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Golden Minerals Begins Drilling Program at San Luis del Cordero Project

Prospero Silver Corp. is pleased to direct the reader to a news release published today by Golden Minerals Company where Golden announces the commencement of a 3,000-meter drilling program on the Santa Rosa vein at its San Luis del Cordero Project in Durango State, Mexico.

This is pursuant to an exploration and exploitation agreement signed with Golden and Prospero's wholly-owned Mexican subsidiary.

It is understood that Golden's primary objectives for the 2016 drill program are to define a larger and upgraded Santa Rosa vein resource including measured resources as well as indicated and inferred resources intended for inclusion in an updated NI 43-101 resource estimate and preliminary economic analysis.

Prospero published a NI 43-101 compliant resource estimate on the Cordero Santa Rosa vein system dated October 1, 2014 entitled Report on the Initial Resource Estimate for the San Luis Del Cordero Project, dated October 1, 2014, (the "Cordero Technical Report") and filed under Prospero's issuer profile on SEDAR on November 18, 2014 (for the following extract see p. 54):

Zone Class Tonnes AgEq3 g/t Ag g/t Cu % Zn % Ag ozs AgEq Ozs4
Sta. Rosa vein Indicated 31,500 1022.6 827.8 1.21 1.98 838,366 1,035,663
Sta. Rosa vein Inferred 218,437 955.4 716.4 1.12 3.62 5,031,291 6,710,075
  1. Mineral Resources are not Mineral Reserves because there are insufficient studies to demonstrate economic viability.
  2. It cannot be assumed that all or any part of an Inferred Resource will be upgraded to an Indicated or Measured Resource as a result of continued exploration.
  3. AgEq = Ag + [Cu% x 22.046 x Cu price x 31.103/Ag price + Zn% x 22.046xZn price x 31.103/Ag price]. Metal prices used in the formula: silver = US$19/oz, copper = US$3.00/lb, Zn = US$0.90/lb.
  4. AgEq ozs = AgEq grams/31.103.

The Cordero Technical Report discloses a resource estimate on Cordero describing:

  • A high-grade silver/copper/zinc resource -- see table above.
  • Lower grade silver/copper values in a distinct structurally and strata-bound controlled skarn zone extending some 3 Km east & southeast - see table below.
Zone Class Tonnes AgEq3 g/t Ag g/t Cu % Zn % Ag ozs AgEq Ozs4
Sta. Rosa East skarn Indicated 631,125 200.8 86.1 0.76 1.02 1,747,094 4,075,335
Sta. Rosa East skarn Inferred 2,566,875 214.9 95.7 0.72 1.26 7,897,950 17,734.488
  1. Mineral Resources are not Mineral Reserves because there are insufficient studies to demonstrate economic viability.
  2. It cannot be assumed that all or any part of an Inferred Resource will be upgraded to an Indicated or Measured Resource as a result of continued exploration.
  3. AgEq = Ag + [Cu% x 22.046 x Cu price x 31.103/Ag price + Zn% x 22.046xZn price x 31.103/Ag price]. Metal prices used in the formula: silver = US$19/oz., copper = US$3.00/lb., Zn = US$0.90/lb.
  4. AgEq ozs = AgEq grams/31.103

Prospero's agreement with Golden Minerals deals only with the Santa Rosa vein system. Prospero plans to consider further exploration with a view to expanding the resource of the Santa Rosa East Skarn, with additional drilling if and when market conditions permit.

Source: http://www.prosperosilver.com/

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