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TORONTO, April 19, 2022 /CNW/ - 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
SMR'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.
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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.
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On Behalf of the Board of Directors of Silver Mountain Resources
Inc.
Alfredo Bazo, Chief Executive
Officer and Director
Qualified Person
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-start 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, Huancavelica, Peru.
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.
SOURCE Silver Mountain Resources Inc.