Mr. John Lee reports

SILVER ELEPHANT INCREASES PRIVATE PLACEMENT TO $1,182,650 AND CLOSES THE FIRST TRANCHE FOR $675,000

Silver Elephant Mining Corp. has successfully closed the first tranche of its previously announced private placement and issued an aggregate of 1.5 million units for gross proceeds of $675,000. Each Unit consists of one common share of the Company and one share purchase warrant with each warrant entitling the holder to purchase one additional share of the Company at a price of $0.55 per share for 3 years. No Finder's Fee was payable in connection with the first tranche closing.

Furthermore, The Company announces that it has increased the size of the Placement to 2,628,111 units for aggregate gross proceeds of $1,182,650.

The securities issued as part of the Placement will be subject to a hold period of four months plus one day from the date of issue.

A Finder's Fees of 7% Finder's Units may be payable in connection with the Placement in accordance with the policies of the TSX. Each Finder's Unit will consist of one common share of the Company and one non-transferable share purchase warrant with each warrant entitling the holder to purchase one additional share of the Company at a price of $0.55 per share for 3 years.

Proceeds of the Placement are expected to be used for exploration, working capital and general corporate purposes.

This news release does not constitute an offer to sell or a solicitation of an offer to buy 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 "U.S. Securities Act") or any state securities laws and may not be offered or sold within the United States unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.

About Silver Elephant Mining Corp.

Silver Elephant Mining Corp. is a premier silver mining and exploration company, with its flagship Pulacayo silver project in Bolivia. It also owns 100% of Mega Thermal Coal Corp and 39% of Oracle Commodity Holding Corp. ("Oracle"). Oracle has equity and royalty investments in nickel and vanadium mining companies.

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