Canasil and Silver Viper Announce Expiry of Non-Binding LOI

Suite 1760 – 750 West Pender Street

Vancouver, BC V6C 2T8

Canada

Tel: 604-708 3788

Email: [email protected]

NEWS RELEASE TSX-V: CLZ

February 01, 2023 www.canasil.com

Canasil and Silver Viper Announce Expiry of Non-Binding LOI

Vancouver, February 1, 2023 – Canasil Resources Inc. (TSX-V: CLZ, DB Frankfurt: 3CC, “ Canasil” or the

“Company”) annou nces that the previously announced non -binding letter of intent dated November 6,

2022, as amended on December 20, 2022 (the “ LOI”) with Silver Viper Minerals Corp. ( TSX-V: VIPR, OTC:

VIPRF) (“Silver Viper”) has expired in accordance with its terms. For more information on the LOI, please

see the Company’s news releases dated November 7, 2022 and December 21, 2022.

Canasil and Silver Viper mutually agreed not to proceed with the transactions contemplated by the LOI.

Canasil continues to review opportunities that are presented to the Company.

About Canasil

Canasil is a Canadian mineral exploration company with a strong portfolio of silver-gold-copper-lead-zinc

exploration projects in Durango and Zacatecas States, Mexico, and in British Columbia, Canada. The

Company's directors and management include industry professionals with a track record of identifying and

advancing successful mineral exploration projects through to discovery and further development.

For further information, please visit the Company website at www.canasil.com or contact:

Bahman Yamini

President and CEO

Canasil Resources Inc.

Tel: (604) 708-3788

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

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

Forward Looking Statements

This news release includes certain “forward -looking information” and “forward -looking statements”

(collectively forward-looking statements”) within the meaning of applicable Canadian securities legislation,

including regarding opportunities that are presented to the Company . All statements in this n ews release

that address events or developments that we expect to occur in the future are forward-looking statements.

All such forward-looking statements are based on the opinions and estimates of management as of the date

such statements are made. Forward -looking statements necessarily involve assumptions, risks and

uncertainties, certain of which are beyond Canasil’s control , including those described in the Company's

financial statements and management discussion and analysis (“MD&A”) available on www.sedar.com. The

list is not exhaustive of the factors that may affect Canasil’s forward-looking statements.

Canasil Resources Inc.

News Release, Feb. 01, 2023 page 2/2

Canasil’s forward-looking statements are based on the applicable assumptions and factors management

considers reasonable as of the date hereof, based on the information available to management at such time.

Canasil does not assume any obligation to update forward -looking statements if circumstances or

management's beliefs, expectations or opinions should change other than as required by applicable law.

There can be no assurance that forward -looking statements will prove to be accurate, and actual results,

performance or achievements could differ materially from those expressed in, or implied by, these forward-

looking statements. Accordingly, no assurance can be given that any events anticipated by the forward -

looking statements will transpire or occur, or if any of them do, what benefits or liabilities Canasil will derive

therefrom. For the reasons set forth above, undu e reliance should not be placed on forward -looking

statements.