Silver Mines Limited (ASX:SVL) ('Silver Mines' or 'the Company') is pleased to announce an update on project development activities and recent assays from the Bowdens Silver Project.

The Bowdens Silver Project is located 26 kilometres east of Mudgee in Central NSW. Blast hole drilling has been completed as part of an approved bulk sample exploration program. Four bulk samples totalling 21 tonnes were taken from three sites for optimisation and mine development studies. Two sites where mineralisation outcrops in the south of Main Zone were drilled and then blasted, while one site in Main Zone was rock hammered

Bulk Sample Program

Bulk samples were planned from where high and low-grade material was estimated and exposed at surface. For the eastern sample sites, sixty-seven blast holes were drilled and sampled at one metre intervals. The drilling was completed on a grid of six-by-six holes, spaced 2 metres apart and drilled to a depth of 3 metres each. Blasting of a part of each drill pattern was then completed. Laboratory assay of the samples have been received, with highly encouraging results.

High Grade Blast Hole Results In the high-grade zone, average assay results for one metre blast hole samples are significantly higher than estimated block grades. A total of 108 samples were collected with 65 (or 60% of samples) grading above estimated block grades. The entire zone averaged 171 g/t AgE which is 43% higher than the estimated block grade of 120 g/t AgE.

About the Bowdens Silver Project

The Bowdens Silver Project is located in central New South Wales, approximately 26 kilometres east of Mudgee. The consolidated project area comprises 2,115 km2 (521,000 acres) of titles covering approximately 80 kilometres of strike of the highly mineralised Rylstone Volcanics. Multiple target styles and mineral occurrences have potential throughout the district including analogues to Bowdens Silver, high-grade silver-lead-zinc epithermal and volcanogenic massive sulphide (VMS) systems and copper-gold targets. Bowdens Silver is the largest undeveloped silver deposit in Australia with substantial resources and a considerable body of high-quality technical work already completed. The projects boast outstanding logistics for future mine development

Contact:

Jo Battershill

Tel: +61 2 8316 3997

Competent Persons Statement

The information in this report that relates to mineral exploration from the Bowdens Silver Project is based on information compiled by the Bowdens Silver team and reviewed by Darren Holden who is an advisor to the Company. Dr Holden is a Fellow of the Australasian Institute of Mining and Metallurgy and has sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration, and to the activity being undertaken, to qualify as a Competent Person as defined in the 2012 edition of the 'Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves' (JORC code). Dr Holden consents to the inclusion in this report of the matters based on the information in the form and context in which it appears.

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