An anonymous director reports

SILVER X MINING CLOSES FIRST TRANCHE OF NON-BROKERED PRIVATE PLACEMENT

Silver X Mining Corp. has closed the first tranche of its previously announced non-brokered private placement offering with the placement of 6,156,199 units at a price of 18 cents per unit for gross proceeds of $1,108,116.

Each unit consists of one common share and one-half of one share purchase warrant with each whole warrant entitling the holder to purchase one share of the company at a price of 30 cents per share for a period of 36 months from the date of closing of the private placement.

Proceeds of the private placement will be used for capital expenditures and exploration related to the Nueva Recuperada silver district in Peru and potential acquisitions of assets.

All securities issued and issuable in connection with the first tranche closing of the private placement are subject to a statutory hold period expiring on Aug. 5, 2024. The closing of the second tranche is expected shortly as subscriptions are received. Closing of the private placement is subject to receipt of all necessary regulatory approvals including final acceptance of the TSX Venture Exchange.

Under the first tranche of the private placement, the company paid fees to eligible finders consisting of (i) $23,629.56 in cash and (ii) 62,982 finders' warrants exercisable into one share at a price of 30 cents, and (iii) 61,633 finders' warrants exercisable into one share at a price of 18 cents. The finders' warrants are exercisable for a period of 36 months from the closing date.

Chief executive officer Jose Garcia and vice-president, corporate development, Sebastian Wahl, have each expressed an interest in participating in the second tranche of the offering. The participation by the insiders of the company in the offering constitutes a related party transactions within the meaning of TSX Venture Exchange Policy 5.9 and Multilateral Instrument 61-101 -- Protection of Minority Security Holders in Special Transactions. Such participation is exempt from the formal valuation and minority shareholder approval requirements in sections 5.5(a) and 5.7(1)(a), as neither the fair market value of the securities issued, nor the fair market value of the consideration for the securities issued exceeds 25 per cent of the company's market capitalization as calculated in accordance with MI 61-101. A material change report in connection with the offering will be filed less than 21 days before the closing of the offering. This shorter period was reasonable and necessary in the circumstances as the company wished to complete the offering in a timely manner.

About Silver X Mining Corp.

Silver X is a rapidly expanding silver developer and producer in the Americas. The company owns the greater-than-20,000-hectare Nueva Recuperada silver district in central Peru, and produces silver, gold, lead and zinc from the district's Tangana mining unit. The company's mission is to be a premier silver company delivering outstanding value to all stakeholders, and it aims to achieve this by consolidating and developing undervalued assets, creating value by adding resources, and increasing production while aspiring to social and environmental excellence.

We seek Safe Harbor.