Silver X Mining : INTERSECTS 928.13 G/T AgEq OVER 1.38 METRES AND 631.71 G/T AgEq OVER 0.92 METRES IN RESOURCE EXPANSION INITIAL DRILLING AT TANGANA 1

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SILVER X MINING CORP.

Suite 1430 - 800 West Pender Street, Vancouver, B.C. V6C 2V6

SILVER X INTERSECTS 928.13 G/T AgEq OVER 1.38 METRES AND 631.71 G/T AgEq OVER 0.92 METRES IN RESOURCE EXPANSION INITIAL DRILLING AT TANGANA 1

• Four holes have recently been completed for 1,091 metres in the ongoing resource expansion drill campaign at Tangana
• Final assay results have been received for 3 of the initial 4 drill holes at Tangana 1:

Highlights:

• 1. DDH-TN-2021-003:928.13g/t AgEq over 1.38 metre interval o DDH-TN-2021-004: 631.71g/t AgEq over 0.92 metre interval
• Drilling continues to expand the extent of known open-ended mineralization at the Tangana Mining Unit

Vancouver, B.C., August 23, 2021. SILVER X MINING CORP. (TSX-V: AGX) (OTC

Pink: WRPSF) ("Silver X" or the "Company") is pleased to announce it has intersected significant intervals of high-gradesilver-polymetallic mineralization at the Tangana Mining Unit ("Tangana") at the Company's Nueva Recuperada project in Huancavelica, Peru. Final analytical assay results received from two of the first four drill holes of the previously announced 25,000 metre drill programs, confirm the presence of easily accessible, contiguous, high-grade,silver-polymetallic mineralization at Tangana 1. The drill holes DDH- TN-2021-002,DDH-TN-2021-003 & DDH-TN-2021-004 targeted vein extensions below past producing underground stopes at Tangana 1 and results show the continuity of the open- ended silver-polymetallic mineralized structure. The planned development mineralization from this newly expanded mineralized zone will feed the currently operating Recuperada plant.

The Recuperada plant has been operating on development and toll feed since 2019, has a capacity of 200,000 tpa and has sold USD $6.5M of polymetallic concentrate in 2021 YTD. On the back of this operating cash flow, the Company has initiated a 25,000-metre drill programme (announced July 19, 2021) of which 9,700 metres are aimed at expanding knowledge on and upgrading the quality of the Tangana inferred resource. No mine production decision has been made, rather resource exploration and upgrade and underground access infrastructure development only.

The Company is not basing its exploration and underground infrastructure development decisions on a feasibility study of mineral reserves demonstrating economic and technical viability, rather on the strong historic production and current geological evidence of potentially economic mineralization extensions that justify its reported exploration and development programs. Later, ongoing current results could in turn justify a decision to initiate a feasibility study to generate mineral reserves and a mine production decision. Any production decision without a positive feasibility study increases uncertainty and the specific economic and technical risks of failure associated with its production decision.

Tangana 1 results include (refer Table 1 below for complete results):

• DDH-TN-2021-003with 1.38 metres at 928.13 g/t AgEq
• DDH-TN-2021-004with 0.92 metres at 631.71g /t AgEq

To date, a total of 34 drill holes for 6,660 metres have been completed on the Tangana, Cauca and San Antonio vein systems (Figure1). Tangana encompasses 11 silver-polymetallic vein targets across 4,500 ha of prospective silver-polymetallic concessions. In total, the silver-polymetallic veins identified within the Tangana vein field extend on surface more than 11 kilometres in combined strike-length. In February 2021, from a total of 6 principal silver-polymetallic veins, it was estimated that the Tangana vein field hosted 4,840,015 tonnes of inferred resource grading

116.33 g/t Ag, 3.35% Pb and 1.63% Zn1. The ongoing resource expansion drill campaign continues to broaden the extent of known open-ended mineralization.

