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Southern Silver Exploration Corp
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Shares Issued 121,613,913
Close 2012-04-30 C$ 0.07
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Southern Silver drills 4.4 m of 186 g/t Ag at Cerro

2012-05-01 09:48 ET - News Release

Mr. Lawrence Page reports

SOUTHERN SILVER EXTENDS THE EXTENT OF MINERALIZED ZONES AT CERRO LAS MINITAS

Southern Silver Exploration Corp. has released an update that drilling on the Cerro Las Minitas project, located in Durango state, Mexico, continues to extend laterally and to depth, projections of the known mineralized structures at both the Blind zone and El Sol deposits.

Blind zone

Three core holes were drilled to depths between 120 and 150 metres along the northwestern extension of the Blind zone with each hole returning multiple high-grade intercepts of silver-polymetallic mineralization.

High-grade assays include:

  • A 4.4-metre interval averaging 186 grams per tonne (g/t) silver, 5.6 g/t lead and 4.6 per cent zinc (471 g/t silver equivalent (AgEq)) from drill hole 12CLM-047;
  • A 0.8-metre interval grading 421 g/t silver, 15.2 per cent lead and 6.8 per cent zinc (1,030 g/t AgEq) from drill hole 12CLM-045;
  • A 0.5-metre interval grading 1,040 g/t silver, 16.7 per cent lead and 2.9 per cent zinc (1,566g /t AgEq) from drill hole 12CLM-049.

Drilling continues to extend the projection of the Blind zone mineralization at depth toward the northwest. Initial modelling of the Blind zone has identified three distinct mineralized structures that project along a 550-metre strike length of the deposit. Several additional less-continuous lenses of mineralization are also identified in the model. True thickness of the mineralized intervals are estimated at 65 per cent to 75 per cent of the downhole thicknesses.

El Sol zone

Drilling on the El Sol deposit continues to extend the northwestern extension of previously reported mineralization from drill hole 12CLM-027 (24.8 metres of 124 g/t silver, 1.9 per cent lead and 2.1 per cent zinc) and returned multiple intercepts of mineralization including:

  • A 0.8-metre interval grading 745 g/t silver, 0.8 per cent lead and 0.4 per cent zinc (1,252 g/t AgEq) within a broader 5.9-metre interval averaging 133 g/t silver, 1.3 per cent lead and 0.5 per cent zinc (260 g/t AgEq) from drill hole 12CLM046.

Whereas earlier drilling on this deposit targeted near-surface mineralization (that is at 12CLM-027 and 12CLM-034), drill hole 12CLM-046 significantly extends the depth projection of the El Sol zone to approximately 200 metres below surface. Additionally, drilling on the El Sol deposit has identified an approximate 250-metre cumulative strike length in seven drill holes.

Company president Lawrence Page stated: "The Blind zone mineralization was identified through IP geophysics and subsequent drilling and has validated this method of identifying mineralization below gravel cover. While present drilling is identifying mineralization in the area of the Cerro Las Minitas intrusion, large portions of the 15,000-hectare mineral claims, which are overlain with gravel cover, contain geophysical anomalies similar to the anomalies at Cerro Las Minitas and will be tested in subsequent drill programs after the nature and extent of the mineralization presently being developed at Cerro Las Minitas is fully ascertained."

                SUMMARY OF RECENT SELECT COMPOSITED ASSAYS 
                    FROM THE CERRO LAS MINITAS PROJECT                                                            
                                                                            
Blind zone target                                                           

                     From     To Interval     Ag     Cu     Pb     Zn   AgEq
Hole No.               (m)    (m)      (m)  (g/t)    (%)    (%)    (%   (g/t)

12CLM-045           194.1  194.9      0.8    421    0.2   15.2    6.8   1030
                    216.5  218.1      1.6     36    0.0    1.2    1.1    103
                    229.5  230.1      0.6    103    0.0    3.7    3.6    301
12CLM-047           162.6  167.0      4.4    186    0.2    5.6    4.6    471
inc                 162.6  165.5      2.9    254    0.2    7.8    4.9    609
                    186.8  189.6      2.8     71    0.1    2.0    2.9    212
inc                 189.0  189.6      0.6    202    0.3    5.5    8.1    587
12CLM-049           108.4  111.1      2.7     87    0.2    5.4    5.3    408
                    116.7  117.2      0.5   1040    0.0   16.7    2.9   1566
                    168.8  172.2      3.4     97    0.2    2.5    2.1    239
inc                 168.8  170.2      1.4     93    0.3    2.3    3.0    258

El Sol target          
                                                     
                     From     To Interval     Ag     Cu     Pb     Zn   AgEq
Hole No.               (m)    (m)      (m)  (g/t)    (%)    (%)    (%   (g/t)

12CLM-046           104.2  105.3      1.1    179    0.1    9.4    8.1    656
                    145.1  151.5      6.4     75    0.3    2.7    3.7    272
inc.                147.7  150.1      2.4     98    0.2    3.7    7.9    421
                    195.5  201.4      5.9    133    0.8    1.3    0.5    260
inc.                195.5  196.3      0.8    745    5.1    0.8    0.4   1252
                    208.2  211.5      3.3     74    0.1    4.0    1.2    221
12CLM-048            24.1   24.8      0.6     60    0.2    2.0    2.1    190

North Skarn target                                                          
12CLM-050           123.9  125.0      1.1     69    0.2    2.6    2.5    224
                    217.4  218.3      1.0     28    0.0    1.2    1.7    108
                                                                            
Analyzed by FA-ES/AA for gold and ICP-MS by ALS Chemex, Vancouver, B.C. 
Silver overlimits (greater than 100 g/t Ag) reassayed with FA-Grav. AgEq           
calculation uses values that approximate the three-year trailing average of 
the contained metals: $23.30 silver, $1,250 gold, $3.15 copper, 90 cents 
lead and 90 cents zinc. AgEq calculations did not account for relative 
metallurgical recoveries of the metals.                                                   

2012 exploration program

Diamond drilling with two core rigs continues on the Cerro Las Minitas project. One drill rig remains dedicated to the delineation of mineralization in the Blind and El Sol zones. The second drill rig is testing specific occurrences located within the area of historic mining and several targets derived from the recently completed surface sampling and an IP geophysical program.

Twenty-nine drill holes totalling approximately 8,030 metres were completed on the project in 2011. An additional 5,977 metres in 27 drill holes have been completed to date in 2012, and two additional holes are in progress. Assays from six drill holes are pending.

The company has scheduled 20,000 metres of core drilling in 2012, with the goal of completing an NI 43-101-compliant resource on these first set of targets by the fourth quarter of 2012. This will be the initial milestone toward the company's goal of delineating a larger, multimillion-tonne, high-grade, silver-enriched polymetallic resource on the project.

For a current drill hole plan and a full table of drill results please visit the ccompany's website.

Robert Macdonald, PGeo, is a qualified person as defined by National Instrument 43-101 and has reviewed and approved the technical contents of this release.

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