Arizona Silver Announces Proposed CAD$945,000 Private Placement

NOT FOR DISTRIBUTION TO THE UNITED STATES OR FOR DISSEMINATION IN THE

UNITED STATES

ARIZONA SILVER ANNOUNCES PROPOSED CAD$945,000 PRIVATE PLACEMENT

Vancouver, British Columbia / November 19, 2021 – Arizona Silver Exploration Inc. (the

"Company" or “Arizona Silver”) (TSX -V: AZS) (OTCQB: AZASF) is pleased to announce a non -

brokered private placement (the "Private Placement") offering of up to 4,500,000 units ("Units") at a price

of $0.21 per Unit for gross proceeds of up to CAD$945,000. Each Unit will consist of one common share

and one-half of a common share purchase warrant (each whole warrant, a "Warrant"). Each Warrant will

entitle the holder to purchase one additional common share of the Company at a price of $0.30 for five (5)

years following closing of the Private Placement provided, at the discretion of the Company, in the event

that the closing price of the Company’s common shares on the TSX Venture Exchange (the “Exchange”)

is CAD$0.45 or greater per common share during any ten (10) consecutive trading day period the Warrants

will expire at 4:00 p.m. (Vancouver time) on the 30 th day after the date on which the Company provides

notice of such accelerated expiry to the warrantholders, and the warrantholders will have no further rights

to acquire any common shares of the Company under the Warrant.

The Company plans to use the proceeds of the private placement for further exploration of the Philadelphia

Property in Mohave County, Arizona, the advancement of other Company projects, as well as for general

working capital purposes.

To demonstrate continued support of the Company's growth plans, certain insiders of the Company will

participate in the Private Placement. Such participation is considered a related party transaction within the

meaning of Multilateral Instrument 61 -101 – Protection of Minority Security Holders in Special

Transactions ("MI 61 -101"). The related party transaction will be exempt from minority approval and

valuation requirements pursuant to the exemptions contained in Sections 5.5(a) and 5.7(1)(a) of MI 61-101,

as neither the fair market value of the securities to be issued under the Private Placement nor the

consideration to be paid by the insiders will exceed 25% of the Company's market capitalization.

Completion of the Private Placement remains subject to the approval of the Exchange. All securities issued

pursuant to the Private Placement will be subject to a statutory four month hold period. The Company may

pay finder's fees in accordance with the rules and policies of the Exchange.

Please refer to our web site for all news and updated property information. www.arizonasilverexploration.com

On behalf of the Board of Directors:

ARIZONA SILVER EXPLORATION INC.

Mike Stark, CEO, President

Arizona Silver Exploration Inc.

Phone: (604) 833-4278

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

TSX.

CAUTION CONCERNING FORWARD-LOOKING STATEMENTS

This news release includes certain forward-looking statements or information. All statements other than statements of

historical fact included in this release are forward -looking statements that involve various risks and uncertainties.

Forward-looking statements in this news release include statements in relation to the timing, cost and other aspects of

the 2021 exploration program; objectives or expectations of the Company. There can be no assurance that such

statements will prove to be accurate and actual results and future events could differ materially from those anticipated

in such statements. Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.