Arizona Silver Announces 100% Exercise of Warrants

Vancouver, British Columbia – TheNewswire – October 1, 2020Arizona Silver Exploration Inc. (TSXV:AZS) (OTC:AZASF) is pleased to announce that further to its press release dated August 31, 2020, all of the 3,413,809 warrants granted under its January 2020 private placement at C$0.15 that were subject to acceleration with an early expiration date of September 30, 2020 were exercised, with such exercised warrants having a value of C$512,071.35. Directors and officers participated for C$137,900 of the exercise. Management’s participation in the warrant exercise is indicative of their continued commitment and support of the Company. Management now owns and controls 30% of the outstanding shares in the Company. Please take a minute and review the current tight capital share structure available at: http://arizonasilverexploration.com/investor-information

Mike Stark, President of Arizona Silver Exploration stated “We really appreciate the support shown by our shareholders and management. This warrant exercise tops up the treasury once again and allows Arizona Silver Exploration to continue exploration on the high-grade vein discovery on our Philadelphia property. We are expecting results very soon from 6 core holes of drilling that has been completed. We remain committed to building shareholder value with advancements in all our current properties.” Please refer to our website for up to date information and images: http://arizonasilverexploration.com/pdf/AZS_Corporate_Presentation.pdf

About Arizona Silver Exploration Inc.

Arizona Silver is a young exploration company focused on exploring underexplored gold-silver properties in western Arizona and now Nevada. The Company plans to continue to drill test the high-grade gold-silver discovery at the Philadelphia Project near Kingman, Arizona, and the Ramsey Silver Mine property located a short distance east of Quartzsite, Arizona, Previous drilling of 20 holes to date at the Ramsey Property has demonstrated a +30 metre-thick zone of silver mineralization surrounding the old high-grade vein that was mined in the 1920s and 1930s. Also, the Company has a Plan of Operations submitted to the US Forest Service to drill the initial test holes at the Sycamore Canyon project where surface geology, geochemistry, and geophysics has demonstrated the silver-gold mineral system +600 metres long and up to 100 metres wide that has never been drilled. Arizona Silver has received a Record of Decision approving proposed work on its Silverton Gold property. The filed Notice of Intent on the Silverton property covers an exploration program consisting of construction of 5,000 feet of road access, two drill pads, and up to eight drill holes to depths of 500 feet each. Total estimated disturbance is 2.54 acres. A reclamation bond of US$10,248 is required to be posted before road construction and drilling can commence.

The proposed drill holes will test several gold-bearing structures that appear to feed stratabound jasperoid units in Paleozoic dolomitized limestone. Much of the limestone and jasperoid is brecciated. Alteration around the structures consists of argillic alteration peripheral to the jasperoids. The Long Canyon sediment-hosted deposit located in Humboldt County and operated by Newmont Mining is the model for the type of deposit we are exploring at the Silverton property, and is an example of a Carlin-type deposit that is significantly off the Carlin trend.

Please refer to our web site for all news and updated property information.

www.arizonasilverexploration.com

On behalf of the Board of Directors:

ARIZONA SILVER EXPLORATION INC.

Mike Stark, President and CEO, 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 2020 exploration program; the potential for development of the mineral resources; the potential mineralization and geological merits of the exploration properties; and other future plans, 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. Important factors that could cause actual results to differ materially from the Company’s plans or expectations include the risk that actual results of current and planned exploration activities, including the results of the Company’s 2020 drilling program(s) on its properties, will not be consistent with the Company’s expectations; the geology, grade and continuity of any mineral deposits and the risk of unexpected variations in mineral resources, grade and/or recovery rates; fluctuating metals prices; possibility of accidents, equipment breakdowns and delays during exploration; exploration cost overruns or unanticipated costs and expenses; uncertainties involved in the interpretation of drilling results and geological tests; availability of capital and financing required to continue the Company’s future exploration programs and preparation of geological reports and studies; delays in the preparation of geological reports and studies; the metallurgical characteristics of mineralization contained within the exploration properties are yet to be fully determined; general economic, market or business conditions; competition and loss of key employees; regulatory changes and restrictions including in relation to required permits for exploration activities (including drilling permits) and environmental liability; timeliness of government or regulatory approvals; and other risks detailed herein and from time to time in the filings made by the Company with securities regulators. In connection with the forward-looking information contained in this news release, the Company has made numerous assumptions, including that the Company’s 2020 programs would proceed as planned and within budget. The Company expressly disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise, except as otherwise required by applicable securities legislation.

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