Southern Silver Announces Revision of Previously Announced Non-Brokered Private Placement

Vancouver, British Columbia–(Newsfile Corp. – July 4, 2024) – Southern Silver Exploration Corp. (TSXV: SSV) (the “Company” or “Southern Silver”) announces that it has revised the terms of the previously announced non-brokered private placement (the “Offering”). The Offering now consists of 15,000,000 Units at $0.22 for gross proceeds of $3,300,000. Each Unit will consist of one common share and one-half (0.5) warrant. Each whole warrant entitles the holder thereof to purchase one common share for a period of 3 years at a price of $0.30.

The Company may pay a finder’s fee consisting of cash and non-transferable warrants in connection with the Offering, subject to compliance with the policies of the TSX Venture Exchange. All securities issued and sold pursuant to the Offering will be subject to a hold period expiring four months and one day after closing. The completion of the Offering and the payment of the finder’s fee remain subject to the receipt of all necessary regulatory approvals, including the approval of the TSX Venture Exchange.

The net proceeds of the private placement will be used for the continued development of the Cerro Las Minitas (CLM) property in Durango, Mexico and for working capital. Following the recent update of the Economic Impact Study, management is now considering the Company’s next steps in advancing and developing the project.

As currently modeled, the CLM Project comprises a large-scale underground mining operation with strong project economics and high gross revenues in a well-located, mining-friendly jurisdiction in southeastern Durango, Mexico.

For more information on the details of the current economic assessment of the Cerro Las Minitas project, please refer to NR-01-24 dated June 10, 2024.

This press release does not constitute an offer to sell or a solicitation of an offer to buy the units, nor shall there be any sale of the units in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. The units being offered will not be and have not been registered under the United States Securities Act of 1933, as amended, and may not be offered or sold in the United States or to, or for the account or benefit of, any U.S. person.

About Southern Silver Exploration Corp.

Southern Silver Exploration Corp. is an exploration and development company focused on discovering world-class mineral deposits, either directly or through joint venture relationships on mineral properties in key jurisdictions. We are particularly focused on the 100% owned Cerro Las Minitas silver-lead-zinc project located in the heart of Mexico’s Faja de Plata, which hosts several world-class mineral deposits such as Penasquito, Los Gatos, San Martin, Naica and Pitarrilla. We have assembled a team of highly experienced technical, operational and transactional professionals to support our exploration efforts in developing the Cerro Las Minitas project into a premier, high-grade silver-lead-zinc mine. Our property portfolio also includes the Oro porphyry copper-gold project and the Hermanas gold-silver lode project, where permit applications for a drilling program are pending, both located in southern New Mexico, USA.

Robert Macdonald, MSc. P.Geo, is a qualified person as defined in National Instrument 43-101 and directly supervised the collection of the CLM project data reported in this disclosure and is responsible for the presentation of the technical information in this disclosure.

On behalf of the Board of Directors

“Lawrence Page”

Lawrence Page, KC

President and Director, Southern Silver Exploration Corp.

For more information, please visit Southern Silver’s website at southernsilverexploration.com or contact us at 604.641.2759 or by email at [email protected].

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

This press release contains forward-looking statements. Forward-looking statements address future events and conditions and therefore involve inherent risks and uncertainties. Actual results may differ materially from those currently anticipated in such statements. These statements are based on a number of assumptions, including, but not limited to, assumptions regarding the amount of the Offering and the completion of the Offering, general economic conditions, interest rates, commodity markets, regulatory and governmental approvals for the Company’s projects and the availability of financing for the Company’s development projects on reasonable terms. Factors that could cause actual results to differ materially from those in the forward-looking statements include the timing and receipt of governmental and regulatory approvals, the continued availability of capital and financing and general economic, business or market conditions. Southern Silver Exploration Corp. undertakes no obligation to update or revise its forward-looking statements, whether as a result of new information, future events or otherwise, except to the extent required by applicable law.

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