Kidnapped Mexico Silver Mine Workers Found Dead

---

Written by Amir Richani for IIR News Intelligence (Sugar Land, Texas)

---

Summary

At least five of the Vizslas workers kidnapped in late January from the Panuco silver mine project have been found dead, according to news reports. The company is awaiting further information from Mexican authorities, but it has suspended some activities at the project site since January.

---

Canada-headquartered Vizsla Silver Corporation reported this week that workers who were kidnapped in late January from its Panuco project in Sinaloa, Mexico, have been found dead. The company said it was awaiting further information from Mexican authorities regarding developments in the case.

Five of the 10 missing workers have been found dead and authorities were in the process of identifying another five bodies, according to Bloomberg. The news service also reported that Mexican authorities have arrested four suspects linked to the kidnapping.

"We are devastated by this outcome and the tragic loss of life. Our deepest condolences are with our colleagues' families, friends and co-workers, and the entire community of Concordia. Our focus remains on the safe recovery of those who remain missing and on supporting all affected families and our people during this incredibly difficult time," said Vizsla Chief Executive Officer Michael Konnert in a press statement.

Following the abductions, the company suspended certain activities near and at the site.

Sinaloa is known for the presence of armed groups, including the Sinaloa Cartel, previously led by El Chapo Guzman, who is now in a U.S. federal prison.

Four people, presumably connected to the kidnappings, have been arrested, according to Omar Garcia, Mexico's security minister. The four suspects are part of the "Chapitos," a criminal group that is part of the Sinaloa Cartel and lead by El Chapo Guzman's sons.

Vizsla's case is not unique. In 2015, miners from Torex Gold and Goldcorp also were kidnapped in the state of Guerrero.

A Top Asset

The Panuco project is the world's largest undeveloped high-grade silver primary resource with combined measured and indicated mineral resources estimated at 12.96 million tons grading 307 g/t silver, 2.49 g/t gold, 0.27% lead and 0.85% zinc.

The company expects to begin silver production at the mine in the second half of 2027, with a pre-production capital expenditure of US$238.7 million and an after-tax payback period of seven months. Subscribers to Industrial Info's Global Market Intelligence (GMI) Metals & Minerals Project and Plant databases can learn more from a detailed project report and related plant profile.

The mine is expected to produce 20 million silver-equivalent ounces annually over the first five years, and 17.4 million ounces per year throughout the life of the project.

This year, the company expects to conduct detailed engineering, contractor selection and drilling programs, including follow-up at Animas and work supporting Santa Fé.

Key Takeaways

• Vizsla workers kidnapped in January are found dead.
• Similar incidents occurred in Guerrero state in 2015.
• The mine could produce 20 million ounces of silver in the first five years of production.

---

About IIR News Intelligence
IIR News Intelligence is a trusted source of news for the industrial process and energy markets, powered by Industrial Info Resources' Global Market Intelligence (GMI).

About Industrial Info Resources
Industrial Info Resources (IIR) is the leading provider of industrial market intelligence. Since 1983, IIR has provided comprehensive research, news and analysis on the industrial process, manufacturing and energy related industries. IIR's Global Market Intelligence (GMI) helps companies identify and pursue trends across multiple markets with access to real, qualified and validated plant and project opportunities. Across the world, IIR is tracking over 250,000 current and future projects worth $30.2 Trillion (USD).