the area covered under the MPC ("MPC area"). The Company is not aware of any illegal mining by third parties.
The MPC was executed on October 3, 2019 between a Silver Elephant Bolivian subsidiary and Comibol. The MPC, which remained subject to ratification from the Bolivian congress, granted the Company's subsidiary an exclusive right to develop and mine at certain Comibol concessions located in the Pulacayo and Paca areas for up to 30 years. Comibol reports to the Bolivian Ministry of Mining and Metallurgy and controls approximately 163 Bolivian mining concessions.
The notice of MPC cancelation does not affect Silver Elephant's Apuradita mining concession next to Comibol's Paca concessions. The Company is currently developing a tunnel to access silver sulphide materials at Apuradita, a mining concession which is registered directly under the name of a Silver Elephant Bolivian subsidiary.
The Company is preparing to appeal the cancelation pursuant to the terms of the MPC, which is a commercial contract, and under Bolivian law. No mining activities may take place in the MPC area until the dispute is resolved according to Bolivian law.
The Company intends to continue to maintain its positive social relations with local communities, which the Company's Bolivian subsidiaries have spent more than a decade in building.
About Silver Elephant Mining Corp.
Silver Elephant is a mineral exploration company with the Paca silver project and Triunfo gold project in Bolivia.
Further information on Silver Elephant can be found at www.silverelef.com.
SILVER ELEPHANT MINING CORP.
ON BEHALF OF THE BOARD
"John Lee"
CEO and Executive Chairman
For more information about Silver Elephant, please contact Investor Relations:
+1.604.569.3661 ext. 101
info@silverelef.com
www.silverelef.com
FORWARD-LOOKING INFORMATION
This news release contains "forward-looking information" and "forward-looking statements" (collectively, "forward-looking information") within the meaning of applicable securities laws. Forward-looking information is generally identifiable by use of the words "believes," "may," "plans," "will," "anticipates," "intends," "could", "estimates", "expects", "forecasts", "projects" and similar expressions, and the negative of such expressions. Such forward-looking information, which reflects management's expectations regarding Silver Elephant's future growth, results of operations, performance, business prospects and opportunities, is based on certain factors and assumptions and involves known and unknown risks and uncertainties which may cause the actual results, performance, or achievements to be materially different from future results, performance, or achievements expressed or implied by such forward-looking information. Forward-looking information in this and other news releases includes, but not limited to, any potential outcome from the appeal process relating to COMIBOL's cancelation of the MPC, the Company's ability to access grade sulphide materials at Apuradita.
Forward-looking information involves significant risks and uncertainties, should not be read as a guarantee of future performance, events or results, and may not be indicative of whether such events or results will actually be achieved. A number of risks and other factors could cause actual results to differ materially from expected results discussed in the forward-looking information, including but not limited to: changes in operating plans; ability to secure sufficient financing to advance the Company's project; conditions impacting the Company's ability to mine at the project, such as unfavourable weather conditions, development of a mine plan, maintaining existing permits and receiving any new permits required for the project, and other conditions impacting mining generally; maintaining cordial business relations with strategic partners and contractual counter-parties; meeting regulatory requirements and changes thereto; risks inherent to mineral resource estimation, including uncertainty as to whether mineral resources will be further developed into mineral reserves; political risk in the jurisdictions where the Company's projects are located including risks associated with any appeal process relating to the cancelation of the MPC; commodity price variation; and general market, industry and economic conditions. Additional risk factors are set out in the Company's latest annual and interim management's discussion and analysis and annual information form (AIF), available on SEDAR+ at www.sedarplus.ca.
Forward-looking information is based on reasonable assumptions by management as of the date of this news release, and there can be no assurance that actual results will be consistent with any forward-looking information included herein. Readers are cautioned that all forward- looking statements in this news release are made as of the date of this news release. The Company undertakes no obligation to update or revise any forward-looking information in this news release to reflect circumstances or events that occur after the date of this news release, except as required by applicable securities laws.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/235628
FAQ
Why did Comibol cancel Silver Elephant Mining's (SILEF) Pulacayo Mining Contract?
What mining assets does SILEF still retain after the Pulacayo contract cancellation?
What legal options does SILEF have regarding the Pulacayo contract cancellation?
How long was SILEF's original Pulacayo Mining Production Contract valid for?
Can SILEF continue mining operations in the Pulacayo area during the appeal process?
