STHN SILVER EXPL CORP - SSVFF STOCK NEWS

Southern Silver Exploration Corp. (TSXV: SSV) (OTCQX: SSVFF) announced the successful passing of all resolutions at its annual general meeting held on October 23, 2024. Shareholders approved the reappointment of Smythe LLP as auditor and the company's rolling incentive stock option plan, which reserves 10% of issued shares. The board re-elected six incumbent directors and reappointed key executive positions, including Lawrence Page as President and Robert Macdonald as VP of Exploration. Eugene Spiering has retired from the Board.

Southern Silver Exploration Corp. (TSXV: SSVFF) has announced a diamond drilling program of up to 6,000 meters at its Cerro Las Minitas project in Durango, Mexico. The program aims to demonstrate lateral projections of shallow high-grade mineralization near planned infrastructure in the Eastern Deposits area. This could provide additional tonnage for early extraction in future mining operations.

The company also plans to test down-dip of known eastern deposits to enhance the project's resource potential. The Cerro Las Minitas project currently features a large-scale underground mining operation with a 17-year mine life and robust economics in a mining-friendly jurisdiction.

Additionally, Southern Silver has granted 6,500,000 incentive stock options to directors, officers, and consultants at an exercise price of $0.31 per share, valid for five years, subject to the company's stock option plan and TSX Venture Exchange policies.

Southern Silver Exploration Corp. (TSXV: SSVFF) has filed its NI 43-101 Technical Report for the updated Preliminary Economic Assessment (PEA) of its Cerro Las Minitas Project in Durango, Mexico. The PEA highlights include:

- After-tax NPV5% of $501M (C$682M) and IRR of 21.2% with a 48-month payback
- 17-year mine life with annual average plant feed of 14.3 Mozs AgEq
- LOM product sales of 194.3Mozs AgEq at an AISC of $13.23/oz AgEq sold
- Gross revenues totaling $4.47B
- Initial CapEx of $388M

The updated PEA shows significant improvements over the previous assessment, including increased production, extended mine life, and higher revenues. The company plans to initiate a 6000m drilling program in September as part of a larger 25,000-metre exploration program.

Southern Silver announced an updated Preliminary Economic Assessment (PEA) for its Cerro Las Minitas project, highlighting a robust after-tax NPV5% of $501M and an IRR of 21.2%, with a payback period of 48 months. Increased metal prices could boost NPV5% to $876M and IRR to 30.1%.

The project spans a 17-year mine life with annual plant feed averaging 14.3 Moz AgEq, leading to gross revenues of $4.47B. Initial CapEx is estimated at $388M. The mine is located in southeast Durango, Mexico, a favorable mining jurisdiction.

Compared to the 2022 model, production, capacity, and revenue have increased by 20%, 18%, and 17% respectively. The project sees improved mine life, production schedules, and cost optimizations. The mine will use a longhole stoping method and conventional sulphide flotation for processing.

PEA assumes base metal prices of Ag $23/oz, Au $1850/oz, Cu $4.00/lb, Pb $1.00/lb, and Zn $1.25/lb. The study is preliminary, with potential risks from mining, environmental, and financial factors.