Silver Elephant Drills Paca Silver Project in Bolivia, Assays Expected in Early February - Seite 2

The Paca deposit, 7 kilometers north of Pulacayo mine (the Tajo vein), is part of Pulacayo project with total resources of indicated 106.7 million oz of silver and inferred 13.1 million oz of silver**. These resources are well supported by 94,394 meters of drilling (5,009 meters by Apex Silver from 1994 to 1998, 85,024 meters by Apogee Silver from 2002 to 2014, and 4,361 meters by Silver Elephant from 2019 to 2020). These drilling programs have almost exclusively concentrated on the Pulacayo and Paca deposits, leaving significant exploration upside in the 35.6 km2 land package, 100% of which is controlled by Silver Elephant.

Robert Van Drunen, Silver Elephant's Chief Operating Officer noted: "I was very impressed from my recent visit to Pulacayo in December in terms of the project's resource, infrastructure capability and community support.

It was easy to see why the Pulacayo mining district is legendary with its rich 200-year history, featuring the Tajo vein with an endowed strike length recorded at over 3 kilometers.

The Paca deposit stands out to me as a clean slate project, with high likelihood of resource expansion, in addition to early production potential as an oxide starter pit operation with minimal stripping. Silver Elephant will rigorously study and pursue this production scenario."

John Lee, founder and CEO states: "With the completion of the plan of arrangement to spin out the Company's non-silver assets, Silver Elephant is directing focus and budget to its silver projects in Bolivia. Going forward, Silver Elephant is all about silver and we expect to see consistent progress and news updates throughout 2022."

Paca maps are posted at www.silverelef.com.

*Based on core-angle measurements, true widths range from 77% to 86% of the reported core length. AgEq calculation is based on a 2020 NI 43-101-compliant resource report completed for the Paca deposit by Mercator Geological Services (see Company's press release dated October 13th, 2020). Silver equivalent is calculated as follows: AgEq. = Silver Equivalent (Recovered) = (Ag g/t*89.2%)+((Pb%*(US$0.95/lb. Pb/14.583 Troy oz./lb./US$17 per Troy oz. Ag)*(10,000*91.9%))+((Zn%*(US$1.16/lb. Zn/14.583 Troy oz./lb./US$17 per Troy oz. Ag)*(10,000*82.9%)) and assumed metallurgical recoveries. Metal prices of US$17/oz Ag, US$0.95/lb Pb, and US$1.16/lb Zn apply.