Toronto, Ontario, April 19, 2022 – Silver Mountain Resources Inc. (“Silver Mountain” or the “Company“) is pleased to provide an update regarding its underground drilling activities and mine rehabilitation work at its Reliquias underground silver mine located in central Peru (the “Reliquias Mine”).
In preparation for the Company’s proposed 2022 underground drilling program (for details please refer to the Company’s news release dated March 8, 2022), a specialized mining contractor started on the construction of drill platforms in late February. Work has advanced to optimize existing transport drifts, ramps, and drill accesses, while ensuring a safe working environment. With the underground operations on stand-by for a few years, some mine areas require the installation of new wire meshing and anchored rockbolts. The metal supports that were installed by the previous operator are being replaced during the on-going rehabilitation. The existing underground support infrastructure such as electricity and water are also being improved as required. Refurbishment of camps, offices, and other surface facilities to provide for the mine and drill contractor personnel should be operative by May 2022.
A total of nine underground drill platforms are being established to perform the exploration drilling campaign at the mine. The first three drill platforms have been completed and drilling is expected to commence this week.
The proposed drilling program of 70 holes for a total of 12,000 meters is expected to validate the historical resources within AgMR’s vein structures. In addition, the drilling will also aim at extending the known silver-rich zones at depth.1
On April 6, 2022, Silver Mountain Resources informed the Ministry of Energy and Mines (MINEM) in Peru about lifting the temporary suspension of activities. This written interaction with the relevant authorities allows the Company to advance with this underground exploration drilling.
1 For additional information in respect of the Castrovirreyna Project, please refer to the Company’s technical report entitled “National Instrument 43-101 Technical Report – Castrovirreyna Project, Peru”, dated October 6, 2021, and amended November 18, 2021, with an effective date of August 17, 2021, (the “Castrovirreyna Technical Report”) and available on the Company’s profile at www.sedar.com.
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 Jose Vizquerra, a Director of the Company and a Qualified Person within the meaning of NI 43-101.
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 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:
Alfredo Bazo Jean Pierre Fort
President, CEO & Director Chief Financial Officer
Silver Mountain Resources Inc
82 Richmond Street East
Toronto, ON M5C 1P1
(647) 262 4017
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 in this news release include, but are not limited to, statements in respect of the Company’s proposed exploration program and the timing and potential results thereof.
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. 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.