Gold and Precious Metals

Silver Mountain Resources Announces Appointment to Board of

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TORONTO, May 17, 2022 (GLOBE NEWSWIRE) — Silver Mountain Resources Inc. (“Silver Mountain” or the “Company”) (TSXV:AGMR) is pleased to announce that Blair Zaritsky has been appointed to the board of directors of the Company, effective immediately.

Mr. Zaritsky is a chartered professional accountant with over 15 years of professional experience, primarily in the mining sector. Mr. Zaritsky has been Chief Financial Officer of Osisko Mining Inc. since June 2011, O3 Mining Inc. since August 2019 and was the Chief Financial Officer and a director of Oban Exploration Limited until 2014. Mr. Zaritsky possesses over ten years of Canadian public company experience with exposure to various types of engagements and clients, gained through managing audit engagements of publicly listed companies traded on the Toronto Stock Exchange and TSX Venture Exchange. Mr. Zaritsky holds a Chartered Professional Accountant designation and a dual Bachelor of Arts in accounting and economics. Mr. Zaritsky is considered an independent director of the Company.

The Company also announces that it has granted to Mr. Zaritsky 660,000 options to acquire class A common shares of the Company (the “Options”). The Options are exercisable at a price of $0.50 per share for a period of four years.

About Silver Mountain

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

Silver Mountain’s subsidiary Sociedad Minera Reliquias S.A.C. owns 100% of its concessions and holds more than 27,000 Ha. in the district of Castrovirreyna, in Huancavelica, Peru.

For Further Information Contact:

Silver Mountain Resources Inc
82 Richmond Street East
Toronto, ON M5C 1P1
smr@agsmr.com
(647) 262-4017

www.silvermountainresources.com

Forward Looking Statements

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 “Statement Regarding Forward-Looking Information” and “Risk Factors” in the Company’s final prospectus dated January 26, 2022 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.

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

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