Market Overview

Americas Silver Provides Updates on the Pershing Gold Transaction and the San Felipe Property Option


Americas Silver Corporation (TSX:USA) (NYSE:USAS) ("Americas
Silver" or the "Company") is pleased to provide an update on
developments for the pending merger transaction (the "Transaction") with
Pershing Gold Corporation ("Pershing Gold") announced September 30,
2018, including details of the special meeting of shareholders (the
"Special Meeting"), and to provide an update regarding its option
agreement on the San Felipe property.

Pershing Gold Transaction Update

ISS and Glass Lewis Recommendations

Institutional Shareholder Services, Inc. ("ISS") and Glass, Lewis & Co.,
LLC ("Glass Lewis"), two leading independent proxy advisory firms1,
have recommended that shareholders vote in favour of the Transaction at
the upcoming special meeting with respect to the resolutions outlined in
the Management Information Circular (the "Circular").

Both ISS and Glass Lewis RECOMMEND that shareholders of the Company
VOTE IN FAVOUR of the resolutions outlined in the Circular.

"Both ISS and Glass Lewis support the Transaction," said Darren
Blasutti, President and Chief Executive Officer of Americas Silver.
"These independent recommendations further support our belief that the
Transaction is in the best interests of our collective shareholders."

Mailing of Special Meeting Materials and Voting Instructions

The meeting materials in connection with the Special Meeting, including
the Circular, were mailed to Company shareholders and filed on SEDAR and
EDGAR on December 12, 2018. The Special Meeting will be held on January
9, 2019. The record date for shareholders entitled to vote at the
Special Meeting is November 30, 2018.

The Company's Board of Directors RECOMMENDS that shareholders of the
Company VOTE IN FAVOUR of the resolutions outlined in the Circular.

Americas Silver shareholders are encouraged to vote, which must be
received by Computershare by 10:00 a.m. (EST) on January 7, 2019. Your
vote is very important
. Shareholders should vote using the
applicable form of proxy or voting instruction form today. Company
shareholders who have questions about the Transaction or need assistance
voting may contact Shorecrest Group, Ltd., the solicitation agent for
the Transaction at:

Shorecrest Group, Ltd.
North America Toll-Free: 1-888-637-5789
Calls Outside North America: 1-647-931-7454

Possible CFIUS Approval Delay

As a condition of the Merger Agreement between Americas Silver and
Pershing Gold, the Transaction must obtain necessary approval from the
Committee on Foreign Investment in the United States ("CFIUS"). Americas
Silver and Pershing Gold jointly filed the required notice with CFIUS on
November 21, 2018 with the applicable 45-day review period commencing on
November 29, 2018.

On December 22, 2018, the Company received notification from CFIUS that
all deadlines for declarations and transactions under review or
investigation are tolled due to the lapse in appropriations attributable
to the partial U.S. government shutdown. As a result, the closing of the
Transaction, previously estimated to be on or about January 14, 2019,
may be extended until appropriations are restored and a subsequent
approval is obtained from CFIUS or the parties waive this condition. The
Company continues to monitor the status of the shutdown and its impact
on the closing of the Transaction and will provide updates as necessary.

San Felipe Property Update

The Company has agreed to terms with Minera Hochschild Mexico S.A. de
C.V. ("Hochschild") to extend the timing of payments under its option
agreement on the San Felipe silver‐zinc‐lead project (the "San Felipe
Property"). The San Felipe Property is located 130 km northeast of
Hermosillo City, Sonora State in Mexico. As announced in a release dated
March 2, 2017, the Company purchased an option granting it the right to
acquire a 100% interest in the San Felipe Property (the "Option").
Further to the agreed terms, the remaining cash payment of US$6.0
million (plus applicable VAT) is to become due and payable in eight
quarterly amounts of US$750,000 over a two-year period. The quarterly
payments are expected to begin at or following the end of Q1-2019,
subject to satisfaction of certain conditions.

As consideration for the deferral of the cash payment described above,
subject to required approvals including the approval of the Toronto
Stock Exchange (the "TSX"), the Company has agreed to issue that number
of its common shares with a value that is equal to US$600,000 using the
5-day volume-weighted average price on the TSX as of the date of the
parties' agreement (and for which the Company has obtained price
protection from the TSX pursuant to its rules), subject to adjustment in
certain circumstances.

