Arizona Silver Announces Repricing of Private Placement

Vancouver, British Columbia / December 30, 2019 – Arizona Silver Exploration Inc. (the “Company” or “Arizona Silver”) (TSX-V: AZS) (OTCQB: AZASF) announces that, further to its news releases of September 17, 2019 and October 24, 2019, it has repriced the previously announced private placement (the “Private Placement”) to issue up to 7,000,000 units (the “Units”) at $0.10 per Unit for gross proceeds of $700,000.

Each Unit will consist of one common share (the “Shares”) of the Company and one‑half of one transferable common share purchase warrant (each, a “Warrant“) with each whole Warrant exercisable at a price of $0.15 per Share for a period of two years from closing of the Private Placement, provided that in the event that the closing price of the Company’s Shares on the TSX Venture Exchange is $0.35 or greater per Share during any 10 consecutive trading day period the Warrants will expire at 4:00 p.m. (Vancouver time) on the 30th day after the date on which the Company provides notice of such accelerated expiry to the warrantholders, and the warrantholders will have no further rights to acquire any Shares of the Company under the Warrant.

The Company plans to use the proceeds of the Private Placement for further exploration of the Philadelphia Property in Mohave County and the Ramsey silver mine in La Paz County, both in the state of Arizona, USA, and for general working capital purposes.

On behalf of the Board of Directors:

ARIZONA SILVER EXPLORATION INC.

Mike Stark, President, CEO and Director

Phone: (604) 833-4278

Neither the 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.

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 2019 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.