Silver Elephant Mining Corp. (“Silver Elephant” or “the Company”) (TSX:ELEF, OTCQX:SILEF, Frankfurt:1P2N) announces that the Company’s wholly owned subsidiary Nevada Vanadium LLC. (“Nevada Vanadium”) has commissioned a Preliminary Economic Assessment (“PEA”) in accordance with National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43-101”) in respect of its Gibellini vanadium project, located in Eureka Country, Nevada, USA.
Vanadium is one of the best performing metals of 2021. Vanadium pentoxide price has risen 52% from US$5.4/lb in early January to US$8.2/lb today. The Gibellini project encompasses the Gibellini, Louie Hill, and Bisoni McKay properties which the Company acquired in 2017 and 2020.
The PEA will be prepared in collaboration between Wood PLC (“Wood”) and Mine Technical Services (“MTS”) as part of its proposed spinout strategy.
About the Gibellini Project
The Gibellini vanadium project, designed to be an open-pit, heap-leach operation, is located in Nevada, USA. Nevada was ranked by the Fraser Institute as the world’s #1 mining investment jurisdiction in 2018 and 2020. The Gibellini project development achieved an important milestone in July 2020 when the Notice of Intent to prepare an Environmental Impact Statement (“EIS”) was published in the Federal Register. A final Record of Decision on EIS is expected in 2021. The U.S. government has designated vanadium as one of 35 critical minerals to the national security and the economy. Vanadium alloys and catalysts are used in the aerospace, defense, energy storage, and infrastructure sectors. Over $35 million has been invested at Gibellini to date.
About Silver Elephant
Silver Elephant Mining Corp. is a premier silver mining and exploration company with proposed vanadium and nickel spinouts.
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