01:54 PM EDT, 05/14/2024 (MT Newswires) -- Silver Elephant Mining ( SILEF ) said Tuesday it mined 20,894 tonnes of oxide materials with an average grade of 194.2 g/t silver from its Paca project in Bolivia in April.

The company trucked the products to Andean Precious Metals ( ANPMF ) .

In March, the company mined 15,809 tonnes of Paca oxide materials with an average grade of 176.6 g/t silver in April.

"Our Bolivian operation set a new monthly record in both Product tonnages (averaging 700 tonne-per-day) and gross metals content delivered to Andean," chief executive John Lee said in a release.

Under a sales and purchase agreement and master services agreement, Silver Elephant plans to sell and deliver up to 800,000 tonnes of Paca oxide materials to Andean for US$5 million to US$7 million.

Andean has also agreed to reimburse Silver Elephant for operating expenses under the agreement.

The company's shares were last seen down C$0.035 to C$0.35 on the Toronto Stock Exchange.

Price: 0.35, Change: -0.04, Percent Change: -9.09