Aurcana Silver Provides Corporate Update

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

VANCOUVER, British Columbia, June 20, 2022 (GLOBE NEWSWIRE) — AURCANA SILVER CORPORATION (“Aurcana” or the “Firm“) (TSXV: AUN) offers the next replace:

As first introduced within the press launch dated March 21, 2022, and additional to the Firm’s press releases dated April 11, 2022, Could 19, 2022, Could 31, 2022 and June 3, 2022, sure oblique, wholly owned subsidiaries of Mercuria Power Group (“Mercuria”) entered into sure standstill and restructuring agreements with Aurcana with impact as of March 8, 2022, which agreements included the grant to Aurcana of a waiver of all present occasions of default and a standstill settlement (a “Waiver and Standstill) beneath the Firm’s five-year, $28 million time period mortgage (and an related hedging bundle) till June 20, 2022 as a way to permit Aurcana time to attain sure circumstances precedent. As we speak, Mercuria and Aurcana have agreed to an extension of the Waiver and Standstill from June 20, 2022 till June 24, 2022.

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Aurcana continues to guage all accessible alternate options with respect to refinancing the Firm and satisfying the circumstances precedents contained within the foregoing restructuring agreements with Mercuria and is continuous to actively pursue a number of monetary and strategic alternate options which can be in the most effective pursuits of the Firm and its stakeholders. Nevertheless, the Firm has not made any choices associated to any of the foregoing issues presently, and there might be no assurance that this analysis of strategic alternate options will end in any transaction (with Mercuria or in any other case).

ABOUT AURCANA SILVER CORPORATION

Aurcana Silver Company owns the Income-Virginius Mine, in Colorado, and the Shafter-Presidio Silver Challenge in Texas, US. The first useful resource at Shafter and Income-Virginius is silver. Each are totally permitted for manufacturing.

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ON BEHALF OF THE BOARD OF DIRECTORS OF AURCANA SILVER CORPORATION

“Kevin Drover”
President & CEO

For additional data, go to the web site at www.aurcana.com or contact:

Aurcana Silver Company
850 – 789 West Pender Avenue
Vancouver, BC V6C 1H2
Telephone: (604) 331-9333

FORWARD LOOKING STATEMENTS AND CAUTIONARY NOTES

This press launch incorporates ahead wanting statements throughout the that means of relevant securities legal guidelines. The usage of any of the phrases “anticipate”, “plan”, “proceed”, “anticipate”, “estimate”, “goal”, “might”, “will”, “mission”, “ought to”, “predict”, “potential” and comparable expressions are meant to determine ahead wanting statements. Specifically, this press launch incorporates ahead wanting statements regarding, with out limitation, statements regarding the operational changes on the RV Mine, the proposed restructuring preparations with Mercuria contained within the restructuring agreements (together with, with out limitation, the Waiver and Standstill, and in respect of the satisfaction of the circumstances precedent to effectiveness of all such restructuring preparations), future financing preparations, in addition to the affect of the aforementioned operational changes and the restructuring agreements with Mercuria on the manufacturing and operations of the Firm on the RV Mine and the affect on the monetary situation of the Firm as an entire (and together with statements with respect to the timing of all such issues). Though the Firm believes that the expectations and assumptions on which the ahead wanting statements are based mostly are affordable, undue reliance shouldn’t be positioned on the ahead wanting statements as a result of the Firm can not give any assurance that they are going to show appropriate. Since ahead wanting statements handle future occasions and circumstances, they contain inherent assumptions, dangers and uncertainties. Precise outcomes might differ materially from these at present anticipated resulting from quite a lot of assumptions, elements and dangers. These assumptions and dangers embody, however usually are not restricted to, assumptions and dangers related to the receipt of regulatory or shareholder approvals, and dangers associated to the state of monetary markets or future metals costs.

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Administration has supplied the above abstract of dangers and assumptions associated to ahead wanting statements on this press launch as a way to present readers with a extra complete perspective on the Firm’s future operations. The Firm’s precise outcomes, efficiency or achievement might differ materially from these expressed in, or implied by, these ahead wanting statements and, accordingly, no assurance might be on condition that any of the occasions anticipated by the ahead wanting statements will transpire or happen, or if any of them accomplish that, what advantages the Firm will derive from them. These ahead wanting statements are made as of the date of this press launch, and, apart from as required by relevant securities legal guidelines, the Firm disclaims any intent or obligation to replace publicly any ahead wanting statements, whether or not on account of new data, future occasions or outcomes or in any other case.

Neither the TSX Enterprise Change nor its Regulation Companies Supplier (as that time period is outlined within the insurance policies of the TSX Enterprise Change) accepts duty for the adequacy or accuracy of this launch.