11:35 AM EDT, 10/17/2024 (MT Newswires) -- Silver Elephant Mining ( SILEF ) on Thursday said production from the open-pit mine at its Paca project in Bolivia surpassed 1.1-million of silver since last October.

The company noted it mined 28,879 tonnes of oxide materials, or 963 tonnes per day, with an average grade of 189 grams per tonne of silver from Paca in September. The products were shipped to Andean Precious Metals ( ANPMF ) in Bolivia.

Silver Elephant plans to sell and deliver up to 800,000 tonnes of Paca oxide materials to Andean for between US$5 million and US$7 million. The company expects to receive US$2.5 million before January 31 next year. Andean has also agreed to reimburse Silver Elephant for operating expenses under a 2023 sales and purchase agreement.

The company, which began tunnel development of the Paca sulfide operation in August, expects revenue generation from the sulfide operation, which is outside of the scope of its agreements with Andean, by the end of this year.

Silver Elephant was last seen down $0.03 to $0.62 on the Toronto Stock Exchange.

Price: 0.62, Change: -0.03, Percent Change: -4.62