An anonymous trustee reports

SPROTT PHYSICAL SILVER TRUST CONFIRMS FINAL DELIVERY OF SILVER BULLION PURCHASES

Sprott Asset Management LP is providing investors with an update on the status of the silver bullion purchased by Sprott Physical Silver Trust through the follow-on offering of trust units that was completed on Jan. 23, 2012.

The trust has now received physical delivery of the silver bars purchased through the follow-on offering. The trust's silver holdings now total approximately 32,878,296 silver ounces in bullion bar form. The silver bars are currently being processed into inventory by the custodian of the trust. Once the inventory process has been completed, a list of all bars held by the trust will be published on its website.

Additional detail on the trust can be found in the final prospectus available on EDGAR and SEDAR or on the trust's website.

About Sprott Asset Management LP

Sprott Asset Management, a wholly owned subsidiary of Sprott Inc., is a fund company dedicated to achieving superior returns for its investors over time. SAM manages assets primarily for institutions, endowments and high-net-worth individuals. Sprott Asset Management is the investment manager of the Sprott funds. Commissions, trailing commissions, management fees and expenses all may be associated with mutual fund investments. Please read the prospectus before investing.