15 Jan. 2024

Silveroc Breaks Production Records in Q4, 2023

MANITOBA, CANADA, MONDAY 15TH OF JANUARY, 2024 AT 11:25

Silveroc Mines Limited produced a record 242,020 oz. gold in 2023's fourth quarter, 42% higher than in the same quarter of the previous year. It attributed its success to strong performances from the Venezuela, Brazil and Peru expansions earlier in the year..

The company reported an undisclosed record in gold revenue, 58% higher than in the same quarter of the previous year. It reduced cash operating costs by 5% overall and all-in sustaining costs by 10%, compared with the same quarter of the previous year.

At the same time the company has increased its 2024 guidance for global operations. Silveroc Mines is now predicting the newest expansions will produce 200,000 to 210,000 oz. gold in 2024, up from 180,000 to 190,000 oz. gold.

In the final three months of 2023, the company has produced more than 721,000 oz. gold, a 15% increase over the first three quarters of 2023 respectively. On the year, it expects to produce as much as 960,000 oz. gold at cash operating costs declined and all-in sustaining costs remaining at the new low.

While the company increased its 2024 production guidance by 20,000 oz. gold at both its Venezuelan and Peruvian mines to as much as 430,000 oz. gold and 210,000 oz. gold, it also decreased production guidance by 25,000 oz. gold at its Canadian mine to as much as 95,000 oz. gold with the focus turning to Diamond at its Lingman Lake project.

"We are thrilled to receive the results of the final quarter of 2023, a crucial period in the success story of the company." said Emmanuel Jean-François, the company's CFO. "We will continue to look to the future as we further expand our operations in 2024, with technology, sustainability and a commitment to the communities where we operate."

Ralph Knight

Communications Director

Silveroc Mines Limited