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Kootenay Silver Inc. (TSXV: KTN) (the “Company” or “Kootenay”) is pleased to announce results from the remaining seven holes of the 40-hole program totaling 4,153 meters at the Copalito silver-gold project (the “Property”), located in Sinaloa State, Mexico. These results are part of the first ever drill program at the Property with previous results from the program announced in July and October 2020.

Highlights from Holes BDH-20-34 to BDH-20-40 include:

BDH-20-040 in the 5 Senores Vein

• 1,813 gpt silver equivalent (“Eq”) over 0.51 meters consisting of 16.95 gpt gold, 369 gpt silver and 3.74% lead plus zinc within
  • 933 gpt silver Eq over 2.25 meters consisting of 6.65 gpt gold, 335 gpt silver and 2.6% lead plus zinc; and
  • 311 gpt silver Eq over 9.05 meters consisting of 2.09 gpt gold, 124 gpt silver and 0.795% lead plus zinc.
• This hole is one of the deepest vertical holes drilled to date at an elevation of about 600 meters above sea level.

BDH-20-039 in the 5 Senores Vein

• 213 gpt silver Eq over 3.3 meters consisting of 128.1 gpt silver, 0.66 gpt gold, and 1.17% lead plus zinc and 183.66 gpt silver Eq over 4.0 meters consisting of 109.6 gpt silver, 0.84 gpt gold, and 0.26% lead plus zinc within:
  • 93.78 gpt silver Eq over 27.4 meters consisting of 60.4 gpt silver, 0.28 gpt gold and 0.4% lead plus zinc

BD- 20-037 in the 5 Senores Vein

• 1,260.81 gpt silver Eq over 1 meter consisting of 846 gpt silver, 3.11 gpt gold and 6.15% lead plus zinc within:
  • 735.3 gpt silver Eq over 2.25 meters consisting of 483.8 gpt silver, 2.18 gpt gold and 2.86% lead plus zinc and 211.48 gpt silver Eq over 10 meters consisting of 128.5 gpt silver, 0.655 gpt gold and 1.13% lead plus zinc.

James McDonald, President and CEO, states “We are very pleased the first ever drill program conducted on Copalito has shown excellent grade potential and continuity of vein structures. This indicates the potential for discovery and delineation of high-grade resources is good.”

Luis Moya, Chief Geologist, comments “After receiving the geochemical analyses of the last 7 of 40 holes it can be concluded the drilling campaign ended successfully. The last holes establish continuity to depth and along strike with high grade potential exhibiting values of up to 16.95 gpt gold and 846 gpt silver.”

Drilling Discussion

The drill program tested 4,153 meters along a classic Mexican epithermal vein system. A follow up drill program will now be designed, the details of which will be released once complete. The follow up program will be guided by detailed structural mapping and possibly geophysics.

The drill program also returned high-grade values from other previously released drill holes targeting such veins as the Pilar Vein with gold values up to 7.05 gpt and 13.55% lead plus zinc (BDH-20-33); the Chiva Vein with silver values up to 936 gpt (BDH-20-09); and the Cobriza Vein with silver values up to 307 gpt. The seven remaining holes, BDH-20-34 to BDH-20-40, focused on the Pillar and 5 Senores veins located within the southeast region of the Property.

Along with previous drill holes, good continuity and grade potential has been shown for at least 600 meters of strike length along the 5 Senores vein. Previously released BDH-20-04 drilled into 5 Senores contained silver equivalent values up to 2,843 gpt. Grade highlights from drilling ranged to 2,830 gpt silver (BDH-20-04) and 16.95 gpt gold (BDH-20-40); see the Company’s news release dated July 22, 2020.

Plan Map of Hole BDH-20-001 to BDH-20-40. Click here to view larger version.

Cross Sections for BDH-20-039/BDH-20-040 and BDH-20-37. Click here to view large versions...

Detailed Drill Results – Holes BDH-20-034 to BDH-20-040

* Silver equivalent based $24/oz silver $1900/oz gold, $1/lb zinc, $0.8/lb lead. Silver equivalent calculations assume 100% metallurgical recovery for all metals to estimate a silver equivalent grade. No metallurgical work has been conducted to determine recoveries.

Note: Estimated true widths range from 65 to 90% of drilled widths depending on dip of the vein and inclination of the hole. All silver composites rounded to the nearest whole number

Qualified Persons

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 James McDonald, P.Geo, President, CEO & Director for Kootenay, a Qualified Person.

Sampling and QA/QC

All technical information for the Copalito exploration program is obtained and reported under a formal quality assurance and quality control (“QA/QC”) program. Samples are taken from core cut in half with a diamond saw under the direction of qualified geologists and engineers. Samples are then labeled, placed in plastic bags, sealed and with interval and sample numbers recorded. Samples are delivered by the Company to ALS Minerals (“ALS”) in Hermosillo, Sonora. The samples are dried, crushed and pulverized with the pulps being sent airfreight for analysis by ALS in North 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 has been contracted to Globexplore Drilling from Hermosillo, Mexico.

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

About Kootenay Silver Inc.

Kootenay Silver Inc. is an exploration company actively engaged in the discovery and development of mineral projects in the Sierra Madre Region of Mexico and in British Columbia, Canada. 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 the states of Sonora, Sinaloa and Chihuahua, Mexico, respectively.

For additional information, please contact:

James McDonald, CEO and President at 403-880-6016

Ken Berry, Chairman at 604-601-5652; 1-888-601-5650

or visit: www.kootenaysilver.com

CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS:

The information in this news release has been prepared as at November 11, 2020. Certain statements in this news release, referred to herein as “forward-looking statements”, constitute “forward-looking statements” under the provisions of Canadian provincial securities laws. These statements can be identified by the use of words such as “expected”, “may”, “will” or similar terms.

Forward-looking statements are necessarily based upon a number of factors and assumptions that, while considered reasonable by Kootenay as of the date of such statements, are inherently subject to significant business, economic and competitive uncertainties and contingencies. Many factors, known and unknown, could cause actual results to be materially different from those expressed or implied by such forward-looking statements. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date made. Except as otherwise required by law, Kootenay expressly disclaims any obligation or undertaking to release publicly any updates or revisions to any such statements to reflect any change in Kootenay’s expectations or any change in events, conditions or circumstances on which any such statement is based.

Cautionary Note to US Investors: This news release may contain information about adjacent properties on which we have no right to explore or mine. We advise U.S. investors that the SEC’s mining guidelines strictly prohibit information of this type in documents filed with the SEC. U.S. investors are cautioned that mineral deposits on adjacent properties are not indicative of mineral deposits on our properties. This news release may contain forward-looking statements including but not limited to comments regarding the timing and content of upcoming work programs, geological interpretations, receipt of property titles, potential mineral recovery processes, etc. Forward-looking statements address future events and conditions and therefore involve inherent risks and uncertainties. Actual results may differ materially from those currently anticipated in such statements.

This press release uses the terms “Measured”, “Indicated”, and “Inferred” resources. United States investors are advised that while such terms are recognized and required by Canadian regulations, the United States Securities and Exchange Commission does not recognize them. “Inferred Mineral Resources” have a great amount of uncertainty as to their existence, and as to their economic and legal feasibility. It cannot be assumed that all or any part of an Inferred Mineral Resource will ever be upgraded to a higher category. Under Canadian rules, estimates of Inferred Mineral Resources may not form the basis of feasibility or other economic studies. United States investors are cautioned not to assume that all or any part of Measured or Indicated Mineral Resources will ever be converted into Mineral Reserves. United States investors are also cautioned not to assume that all or any part of a Mineral Resource is economically or legally mineable.

2020 number 21