VANCOUVER - SILVER X MINING CORP. (TSXV: AGX) (OTCQB: WRPSF) ('Silver X' or the 'Company') is pleased to provide an update on resource definition studies being conducted at the Company's Tangana Mining Unit.

The comprehensive exploration program has expanded the extent of silver-(gold)-polymetallic mineralization at surface and underground by over 1.7 km horizontally and 400 m vertically along the Tangana structure. The three faceted programme that includes diamond core drilling, surface and underground channel sampling has identified two potential high-grade mineralized zones that will be the focus of immediate follow-up work. The results from the 475 underground channel samples, 388 surface channel samples, and 2,853 metres of diamond drilling completed to date will contribute to an updated mineral resource estimate and Preliminary Economic Assessment targeted for completion in Q2 2022.

Surface channel sample results along the outcropping portions of the Tangana and Morlupo veins confirm the presence of high-grade mineralization along a consistently mineralized strike length of 1.7 km. These results, along with those taken from underground channel samples in historical workings (reported September 3, 2021) and diamond drill core samples (reported August 23, 2021), support the Company's interpretation that Tangana is a potentially economically mineralized silver-(gold)-polymetallic structure with considerable resource potential. The Tangana vein-field currently has an inferred resource of 4,840,015 tonnes of inferred resource grading 116.33 g/t Ag, 3.35% Pb and 1.63% Zn1. The central resource extension targets will be assessed with approximately 10,000 metres of diamond drilling beginning in December 2021.

Towards the north, the Cauca vein structure is interpreted to have a strike-length of 2.2 kilometres and an average width of 1.8 metre. Recent results from surface channel sampling infer that Cauca has an average grade of 264 g/t AgEq (100 g/t Ag, 1.2 g/t Au, 1.6% Pb and 0.5% Zn). This sub-parallel vein is connected to Tangana by a 450 m long underground crosscut which will dramatically reduce further exploration and development costs in the system. The recently acquired Tangana West property lies westwards and along strike from Tangana and may be an extension of the same underlying structure. The Tangana West mineralized structure extends 1.3 kilometres along strike and based on field observation is interpreted to be vertically continuous for over 500 metres. Surface channel sample results return grades up to 9,379 g/t Ag, 2.7% Pb and 1% Zn over 1.5 metres.

'The continued high-grade and consistently mineralized results are a good indication of the silver-(gold)-polymetallic potential at the Tangana Mining Unit', said Jose Garcia, Chief Executive Officer of Silver X. 'The ongoing resource definition programme that includes diamond drilling, systematic channel sampling, and structural mapping, has encountered multiple prospective mineralized zones that will form the basis for an updated resource estimate and Preliminary Economic Assessment targeted for Q2 2022. Furthermore, these well-defined mineral zones will be utilized to increase concentrate production at the Recuperada processing plant in the near term as we concurrently expand capacity. A strong 2021 has set Silver X up for an impressive new year.'

About Silver X Mining

Silver X Mining is a Canadian silver mining company with assets in Peru and Ecuador. The Company's flagship asset is the Nueva Recuperada silver lead zinc project located in Huancavelica, Peru. Founders and management have a successful track record of increasing shareholder value.

This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities described in this news release in the United States. Such securities have not been, and will not be, registered under the United States Securities Act of 1933, as amended (the 'U.S. Securities Act'), or any state securities laws, and, accordingly, may not be offered or sold within the United States, or to or for the account or benefit of persons in the United States or 'U.S. Persons', as such term is defined in Regulation S promulgated under the U.S. Securities Act, unless registered under the U.S. Securities Act and applicable state securities laws or pursuant to an exemption from such registration requirements.

Contact:

Tel: 1 604 358 1382

Email: j.garcia@silverx-mining.com

Cautionary Statement Regarding 'Forward-Looking' Information

This press release contains 'forward-looking information' within the meaning of applicable Canadian securities legislation. Generally, forward-looking information can be identified by the use of forward-looking terminology such as 'plans', 'expects' or 'does not expect', 'is expected', 'budget', 'scheduled', 'estimates', 'forecasts', 'intends', 'anticipates' or 'does not anticipate', or 'believes', or variations of such words and phrases or state that certain acts, events or results 'may', 'could', 'would', 'might' or 'will be taken', 'occur' or 'be achieved'. Forward-looking information in this press release may include, without limitation, exploration plans, results of operations, expected performance at the Tangana Mining Unit and the expected financial performance of the Company, completion of the updated resource estimate targeted for Q2 2022.

Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company, as the case may be, to be materially different from those expressed or implied by such forward-looking information. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking information. The Company does not undertake to update any forward-looking information, except in accordance with applicable securities laws.

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