Drilling Of Meteysaca Vein Returns Bonanza-Grade Intercepts At Agmr's Reliquias Mine

• Underground drilling identified several high-grade silver-polymetallic intercepts in the Meteysaca vein and adjacent vein splays, including:
• 1.55m @ 812.7 g/t Ag, 0.75% Pb, 2.17% Zn, 0.27% Cu, and 0.36 g/t Au in the Meteysaca vein, in drill hole SMR-57-22-MTS, including
• 0.55m @ 2240.0 g/t Ag, 1.40% Pb, 4.80% Zn, 0.71% Cu, and 0.96 g/t Au
• 0.85m @ 434.8 g/t Ag, 1.28% Pb, 2.11% Zn, 0.13% Cu, and 0.29 g/t Au, in a splay of the Meteysaca vein, in hole SMR-58-22-MTS,
• 1.10m @ 244.8 g/t Ag, 3.85% Pb, 7.72% Zn, 0.59% Cu, and 0.65 g/t Au, in the Meteysaca vein, in drill hole SMR-55-22-MTS
• 0.55m @ 320.0 g/t Ag, 2.90% Pb, 2.50% Zn, 0.23% Cu, and 1.72 g/t Au, in a splay of the Meteysaca vein, in drill hole SMR-47-22-MTS
• 0.55m @ 425.0 g/t Ag, 2.00% Pb, 1.30% Zn, 0.16% Cu, and 0.39 g/t Au in the Meteysaca vein, in drill hole SMR-52-22-MTS

TORONTO, Jan. 11, 2023 - Silver Mountain Resources Inc. (TSXV: AGMR) (OTCQB: AGMRF) (BVL: AGMR) ("Silver Mountain", "AGMR" or the "Company") is pleased to provide additional results from its 2022 underground drilling campaign at the Company's Reliquias silver mine in Huancavelica, central Peru.¹ Last year's drill program was completed in mid-December, with a total of 16,955 metres drilled in 71 bore holes. The assay results of all 12 holes drilled to test the Meteysaca vein are reported in this release (Table 1).

Alfredo Bazo, President and CEO, commented: "Based on underground mapping and sampling of the Meteysaca vein along the 415 m level (see press release of September 8, 2022), we know that this structure is relatively consistent in width, though on average slightly narrower than the other main structures. The results reported today surpassed our expectations regarding the vein thickness below the 415 m level. We are thrilled to see the silver content reaching bonanza grades between 20 oz and up to 70 oz Ag in various intercepts. Furthermore, several vein intersections returned very promising gold grades between 1.00 and 2.55 g/t Au. Due to its elevated metal content, the Meteysaca structure is expected to be included in the initial mine development work programmed to start in late Q3 2023."

The following table shows the detailed results of mineralized intercepts encountered in the drill holes reported in this news release.

On Behalf of the Board of Directors of Silver Mountain Resources Inc.

Alfredo Bazo, Chief Executive Officer and Director

The scientific and technical information contained in this news release has been reviewed and approved by Antonio Cruz, an independent consultant of the Company and a Qualified Person within the meaning of National Instrument 43-101- Standards of Disclosure for Mineral Projects.

Silver Mountain Resources Inc. is a silver explorer and mine developer planning to restart production at the Reliquias underground mine and undertake exploration activities at its prospective silver camps at the Castrovirreyna Project in Huancavelica, Peru.

For additional information in respect of the Castrovirreyna Project, please refer to the Company's technical report, titled National Instrument 43-101 Technical Report-Castrovirreyna Project, Peru, dated October 6, 2021, amended November 18, 2021, effective date August 17, 2021, available at https://sedar.com.

For further information about our drill program, including cross sections of the main veins with drill hole locations, please refer to our corporate presentation, available on our website at www.agmr.ca

Silver Mountain's subsidiary Sociedad Minera Reliquias S.A.C. owns 100% of its concessions and holds more than 36,000 hectares in the district of Castrovirreyna, Huancavelica, Peru.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Silver Mountain follows systematic and rigorous sampling and analytical protocols which meet industry standards. These protocols are summarized below.

All drill holes are diamond core holes with HQ or NQ core diameters. Drill core is collected at the underground drill site where recovery measurements are taken before the core is transported by truck to the core logging facility at the Caudalosa Grande mine camp, where it is photographed and geologically logged. The core is then cut in half with a diamond saw blade with half the sample retained in the core box for future reference and the other half placed into a pre-labelled plastic bag, sealed with a plastic zip tie, and identified with a unique sample number. The core is typically sampled over a 1-2 metre sample interval unless the geologist determines the presence of an important geological contact. The bagged samples are then stored in a secure area pending shipment to a certified laboratory sample preparation facility. Samples are sent by batch to the ALS laboratory in Lima for assay. Silver Mountain independently inserts certified control standards, fine and coarse blanks, and duplicates into the sample stream to monitor data quality. These standards are inserted "blindly" to the laboratory in the sample sequence prior to departure from the core storage facilities. At the laboratory, samples are dried, crushed, and pulverized and then analyzed using a fire assay-AA finish analysis for gold and a full multi-acid digestion with ICP-AES analysis for other elements. Samples with results that exceed maximum detection values for the main elements of interest (Ag, Zn, Pb, Cu) are re-analyzed using precise ore-grade ICP analytical techniques, while high gold values are re-analyzed by fire assay with a gravimetric finish.

This news release contains forward-looking statements and forward-looking information within the meaning of Canadian securities legislation (collectively, "forward-looking statements") that relate to Silver Mountain's current expectations and views of future events. Any statements that express, or involve discussions as to, expectations, beliefs, plans, objectives, assumptions or future events or performance (often, but not always, through the use of words or phrases such as "will likely result", "are expected to", "expects", "will continue", "is anticipated", "anticipates", "believes", "estimated", "intends", "plans", "forecast", "projection", "strategy", "objective" and "outlook") are not historical facts and may be forward-looking statements and may involve estimates, assumptions and uncertainties which could cause actual results or outcomes to differ materially from those expressed in such forward-looking statements. No assurance can be given that these expectations will prove to be correct and such forward-looking statements included in this news release should not be unduly relied upon. These statements speak only as of the date of this news release.

Forward-looking statements are based on a number of assumptions and are subject to a number of risks and uncertainties, many of which are beyond Silver Mountain's control, which could cause actual results and events to differ materially from those that are disclosed in or implied by such forward-looking statements. Such risks and uncertainties include, but are not limited to, the factors set forth under "Forward-Looking Statements" and "Risk Factors" in the Company's final prospectus dated January 26, 2022, and other disclosure documents available on the Company's profile at www.sedar.com. Silver Mountain undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required by law. New factors emerge from time to time, and it is not possible for Silver Mountain to predict all of them or assess the impact of each such factor or the extent to which any factor, or combination of factors, may cause results to differ materially from those contained in any forward-looking statement. Any forward-looking statements contained in this news release are expressly qualified in their entirety by this cautionary statement.

/NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR DISSEMINATION IN OR INTO THE UNITED STATES/

SOURCE Silver Mountain Resources Inc.



Contact
Alfredo Bazo, President, CEO & Director, abazo@agmr.ca; Jean Pierre Fort, Chief Financial Officer, jpfort@agmr.ca; Silver Mountain Resources Inc., 82 Richmond Street East, Toronto, ON M5C 1P1, info@agmr.ca, (647) 262-4017, www.agmr.ca