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Southern Silver Exploration Corp. (TSXV:SSV) – Updated MRE at CLM; Contained AgEq oz Increases by 23%

Impact: Positive

Southern Silver provided an updated mineral resource estimate (MRE) for its 100%-owned Cerro Las Minitas (CLM) Ag-Cu-Pb-Zn project in Durango, Mexico. This update should be viewed positively as it includes new areas from the eastern and southern part of the project and is a 33% increase in the overall tonnage of the project (vs. the 2019 MRE) with the average grades remaining approximately consistent. We continue to believe Southern Silver is undervalued and expect the increase in resources to bode well for the economics of the project, which the company is working towards demonstrating with a PEA (expected in Q2/22).

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