Arizona Silver Announces Acceleration of Expiry of Warrants and Grant of Stock Options

Vancouver, British Columbia, August 31, 2020 – Arizona Silver Exploration Inc. (TSXV: AZS) (OTCQB: AZASF) The Company today announces that it has elected to accelerate the expiry date of the warrants (the “Warrants”) issued as part of its private placement unit offering (the “Private Placement”) announced on December 30, 2020.  The warrants currently expire on January 3, 2022 at the price of $0.15 per warrant share.

Pursuant to the terms of the Private Placement, if the closing price of the Company’s shares on the TSXV is $0.35 per share or greater for ten (10) consecutive trading days, the Company is entitled to accelerate the expiry date of the Warrants to a date thirty (30) days from the date notice of such acceleration is provided to holders of Warrants. The Company has elected to provide notice of such acceleration to the holders of Warrants.

This press release constitutes notice to Warrant holders of the new expiry time. Any Warrants remaining unexercised after the new expiry time will be cancelled.

Effective today, the Warrants issued to the purchasers pursuant to the Private Placement are set to expire at 4:30 p.m. (Vancouver time) on September 30, 2020.

To date a total of 1,900,000 Warrants have been exercised for total proceeds of $285,000.  Although it is unknown how many Warrants will be exercised, if all of the Warrants are exercised, the Company will receive additional proceeds of $227,071 and a total of 1,513,809 additional common shares of the Company will be issued.

How to Exercise Warrants

Warrant holders who wish to exercise their Warrants should instruct their investment advisor and be prepared to provide payment to their advisor firm equal to the exercise price for each warrant exercised. Investors should consult with their investment advisor to confirm the time required to complete this process and other costs associated with the exercise, if any.

Warrant holders who hold a physical certificate wishing to exercise Warrants need to provide to the Company on or before September 30, 2020 a certified cheque, bank draft or money order payable to Arizona Silver Exploration Inc. together with the Warrant certificate with the exercise appended to the certificate duly completed.

Grant of Stock Options

The Company also wishes to announce that it has granted incentive stock options to purchase a total of 1,475,000 common shares at price of $0.355, for a period of five years to its officers, directors, and certain consultants in accordance with the provisions of its stock option plan. Arizona Silver Exploration is pleased to offer these options to our dedicated team who have demonstrated leadership and excellence in their individual areas. Shareholder values have increased in 2020 and drilling continues.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX) have approved this release.

On behalf of the Board of Directors:

ARIZONA SILVER EXPLORATION INC.

Mike Stark, CEO, President
Phone: (604) 833-4278

CAUTION CONCERNING FORWARD-LOOKING STATEMENTS

This news release includes certain forward-looking statements or information. All statements other than statements of historical fact included in this release are forward-looking statements that involve various risks and uncertainties. Forward-looking statements in this news release include statements in relation to the timing, cost and other aspects of the 2020 exploration program; objectives or expectations of the Company. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.