On
The Company holds 100% rights to Ulaan Ovoo mineral claims and mining licenses. The Company and its Mongolian operating partner have agreed to share the coal sales proceeds from stockpiled coal sales on a 50/50 basis until
'For Silver Elephant, the Mongolian subsidiary is already cashflow positive in 2022. I would like to thank our team and partners for their unrelentless effort to make Ulaan Ovoo a success and thank our stakeholders for their patience. We believe the best is yet to come.'
The Company is in active discussion with multiple international buyers and is optimistic about landing additional coal sales contracts.
In anticipation of improved 2023 coal sales, the Company and its operating partner have commenced (at the partner's cost) pre-stripping activities at Ulaan Ovoo to prepare for mine restart in the 1st quarter of 2023. The Company's partner operates a mining fleet capable of producing 30,000 tonnes of coal per month at Ulaan Ovoo (refer to
About
Further information on Mega Coal can be found at www.megacoal.ca.
About
Contact:
Investor
T: +1.604.569.3661 ext. 101
E: info@silverelef.com
WEB: www.silverelef.com
Neither the
Cautionary Note Regarding Forward-Looking Statements and Reader Advisory
Certain statements contained in this news release, including, but not limited to, statements with respect to the debt settlements, the terms of the debt settlements, and the completion of the debt settlements, among other things, and statements which may contain words such as 'expects', 'anticipates', 'intends', 'plans', 'believes', 'estimates', or similar expressions, and statements related to matters which are not historical facts, are forward-looking information within the meaning of applicable securities laws. Such forward-looking statements, which reflect management's expectations regarding either of Silver Elephant's future growth, results of operations, performance, business prospects and opportunities, are based on certain factors and assumptions and involve 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 statements.
These factors should be considered carefully, and readers should not place undue reliance on Silver Elephant's forward-looking statements. Silver Elephant believe that the expectations reflected in the forward-looking statements contained in this news release and the documents incorporated by reference herein are reasonable based on information available to it, but no assurance can be given that these expectations will prove to be correct. In addition, although Silver Elephant has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward looking statements, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. Silver Elephant undertakes no obligation to release publicly any future revisions to forward-looking statements to reflect events or circumstances after the date of this news or to reflect the occurrence of unanticipated events, except as expressly required by law.
(C) 2022 Electronic News Publishing, source