Vancouver, BC – GR Silver Mining Ltd. (“GR Silver Mining” or the “Company”) (TSXV|GRSL,
OTCQB|GRSLF, FRANKFURT|GPE) – reports the Company's unaudited financial results for the third
quarter ended September 30, 2022. The condensed consolidated interim financial statements and
management's discussion and analysis ("MD&A") for the third quarter ended September 30, 2022 are
available under the Company's SEDAR profile on www.sedar.com or on GR Silver's
website www.grsilvermining.com.
Highlights of Q3|2022
• During the nine months ended September 30, 2022, GR Silver Mining drilled 126 underground
and surface holes totalling 5,757.0 m at the Plomosas Mine, and 49 surface holes totalling
5,677.6 m at San Marcial.
• On August 8, GR Silver Mining announced discovery of wide, high-grade silver mineralization
approximately 250 m southeast of the southernmost boundary of the San Marcial Resource
Area, in an area known as the Southeast Area (“SE Area”). Hole SMS22-10 intersected
101.6 m at 308 g/t Ag (from 98.5 m down hole), including multiple intervals grading over
1,000 g/t Ag. Subsequent drilling, announced in the news releases of September 7 and
October 17, demonstrates the geometry, lateral extent and continuity of the new zone along
strike to the southeast of this hole, in which silver-rich mineralization is hosted in breccia
and intense hematite-quartz stockwork veining. The Company continues to identify additional
targets on this part of the San Marcial Property, utilizing geophysical, geochemical and
geological mapping studies, and will continue to test the lateral extent of high-grade Ag
mineralization along the target contact. The Company anticipates drilling will continue with
two rigs over the coming months in the SE Area of San Marcial.
• After delivery of the Plomosas Mine and San Juan Areas Mineral Resource Estimate in
August 2021, GR Silver Mining embarked on a program of surgical infill drilling in the
Plomosas Mine Area, to replace some of the historical holes used in the estimate that were
selectively sampled, as well as to test new near-surface and underground high-grade Ag-Au
mineralized zones. News releases on April 27, May 24, September 12 and October 31 detailed results from this successful program, which continues with three rigs. The Companyhas released the results from 105 new holes (5,523 m), which demonstrate new discoveries
in several un-mined zones in the primary polymetallic hydrothermal breccia, as well as newly
discovered footwall and hanging wall precious metal mineralization associated with cross
cutting faults (e.g., hole PLI22-23: 44.5 m at 518 g/t AgEq - 268 g/t Ag, 1.0 g/t Au, 2.4%
Pb, 1.7% Zn, 0.2% Cu).
• On August 30, the Company closed a best-efforts brokered private placement offering, issuing
36,263,000 units of the Company at a price of $0.15 per unit for aggregate gross proceeds
of $5,439,450, including 2,929,000 units sold pursuant to the partial exercise of the option
granted to the agents. Each unit consisted of one common share in the capital of the
Company and one-half of one common share purchase warrant. Each whole warrant is
exercisable to acquire one common share for a period of 36 months following the closing of
the Offering at an exercise price of $0.22 per common share.
• As at September 30, 2022, the Company held cash of $3.6 M. Management is of the opinion
that the delivery of the mineral resource estimate update for the combined Plomosas Project,
integrating the Plomosas Mine and San Marcial Areas, is on track for delivery in the first
quarter of 2023.
GR Silver Mining Chairman and CEO, Eric Zaunscherb comments "In the year to date, GR
Silver has successfully advanced the Plomosas Project with purposeful drilling and resultant
new mineralization discoveries incremental to the existing mineral resource estimates. We have
been able to advance the project as a result of the skills of our excellent team in Mexico, the
support of our capital markets partners that helped the company to attract new capital, and the
welcome support of our new and existing shareholders. We are excited about the integrated
mineral estimate to come, as well as the results of ongoing exploration in the new year.”
QA/QC Procedures
The Company has implemented QA/QC procedures which include insertion of blank, duplicate and
standard samples in all sample lots sent to SGS de México, S.A. de C.V. laboratory facilities in
Durango, Mexico, for sample preparation and assaying. For every sample with results above Ag
>100 ppm (over limits), these samples are submitted directly by SGS de Mexico to SGS Canada Inc. at Burnaby, BC. The analytical methods are four acid Digest and Inductively Coupled Plasma Optical Emission Spectrometry with Lead Fusion Fire Assay with gravimetric finish for silver above
over limits. For gold assays the analytical methods are Lead Fusion and Atomic Absorption Spectrometry Lead Fusion Fire Assay and gravimetric finish for gold above over limits.

Qualified Person
The Qualified Person under National Instrument 43-101 Standards of Disclosure for Mineral Projects
for this news release is Marcio Fonseca, P. Geo., President & COO for GR Silver Mining, who has
reviewed and approved its contents.
About GR Silver Mining Ltd.
GR Silver Mining is a Canadian-based, Mexico-focused junior mineral exploration company engaged
in cost-effective silver-gold resource expansion on its 100%-owned assets, located on the eastern
edge of the Rosario Mining District, in the southeast of Sinaloa State, Mexico. GR Silver Mining controls 100% of two past producer precious metal underground and open pit mines, within the
expanded Plomosas Project, which includes the integrated San Marcial Area and La Trinidad acquisition. In conjunction with a portfolio of early to advanced stage exploration targets, the
Company holds 734 km2 of concessions containing several structural corridors totaling over 75 km in strike length.

GR Silver Mining Ltd.
Eric Zaunscherb
Chairman & CEO