Silver Elephant Proposes A Return to Pure Silver Miner With Nickel And Vanadium Spin-Outs

VANCOUVER - Silver Elephant Mining Corp. is planning to spin out Flying Nickel Mining Corp. and Nevada Vanadium Mining Corp., two Canadian companies wholly owned by Silver Elephant. Doing so will return Silver Elephant to being a dedicated silver investment vehicle.

John Lee, CFA, Chairman, said, "Silver Elephant is moving toward a pure silver play with proposed spinouts of its non-silver assets. The Company will focus on resource expansion and environmental permitting of our flagship Pulacayo silver project in Bolivia. Pulacayo hosts 107 million oz of silver in the indicated category according to Mercator technical report. $35 million has been invested at Pulacayo with over 100,000 meters of drilling. Silver Elephant is returning to its silver roots and will be moving away from diluting silver assets with non-silver purchases, as exemplified by other silver explorers and miners such as First Majestic and Fortuna Silver this year. Bolivia is opening up to foreign investment, in stark contrast to growing anti-foreign-mining sentiment in Peru. Silver Elephant's team in Bolivia has been operating peacefully at Pulacayo since 2005 with strong support from the local community. While Silver Elephant is still working out the timing to effect the dual spin outs (which are non-binding at this stage), we feel it's important to communicate the company's future direction.”