Fabled Silver Gold (OTC: FBSGF) Announces Exercise of Warrants for Proceeds of $4,150,000

Vancouver, British Columbia— February 22, 2021 – Fabled Silver Gold Corp. (TSXV: FCO) (OTC Pink: FBSGF) (FSE: 7NQ) (“Fabled” or the “Company”) is pleased to announce that 41,500,000 previously issued share purchase warrants (the “Warrants”) have been exercised for gross proceeds of $4,150,000. Each of the Warrants were exercised at a price of $0.10 per share. The Warrants were issued on December 4, 2020 on the conversion of subscription receipts issued in respect of the Company’s private placement which closed on August 14, 2020 (the “Financing”).

Peter J Hawley, CEO, President states; “On behalf of Fabled, I would like to thank our loyal shareholders for their support and early exercise of warrants. Not only does this strengthen our treasury but will allow us to expand the current 8,000-meter drill program on the Santa maria Property, if warranted.”

Following the exercise of the Warrants, Fabled continues to have a total of 50,500,000 share purchase warrants outstanding that were previously issued under the Financing. The Company has 185,251,903 total shares issued and outstanding as at February 19, 2021.

Stock Option Issuance

Fabled wishes to clarify its press release dated February 5, 2021 announcing the grant of 350,000 stock options. The stock options issued are exercisable until September 1, 2022 not September 1, 2021, with 25% vested on the date of grant and 25% to vest every three months thereafter until fully vested.

About Fabled Silver Gold Corp.

Fabled is focused on acquiring, exploring and operating properties that yield near-term metal production. The company has an experienced management team with multiple years of involvement in mining and exploration in Mexico. The company’s mandate is to focus on acquiring precious metal properties in Mexico with blue-sky exploration potential.

The company has entered into an agreement with Golden Minerals Company to acquire the Santa Maria project, a high-grade silver-gold property situated in the centre of the Mexican epithermal silver-gold belt. The belt has been recognized as a significant metallogenic province, which has reportedly produced more silver than any other equivalent area in the world.