Mr. James McDonald reports

KOOTENAY SILVER DRILLS 1,142 GPT SILVER OVER 2.37 METERS WITHIN 510 GPT OVER 9.67 METERS AT COLUMBA HIGH GRADE SILVER PROJECT

Kootenay Silver Inc. has released results from an additional three holes of its current 2023 diamond drilling program at the Columba silver project in Chihuahua, Mexico. The current program comprises a 12-to-15-hole campaign for a total of approximately 3,000 metres designed to extend known mineralization on the D vein target area at Columba.

Kootenay's president and chief executive officer, James McDonald, stated: "We are pleased that our planned drilling is intersecting D vein consistently at expected target depths with a 100-per-cent hit rate to date for the D vein. The widths and grades we are seeing at D vein are extremely encouraging and support our belief in the potential of defining a significantly sized silver resource. We are also starting to intersect additional mineralized veins flanking the main mineralized vein."

Highlights for drill holes CDH-23-139 to CDH-23-141 are as follows:

• CDH-23-141:
  • 29 metres core length averaging 208 grams per tonne silver, 0.21 per cent lead and 0.46 per cent zinc from 250 metres downhole:
    • Including 9.67 metres of 510 grams per tonne silver, 0.2 gram per tonne gold, 0.5 per cent lead and 1.0 per cent zinc;
    • Including 2.37 metres of 1,142 grams per tonne silver, 0.1 gram per tonne gold, 0.9 per cent lead and 2.5 per cent zinc from 274 metres downhole;
• CDH-23-140:
  • 10.1 metres core length of 152 grams per tonne silver, 0.2 per cent lead and 0.4 per cent zinc from 297 metres downhole:
    • Including 0.58 metre of 745 grams per tonne silver, 0.8 per cent lead and 1.3 per cent zinc from 266.7 metres downhole;
  • 3.1 metres core length of 308 grams per tonne silver, 0.14 per cent lead and 0.26 per cent zinc in the Hanging Wall vein:
    • Including 1.56 metres of 532 grams per tonne silver, 0.25 per cent lead and 0.40 per cent zinc.

Drilling continues to advance at Columba and additional assay results will be announced as they are received, after verification and interpretation by the company.

The Columba project hosts an extensive network of intermediate-style epithermal quartz, carbonate plus or minus barite veins aligned into two broadly crosscutting orientations. Fieldwork to date has identified numerous mineralized structures across the project measuring up to four kilometres in length. Intersection zones and flexures along the main structures represent high-priority targets with potential to host rich mineralized shoots.

The first holes of the current program are designed to extend the D vein in preparation of a follow-up program aimed to result in a maiden resource in late 2024. In addition to the D vein, the company maintains a priority list of new vein targets and known vein extensions all warranting drill testing.

The company has contracted Globextools SA de CV of Hermosillo, Sonora, Mexico, to conduct the drilling at Columba.

Sampling and quality assurance/quality control at Columba

All technical information for the Columba exploration program is obtained and reported under a formal quality assurance/quality control program. Samples are taken from core cut in half with a diamond saw under the direction of qualified geologists and engineers. Samples are then labelled, placed in plastic bags, sealed, and with interval and sample numbers recorded. Samples are delivered by the company to ALS Minerals in Chihuahua. The company inserts blanks, standards and duplicates at regular intervals as follows. On average, a blank is inserted every 100 samples beginning at the start of sampling and again when leaving the mineral zone. Standards are inserted when entering the potential mineralized zone and in the middle of them; on average, one in every 25 samples is a standard. Duplicates are taken in the mineralized zone on average one to two duplicates for each hole.

The samples are dried, crushed and pulverized, with the pulps being sent airfreight for analysis by ALS in Vancouver, B.C. Systematic assaying of standards, blanks and duplicates is performed for precision and accuracy. Analysis for silver, zinc, lead and copper and related trace elements was done by ICP four-acid digestion, with gold analysis by 30-gram fire assay with an AA finish. All drilling reported is HQ core and was completed by Globextools of Hermosillo, Sonora, Mexico.

Qualified person

The Kootenay technical information in this news release has been prepared in accordance with the Canadian regulatory requirements set out in National Instrument 43-101, Standards of Disclosure for Mineral Projects, and reviewed and approved on behalf of Kootenay by Dale Brittliffe, BSc, PGeol, vice-president, exploration, of Kootenay Silver, is the company's nominated qualified person pursuant to National Instrument 43-101, Standards for Disclosure for Mineral Projects, has reviewed the scientific and technical information disclosed in this news release. Mr. Brittliffe is not independent of Kootenay Silver.

About Kootenay Silver Inc.

Kootenay Silver is an exploration company actively engaged in the discovery and development of mineral projects in the Sierra Madre region of Mexico. Supported by one of the largest junior portfolios of silver assets in Mexico, Kootenay continues to provide its shareholders with significant leverage to silver prices. The company remains focused on the expansion of its current silver resources, new discoveries and the near-term economic development of its priority silver projects located in prolific mining districts in Sonora state and Chihuahua state, Mexico, respectively.

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