Mr. Peter Dembicki reports

TIER ONE SILVER CLOSES FIRST TRANCHE OF PRIVATE PLACEMENT FINANCING

Tier One Silver Inc. has completed the first tranche of its previously announced non-brokered private placement by issuing 5,183,333 units at 7.5 cents per unit for gross proceeds to the company of $388,749.98. Each unit consists of one common share and one full common share purchase warrant. Each warrant entitles the holder thereof to purchase one common share of the company at a price of 15 cents at any time on or before the date which is 36 months from the closing date of the offering. The company intends to extend the closing of a second and final tranche for 30 days, subject to TSX Venture Exchange approval. Raising further funds is subject to the execution of additional subscription agreements by investors.

In connection with the closing of the first tranche of the offering, the company paid cash finders' fees of $12,825 and issued 171,000 non-transferable finders' warrants, with each finder's warrant exercisable on the same terms as the unit warrants as noted above. The proposed use of proceeds from the offering is to finance general working capital.

Insiders of the company acquired an aggregate of two million units in the offering for a total of $150,000, which participation constituted a related-party transaction as defined under Multilateral Instrument 61-101 (Protection of Minority Security Holders in Special Transactions). Such participation is exempt from the formal valuation and minority shareholder approval requirements of MI 61-101 as the fair market value of the securities acquired by the insiders was less than 25 per cent of the company's market capitalization.

In accordance with applicable securities laws, the securities issued under the offering are subject to a statutory four-month-and-one-day hold period from the date of issuance in Canada. Final approval by the TSX Venture Exchange is expected upon filing standard documentation.

About Tier One Silver Inc.

Tier One is an exploration company focused on creating value for shareholders and stakeholders through the discovery of world-class silver, gold and copper deposits in Peru. The company is focused on its flagship exploration project, Curibaya. The company's management and technical teams have a strong record in raising capital, discovery and monetization of exploration success.

We seek Safe Harbor.