Capitan Mining Inc. Announces Name Change to Capitan Silver Corp.

Vancouver, British Columbia--(Newsfile Corp. - March 20, 2023) - CAPITAN MINING INC. (TSXV: CAPT) ("Capitan" or "the Company") is pleased to announce that it will be changing its name to "Capitan Silver Corp to reflect its primary focus on the recently consolidated silver trend at the Cruz de Plata project in Durango, Mexico. The TSX Venture Exchange has approved the change of name and the Company will begin trading under its new name on March 23, 2023. Capitan Silver Corp. will continue to trade under the same symbol 'CAPT' on the TSX Venture Exchange and the number of shares outstanding will not change.

The new CUSIP and ISIN numbers for Capitan Silver Corp. are 14055C108 and CA14055C1086 respectively.

Alberto Orozco, Capitan Silver's CEO, stated "We are making great progress at our Cruz de Plata Project. While it is early days, we are quite delighted by the robust nature of the silver system that runs through our property and quite excited about the un-drilled potential at the project. The property is target rich, with our main zones of mineralization continuing to grow along strike and at depth. Additionally, our recently-announced transaction with Fresnillo has increased the scale of our silver targets by consolidating the main silver trend within the property package. We feel the name change to Capitan Silver Corp. better reflects the opportunity for investors."

Silver Zones at the Cruz de Plata Project

Jesus Maria Silver Zone

To date, several silver zones have been identified within a 2.5km mineralized trend at the 100% owned Cruz de Plata project, through prospecting, mapping, geophysics, trenching and drilling (See Figure 1). The Jesus Maria (JM) Silver Zone is currently the most advanced target, where surface trenching and drilling has confirmed silver mineralization over a strike length of 1,300m and to a depth of about 200m below surface which remains open along strike to the southwest, northeast and down-dip to the south. (See Figs. 1 and 2).

Figure 1: Plan view of the Cruz de Plata Project: Multiple silver zones identified across the property. Targets shown include: 1) Jesus Maria Vein, 2) Gully-Fault Zone, 3) JM North, 4) JM South, 5) San Rafael Vein System, 6) Escondida Vein, 7) El Tubo Vein, 8) Santa Teresa Vein and 9) Skarn North.

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/7373/159060_aa3c4b80b49f0a3f_002full.jpg

Figure 2: Vertical long-section of Cruz De Plata Silver Trend highlighting the scale and exploration potential of the Jesus Maria Vein.

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/7373/159060_aa3c4b80b49f0a3f_003full.jpg

Gully Fault Silver Zone

The Gully Fault target is an important northeast trending cross-structure that can be traced for at least 1.5km across the property. The Gully Fault is significant in that it not only enhances the grade of mineralization at both the Jesus Maria Silver Zone and the Capitan Hill Gold deposit, it also hosts significant high-grade silver mineralization within its boundaries, especially where it intersects the Jesus Maria structure.

Styles of Silver Mineralization:

Work to date has identified two (2) distinct styles of silver mineralization:

1. High-grade polymetallic Silver veins (Silver, gold, lead and zinc)
2. High-grade silver with gold veins with low Arsenic

Previously Released Drill Highlights from the Cruz de Plata Project Include:

• 21-JMRC-10: 16.8m of 332 g/t Silver Eq. including:
  • 9.1m 538.7 g/t Silver Eq. which includes:
  • 1.5m of 2,406.3 g/t Silver Eq.
• JM-DDH-13-06: 11.8m of 333.9 g/t Silver Eq. including:
  • 0.9m of 3,845.8 g/t Silver Eq.,
• 21-JMRC-01: 42.7m @ 224.3 g/t AgEq including:
  • 1.5m @ 1,352 g/t Silver Eq.,
  • 1.5m @ 1,177.2 g/t Silver Eq.
• 21-JMRC-03: 10.7m @ 435.02g/t Silver Eq. including:
  • 1.5m @ 789.3 g/t Silver Eq.
  • 1.5m @ 860.2 g/t Silver Eq.
  • 1.5m @ 641 g/t Silver Eq.
• 22-JMRC-22: 16.8m of 224.3 g/t Silver Eq., including:
  • 3.0m of 978.7 g/t Silver Eq., which includes:
  • 1.5m of 1,532.8 g/t Silver Eq.
• JM-DDH-14-24: 70.8m of 177.4 g/t Silver Eq. including:
  • 7.15m of 1,087.2 g/t Silver Eq.
• JM-DDH-13-07: 4m of 545 g/t Silver Eq. including:
  • 2m of 1,006.9 g/t Silver Eq.
• JM-DDH-14-10: 40.6m of 167.1 g/t Silver Eq. including:
  • 4.25m of 828.2 g/t Silver Eq.

