NOT FOR DISSEMINATION OR DISTRIBUTION IN THE UNITED STATES AND NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES

February 21, 2023 – Vancouver, B.C. – Silver Range Resources Ltd. [TSX-V:SNG] (“Silver Range” or the “Company”) is pleased to announce a $500,000 investment and an exploration alliance (the “Alliance”) with Altius Minerals Corporation [TSX:ALS] (“Altius”). 

Altius is subscribing for 3,333,333 shares of Silver Range at a price of $0.15 with no warrant for total consideration of $500,000 (“Altius Investment”).  Silver Range has agreed to a generative alliance in the southwest US whereby Altius will acquire a 1% Net Smelter Return royalty interest on three Silver Range projects staked within a specified area of interest in the Southwest United States. 

“Silver Range is pleased to welcome Altius as a partner and strategic shareholder.  As a highly successful project generator and royalty company, Altius’ investment is validation of the prospect generator model and a vote of confidence in Silver Range.  We look forward to working with Altius to generate new valuable mineral projects in the Southwest United States,” stated Vice-President Richard Drechsler.

With Altius now participating in a separate equity financing, Silver Range will be applying to the TSX Venture Exchange for an extension in respect of the closing of the private placement announced on January 17, 2023 (the “Placement”), whereby the Company is offering 6,000,000 units at a price of $0.15, for total proceeds of up to $900,000.   Each unit will consist of one common share and one-half of one non-transferable share purchase warrant, with each warrant to entitle the holder to purchase one additional common share at a price of $0.30 for a period of two years from closing. 

The Altius Investment is subject to regulatory acceptance.   Both the Altius Investment and the Placement are now anticipated to close by March 15, 2023.  Proceeds from both financings will be used primarily for exploration work in the Southwest United States.

About Silver Range Resources Ltd.

Silver Range is a precious metals prospect generator working in Nevada and Northern Canada.  It has assembled a portfolio of 45 properties, 13 of which are currently optioned to others.  Four other projects have been converted to royalty interests.  Silver Range is actively seeking other joint venture partners to explore the high-grade precious metals targets in its portfolio.

The securities referred to in this news release have not been, nor will they be, registered under the United States Securities Act of 1933, as amended, and may not be offered or sold within the United States or to, or for the account or benefit of, U.S. persons absent U.S. registration or an applicable exemption from the U.S. registration requirements.  This news release does not constitute an offer for sale of securities for sale, nor a solicitation for offers to buy any securities.  Any public offering of securities in the United States must be made by means of a prospectus containing detailed information about the company and management, as well as financial statements.

ON BEHALF OF SILVER RANGE RESOURCES LTD.

“Mike Power”

President and CEO

For further information concerning the private placement, Silver Range or its exploration projects please contact:

Investor Inquiries

Richard Drechsler
Vice-President, Communications
Tel: (604) 687-2522
NA Toll-Free: (888) 688-2522
rdrechsler@silverrangeresources.com
http://www.silverrangeresources.com

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

This news release may contain forward looking statements based on assumptions and judgments of management regarding future events or results that may prove to be inaccurate as a result of exploration and other risk factors beyond its control, and actual results may differ materially from the expected results.