Silver Elephant Appoints Bill Pincus as Technical Advisor

Vancouver, British Columbia--(Newsfile Corp. - February 14, 2023) - Silver Elephant Mining Corp. (TSX: ELEF) (OTCQX: SILEF) (FSE: 1P2) ("Silver Elephant" or "the Company") announces the appointment of Bill Pincus as independent Technical Advisor to the Company's 100% controlled Pulacayo silver-lead-zinc project in Bolivia.

Mr. Pincus brings more than 40 years of experience in mineral exploration to Silver Elephant. He is a graduate of the Colorado School of Mines with M.Sc. Degrees in Geology and Mineral Economics. Mr. Pincus was Founder and President of Esperanza Resources (acquired by Alamos Gold) that discovered the Cerro Jumil (México) and San Luis (Peru) gold deposits. He has worked extensively in mining projects across the world and is responsible for six major precious metals discoveries.

He is also a fellow of The Society of Economic Geologists and Certified Professional Geologist by the A.I.P.G. Mr. Pincus is a "Qualified Person" as defined in National Instrument 43-101 ("NI 43-101"). He is also fluent in Spanish.

"Bill and I have talked at length about the potential for further major silver discoveries at Pulacayo, one of the world's largest silver mines with over 670 million oz of historical silver production since 1833. Pulacayo's Tajo Vein stretches over 2.5km in strike and reaches 1km at depth. Current NI 43-101 compliant Pulacayo resource covers only 30% of the known Tajo Vein system," commented John Lee, Chief Executive Officer of the Company.

The identified geological prospects at the 30km² Pulacayo project included the Tajo Vein Central (70,000+ m drilled), Paca (20,000+ m drilled, 7km north of Tajo Vein Central), El Abra (mineralized breccias, 2km north west of Tajo Vein Central), Pulacayo West (Tajo Vein surface extension), Pacamayo (vein system in andesite porphyry, 2km north of Tajo Vein Central), Pero Stockwork (mineralized sediments, 500m southeast of Tajo Vein Central) and Pacamayo East (Argillic alteration in volcanic rocks).

Mr. Lee further commented, "Bill will help us think outside the box and come up with his strategy to the Pulacayo exploration. He will be assisted by Silver Elephant's Bolivian exploration team equipped now with latest district wide geophysical IP surveys, mapping, sampling, resource modeling from over 94,000 meters of drilling, and extensive digitalized Tajo Vein mine records."

About the Pulacayo-Paca Project

The Pulacayo project consists of the Pulacayo and Paca deposits which received over 94,000 meters of drilling since the late 1990's with a combined indicated mineral resource of 106.7 million oz of silver, 1,384.7 million pounds of zinc, and 693.9 million pounds of lead, and an Inferred Mineral Resource of 13.1 million oz of silver, 122.8 million pounds of zinc and 61.9 million pounds of lead (prepared by Mercator Geological Services Ltd, details provided in the Company's news release dated October 13, 2020.)

About Silver Elephant

Silver Elephant Mining Corp. is a premier silver mining and exploration company, with a flagship Pulacayo silver project in Bolivia. It also owns 100% of Mega Thermal Coal Corp and 39% of Oracle Commodity Holding Corp. ("Oracle"). Oracle has equity and royalty investments in nickel and vanadium mining.

Further information on Silver Elephant can be found at www.silverelef.com.

SILVER ELEPHANT MINING CORP.

ON BEHALF OF THE BOARD

"John Lee"
Chief Executive Officer

For more information about Silver Elephant, please contact:
+1.604.569.3661 ext. 101
[email protected] www.silverelef.com

Neither the Toronto Stock Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Toronto Stock Exchange) accepts responsibility for the adequacy or accuracy of this release.

Cautionary Note Regarding Forward-Looking Statements

Certain statements contained in this news release, including statements which may contain words such as "expects", "anticipates", "intends", "plans", "believes", "estimates", or similar expressions, and statements related to matters which are not historical facts are forward-looking information within the meaning of applicable securities laws. Such forward-looking statements, which reflect management's expectations regarding Company's future growth, results of operations, performance, and business prospects and opportunities, are based on certain factors and assumptions and involve known and unknown risks and uncertainties which may cause the actual results, performance, or achievements to be materially different from future results, performance, or achievements expressed or implied by such forward-looking statements. These factors should be considered carefully, and readers should not place undue reliance on the Company's forward-looking statements. The Company believes that the expectations reflected in the forward-looking statements contained in this news release and the documents incorporated by reference herein are reasonable, but no assurance can be given that these expectations will prove to be correct. In addition, although the Company has attempted to identify important factors that could cause actual actions, events, or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events, or results not to be as anticipated, estimated, or intended. The Company undertakes no obligation to publicly release any future revisions to forward-looking statements to reflect events or circumstances after the date of this news or to reflect the occurrence of unanticipated events, except as expressly required by law.

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