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VANCOUVER, BC, Sept. 9, 2024 /CNW/ - GR Silver Mining Ltd. ("GR Silver Mining" or the "Company") (TSXV: GRSL) (OTCQB: GRSLF) (FRANKFURT: GPE) – announces that it proposes to undertake a non-brokered private placement of up to 11 million units (each, a "Unit"), at a purchase price of $0.16 per Unit, to raise total gross proceeds of up to $1.76 million (the "Offering"). Each Unit will consist of one common share of the Company and one-half common share purchase warrant. Each whole warrant will entitle the holder to purchase one common share of the Company at a price of $0.22 at any time on or before that date which is 24 months after the closing date of the Offering.

The gross proceeds received from the sale of the Units will be used for exploration targeting resource expansion in the San Marcial Area of the Plomosas Project and for general working capital. The Units will be offered to qualified investors in reliance upon exemptions from the prospectus and registration requirements of applicable securities legislation. The Company will pay finders' fees to eligible finders in connection with the Offering, subject to compliance with applicable securities laws and the policies of the TSXV.

As part of an ongoing transformation, GR Silver Mining has successfully:

• As outlined in the Company's Management Discussion and Analysis ("MDA") for the period ended June 30, 2024, available on sedarplus.ca, our exploration team, together with the assistance of renowned geological experts, has completed a full review of the exploratory geological, geochemical and geophysical data collected to date in the San Marcial Area. We are refining our exploratory model targeting wide, high-grade silver mineralization hosted in hydrothermal breccias. This approach previously resulted in the SE Discovery in the San Marcial Area, where drill hole SMS22-10 intersected 101.6 m at 308 g/t Ag, including multiple intervals grading over 1,000 g/t Ag, and drill hole SMS22-20 intersected 83.2 m at 215 g/t Ag. As noted in the MDA, the occurrence of a geological setting similar to the SE Discovery has been confirmed to the west of and northwest of the San Marcial Resource Area that will be the object of exploration in the upcoming months.
  
  

• Closed the arm's-length disposition of a subsidiary eliminating most of the Company's working capital deficit without diminishing its resource inventory, thus allowing it to focus on resource growth and the potential development of the Company's core Plomosas Project (see release, July 17, 2024).
  
  

• Embarked on a program of bulk sampling test mining at the San Juan historical mine site, which has provided the Company with an efficient and effective exploration platform and valuable geological information to assist in future exploration (see release, March 4, 2024).
  
  

• Executed a Waiver and Release Agreement with Mako Mining Corp. ("Mako"), pursuant to which Mako paid to GR Silver Mining a total of USD$960,000, satisfied in full by the payment to GR Silver Mining of USD$500,000 cash and the issuance and delivery to GR Silver Mining of 296,710 common shares of Mako at a then deemed price of $2.1007 per share (US$460,000; C$623,300). (See release, April 1, 2024).
  
  

• Welcomed two new highly skilled and respected directors by appointment to its Board of Directors, Mr. Brent McFarlane and Ms. Jessica van den Akker, positioning the Company for resource growth supported by ongoing exploration in the San Marcial Area (see release, August 6, 2024).