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AGMR FILES AMENDED AND RESTATED TECHNICAL REPORT FOR THE RELIQUIAS MINE

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/NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR DISSEMINATION IN OR INTO THE UNITED STATES/

TORONTO, Oct. 28, 2024 /CNW/ - Silver Mountain Resources Inc. (TSXV: AGMR) | (OTCQB: AGMRF) | (BVL: AGMR) ("Silver Mountain" or the "Company") announces that as a result of a continuous disclosure review by staff of the Ontario Securities Commission, the Company has filed (i) an amended and restated preliminary economic assessment  for its Reliquias Mine in central Peru dated October 28, 2024 and with an effective date of May 15, 2024 (the "Amended Technical Report"), and (ii) a material change report disclosing certain information in respect of the Company's Chief Operating Officer to supplement the Company's annual information form for the year ended December 31, 2023.

Silver Mountain Resources Logo (CNW Group/Silver Mountain Resources Inc.)
Silver Mountain Resources Logo (CNW Group/Silver Mountain Resources Inc.)

The Amended Technical Report contains no changes to the material disclosures in the previously filed technical report dated June 26, 2024, including no changes to the estimated mineral reserves and resources, the mine plan, cost estimates and economic analysis. The Amended Technical Report is being filed to provide additional disclosure in respect of the Company's exploration activities at the Reliquias Mine and the mine closure plan recently approved by Peru's Ministry of Energy and Mines.

The Amended Technical Report was prepared in compliance with National Instrument 43-101 - Standards for Disclosure of Mineral Projects and is available under the Company's profile on SEDAR+ at www.sedarplus.ca and on the Company's website at www.agmr.ca.

About Silver Mountain Resources Inc.

Silver Mountain is a silver explorer and mine developer planning to restart production at the Reliquias underground mine and undertake exploration activities at its prospective silver camps at the Castrovirreyna Project in Huancavelica, Peru.

For additional information in respect of the Castrovirreyna Project, please refer to the Company's technical report, titled Amended and Restated NI 43-101 Technical Report: Preliminary Economic Assessment, Reliquias Mine, dated October 28, 2024, effective date May 15, 2024, available at www.sedarplus.ca.

For further information about our drill program, including cross sections of the main veins with drill hole locations, please refer to our corporate presentation, available on our website at www.agmr.ca.

Silver Mountain's subsidiary Sociedad Minera Reliquias S.A.C. owns 100% of its concessions andholds more than 60,000 hectares in the district of Castrovirreyna, Huancavelica, Peru.