In a recent announcement, Silver Mountain Resources Inc. revealed that Alfredo Plenge has officially resigned from his role as a director of the company, with his departure effective from October 17. The company expressed its heartfelt appreciation for Mr. Plenge’s dedicated service and the valuable insights he provided during his tenure.
Alfredo Plenge, who has been a significant part of the board since December 31, has played an instrumental role in guiding the company through various milestones.
His resignation, attributed to personal reasons, marks the end of an era of impactful contributions and strategic guidance for Silver Mountain.
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Significant achievements during Plenge’s tenure
During his time on the board, Mr. Plenge witnessed and contributed to a number of transformative events for Silver Mountain Resources. His leadership coincided with the company’s initial public offering (IPO), which was a pivotal moment for the organization. This event was succeeded by several successful financing rounds that bolstered the company’s financial standing and allowed for future growth.
Moreover, Plenge’s tenure included the strategic decision to list on multiple stock exchanges, notably the Lima Stock Exchange and the OTCQB. These steps broadened the company’s exposure and attracted a wider range of investors. His foresight was evident during significant management transitions, ensuring stability and continuity in leadership.
Exploration and resource development
Under Mr. Plenge’s guidance, the company embarked on extensive underground drilling campaigns at the Reliquias project. This initiative aimed to uncover new high-grade mineralization and expand the existing veins. The efforts led to a new resource estimate that remarkably doubled the silver content in the measured and indicated categories, significantly enhancing the project’s viability.
Further solidifying the company’s position in the industry, Silver Mountain successfully acquired the Lira de Plata project from Pan American Silver, thereby consolidating its land holdings in the Castrovirreyna district. This acquisition was part of a broader strategy to enhance resource management and exploration capabilities.
Future outlook without Plenge
The board of directors has conveyed their warmest wishes to Mr. Plenge for his future endeavors. His departure has prompted a reevaluation of the board’s structure, with the remaining members now including José Vizquerra as Chairman, alongside Juan Carlos Ortiz, Julio Arce, Tim Loftsgard, Johnny Decooman, and Gerardo Fernandez. In a bid to ensure a smooth transition, Mr. Plenge will continue to provide consultancy services to the company.
Looking ahead, Silver Mountain Resources is set to advance its plans for the Reliquias project. With the completion of a positive Preliminary Economic Assessment (PEA), the company has reaffirmed the project’s economic viability. Additionally, it has secured an extension for its Environmental Impact Assessment (EIA) permit, allowing for continued development and operational planning.
Engaging with local communities
Another significant achievement during Plenge’s time was the establishment of long-term surface land-use agreements with local communities, finalized recently. These agreements are essential for the upcoming restart of mining operations and demonstrate Silver Mountain’s commitment to responsible and sustainable practices in its mining activities.
As the company prepares for the restart of the Reliquias project, it will focus on essential activities such as mine development and the maintenance of its processing facilities. With a robust board and a clear vision, Silver Mountain Resources is poised to continue its journey in the silver mining sector.
