Fred Davidson, President and CEO of IMPACT, comments, "This is a turbulent time in the market due to COVID-19 and also to fluctuations in silver and metal prices. We would like to reassure our shareholders, stakeholders and entire work force that operations continue as we monitor the situation daily.
"Most of our mine workers come from the local communities surrounding the mine where movement of themselves and their families is limited. In conjunction with local authorities we are actively disseminating information on COVID-19 precautionary measures to our employees and their families. We will continue to monitor their health and for signs of early symptoms of the virus on a regular basis to ensure safety of our staff."
To date, there have been no business restrictions in Mexico affecting Company's operations and concentrate shipments. In the event of complications due to COVID-19, the Company is developing contingency plans to minimize the influence on operations.
Additionally, IMPACT has reviewed updated Canadian health authority policies in light of recent developments and will keep Canadian personnel working remotely in Canada to contribute their part in flattening the curve and limiting the spread of COVID-19.
The Company's planned expenditure and exploration plans are being reviewed in light of recent fluctuations to silver prices. Overall, the Company continues to review and manage operational cashflow while maintaining a solid net cash balance sheet with zero long term debt. IMPACT Silver remains one of the best leveraged names to pure silver upside with over 95% revenue exposure to the metal with no equivalents reported.
ABOUT IMPACT SILVER CORP
IMPACT Silver Corp. is a successful silver explorer-producer with two processing plants on adjacent districts within its 100% owned mineral concessions covering 211km2 in central Mexico with excellent infrastructure and labor force. Over the past 15 years over 10 Moz of Silver has been produced, generating revenues of over $175 million, with no long-term debt. In the historic Royal Mines of Zacualpan Silver District three underground silver mines and one open pit feed the central 535 TPD Guadalupe processing plant. To the south, in the Mamatla District the Capire processing plant is currently rated at 200 tpd, but is expandable. It is adjacent to an open pit silver mine with a National Instrument 43-101 ("NI 43-101") compliant resource of over 4.5 Moz Silver, 48 million lbs Zinc and 21 million lbs Lead (see IMPACT news release dated January 18, 2016) that is awaiting higher silver prices to be restarted. Since acquiring the project, IMPACT has compiled an exhaustive database with over 5,000 old mine workings, assayed over 34,000 rock samples and over 54,000 drill core samples, analysed over 50,000 soil samples, and put six mines into production. Additional information about IMPACT and its operations can be found on the Company website at www.IMPACTSilver.com.
Qualified Person and NI 43-101 Disclosure
Wojtek Jakubowski, P.Geo. is a "qualified person" within the meaning of NI 43-101 and is responsible for the technical information disclosure contained in this press release.
On behalf of IMPACT Silver Corp.
"Frederick W. Davidson"
President & CEO
For more information, please contact:
Jerry Huang
CFO | Investor Relations
(604) 681 0172 or inquiries@impactsilver.com
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Forward-Looking and Cautionary Statements
This IMPACT News Release may contain certain "forward-looking" statements and information relating to IMPACT that is based on the beliefs of IMPACT management, as well as assumptions made by and information currently available to IMPACT management. Forward-looking information is often, but not always, identified by the use of words such as "seek", "anticipate", "plan", "continue", "planned", "expect", "project", "predict", "potential", "targeting", "intends", "believe", "potential", and similar expressions, or describes a "goal", or variation of such words and phrases or state that certain actions, events or results "may", "should", "could", "would", "might" or "will" be taken, occur or be achieved. Such statements include, but are not limited to, statements with respect to the expected use of proceeds of the Private Placement.
Such forward-looking information involves known and unknown risks and assumptions, including with respect to, without limitations, exploration and development risks, expenditure and financing requirements, title matters, operating hazards, metal prices, political and economic factors, competitive factors, general economic conditions, relationships with vendors and strategic partners, governmental regulation and supervision, seasonality, technological change, industry practices, and one-time events. Should any one or more risks or uncertainties materialize or change, or should any underlying assumptions prove incorrect, actual results and forward-looking statements may vary materially from those described herein. IMPACT does not assume the obligation to update any forward-looking statement.
The Company's decision to place a mine into production, expand a mine, make other production related decisions or otherwise carry out mining and processing operations, is largely based on internal non-public Company data and reports based on exploration, development and mining work by the Company's geologists and engineers. The results of this work are evident in the discovery and building of multiple mines for the Company and in the track record of mineral production and financial returns of the Company since 2006. Under NI 43-101 the Company is required to disclose that it has not based its production decisions on NI 43-101 compliant mineral resource or reserve estimates, preliminary economic assessments or feasibility studies, and historically such projects have increased uncertainty and risk of failure.
