Silver Mountain Mines Inc.
TSX VENTURE : SMM

Silver Mountain Mines Inc.

October 08, 2013 08:45 ET

Silver Mountain Reports Discovery of New Zone of High Grade Silver from Its Grab Sample Program: 1,171 g/t Ag (34 oz/T Ag), 0.55 g/t of Au, 0.30% Cu and 29.7% Pb

CALGARY, ALBERTA--(Marketwired - Oct. 8, 2013) - Silver Mountain Mines Inc. (TSX VENTURE:SMM) ("Silver Mountain" or the "Company") is pleased to announce assay results from its 2013 exploration program on its wholly-owned Ptarmigan Property (the "Property"), located near Radium, British Columbia.

The 2013 rock, soil and silt geochemical sampling program on the Property resulted in several significant Gold ("Au"), Silver ("Ag"), Copper ("Cu"), Lead ("Pb") and/or Zinc ("Zn") anomalies that warrant follow-up work in 2014. The 2013 sampling program resulted in recovery of a total of 148 rock, 11 soil and 14 silt samples from five main areas on the Property: the McDonald-Redmac, Gopher-Horsethief Creek areas, Law Creek, Iron Cap and Nip & Tuck drainages.

Significant 2013 analyses include chip samples that returned values up to 1,588 grams per tonne (g/t) Ag, 0.36 g/t Au and 0.74% Cu over 0.5 m from the Ptarmigan Mine, further documenting high grade mineralization remaining in the underground workings. These results are interpreted to support the Company's initiative to further evaluate mineralization in the Ptarmigan Mine and the potential for extraction of a bulk sample.

Newly discovered mineralization, interpreted as an extension of the previously documented Iron Cap Trend, returned highly anomalous values ranging from 107 g/t Ag to 1,171 g/t Ag and locally 0.96 g/t Au, 0.30% Cu, 0.84% Zn and 29.7% Pb over an area of 400 square metres.

In addition, further mineralization has been identified from the historical Silver King Adit, where assays include 562 g/t Ag, 4.1% Zn and 10.8% Pb over 0.3 m. The Silver King adit lies just west of Redline Creek, west of the access into the Iron Cap area.

These newly discovered areas lie along the projected trend of a series of northwest trending faults, some of which pass through the Ptarmigan Mine area (see Fault Mineralization Map at http://www.silvermountainmines.com). In particular, continued exploration along the Iron Cap Trend resulted in newly discovered mineralization, increasing the overall strike length over which high grade mineralization has been documented of approximately 1.78 km and an over a vertical estimated distance of at-least 450 meters.

The following is a tabulation which highlights anomalous rock samples recovered during 2013. Most samples were collected as grab samples and are unlikely to represent average grades of the mineralization. (see 2013 Geochemistry Sampling Map at www.silvermountainmines.com). A complete tabulation of all 2013 sampling program is available on the Company's website. (see 2013 Geochemistry Sampling Chart at www.silvermountainmines.com).

Highlights from 2013 exploration sampling for major elements from rocks

AREAS Ag (ppm) Au (g/t) Cu (%) Pb (%) Zn (%)
MCDONALD CREEK / REDMAC
E5126103 562.0 0.165 0.084 10.800 4.130
PTARMIGAN BASIN
E5126110 23.90 0.959 0.001 0.003 0.000
E5126168 706.0 0.601 0.460 0.026 0.039
E5126169 657.0 0.578 0.152 0.359 0.014
E5126170 36.50 0.426 0.006 0.073 0.002
E5126171 45.30 0.188 0.024 0.052 0.002
E5126172 58.70 0.209 0.017 0.052 0.002
E5126173 93.90 0.401 0.038 0.062 0.004
E5126174 93.70 0.446 0.033 0.055 0.003
E5126175 67.80 0.196 0.037 0.056 0.003
E5126176 628.0 0.293 0.426 0.051 0.042
E5126177 323.0 0.206 0.123 0.165 0.011
E5126178 28.10 0.359 0.014 0.031 0.001
E5126179 108.0 0.489 0.053 0.047 0.005
E5126181 1,588.0 0.362 0.739 0.320 0.077
IRON CAP
E5126083 335.0 0.333 0.196 0.175 0.022
E5126113 498.0 0.228 0.095 1.420 0.841
E5126160 107.0 0.013 0.019 1.120 0.011
E5126161 21.50 0.292 0.002 0.681 0.005
E5126162 1,171.0 0.546 0.295 29.700 0.009
BRUCE CREEK
E5126085 340.0 0.015 0.224 20.40 2.60
E5126189 171.0 0.016 0.068 8.910 0.075

"Given the tight markets this past year, I am very pleased with the results of 2013 field program, which successfully served to significantly increase and/or expand mineralized areas identified on the Property and look forward to pending results from our detailed gravity survey," says Steve Konopelky, President & CEO of the Company. "It is anticipated that the results of the 2013 gravity survey will further expand the mineral potential interpreted for the Property by providing a geophysical target at depth. The combined results of the highly successful 2013 program will support our Company's goals, advancing the Company's project through sound fiscal management."

QA-QC All samples were submitted to AGAT Laboratories ("AGAT") for analysis, an independent certified laboratory and preparation facility which maintains an ISO 17025 accreditation by the Standards Council of Canada SCC). All samples were securely stored at the Ptarmigan Mine (site or within sight of the Project Manager and/or Supervising Geologist, at all times. Samples were secured in rice bags, delivered to AGAT Laboratory in Calgary, Alberta, from where they were shipped to their Vancouver Laboratory for analysis.

The content of this news release has been reviewed by Rick Walker, M.Sc., P. Geo., a Qualified Person for the purposes of NI 43-101, with the ability and authority to verify the authenticity and validity of the data herein

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).

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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