Silver Phoenix Announces Cancellation of Stock Options

VANCOUVER, BC / ACCESSWIRE / March 18, 2022 / Silver Phoenix Resources Inc. (the "Company") (CSE:SP) announces that the Company has cancelled 262,028 incentive stock options (the "Options") pursuant to its Stock Option Plan. The Options had been granted on December 14, 2018 to certain directors and a consultant to the Company. The cancelled Options had an exercise price of $0.725 and expiry date of December 14, 2023. The Options were voluntarily surrendered by the holders for no consideration.

For further information, please contact Scott Ackerman at sackerman@emprisecapital.com or 778.331.8505.

On behalf of the Board,

Silver Phoenix Resources Inc.

Scott Ackerman, Director

Forward-Looking Information:

This press release may include "forward-looking information" (as that term is defined by Canadian securities legislation), concerning the Company's business. Forward-looking information is based on certain key expectations and assumptions made by the Company's management, including future plans for the exploration and development of its mineral properties. Although the Company believes that such expectations and assumptions are reasonable, investors should not rely unduly on such forward-looking information as the Company can give no assurance they will prove to be correct. Forward-looking statements in this press release are made as of the date of this press release. The Company disclaims any intent or obligation to publicly update any forward-looking information (whether as a result of new information, future events or results, or otherwise) other than as required by applicable securities laws.

SOURCE: Silver Phoenix Resources Inc.