Silver Mountain Resources Inc. (TSX-V:AGMR) is pleased to announce that it has closed its previously announced initial public offering of 46,000,000 units of the Company at a price of $0.50 per Unit, for gross proceeds of $23,000,000. The Company has also issued an additional 6,900,000 Units at the Offering Price, for additional gross proceeds of $3,450,000, in connection with the exercise in full of the over-allotment option.

Each Unit is comprised of one common share in the capital of the Company and one-half of one Common Share purchase warrant. Each Warrant entitles the holder thereof to acquire one Common Share at an exercise price of $0.70 per Common Share for a period of 24 months following the closing of the Offering.

The Offering was made through a syndicate of underwriters co-led by Eight Capital and Sprott Capital Partners LP  and including Research Capital Corporation.

The Common Shares will commence trading on the TSX Venture Exchange today under the symbol “AGMR”.

No securities regulatory authority has either approved or disapproved of the contents of this news release. The Units have not been and will not be registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act“), or any state securities laws. Accordingly, the Units may not be offered or sold within the United States or to U.S. persons (as defined in Regulation S under the U.S. Securities Act) unless registered under the U.S. Securities Act and applicable state securities laws, or pursuant to exemptions from the registration requirements of the U.S. Securities Act and applicable state securities laws. This news release does not constitute an offer to sell or a solicitation of an offer to buy any securities of Silver Mountain in any jurisdiction in which such offer, solicitation or sale would be unlawful.

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.