Safi Silver Issues Final Tranche of Shares for the Silver Hill Project

TORONTO--(BUSINESS WIRE)--Safi Silver Corp. (TSX-V: SF, OTCPK: PNTZF) (“Safi Silver” or the “Company”) announces that it has issued an aggregate number of 625,000 common shares at a deemed value of $0.40 per Safi Silver share (the “Second Share Issuance”) to the vendors of the Silver Hill project in Morocco (“Silver Hill” or the “Project”) pursuant to the share purchase agreement dated May 25, 2020 between the Company and the vendors (please see the Company’s press release dated September 24, 2020 for further details) (the “Silver Hill Transaction”). The Second Share Issuance is the final issuance of Safi shares pursuant to the Silver Hill Transaction.

In addition, the Company has issued 31,250 common shares to Majilias Inc. for its role as an arm’s length finder with respect to the Silver Hill Transaction.

The Second Share Issuance is an expedited transaction pursuant to TSX Venture Exchange (“TSXV”) Policy 5.3 – Acquisitions and Dispositions of Non-Cash Assets and remains subject to final TSXV acceptance. The Second Share Issuance is at arms-length.

About Safi Silver

Safi Silver Corp. is a publicly traded Canadian exploration and development company with a core focus on copper and silver holdings in mining-friendly African jurisdictions. In Morocco, the Company is advancing two exploration projects: Addana, which hosts silver-bearing polymetallic veins, and Silver Hill, a sedimentary copper prospect undergoing ongoing evaluation. In Namibia, Safi Silver holds the Kalahari Copperbelt Project.

Cautionary Notes

This news release may contain forward-looking statements. These statements include statements regarding the Silver Hill Transaction, the Second Share Issuance and the Company’s future plans and objectives. These statements are based on current expectations and assumptions that are subject to risks and uncertainties. Actual results could differ materially because of factors discussed in the management discussion and analysis section of our interim and most recent annual financial statements or other reports and filings with the TSX Venture Exchange and applicable Canadian securities regulations. We do not assume any obligation to update any forward-looking statements, except as required by applicable laws.

Neither 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.

ON BEHALF OF THE BOARD OF DIRECTORS

Jed Richardson
President & CEO