/C O R R E C T I O N from Source - Silver Mountain Resources Inc./

In the news release, DELINEATION DRILLING AT AgMR's RELIQUIAS MINE CONFIRMS HIGH-GRADE INTERCEPTS, issued 29-Mar-2023 by Silver Mountain Resources Inc. over CNW, we are advised by the company that in the first paragraph, the second sentence should read "December 4, 2022" and not "December 4, 2002." The complete, corrected release follows:

DELINEATION DRILLING AT AgMR's RELIQUIAS MINE CONFIRMS HIGH-GRADE INTERCEPTS

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

• Infill and delineation drilling confirmed high-grade silver-polymetallic intercepts in the Ayayay, Matacaballo, and Sorpresa vein and adjacent vein splays, including:
• 3.20m @ 222.79 g/t Ag, 3.75% Pb, 5.64% Zn, 1.52% Cu, and 1.54 g/t Au in the Matacaballo vein, in drill hole SMR-75BQ-22-MTC, including
• 0.70m @ 536.00 g/t Ag, 12.90% Pb, 8.90% Zn, 3.16% Cu, and 0.99 g/t Au
• 0.70m @ 328.00 g/t Ag, 4.90% Pb, 4.29% Zn, 5.32% Cu, and 0.25 g/t Au in the Ayayay vein, in drill hole SMR-72BQ-22-MTC
• 0.75m @ 185.00 g/t Ag, 3.50% Pb, 6.50% Zn, 0.77% Cu, and 0.34 g/t Au in the Ayayay vein, in hole SMR-79BQ-23-MTC
• 1.20m @ 113.91 g/t Ag, 2.45% Pb, 7.59% Zn, 0.55% Cu, and 0.43 g/t Au, in the Ayayay vein, in hole SMR-91BQ-23-AYA, including
• 0.65m @ 191.00 g/t Ag, 4.00% Pb, 13.00% Zn, 0.98% Cu, and 0.68 g/t Au

TORONTO, March 29, 2023 - Silver Mountain Resources Inc. (TSXV: AGMR) (OTCQB: AGMRF) (BVL: AGMR) ("Silver Mountain", "AGMR" or the "Company") is pleased to provide results for the first 19 drill holes of its underground infill drilling program at the Company's 100% owned Reliquias silver mine in Huancavelica, central Peru¹. This campaign, initially planned with 41 holes for a total of 2200 m, was started on December 4, 2022, and, after a 2-week holiday break, continued on January 4, 2023. The assay results of 19 holes drilled to test the Ayayay, Matacaballo, and Sorpresa structures and adjacent vein splays are reported in this release (Table 1). The location of the bore holes is shown in Fig.1.

The equipment utilized for this campaign is a smaller, versatile rig able to operate in narrow workings and recovering BQ diameter core (see photo above). The program's objective is to further delineate the principal structures through infill drilling as well as to recognize vein splays and tensional structures.

Alfredo Bazo, President and CEO, commented: "During the 2022 drill program in the western part of the Reliquias deposit, promising intervals with high-grade mineralization were reported for the Ayayay and Sorpresa veins (see press release, December 15, 2022). Following up on those intercepts, the first group of BQ drill holes investigated these veins further to the east and tested for any additional structures in the hanging wall of the Matacaballo vein, over a strike length of almost 800 m. We are encouraged to see strong mineralization in several holes, with silver grades fluctuating between 3.5 to 10 oz/t Ag, together with up to 22% lead and zinc combined. The locally elevated gold (up to 1.54 g/t Au) and high copper values (up to 5.3% Cu) are very promising, as they most likely will positively impact future resource estimates."

The following table shows the results of all mineralized intercepts encountered in the drill holes reported in this news release in more detail. The core recovery in these 19 BQ diameter bore holes surpassed 98%, ensuring representative sampling of the mineralized intervals.

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 BQ 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. In order to achieve the required sample weight for samples from BQ-sized drill holes, the entire core sample interval is 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 1.0 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.

SOURCE Silver Mountain Resources Inc.