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SILVER MOUNTAIN RECEIVES APPROVAL FROM PERU'S MINISTRY OF ENERGY AND MINES TO RESTART OPERATIONS AT RELIQUIAS MINE AND CAUDALOSA PLANT

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TORONTO, Dec. 19, 2024 /CNW/ - Silver Mountain Resources Inc. ("Silver Mountain" or the "Company") (TSXV: AGMR) (OTCQB: AGMRF) is pleased to announce that it has received confirmation from Peru's Ministry of Energy and Mines that the Company's Reliquias Mine and Caudalosa Plant have been officially classified as ongoing mining operations. This significant designation represents the final governmental approval required for the Company to restart production and processing operations.

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

CEO Alvaro Espinoza shared, "Our dedicated permitting and legal teams have worked tirelessly to ensure our commitment to revitalizing the Reliquias Mine. This recognition not only marks a pivotal moment for Silver Mountain but also underscores our contribution towards boosting the local economy. With the Reliquias Mine and Caudalosa Plant now recognized as active sites, we maintain our existing environmental permits, allowing us to recommence operations without further governmental approvals."

Key Highlights:

Ongoing Operations Status: The Ministry's confirmation validates the Company's efforts in demonstrating the operational history and readiness of the Reliquias-Caudalosa mining complex, following our proactive stance during a period of production suspension due to low metal prices.

Environmental Compliance: All existing permits from previous operations remain fully enforceable, enabling the Company to operate under the original mine footprint without the need for additional environmental clearances.

Local Economic Impact: Our commitment to the community is unwavering; a future decision to restart operations is anticipated to revitalize the local economy and create job opportunities.

About Silver Mountain

Silver Mountain Resources Inc. 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.

The current technical report, titled "NI 43-101 Technical Report: Preliminary Economic Assessment, Reliquias Mine", Huancavelica- Peru, dated June 26, 2024, effective date May 15, 2024, is available at https://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 and holds more than 60,000 hectares in the district of Castrovirreyna, Huancavelica, Peru.