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TORONTO, March 28,
2023 /CNW/ - Silver Mountain Resources Inc.
("Silver Mountain" or the "Company") (TSXV: AGMR)
(OTCQB: AGMRF) (BVL: AGMR) today announces that Alvaro Espinoza has been appointed as Chief
Executive Officer of the Company, effective April 1, 2023.
Mr. Espinoza is currently the Chief Executive Officer of Cautivo
Mining Inc. and has previously served as the Executive
Vice-President and Chief Financial Officer of mining companies in
Colombia and Peru. Mr. Espinoza has 15+ years of experience
in senior management positions in the mining industry in both
Latin America and North America, with extensive experience in
building, operating, and expanding mines, strategic planning,
supply chain, financial analysis and control, project evaluation,
project management and negotiation. In connection with the
appointment of Mr. Espinoza, effective April
1, 2023, Alfredo Bazo will be
stepping down from his role as Chief Executive Officer.
"We are excited to welcome Mr. Espinoza as Chief Executive
Officer of the Company" said Jose
Vizquerra, Chairman of the Company. "As we transition from a
development and exploration company to a producing mine, we believe
that Mr. Espinoza's extensive management experience with mature
resource companies, in both Latin
America and North America,
will provide the Company with invaluable stewardship as we embark
on this next exciting phase of its growth."
Mr. Bazo has also resigned from the Company's board of
directors.
"The board of directors would also like to thank Alfredo for his
continued dedication, which has provided the Company with an
exceptional platform from which to grow," continued Mr. Vizquerra.
"Under his leadership, Alfredo has led the Company through an
initial public offering, a successful exploration program and
several critical rounds of financing in challenging markets.
Alfredo's efforts have placed the Company in a strong position to
capitalize on growth opportunities as it transitions into its next
stage of development. We wish him the best in his future
endeavours."
In connection with his appointment, Mr. Espinoza will be granted
an aggregate of 650,000 options to acquire class A common shares of
the Company ("Options"). The Options will be exercisable at
a price of $0.38 per share for a
period of four years.
The Company also announces that, in connection with its efforts
to advance the Company's Reliquias mine located near the town of
Castrovirreyna, Peru, the board of
directors of the Company has established an Operations and
Development Committee (the "Committee"). The Committee is
comprised of Juan Carlos Ortiz
(Chair), Julio Jose Arce Ortiz,
Alfredo Plenge Thorne and
Jose Vizquerra.
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.
For additional information in respect of the Castrovirreyna
Project, please refer to the Company's technical report, titled
National Instrument 43-101 Technical Report—Castrovirreyna Project,
Peru, dated October 6, 2021, amended November 18, 2021, effective date August 17, 2021, available at
https://sedar.com.
For further information about the Company's drill program,
including cross sections of the main veins with drill hole
locations, please refer to the Company's corporate presentation,
available on its website at www.agmr.ca.
Silver Mountain's subsidiary Sociedad Minera Reliquias S.A.C.
owns 100% of its concessions and holds more than 39,000 hectares in
the district of Castrovirreyna, Huancavelica, Peru.
Silver Mountain Resources Inc,
82 Richmond Street East
Toronto, ON M5C 1P1
647-262-4017
info@agmr.ca
www.agmr.ca
Neither TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in policies of the TSX Venture
Exchange) accepts responsibility for the adequacy or accuracy of
this release.
Forward Looking Statements
This news release contains forward-looking statements and
forward-looking information within the meaning of Canadian
securities legislation (collectively, "forward-looking
statements") that relate to Silver Mountain's current
expectations and views of future events. Any statements that
express, or involve discussions as to, expectations, beliefs,
plans, objectives, assumptions or future events or performance
(often, but not always, through the use of words or phrases such as
"will likely result", "are expected to", "expects", "will
continue", "is anticipated", "anticipates", "believes",
"estimated", "intends", "plans", "forecast", "projection",
"strategy", "objective" and "outlook") are not historical facts and
may be forward-looking statements and may involve estimates,
assumptions and uncertainties which could cause actual results or
outcomes to differ materially from those expressed in such
forward-looking statements. No assurance can be given that these
expectations will prove to be correct and such forward-looking
statements included in this news release should not be unduly
relied upon. These statements speak only as of the date of this
news release.
Forward-looking statements are based on a number of assumptions
and are subject to a number of risks and uncertainties, many of
which are beyond Silver Mountain's control, which could cause
actual results and events to differ materially from those that are
disclosed in or implied by such forward-looking statements. Such
risks and uncertainties include, but are not limited to, the
factors set forth under "Statement Regarding Forward-Looking
Information" and "Risk Factors" in the Company's final
prospectus dated January 26, 2022
available on the Company's profile at www.sedar.com. Silver
Mountain undertakes no obligation to update or revise any
forward-looking statements, whether as a result of new information,
future events or otherwise, except as may be required by law. New
factors emerge from time to time, and it is not possible for Silver
Mountain to predict all of them, or assess the impact of each such
factor or the extent to which any factor, or combination of
factors, may cause results to differ materially from those
contained in any forward-looking statement. Any forward-looking
statements contained in this news release are expressly qualified
in their entirety by this cautionary statement.
SOURCE Silver Mountain Resources Inc.