Defiance Extends San Acacio Option to 2023 and Other Corporate Matters

Defiance Silver Corp_19052020

Vancouver, British Columbia—(Newsfile Corp. – May 19, 2020) – Defiance Silver Corp. (“Defiance” or the “Company”) is pleased to announce that it has successfully renegotiated and significantly extended the terms of the option agreement on the Company’s flagship San Acacio Silver project. The project vendor has agreed to extend the option agreement terms by three years from September 27, 2020 to September, 27, 2023. In addition, 80% of the option payments due before March 27 and June 27, 2020 have been deferred as a part of this extension. Defiance will now be making quarterly payments, over three years, to the property vendor totaling US$2,278,189, with the final option payment of US$2,407,461 due September 27, 2023. In accordance with the original agreement, the vendor retains a 2.5% NSR which may be purchased for US$2,500,000. Should the agreement be terminated prior to September 27, 2023 a break fee equal to 5% of the outstanding option balance shall be paid to the property vendor.

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