Aurcana Provides Construction Update for Its Revenue Virginius Mine

Vancouver, BC – February 18, 2021 – Aurcana SILVER Corporation ("Aurcana" or the "Company") (TSXV: AUN) is pleased to provide a construction update for its Revenue Virginius Mine, (RV) located near Ouray, Colorado. Aurcana is fully funded for the RV Mine restart including a robust contingency. Excess funding will be applied to potential value added activities such as such as exploration of vein extensions, potential production volume increases, strategic regional consolidation, and Shafter value added activities.

The Company remains on track to deliver a ramp up to full production in the second half of 2021. Please note the following progress milestones:

• Staffing:
  • All management personnel have been hired and are currently in place at the RV Mine along with Kevin Drover, President and CEO of Aurcana Silver Corporation who relocated to Ouray at the end of 2020 to directly oversee the restart.
  • The current complement of employees and contractors working at the site is approximately 130 people including 110 working directly for the RV Mine.
• Surface Facilities Upgrades:
  • The rail-yard building constructed to provide storage of ore car train sets and material storage is completed.
  • Foundations for the reagent building and miners dry room are poured and awaiting structural steel erection. 
• Underground Development:
  • Debottlenecking of underground infrastructure continues allowing for more efficient development work.
  • Significant progress has been made on #1 and #2 vertical raises to access the initial production stopes, and the vertical development sequence has been optimized to allow horizontal drifting to begin earlier on the lower (closer to rail level) production levels. #3 raise will commence in April.
  • The Hubb-Reed raise shown on the drawing below is the main secondary escapeway from the mine. The opening has been completed and awaiting installation of the elevator.

• Processing Facilities Upgrades:
  • All major pieces of equipment have been ordered and are either on-site or in transit.
  • The mill foundation has been poured for the upgraded main mechanical feeder.
  • Current expectations remain for mill commissioning and first ore through the mill in the third quarter of CY2021.

Qualified Person Statement

The scientific and technical content of this news release was reviewed and approved by Michael Gross, P. Geo, a “qualified person” within the meaning of NI 43-101

ABOUT AURCANA CORPORATION

Aurcana Corporation owns the Revenue-Virginius Mine, in Colorado, and the Shafter-Presidio Silver Project in Texas, US.  The primary resource at Shafter and Revenue-Viriginius is silver.  Both are fully permitted for production.

ON BEHALF OF THE BOARD OF DIRECTORS OF AURCANA CORPORATION

“Kevin Drover”
President & CEO

For further information, visit the website at www.aurcana.com or contact:

Aurcana Corporation
850 – 789 West Pender Street
Vancouver, BC V6C 1H2
Phone: (604) 331-9333

Gary Lindsey, Corporate Communications
Phone: (720)-273-6224
Email: gary@strata-star.com

CAUTIONARY NOTES

This press release contains forward looking statements within the meaning of applicable securities laws. The use of any of the words “anticipate”, “plan”, “continue”, “expect”, “estimate”, “objective”, “may”, “will”, “project”, “should”, “predict”, “potential” and similar expressions are intended to identify forward looking statements. In particular, this press release contains forward looking statements concerning, without limitation, statements relating to the Private Placement (including with respect to the timing of closing of the Private Placement). Although the Company believes that the expectations and assumptions on which the forward looking statements are based are reasonable, undue reliance should not be placed on the forward looking statements because the Company cannot give any assurance that they will prove correct. Since forward looking statements address future events and conditions, they involve inherent assumptions, risks and uncertainties. Actual results could differ materially from those currently anticipated due to a number of assumptions, factors and risks. These assumptions and risks include, but are not limited to, assumptions and risks associated with the receipt of regulatory or shareholder approvals, and risks related to the state of financial markets or future metals prices.

Management has provided the above summary of risks and assumptions related to forward looking statements in this press release in order to provide readers with a more comprehensive perspective on the Company’s future operations. The Company’s actual results, performance or achievement could differ materially from those expressed in, or implied by, these forward looking statements and, accordingly, no assurance can be given that any of the events anticipated by the forward looking statements will transpire or occur, or if any of them do so, what benefits the Company will derive from them. These forward looking statements are made as of the date of this press release, and, other than as required by applicable securities laws, the Company disclaims any intent or obligation to update publicly any forward looking statements, whether as a result of new information, future events or results or otherwise.

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.