Silver Mountain Announces Election of Gerardo Fernandez to Board of Directors

SILVER MOUNTAIN ANNOUNCES ELECTION

OF GERARDO FERNANDEZ TO BOARD OF

DIRECTORS

/NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR DISSEMINATION IN OR INTO

THE UNITED STATES

/

TORONTO

,

July 16, 2024

/CNW/ - Silver Mountain Resources Inc. (TSXV: AGMR) (OTCQB:

AGMRF) (BVL: AGMR) ("

Silver Mountain

" or the "

Company

") is pleased to announce that

Gerardo Fernandez

has been elected as a director of the Company at the Company's annual

general meeting of shareholders, which was held on

June 27, 2024

(the "

Meeting

"). All of the

Company's other directors were also re-elected at the Meeting.

Mr. Fernandez is an experienced mining executive with substantial business and operational

experience in the mining industry. Mr. Fernandez is currently the Chief Development Officer of Allied

Gold Corporation and acts as a strategic advisor to Adventus Mining Corporation. Mr. Fernandez

was previously Senior Vice President, Corporate Development of Yamana Gold Inc., having worked

in several leadership positions in operations, strategic planning and project development. Mr.

Fernandez holds a Masters of Business Administration (

Nevada, USA

) and degrees in Civil Mining

Engineering and BSc. Engineering from the University of

Chile

.

"We are very excited to welcome Mr. Fernandez to our board of directors. Mr. Fernandez is an

accomplished mining executive with a history of performance in project finance, advisory and

leadership roles. We look forward to the invaluable insight that we know Mr. Fernandez will bring to

the Board as we continue to drive towards commencing operations at our Reliquias Mine and strive

to create long-term value for our stakeholders," stated

Jose Vizquerra

, the Chair of the Company.

About Silver Mountain Resources Inc.

Silver Mountain is a silver explorer and mine developer planning to restart production at the Reliquias

underground mine and undertake exploration activities at its prospective silver camps at the

Castrovirreyna Project in Huancavelica,

Peru

.

For additional information in respect of the Castrovirreyna Project, please refer to the Company's

technical report, titled NI 43-101 Technical Report: Preliminary Economic Assessment, Reliquias

Mine, dated

June 26, 2024

, effective date

May 15, 2024

, available at

www.sedarplus.ca

.

For further information about our drill program, including cross sections of the main veins with drill

hole locations, please refer to our corporate presentation, available on our website at

www.agmr.ca

Silver Mountain's subsidiary Sociedad Minera Reliquias S.A.C. owns 100% of its concessions

andholds more than 60,000 hectares in the district of Castrovirreyna, Huancavelica,

Peru

.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in

policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this

release.

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 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 "

Caution Regarding Forward-Looking Statements

"

and "

Risk Factors

" in the

Company's annual information form dated

April 26, 2024

, and other disclosure documents available

on the Company's profile at

www.sedarplus.ca

. 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.

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For further information:

For Further Information Contact: Alvaro Espinoza, Chief Executive Officer,

Silver Mountain Resources Inc, 82 Richmond Street East, Toronto, ON M5C 1P1, +51 954 475 319,

[email protected], www.agmr.ca

CO: Silver Mountain Resources Inc.

CNW 07:00e 16-JUL-24