Mr. John Miniotis reports

ABRASILVER ANNOUNCES CLOSING OF $28.5 MILLION PRIVATE PLACEMENT, COMPLETING TOTAL $58.5 MILLION IN FINANCINGS

Abrasilver Resource Corp. has successfully closed its previously announced private placement of 11,193,565 common shares of the company at a price of $2.55 per common share for aggregate gross proceeds of $28,543,591. This marks the completion of a total of approximately $58.5-million in recent financings, including the previously announced $30-million public offering of common shares.

In connection with the offering, the company issued 10,094,697 common shares to an affiliate of Central Puerto SA and 1,098,868 common shares to Kinross Gold Corp., upon the exercise of certain participation rights held by such persons. In connection with the offering, the company has also agreed to pay an arm's-length finder a cash commission of up to 3 per cent of the proceeds raised from Central Puerto. The common shares sold pursuant to the offering are subject to a hold period of four months plus one day from the closing date of the offering.

John Miniotis, president and chief executive officer, commented: "The completion of our financings significantly strengthen our balance sheet and allow us to accelerate the advancement of our flagship Diablillos silver-gold project. The strong support from key strategic investors, including Central Puerto and Kinross, as well as participation from institutional investors, underscores the high level of confidence in our project's potential. With $58.5-million now secured, we are extremely well positioned to accelerate exploration, optimize our development plans and unlock further value for all our shareholders."

The net proceeds from the offering are expected to be used to finance the continued advancement of the 100-per-cent-owned Diablillos silver-gold project in Salta province, Argentina, as well as for general corporate purposes.

About Abrasilver Resource Corp.

Abrasilver is an advanced-stage exploration company focused on rapidly advancing its 100-per-cent-owned Diablillos silver-gold project in the mining-friendly Salta and Catamarca provinces of Argentina. The current proven and probable mineral reserve estimate for Diablillos consists of 42.3 million tonnes grading 91 grams per tonne silver and 0.81 g/t gold, containing approximately 124 million ounces of silver and 1.1 million ounces of gold, with significant further exploration upside potential. In addition, the company has entered into an earn-in option and joint venture agreement with Teck on the La Coipita project, located in the San Juan province of Argentina.

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