Vancouver, British Columbia--(Newsfile Corp. - March 28, 2024) - CAPITAN SILVER CORP. (TSXV: CAPT) ("Capitan" or "the Company") announces that, further to its news release of March 4, 2024 has increased the size of its non-brokered private placement from C$1,500,000 to C$2,000,001. The Company will issue up to 13,333,340 Common Shares with each Common Share being issued at a price of $0.15.

Capitan intends to use the net proceeds from the Private Placement to continue to advance the Cruz de Plata gold-silver project, evaluate potential acquisitions as well as to fund working capital and general corporate expenses.

The closing of the Private Placement is expected to occur on or about April 12th, 2024 and is subject to the receipt of all necessary regulatory approvals, including the approval of the TSX Venture Exchange. All securities issued pursuant to the Private Placement will be subject to a four-month hold period in accordance with applicable Canadian securities laws.

This press release does not constitute an offer to sell or a solicitation of an offer to sell any of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the "1933 Act") or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the 1933 Act and applicable state securities laws or an exemption from such registration is available.

About Capitan Silver Corp.

Capitan Silver is a well-funded junior exploration company focused on its 100% owned gold and silver Cruz de Plata Project in Durango, Mexico. 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 .

ON BEHALF OF CAPITAN SILVER CORP.

"Alberto Orozco"

Alberto Orozco, CEO

For additional information contact:

Alberto Orozco
CEO
Capitan Silver Corp.
info@capitansilver.com
Phone: (778) 327-6671
Fax: (778) 327-6675
Web:

Raffi Elmajian
Corporate Communications
Capitan Silver Corp.
info@capitansilver.com
Phone: (778) 327-6671
Web:

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.

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