Mr. Lawrence Page reports

SOUTHERN SILVER ANNOUNCES OVERSUBSCRIBED PRIVATE PLACEMENT

Southern Silver Exploration Corp. has oversubscribed its non-brokered private placement previously announced in Stockwatch on Oct. 13, 2010. Southern Silver now plans to issue up to a total of 25 million units at a price of 10 cents per unit, to raise gross proceeds of up to $2.5-million. Each unit will consists of one common share and one share purchase warrant, with each warrant exercisable to purchase one additional common share at an exercise price of 20 cents per share for a period of two years.

On Oct. 27, 2010, Southern Silver closed the first tranche of the private placement by issuing 9.9 million units for gross proceeds of $990,000. The second tranche of the private placement is expected to close shortly.

The proceeds from the private placement will be utilized to finance exploration projects on the Oro, San Luis and Cerro Las Minitas properties, as well as for working capital. Finders' fees may be payable. The private placement and finders' fees are subject to regulatory approval.