Note: Only drill intercept lengths are reported. Drill holes are designed to cut the mineralized zones as close to true width as possible, with true widths ranging from 70-95% of the reported drilled length.

* Silver equivalent calculated using the following equation AgEq = Ag g/t + (80 x Au g/t) + (0.003 x Pb g/t) + (0.0037 x Zn g/t).

Qualified Person & QA/QC:

The scientific and technical data contained in this news release pertaining to the Peñoles Project was reviewed and approved by Marc Idziszek, P.Geo, a non-independent qualified person to Capitan Mining, who is responsible for ensuring that the technical information provided in this news release is accurate and who acts as a "qualified person" under National Instrument 43-101 Standards of Disclosure for Mineral Projects.

Capitan Mining Inc. has a Quality Assurance/Quality Control program that includes insertion and verification of control samples including standard reference material, blanks and duplicates consistent with industry standards.

RC drill samples from the Peñoles Project are collected and split at the drill site using a Gilson Universal Splitter. The samples are stored in either plastic bags (dry) or micropore bags (wet) and secured with plastic zip-ties and then transported to the preparation laboratory of Bureau Veritas in Hermosillo, Sonora. The sample pulps are then transported to the Bureau Veritas' laboratory in Vancouver, where they are assayed for gold by fire assay with atomic absorption finish (FA430 assay method code; 0.005 to 10 ppm detection limit). Samples over 10 ppm Au and over 100 ppm Ag are assayed with gravimetric finish (Assay code FA530). All samples are also assayed by ICP-ES (code AQ300) for a suite of 33 elements. Samples over 1%Pb and Zn are assayed by Aqua regia Ore Grade ICP-ES (AQ 370).

All summarized intervals reported in this press release were calculated using a 25 ppm Ag equivalent (AgEq) cut-off grade with AgEq considering Ag, Au, Pb and Zn and calculated as follows: AgEq = Ag g/t + (80x Au g/t) + (0.003 x Pb g/t) + (0.0037 x Zn g/t). Intervals contain no more than 3 metres of internal dilution. High grades have not been capped.

About Capitan Mining Inc.

Capitan Mining is a well-funded junior exploration company focused on its 100% owned Cruz de Plata Project in Durango, Mexico. The property hosts a 2.5 kilometer silver mineralized trend with multiple silver zones with scale identified to date. The Company is led by a management team that has successfully advanced and developed several heap leach operations in Mexico over the past 16 years.

More information for the Company can be found at www.capitanmining.com

ON BEHALF OF CAPITAN MINING INC.

"Alberto Orozco"

Alberto Orozco, CEO

For additional information contact:

Alberto Orozco
CEO
Capitan Mining Inc.
info@capitanmining.com
Phone: (778) 327-6671
Fax: (778) 327-6675
Web: www.capitanmining.com

Raffi Elmajian
Corporate Communications
Capitan Mining Inc.
info@capitanmining.com
Phone: (778) 327-6671
Web: www.capitanmining.com

Certain statements in this press release may be considered forward-looking information. These statements can be identified by the use of forward-looking terminology (e.g., "expect"," estimates", "intends", "anticipates", "believes", "plans"). Such information involves known and unknown risks -- including the availability of funds, the results of financing and exploration activities, the interpretation of exploration results and other geological data, or unanticipated costs and expenses and other risks identified by Capitan in its public securities filings that may cause actual events to differ materially from current expectations. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release.

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.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/159060