About Americas Silver Corporation

Americas Silver is a silver mining company focused on growth in precious
metals from its existing asset base and execution of targeted accretive
acquisitions. It owns and operates the Cosalá Operations in Sinaloa,
Mexico and the Galena Complex in Idaho, USA. The Company holds an option
on the San Felipe development project in Sonora, Mexico.

For further information please see SEDAR or

Cautionary Statement on Forward‐Looking Information:

This news release contains "forward-looking information" within the
meaning of applicable securities laws. Forward-looking information
includes, but is not limited to, Americas Silver's and Pershing's
expectations intentions, plans, assumptions and beliefs with respect to,
among other things, the realization of exploration, operational,
production, and development plans, the Cosalá Operations (including Zone
120) and Galena Complex; Americas Silver's financing efforts; the
completion of the Option for the San Felipe Property, the consummation
of the Transaction with Pershing in accordance with its terms; the
anticipated silver and gold production of the combined company;
potential improvements in production, cash flow, shareholder liquidity,
and access to capital; perceptions of institutional shareholders and
analysts; any potential re‐rating; references to anticipated profits,
risk, realized value and return; construction, production, and
development plans at Relief Canyon Mine; the relative ownership of
shareholders in the combined company; the future management and board of
the combined company; the timing of shareholder proxies, meetings and
the closing of the Transaction; estimates and forecasts with respect to
the expected project economics for Relief Canyon derived from the
Feasibility Study, such as estimates of average production, AISC, IRR,
NPV; cash costs; the availability of financing and the estimated
construction timeline for Relief Canyon Mine; and opportunities for
expanding the Relief Canyon Mine deposit and exploring opportunities on
nearby lands. Often, but not always, forward-looking information can be
identified by forward-looking words such as "anticipate", "believe",
"expect", "goal", "plan", "intend", "estimate", "may", "assume" and
"will" or similar words suggesting future outcomes, or other
expectations, beliefs, plans, objectives, assumptions, intentions, or
statements about future events or performance. Forward-looking
information is based on the opinions and estimates of Americas Silver
and Pershing as of the date such information is provided and is subject
to known and unknown risks, uncertainties, and other factors that may
cause the actual results, level of activity, performance, or
achievements of Americas Silver or Pershing to be materially different
from those expressed or implied by such forward looking information.
With respect to the Transaction, these risks and uncertainties include
the risk that Americas Silver or Pershing may be unable to obtain any
regulatory approvals required for the Transaction, or that regulatory
approvals may delay the transaction or cause the parties to abandon the
Transaction; the risk that required stockholder approvals may not be
obtained; the risk that other conditions to closing may not be
satisfied; the length of time needed to consummate the proposed
Transaction, which may be longer than anticipated for various reasons;
the risk that the businesses will not be integrated successfully; the
diversion of management time on transaction‐related issues; the risk
that costs associated with the integration are higher than anticipated;
and litigation risks related to the Transaction. With respect to the
businesses of Americas Silver and Pershing, these risks and
uncertainties include interpretations or reinterpretations of geologic
information, unfavorable exploration results, inability to obtain
permits required for future exploration, development or production,
general economic conditions and conditions affecting the industries in
which the Company and Pershing operate; the uncertainty of regulatory
requirements and approvals; fluctuating mineral and commodity prices,
and the ability to obtain necessary future financing on acceptable terms
or at all; the ability to develop and operate the Cosalá, Galena, Relief
Canyon properties, risks associated with the mining industry such as
economic factors (including future commodity prices, currency
fluctuations and energy prices), ground conditions and factors other
factors limiting mine access, failure of plant, equipment, processes and
transportation services to operate as anticipated, environmental risks,
government regulation, actual results of current exploration and
production activities, possible variations in ore grade or recovery
rates, permitting timelines, capital expenditures, reclamation
activities, labor relations, social and political developments and other
risks of the mining industry. Although the Company has attempted to
identify important factors that could cause actual results to differ
materially from those contained in forward-looking information, there
may be other factors that cause results not to be as anticipated,
estimated, or intended. Readers are cautioned not to place undue
reliance on such information. Additional information regarding the
factors that may cause actual results to differ materially from these
forward‐looking statements is available in Pershing's filings with the
Securities and Exchange Commission, including the Annual Report on Form
10‐K for the year ended December 31, 2017, and in the Americas Silver's
filings with on SEDAR. Neither Americas Silver nor Pershing undertake
any obligation to update publicly or otherwise revise any
forward-looking information whether as a result of new information,
future events or other such factors which affect this information,
except as required by law. Neither Americas Silver nor Pershing gives
any assurance (1) that Americas Silver and Pershing will achieve its
expectations, or (2) concerning the result or timing thereof. All
subsequent written and oral forward‐looking statements concerning
Pershing, Americas Silver, the proposed transaction, the combined
company or other matters and attributable to Pershing or Americas Silver
or any person acting on their behalf are expressly qualified in their
entirety by the cautionary statements above.

