Silver Storm Provides Bi-Weekly Mcto Status Update
NEWS RELEASE
FOR IMMEDIATE RELEASE
SILVER STORM PROVIDES BI-WEEKLY MCTO STATUS UPDATE
Toronto, Ontario, September 12, 2024: Silver Storm Mining Ltd. (“Silver Storm” or the "Company")
(TSX.V: SVRS | OTCQB: SVRSF | FSE: SVR) is providing this bi-weekly update on the status of its
management cease trade order issued on July 30, 2024 (the “ MCTO”), by its principal regulator, the
British Columbia Securities Commission (the “BCSC”), under National Policy 12 -203 Management
Cease Trade Orders (“NP 12 -203”). The Company announced on July 30, 2024 (the “ Default
Announcement”), that it expected to be unable to file its annual financial statements, management’s
discussion and analysis and related officer certifications for the financial year ended March 31, 2024
(collectively, the “Annual Filings”) by the filing deadline of July 29, 2024 (the “Filing Deadline”).
As a result of the delay in filing the Annual Filings, the Company was unable to file its unaudited interim
financial statements, related management's discussion and analysis and CEO and CFO certifications
for the three months ended June 30, 2024 (the “Interim Filings”, and together with the Annual Filings,
the “Required Documents”). Under National Instrument 51 -102, the Required Interim Filings were
required to be made no later than August 29, 2024.
As previously disclosed, due to certain complexities associated with the acquisition of the La Parrilla
assets, the accounting and audit process remains ongoing at this time. The BCSC has given the
Company until September 27, 2024 to complete its Annual Filings, which the Company anticipates
being in a position to meet. The Company expects the Interim Filings to be filed within five business
days of the Annual Filings once completed. The MCTO will remain in effect until two full business days
following the receipt by the BCSC of all filings the Company is required to make under British Columbia
securities law, including the Required Documents. The MCTO does not affect the ability of other
shareholders, including the public, to trade in securities of the Company.
The Company confirms that, other than as described above, there are no material changes to the
information contained in the Default Announcement. In addition, (i) t he Company is satisfying and
confirms that it intends to continue to satisfy the provisions of the Alternative Information Guidelines
set out in NP 12 -203, including the issuance of bi -weekly default status reports in the form of news
releases, for as long as the Company remains in default with its Required Documents; (ii) the Company
does not have any information at this time regarding any anticipated specified default subsequent to
the default in filing the Required Documents; (iii) the Company confirms as of the date of this news
release, that there is no insolvency proceeding against it; and (iv) there is no other material information
concerning the affairs of the Company that has not been generally disclosed.
About Silver Storm Mining Ltd.
Silver Storm Mining Ltd. holds advanced-stage silver projects located in Durango, Mexico. Silver Storm
recently completed the acquisition of 100% of the La Parrilla Silver Mine Complex, a prolific operation
which is comprised of a 2,000 tpd mill as well as five underground mines and an open pit that
collectively produced 34.3 million silver -equivalent ounces between 2005 and 2019. The Company
also holds a 100% interest in the San Diego Project, which is among the largest undeveloped silver
assets in Mexico. For more information regarding the Company and its projects, please visit our
website at www.silverstorm.ca.
For additional information, please contact:
Greg McKenzie, President & CEO
Ph: +1 (416) 504-2024
Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of the
TSXV) accepts responsibility for the adequacy or accuracy of this news release.
Cautionary Note Regarding Forward Looking Statements:
Certain statements in this news release are forward -looking and involve a number of risks and
uncertainties. Such forward-looking statements are within the meaning of the phrase ‘forward-looking
information’ in the Canadian Securities Administrators’ Natio nal Instrument 51 -102 – Continuous
Disclosure Obligations. Forward -looking statements are not comprised of historical facts. Forward -
looking statements include estimates and statements that describe the Company’s future plans,
objectives or goals, including words to the effect that the Company or management expects a stated
condition or result to occur. Forward-looking statements may be identified by such terms as “believes”,
“anticipates”, “expects”, “estimates”, “may”, “could”, “would”, “will”, or “plan”. Since forward-looking
statements are based on assumptions and address future events and conditions, by their very nature
they involve inherent risks and uncertainties. Although these statements are based on information
currently available to the Company, the Company provides no assurance that actual results will meet
management’s expectations. Risks, uncertainties and other factors involved with forward -looking
information could cause actual events, results, performance, prospects and opportunities to diff er
materially from those expressed or implied by such forward -looking information. Forward -looking
information in this news release includes, but is not limited to, the MCTO and expectations relating
thereto.
In making the forward -looking statements included in this news release, the Company has applied
several material assumptions, including that the Company´s financial condition and development plans
do not change because of unforeseen events. Forward-looking statements and information are subject
to various known and unknown risks and uncertainties, many of which are beyond the ability of the
Company to control or predict, that may cause the Company’s actual results, performance or
achievements to be materially different from those expressed or implied thereby, and are developed
based on assumptions about such risks, uncertainties and other factors set out herein, including, but
not limited to, the risk that the Company is unable to achieve its goal of placing La Parrilla back into
production; market conditions and volatility and global economic conditions including increased
volatility and potentially negative capital raising conditions resulting from the continued or escalation
of the COVID -19 pandemic, risk of delay and/or cessation in planned work or changes in the
Company’s financial condition and development plans employee relations; relationships with and
claims by local communities and indigenous populations; availability and increasing costs associated
with mining inputs and labour, the speculative nature of mineral exploration and development,
including the risks of obt aining necessary licenses and permits and the presence of laws and
regulations that may impose restrictions on mining, including the Mexican mining reforms; risks relating
to environmental regulation and liability; the possibility that results will not be consistent with the
Company’s expectations; risks relating to completion of the annual audit in a timely manner.
Such forward-looking information represents best judgment based on information currently available.
No forward -looking statement can be guaranteed, and actual future results may vary materially.
Accordingly, readers are advised not to place undue reliance on forward -looking statements or
information.