Silver Elephant Terminates Management Services Agreement with Andean Precious Metals Corp.
Silver Elephant Mining Corp. (TSX: ELEF) (OTCQB: SILEF) has terminated its Mining Services Agreement (MSA) and Sale and Purchase of Paca Materials agreement (SPA) with Andean Precious Metals Corp. The termination comes after Andean failed to make a required US$1,000,000 payment due on December 18, 2024, and the subsequent cure period expired. The agreements, originally signed on September 11, 2023, have ceased operations, and Silver Elephant is now preparing to take steps to collect the outstanding payment from Andean.
Silver Elephant Mining Corp. (TSX: ELEF) (OTCQB: SILEF) ha risolto il suo Accordo di Servizi Minerari (MSA) e l'Accordo di Vendita e Acquisto di Materiali Paca (SPA) con Andean Precious Metals Corp. La risoluzione è avvenuta dopo che Andean non ha effettuato un necessario pagamento di 1.000.000 di dollari USA previsto per il 18 dicembre 2024, e il successivo periodo di rettifica è scaduto. Gli accordi, firmati originariamente l'11 settembre 2023, hanno cessato le operazioni, e Silver Elephant si sta preparando a prendere provvedimenti per recuperare il pagamento pendente da Andean.
Silver Elephant Mining Corp. (TSX: ELEF) (OTCQB: SILEF) ha rescindido su Acuerdo de Servicios Mineros (MSA) y el Acuerdo de Venta y Compra de Materiales Paca (SPA) con Andean Precious Metals Corp. La rescisión se produce después de que Andean no realizó el pago requerido de 1,000,000 de dólares estadounidenses que vencía el 18 de diciembre de 2024, y el posterior período de subsanación expiró. Los acuerdos, firmados originalmente el 11 de septiembre de 2023, han cesado operaciones, y Silver Elephant ahora se está preparando para tomar medidas para recuperar el pago pendiente de Andean.
실버 엘리펀트 마이닝 코프. (TSX: ELEF) (OTCQB: SILEF)는 안디안 프레셔스 메탈스 코프.와의 광업 서비스 계약(MSA) 및 파카 자재 매매 계약(SPA)을 해지했습니다. 해지는 안디안이 2024년 12월 18일에 만기인 필수 1,000,000 달러의 지급을 하지 않았고 그 후 구제 기간이 만료됨에 따라 발생했습니다. 원래 2023년 9월 11일에 체결된 계약은 운영을 중단하였으며, 실버 엘리펀트는 이제 안디안으로부터 미지급금을 회수하기 위한 조치를 취할 준비를 하고 있습니다.
Silver Elephant Mining Corp. (TSX: ELEF) (OTCQB: SILEF) a résilié son Accord de Services Miniers (MSA) et l'Accord de Vente et d'Achat de Matériaux Paca (SPA) avec Andean Precious Metals Corp. La résiliation intervient après qu'Andean n'a pas effectué un paiement requis de 1.000.000 USD dû le 18 décembre 2024, et la période de redressement subséquente a expiré. Les accords, signés à l'origine le 11 septembre 2023, ont cessé leurs opérations, et Silver Elephant se prépare maintenant à prendre des mesures pour récupérer le paiement impayé d'Andean.
Silver Elephant Mining Corp. (TSX: ELEF) (OTCQB: SILEF) hat ihren Mining Services Agreement (MSA) und den Sale and Purchase of Paca Materials Agreement (SPA) mit Andean Precious Metals Corp. gekündigt. Die Kündigung erfolgte, nachdem Andean eine erforderliche Zahlung von 1.000.000 USD, die am 18. Dezember 2024 fällig war, nicht geleistet hat und die nachfolgende Nachfrist abgelaufen ist. Die ursprünglich am 11. September 2023 unterzeichneten Vereinbarungen sind nun nicht mehr gültig, und Silver Elephant bereitet nun Maßnahmen vor, um die ausstehende Zahlung von Andean einzufordern.
- None.
- Default on US$1,000,000 payment from Andean Precious Metals
- Termination of Mining Services Agreement and Sale and Purchase agreement
- Operations under MSA and SPA have stopped
- Potential legal costs for payment collection
Vancouver, British Columbia--(Newsfile Corp. - December 31, 2024) - Silver Elephant Mining Corp. (TSX: ELEF) (OTCQB: SILEF) (FSE: 1P2) ("Silver Elephant" or the "Company") announces that it has terminated a Mining Services Agreement ("MSA") and a related Sale and Purchase of Paca Materials agreement (the "SPA") with Andean Precious Metals Corp. and its related parties, ("Andean") for Andean's failure to fulfill its payment obligations.
The MSA and SPA were signed on September 11, 2023 and detailed in the Company news release dated September 12, 2023.
The Company terminated the MSA and SPA after Andean failed to pay US
The Company is preparing appropriate steps to collect the payment due from Andean under the MSA and SPA.
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 the ability of the Company to enforce the payment obligations under the MSA and SPA.
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, the risks and uncertainties relating to potential litigation; 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/235627
FAQ
Why did Silver Elephant Mining (SILEF) terminate its agreement with Andean Precious Metals?
What was the value of the missed payment in the SILEF-Andean agreement?
When were the original MSA and SPA agreements signed between SILEF and Andean?
What actions is SILEF taking regarding the missed payment from Andean?
