Vancouver, British Columbia--(Newsfile Corp. - July 10, 2024) - Southern Silver Exploration Corp. (TSXV: SSV) (the "Company" or "Southern Silver") announces that due to increased interest, the previously announced $3,300,000 private placement has been increased to $4,500,000. The Company now plans to issue up to 20,454,546 units in the non-brokered private placement ("Offering") at a price of $0.22 per unit for gross proceeds of $4,500,000. Each unit will consist of one common share and one-half (0.5) of one warrant. Each whole warrant entitles the holder thereof to purchase one common share for a period of 3 years at a price of $0.30.

The Company may pay finders' fees comprised of cash and non-transferable warrants in connection with the Offering, subject to compliance with the policies of the TSX Venture Exchange. All securities issued and sold under the Offering will be subject to a hold period expiring four months and one day from closing. Completion of the Offering and the payment of any finders' fees remain subject to the receipt of all necessary regulatory approvals, including the approval of the TSX Venture Exchange.

Net proceeds from the private placement will be used for the continued development of the Cerro Las Minitas (CLM) property, Durango, Mexico and for working capital. Following the recent PEA update, management is now considering the Company's next steps in the advancement and development of the project.

As currently modelled, the CLM project features a large-Scale underground mining operation with robust project economics and high gross revenues in a well located and mining friendly jurisdiction in southeast Durango, Mexico.

For more information on the details of the current economic assessment of the Cerro Las Minitas Project please refer to NR-01-24 dated June 10, 2024.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy the units, nor was there any sale of the units in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such jurisdiction. The units offered will not be, and have not been, registered under the United States Securities Act of 1933, as amended, and may not be offered or sold within the United States or to, or for the account or benefit of, a U.S. person.

About Southern Silver Exploration Corp.

Southern Silver Exploration Corp. is an exploration and development company with a focus on the discovery of world-class mineral deposits either directly or through joint-venture relationships in mineral properties in major jurisdictions. Our specific emphasis is the 100% owned Cerro Las Minitas silver-lead-zinc project located in the heart of Mexico's Faja de Plata, which hosts multiple world-class mineral deposits such as Penasquito, Los Gatos, San Martin, Naica and Pitarrilla. We have assembled a team of highly experienced technical, operational and transactional professionals to support our exploration efforts in developing the Cerro Las Minitas project into a premier, high-grade, silver-lead-zinc mine. Our property portfolio also includes the Oro porphyry copper-gold project and the Hermanas gold-silver vein project where permitting applications for the conduct of a drill program is underway, both located in southern New Mexico, USA.