Arizona Silver Announces Closing of Financing for Gross Proceeds of $1,500,000

Vancouver, British Columbia--(Newsfile Corp. - March 15, 2017) - Arizona Silver Exploration Inc. (TSXV: AZS) (the "Company") is pleased to announce that on March 14, 2017 it received conditional acceptance from the TSX Venture Exchange to close its equity financing for gross proceeds of $1,500,000 (refer to AZS News Release dated February 23, 2017).

In accordance with the provisions of Subscription Agreements, on March 15, 2017 the Company issued a total of 7,500,000 common shares (the "Financing Shares") at a price of $0.20 per Share.

The Company also issued a total of 407,500 common shares (the "Finders' Shares") at a deemed price of $0.20 per Finder's Share as finders' fees to two finders.

The Financing Shares and Finders Shares are subject to a hold period under applicable Canadian securities laws expiring on July 16, 2017, and will be subject to such further restrictions on resale as may apply under applicable foreign securities laws.

On behalf of the Board of Directors

SIGNED: "Mike Stark"

Mike Stark, Non-Executive Chairman and Director
Contact: Mike Stark
Phone: (604) 833-4278

For further information on AZS please visit our website at www.arizonasilverexploration.com
The Company's public documents may be accessed at www.sedar.com

The securities referred to in this news release have not been, nor will they be, registered under the United States Securities Act of 1933, as amended, and may not be offered or sold within the United States or to, or for the account or benefit of, U.S. persons absent U.S. registration or an applicable exemption from the U.S. registration requirements.

This news release does not constitute an offer for sale of securities for sale, nor a solicitation for offers to buy any securities. Any public offering of securities in the United States must be made by means of a prospectus containing detailed information about the company and management, as well as financial statements.

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.

NOT FOR DISTRIBUTION TO UNITED STATES WIRE SERVICES
OR FOR DISSEMINATION IN THE UNITED STATES