Silver Mountain Resources Inc. announced that it has received results from locked cycle metallurgical tests on representative samples from several mineralized veins within its 100% owned Reliquias mine, central Peru. These results show substantial upgrades compared to previous results and include gold recoveries for the first time. Furthermore, silver and gold payables into the bulk concentrate are expected to be around 95% and 75%, respectively.

The locked cycle tests show that the company can potentially produce two marketable products from Reliquias: A silver rich bulk concentrate and a high quality zinc concentrate with higher zinc grades than are currently produced on average in Peru. The composites were collected from the Pozo Rico, Perseguida, Meteysaca, Matacaballo, Sacasipuedes, Vulcano and Pasteur veins. Samples were collected from both half core HQ diameter core from the 2023 drill program, and from underground samples collected from newly rehabilitated tunnels.

The spatial distribution of the sampling was designed to provide representative samples to incorporate into a preliminary economic assessment ("PEA"), expected to be completed during the first half of 2024. Silver recoveries, for example, are 15% higher than the historical values. These improved results will be incorporated into the mineral resource estimate update and the PEA expected in early 2024.