Defiance Silver Corp. and ValOro Resources Inc. announced that their friendly merger (Transaction) under the Business Corporations Act (British Columbia) will be completed effective 11:59 pm on December 31, 2018 and will create a leading diversified explorer with an advanced portfolio of Mexican silver and gold projects. The combined company will continue under the name of Defiance Silver Corp.

The combined management team will be led by President and Chief Executive Officer, Mr. Peter J Hawley, Ms. Evelyn Abbott as Chief Financial Officer and Secretary and Ms. Gillian Kearvell as Vice President of Exploration. Defiance's new Board will be comprised of Mr. Peter J. Hawley, Mr. Darrell Rader, Mr. Paul Smith, Mr. Randy Smallwood and Mr. George Brack. ValOro's President, Mr. Dunham Craig, will join the Board at Defiance's next annual general meeting.