As reported August 9, 2021, the mineralized, open-ended,silver-polymetallicvein-structures at the Tangana Mining Unit are known to extend in places more than 250 metres in depth below existing surface topography. Elsewhere in the extensive Tangana vein system the historically mined mineralization in the Angelica vein near Huachocolpa, has demonstrated continuity of mineralization vertically at elevations as low as 4,000 mamsl, or roughly 500 metres below the current Tangana exploration drilling at 4,575 mamsl elevation.

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• Oro X Mining Corp., "Amended & Restated NI 43-101 Technical Report for the Recuperada Project, Peru" (Effective Date: October 15, 2020; Issue Date: March 25, 2021)"

Figure 1: Map of Tangana Mining Unit, showing key veins, infrastructure, concession limits, etc.

"These promising assay results support our model that Tangana can be expanded to become a high- grade, multi-vein mine", said José Garcia, CEO of Silver X. "The ongoing drill program has significantly increased the known extent of silver-polymetallic mineralization while also providing valuable "upside" information for consideration for expanded mine development. We look forward to announcing further milestones at Tangana in the coming weeks".

There is a strong structural control on intermediate sulphidation, epithermal, silver-polymetallic mineralization at Tangana which occurs as massive to semi-massive sulphides, veins, veinlets, stringers, blebs and disseminations. The mineralization is hosted within anastomosing, steeply dipping, discrete quartz veins and/or brecciated quartz vein shoots. Principal economic minerals of interest include galena, sphalerite, argentiferous galena and other silver accessory minerals, tetrahedrite, minor copper and gold. Gangue minerals include pyrite, quartz, rhodochrosite, hydrothermal calcite, etc. Mineralized structures throughout the Tangana system vary around an average of 1.53 metres in width.

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Figure 2: Long section and plan view of the Tangana 1 silver-polymetallic vein project. Targeted potentially mineralized extensions, as well as past-producingmined-out stopes, current access development and the location of recent drill hole intercepts for DDH-TN-2021-002,DDH-TN-2021-003 & DDH-TN-2021-004, are shown. Drill hole DDH-TN-2021-001targeted a projected secondary structure - no significant results have been obtained. Tabulated summary results for these 4 Tangana drill holes are presented in Tables 1 & 2 below.

Drillhole ID	Intercept (m)		Gold - Silver - Polymetallic Grades		AgEq
	From	To	True	Au_ppm		Ag_ppm	Cu_%	Pb_%	Zn_%	Grade
			width							(g/t)
TN-2021-001	This hole	targeted	a projected	secondary structure - no significant results obtained
TN-2021-002	187.20	190.10	2.0	0.01		0.60	0.01	0.03	0.03	0.03
TN-2021-003	216.70	219.45	1.38	1.40		386.65	1.40	2.44	4.46	928.13
TN-2021-004	260.20	262.50	0.92	0.25		159.09	0.41	8.77	3.09	631.71

Table 1: Tabulated summary of principal silver-polymetallic grades intersected in drill holes DDH-TN-2021-001 to DDH-TN-2021-004

	Coordinates (WGS84)	Orientation (True)	Intercept (metres)	AgEq
Drillhole ID								Grade
						True
	Easting	Northing	Azimuth	Dip	From	To	Width	(g/t)
TN-2021-001	499661.18	8560902.82	228.85	20.08	No meaningful intersections
TN-2021-002	499664.01	8560907.67	339.86	-24.41	187.20	190.10	2.0	0.86
TN-2021-003	499662.68	8560907.63	329.33	-18.48	216.70	219.45	1.38	928.13
TN-2021-004	499661.86	8560906.36	325.16	-16.63	260.20	262.50	0.92	631.71

Table 2: Tabulated summary of drill hole collar parameters and principal silver-polymetallic AgEq grades intersected in drill holes DDH-TN-2021-001 to DDH-TN-2021-004

Figure 3: Selected photographs showing significantly mineralized core as intersected in DDH-TN-2021-003

Figure 4: Selected photographs showing significantly mineralized core as intersected in DDH-TN-2021-004