Silver Elephant Mining Corp. — Capital/Financing Update 2020

May 1, 2020

ESSEX MINERALS INC.

Vancouver, British Columbia

ESSEX JOINT VENTURES AUSTRALIAN GOLD PROPERTIES

Not for Distribution in the United States or dissemination through a U.S. newswire service

May 1, 2020 – Vancouver, BC – Essex Minerals Inc. (the “Company”) (TSX-V: ESX) today announces the signing of an earn-in joint venture over three epithermal and orogenic gold projects in Australia.

The properties have been selected for their potential to host large, high-grade gold deposits and were assembled by a private Australian company KNX Resources Ltd (“KNX”) in the Georgetown region of Queensland and the Pine Creek region of the Northern Territory.

The three properties are:

Cumberland : five granted exploration permits covering 26,000 ha, 30 km from Georgetown, North Queensland, 70 km northwest of the former 3.5 million-ounce Kidston gold mine. The property has the potential to host high-grade epithermal gold mineralisation and is currently held 80% by KNX and 20% by another Australian private company, AMD Resources Ltd (“AMD”). The property has a number of drill-ready exploration targets.

Mt Turner : a granted exploration permit covering 6,000 ha, 30 km northeast of Cumberland with potential to host highgrade epithermal mineralisation and large gold-copper porphyry mineralisation. This property is held 100% by KNX.

Compass Creek : three granted exploration permits covering 6,400 ha in Pine Creek goldfield, 28 km north of Kirkland Lake’s 2.5Mtpa Union Reefs mill. The property has the potential to host large high-grade orogenic gold mineralisation and is held 80% by KNX and 20% by AMD.

Under the terms of the venture, Essex has the right to earn an initial Fist Stage Earn-in of 50% of KNX’s interest in the three properties by spending AUD $1,000,000 on exploration by May 2021.

The Company has committed to spend an initial AUD $125,000 within three months to pay for aerial lidar mapping and assaying of soil samples to better position initial drill programs and completion of NI 43-101 property reports.

At the end of the First Stage Earn-in, Essex has the right to acquire the balance of KNX’s interest in the properties at independent valuation or earn an additional 25% interest in Mt Turner and 20% interest in Cumberland and Compass Creek by funding a further AUD $3,000,000 on exploration.

On behalf of the Company

Paul Loudon CEO & Director

For further information please contact:

Tel: + 1 (604) 681 4653

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.

The securities offered have not been, and will not be, registered under the U.S. Securities Act of 1933, as amended (the "U.S. Securities Act"), or any U.S. state securities laws, and may not be offered or sold in the United States or to, or for the account or benefit of, U.S. persons (as defined under the U.S. Securities Act) absent registration or any applicable exemption from the registration requirements of the U.S. Securities Act and applicable U.S. state securities laws. This news release shall not constitute an offer to sell or the solicitation of an offer to buy securities in the United States, nor shall there be any sale of these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful.