Southern Silver Exploration Corp. (TSX-V: SSV) reports that it has filed on SEDAR its National Instrument 43-101 Technical Report titled Preliminary Economic Assessment of the Cerro Las Minitas Project, Durango State, Mexico, dated October 13, 2022. The report was authored by M3 Engineering & Technology Corp. Kirkham Geosystems Ltd., Entech Mining Limited, and Metallurgical Process Consultants Limited.

Filing of the Technical Report follows Southern Silver’s news release issued August 29^th, 2022 announcing the results of its Preliminary Economic Assessment on its 100% owned Cerro Las Minitas Project, Durango State, Mexico.

PEA Highlights:

Robust Project Economics: an after-tax NPV8% of US$220M (C$302M); after-tax NPV5% of US$349M (C$480M) and project IRR of 17.9% (using base-case metal pricing of Ag- $21.95/oz, Cu – $3.78/lb, Pb – $0.94/lb and Zn – $1.33/lb);

Large-Scale Underground Mining Operation with a 15-year mine life with an annual average plant feed of 14.2 Mozs AgEq (inc. 5.8 Mozs Ag);

High-Revenue Project: Base Case gross revenues total US$3.7B with silver representing 42% of revenues, zinc representing 39% of revenues. The project has an Initial CapEx of US$341M;

Well Located Project in a mining friendly jurisdiction with excellent infrastructure in southeast Durango state, Mexico; and

Further Exploration Upside: Drilling through to August 2022 has confirmed mineralized extensions to the Mina La Bocona and Skarn Front deposits that have not been incorporated into the current Resource Model. Other deposits remain open laterally and to depth and remain to be explored.

About Southern Silver Exploration Corp.

Southern Silver Exploration Corp. is an exploration and development company with a focus on the identification of world-class mineral deposits in major jurisdictions, advancing them either directly or through joint-venture relationships. Our specific emphasis is on advancing the 100% owned Cerro Las Minitas project, one of the world’s largest undeveloped silver-lead-zinc deposits, to a production decision.

Southern has assembled a team of highly experienced technical, operational and transactional professionals to support our efforts in developing (recent robust PEA) 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 where a diamond drill program is underway and the Hermanas gold-silver vein project where permitting applications for the conduct of a drill program is underway; both are located in southern New Mexico, USA.