No Offer or Solicitation

This press release is for informational purposes only and does not
constitute an offer to sell or the solicitation of an offer to buy any
securities or a solicitation of any vote or approval with respect to the
proposed transaction between Americas Silver and Pershing or otherwise,
nor shall there be any sale of securities in any jurisdiction in which
such offer, solicitation or sale would be unlawful prior to registration
or qualification under the securities laws of any such jurisdiction. No
offer of securities shall be made except by means of a prospectus
meeting the requirements of Section 10 of the United States Securities
Act of 1933, as amended.

Participants in Merger Solicitation

Pershing, Americas Silver and certain of their respective directors,
executive officers and other members of management and employees may be
deemed to be participants in the solicitation of proxies from the
stockholders of Pershing and Americas Silver in connection with the
proposed transaction. Information about the directors and executive
officers of Pershing is set forth in its proxy statement for its 2018
annual meeting of stockholders, which was filed with the U.S. Securities
and Exchange Commission (the "SEC") on April 30, 2018. Information about
the directors and executive officers of Americas Silver is set forth in
its Form 6‐K for its 2018 annual meeting of shareholders, which was
filed with the SEC on April 13, 2018. These documents can be obtained
free of charge from the sources indicated below. Other information
regarding those persons who are, under the rules of the SEC,
participants in the proxy solicitation and a description of their direct
and indirect interests, by security holdings or otherwise, will be
contained in Pershing's proxy statement/prospectus and other relevant
materials to be filed with or furnished to the SEC when they become

Additional Information and Where to Find It

The proposed transaction (or certain matters related thereto) between
Americas Silver and Pershing will be submitted to the respective
stockholders of Americas Silver and Pershing for their consideration.
Americas Silver will file with the SEC a registration statement on Form
F‐4 that will include a proxy statement of Pershing that also
constitutes a prospectus of Americas Silver. Americas Silver will file
an Information Circular with the applicable Canadian securities
administrators. Pershing will deliver the proxy statement/prospectus to
its stockholders as required by applicable law. Americas Silver will
deliver the Information Circular to its stockholders as required by
applicable law. Americas Silver and Pershing also plan to file or
furnish other documents with the SEC regarding the proposed transaction.
This press release is not a substitute for any prospectus, proxy
statement, information circular or any other document which Americas
Silver and Pershing may file with or furnish to the SEC in connection
with the proposed transaction. INVESTORS AND SECURITY HOLDERS OF
AND RELATED MATTERS. Investors and stockholders will be able to obtain
free copies of the proxy statement/prospectus and information circular
and other documents containing important information about Americas
Silver and Pershing, once such documents are filed with the SEC through
the website maintained by the SEC at,
and with the Canadian securities administrators, through the website at
Pershing and Americas Silver will make available free of charge at
respectively (in the "Investor Relations" and "Investors" section, as
applicable), copies of materials they file with, or furnish to, the SEC
and the Canadian securities administrators.

1 ISS and Glass Lewis are recognized as leading independent
proxy and corporate governance advisory firms whose recommendations are
relied upon by many major institutional investment firms, mutual and
pension funds and other institutional shareholders.

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