Silver Mountain Mines Inc.
TSX VENTURE : SMM

Silver Mountain Mines Inc.

December 23, 2014 15:55 ET

Silver Mountain Mines Announces the Re-Pricing of Its Previous Flow Through Offering and Approval of Warrant Extension

CALGARY, ALBERTA--(Marketwired - Dec. 23, 2014) - Silver Mountain Mines Inc. (TSX VENTURE:SMM) ("Silver Mountain" or the "Company") announces the re-pricing of its previously announced (see news release, April 17, 2014) non-brokered private placement of up to 12,000,000 flow-through units at a price of $0.05 per unit, to raise up to $600,000. (The "Offering") and has received approval from the TSX Venture Exchange for the extension of 10,604,401 warrants by moving them out to a 5 year maximum anniversary with all other terms and conditions of the warrants remain the same.

Under the new terms of the offering, each unit consists of one common share ("Common Share") of the Company to be issued on a flow-through basis (each, a "Flow-Through Share") and one half (1/2) of a Common Share purchase warrant (.Each full Warrant entitles the holder thereof to acquire, subject to adjustment, one Common Share at a price of $0.10 per Common Share on or before 4:30 p.m. (MST) on the date December 31st, 2017 (the "Expiry Date") except that, in the event the Common Shares of the Corporation as quoted on the TSX Venture Exchange close at or above $0.15 per Common Share for twenty one (21) consecutive trading days, then the Company may, at its election, accelerate the Expiry Date upon not less than 30 days written notice to each subscriber.

The securities issued in the Offering will be subject to a hold period of four months plus one day from closing and are further subject to such other applicable regulatory and TSX Venture Exchange approval and completion of definitive documentation.

The expiry date of the 2010 warrants for a total of 3,144,834 outstanding common share purchase warrants closed in December, 2010. Presently scheduled to expire on December 31st, 2014, the expiry date has been extended to December 29, 2015, with all other terms and conditions of the warrants remain the same.

The expiry date of the 2011 warrants for a total of 291,650 outstanding common share purchase warrants closed in March, 2011. Presently scheduled to expire on December 31st, 2014, the expiry date has been extended to March 7, 2016, with all other terms and conditions of the warrants remain the same.

The expiry date of the 2012 warrants for a total of 3,522,500 outstanding common share purchase warrants closed in October 29, 2012. Presently scheduled to expire on December 31st, 2014, the expiry date has been extended to October 29, 2017, with all other terms and conditions of the warrants remain the same.

The expiry date of the 2013 warrants for a total of 3,645,417 outstanding common share purchase warrants closed in December 31, 2013. Presently scheduled to expire on December 31st, 2016, the expiry date has been extended to December 31, 2018, with all other terms and conditions of the warrants remain the same.

About Silver Mountain Mines Inc. (TSX VENTURE:SMM)

Silver Mountain Mines Inc. is a Canadian based exploration and development company with 100% ownership of a 9,986 hectare property centered on the historical silver rich Ptarmigan Mine in south eastern, British Columbia. The property hosts two styles of mineralization: silver rich, high-grade polymetallic epithermal veins and manto style massive / semi-massive sulphide mineralization.

For further information on Silver Mountain Mines Inc. please visit the Company's website http://www.silvermountainmines.com and SEDAR (www.sedar.com) or contact Mr. Steve Konopelky, President & CEO of the Company.

This news release may contain forward-looking statements including but not limited to comments regarding the timing and content of upcoming work programs, geological interpretations, potential mineral recovery processes, etc. Forward-looking statements address future events and conditions and therefore involve inherent risks and uncertainties. Actual results may differ materially from those currently anticipated in such statements. These statements are based on a number of assumptions and factors that could cause actual results to differ materially from those in forward looking statements Silver Mountain Mines Inc. does not assume any obligation to update or revise its forward-looking statements, whether as a result of new information, future events or otherwise, except to the extent required by applicable law.

Neither the TSX-Venture Exchange nor its Regulation Services Provider, as per the term defined in the policies of the TSX Venture Exchange, accepts responsibility for the adequacy or accuracy of the release.

ON BEHALF OF THE BOARD

Steve Konopelky, President and CEO

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