In a recent announcement, Silver Mountain Resources Inc. has revealed that Alfredo Plenge, a key director, will be stepping down from his role effective October 17. This decision, attributed to personal reasons, has prompted the company to express its gratitude for Mr. Plenge’s significant contributions during his tenure.
Joining the board on December 31, Mr. Plenge brought a wealth of experience and strategic insight to Silver Mountain. His leadership was instrumental in navigating the company through various pivotal developments, which have set the stage for future growth and sustainability.
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Achievements during Plenge’s tenure
The board of Silver Mountain has acknowledged several milestones achieved under Mr. Plenge’s guidance. Notably, he played a crucial role in the company’s initial public offering (IPO), which marked a crucial step in expanding Silver Mountain’s market presence. Additionally, he was involved in subsequent financing efforts that bolstered the company’s financial stability.
Strategic expansions and resource development
During his time on the board, Mr. Plenge contributed to strategic expansions, including the listings on the Lima Stock Exchange and the OTCQB, enhancing the company’s accessibility to a broader range of investors. His efforts also extended to overseeing significant underground drilling operations at the Reliquias project, aimed at identifying new high-grade mineral deposits and expanding existing veins.
Moreover, the company achieved a new resource estimate for the Reliquias project that doubled the contained silver content within the measured and indicated categories. This substantial increase is critical for the company’s future mining operations and overall profitability.
Community engagement and sustainability initiatives
Mr. Plenge’s leadership extended beyond financial metrics; he also prioritized community engagement and sustainability. Under his watch, Silver Mountain successfully acquired the Lira de Plata project from Pan American Silver, consolidating its land position in the Castrovirreyna district. This acquisition is essential for ensuring long-term operational success and fostering positive relations with local communities.
Future outlook and transition plans
In May, the company delivered a positive Preliminary Economic Assessment (PEA) for the Reliquias project, underscoring its economic viability. Additionally, Mr. Plenge oversaw the extension of the company’s Environmental Impact Assessment (EIA) permit, as well as obtaining government approval for its mine closure plan, which is vital for regulatory compliance.
The signing of 20-year surface land-use agreements with local communities also highlights the company’s commitment to responsible mining practices and community relations. This groundwork is crucial as Silver Mountain prepares to restart mining operations, with the initiation of preparatory work slated for September, focusing on mine development and processing plant maintenance.
As Mr. Plenge transitions out of his directorial role, he will continue to serve Silver Mountain as a consultant, ensuring a smooth handover of responsibilities. The current board is now composed of José Vizquerra (Chairman), Juan Carlos Ortiz, Julio Arce, Tim Loftsgard, Johnny Decooman, and Gerardo Fernandez, who will guide the company into its next phase of growth.
Silver Mountain Resources remains committed to delivering long-term value for its shareholders through sustainable practices and a strong focus on community engagement. The company is poised for an exciting future as it builds on the solid foundation laid during Mr. Plenge’s tenure.
For more information, visit www.agmr.ca.
