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Gatos Silver reports record quarterly production as silver output jumps 58% in Q1 2022

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(Kitco News) - Gatos Silver (TSX: GATO) today announced record silver production from the 70%-owned Cerro Los Gatos ("CLG") mine during the first quarter of 2022.

According to a press-release, CLG achieved record silver production in Q1 2022 at 2.39 million ounces, a 58% increase compared to Q1 2021 which was impacted by a temporary shutdown for two weeks due to a power outage.

"The increased production in the quarter was primarily due to significantly higher silver grades, in addition to higher plant throughput and improved recoveries," the company said in a statement.

Gatos added that lead and zinc production was 10.3 and 13.8 million pounds, representing an increase of 36% and 58%, respectively, compared to Q1 2021, primarily due to higher mined ore grades.

The company noted that CLG remains on target to achieve its annual guidance for 2022, including the plans to increase plant throughput levels to 2,700 tpd in the second half of 2022.

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Gatos also announced that Dale Andres, who currently serves as President, has been named Chief Executive Officer and has joined the Gatos Silver Board. Mr. Andres succeeds Stephen Orr, who has retired from his roles as CEO and as a member of the Company's Board.

Gatos Silver is a silver dominant exploration, development and production company that discovered a new silver and zinc-rich mineral district in southern Chihuahua State, Mexico.

As a 70% owner of the LGJV, the company is primarily focused on operating the mine and mineral processing plant at the LGJV's CLG deposit which started producing in 2019.

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