Southern Silver Closes $9.0M Brokered Private Placement

Vancouver, British Columbia--(Newsfile Corp. - June 16, 2021) - Southern Silver Exploration Corp. (TSXV: SSV) (OTCQX: SSVFF) (Santiago: SSVCL) ("Southern Silver" or the "Company") announces the completion of its previously announced bought deal private placement, whereby the Company issued a total of 18,000,000 units of the Company (the "Units") at a price of C$0.50 per Unit (the "Unit Price") for gross proceeds of C$9,000,000 (the "Bought Deal Private Placement"). Due to significant investor demand, the size of the Bought Deal Private Placement was upsized from C$7,000,000. Red Cloud Securities Inc. (the "Underwriter") acted as sole underwriter and bookrunner under the Bought Deal Private Placement.

Furthermore, the Company expects to close the non-brokered private placement shortly, consisting of 6,000,000 Units at the Unit Price for additional gross proceeds of C$3,000,000 (the "Non-Brokered Private Placement", and collectively with the Bought Deal Private Placement, the "Offerings"), for aggregate gross proceeds from the Offerings of C$12,000,000.

Each Unit is comprised of one common share in the capital of the Company (each a "Unit Share") and one half of one common share purchase warrant (each whole warrant, a "Warrant"). Each Warrant shall be exercisable into one common share of the Company (each, a "Warrant Share") at a price of C$0.75 at any time on or before June 16, 2023.

The net proceeds from the Offerings will be used for exploration and advancement of the Company's Cerro Las Minitas silver-lead-zinc project located in Durango State, Mexico and for general working capital purposes. As part of the Bought Deal Private Placement, the Company paid total cash commissions to the Underwriter of C$540,000 and issued to the Underwriter 1,080,000 warrants of the Company, with each warrant exercisable into one Unit at a price of C$0.50 at any time on or before June 16, 2023. The Company also paid a cash advisory fee to Fort Capital Partners of $180,000 and issued to Fort Capital Partners 360,000 warrants of the Company, with each warrant exercisable into one common share of the Company at a price of C$0.50 at any time on or before June 16, 2023. All securities issued in connection with the Bought Deal Private Placement carry a legend restricting trading of the securities until October 17, 2021. The Bought Deal Private Placement is subject to TSX Venture Exchange acceptance.

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. 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. The Company engages in the acquisition, exploration and development either directly or through joint-venture relationships in mineral properties in major jurisdictions. Our property portfolio also includes the Oro porphyry copper-gold project located in southern New Mexico, USA.

On behalf of the Board of Directors

"Lawrence Page"
Lawrence Page, Q.C.
President & Director, Southern Silver Exploration Corp.

For further information, please visit Southern Silver's website at southernsilverexploration.com or contact us at 604.641.2759 or by email at ir@mnxltd.com.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

This news release contains forward-looking statements. Forward-looking statements address future events and conditions and therefore involve inherent risks and uncertainties. Actual results may differ materially from those currently anticipated in such statements. Factors that could cause actual results to differ materially from those in forward looking statements include the timing and receipt of government and regulatory approvals, and continued availability of capital and financing and general economic, market or business conditions. Southern Silver Exploration Corp. does not assume any obligation to update or revise its forward-looking statements, whether as a result of new information, future events or otherwise, except to the extent required by applicable law.

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