CALGARY, Alberta, Jan. 13, 2017 (GLOBE NEWSWIRE) — CMX Gold & Silver Corp. (CSE:CXC) (OTC:CXXMF)
(“CMX” or the “Company”) has entered into a $34,650 non-brokered
private placement for 346,500 units and a debt settlement agreement for
$2,900 for 29,000 units. Each unit is comprised of one common share and
one common share purchase warrant exercisable for two years at $0.20
per share. Also, the Company has entered into a separate debt
settlement agreement for U.S. $35,834 for 480,000 common shares of CMX.
After the private placement and debt settlements, the Company has
34,215,724 common shares issued and outstanding.

The
Company’s plans for a work program on its 100%-owned Clayton
silver-lead-zinc property in Custer County, Idaho late last year were
deferred to 2017. Jan Alston, President and CEO of CMX stated, “With
2017 continuing to see strengthening of silver, lead and zinc prices,
the timing is excellent for building on the potential of the Clayton
property. This year we expect to raise capital to materially advance
the project.”

The 2017 program will include
comprehensive sampling of mine dump material situated adjacent to the
old mill to assess economic potential. Based on preliminary estimates,
the Company believes the dump contains at least 500,000 tonnes and,
potentially, up to 1,000,000 tonnes of material.

The
2017 program will also include geophysics to assist identifying optimal
diamond drilling locations. A drilling program planned for the second
half of 2017 will target both remaining mineralization in the
underground workings and potential for new mineralized bodies adjacent
to the mine workings. The drilling program will include one (or more)
holes required to confirm the presence of mineralization extending
beyond the existing underground workings.

Historical
internal mine records indicate that not all previously identified ore
in the “North Ore Body” was mined out before operations ceased in 1986.
The mine shut down due to low metal prices, but with active mine
operations still in mineralization. Additional tonnage identified down
to the 1530-foot level was not mined and, therefore, is interpreted to
remain available. Significant potential is demonstrated in hole 1501-A,
drilled in the mid-1960’s, which penetrated the mineralized zone at the
1425 level. At that depth,
the hole intersected 22 feet (6.70 m) of 4.07 oz Ag/t, 5.75% lead and 5.37% zinc (true width unknown).

Review
of the available historical information for the Clayton Silver Mine has
been interpreted by CMX to suggest potential for identification of
additional mineralized bodies a) east and west of the existing
underground workings representing lateral offsets of mineralization; b)
to greater depth below both the “South Ore Body” (speculative) and
“North Ore Body” (documented); and c) both north and south along strike
of the host fault(s). Jan Alston commented, “Because the last mining
operations on the property occurred over 30 years ago, advances in
technology in all facets of mining activities present an opportunity to
add significant value to the Clayton property. These advances positively
impact exploration techniques (including geophysics), diamond drilling
efficiencies, mine development and operations, milling and metallurgical
processes.”

CMX stock is now DTC (Depository
Trust Company) eligible and the Company’s shares can be electronically
traded in the U.S. on OTC Markets under the symbol “CXXMF”. In Canada,
the shares continue to trade on the Canadian Securities Exchange (CSE)
under the symbol “CXC”.

Technical information in
this press release was prepared by Richard Walker, M.Sc. (Geology),
P.Geo., recognized as a Qualified Person under the guidelines of
National Instrument 43-101. Readers are cautioned that historical
information referenced in this news release is not NI 43-101 compliant,
but has been obtained from sources that the Company believes are
reliable.

The CSE has not reviewed and does not accept responsibility for the adequacy or accuracy of this news release.

About CMX Gold & Silver Corp. (CSE:CXC):

CMX
Gold and Silver Corp. is a junior mining company working to re-activate
its 100%-owned Clayton Silver Property located in the State of Idaho,
U.S.A. The property comprises approximately 276 ha (684 acres) in
Custer County in south-central Idaho.

For further information contact: Jan M. Alston, President & C.E.O. at (403) 457-2697 or at [email protected]; or visit the Company’s Website: www.cmxgoldandsilver.com

WARNING:
The Company relies on litigation protection for “forward looking”
statements. The information in this release may contain forward-looking
information under applicable securities laws. This forward-looking
information is subject to known and unknown risks, uncertainties and
other factors that may cause actual results to differ materially from
those implied by the forward-looking information. Factors that may cause
actual results to vary material include, but are not limited to,
inaccurate assumptions concerning the exploration for and development of
mineral deposits, currency fluctuations, unanticipated operational or
technical difficulties, changes in laws or regulations, the risks of
obtaining necessary licenses and permits, changes in general economic
conditions or conditions in the financial markets and the inability to
raise additional financing. Readers are cautioned not to place undue
reliance on this forward-looking information. The Company does not
assume the obligation to revise or update this forward-looking
information after the date of this release or to revise such information
to reflect the occurrence of future unanticipated events, except as may
be required under applicable securities laws.

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