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Southern Silver to Initiate Drilling on Cerro Las Minitas Project

Southern Silver Exploration Corp. ("Southern Silver") reports today that Freeport-McMoRan Exploration Corporation ("FMEC"), optionee of an indirect interest in the project, has provided details of 2012 exploration and 2013 proposed drilling programs.

Current plans are for a 3000-5000 metre core hole program to commence in early April following the issuance of drill permits. An initial seven sites have been selected for drill testing within the area of the 'Cerro' (or hill) where most of the previous exploration and development work has been conducted on the project.

Initial drilling will target the South Skarn area and specifically an offset of drill hole 12CLM-055, which previously identified strongly anomalous gold mineralization over a 20 metre interval within a hematite breccia which averaged 0.8g/t gold and included a 4.3 metre interval averaging 2.8g/t gold and 28g/t silver. A second 4.3 metre interval averaging 1.4g/t gold, 89g/t silver and 1.8% copper was intersected further down hole in an interval of chlorite-garnet skarn (see news release NR-11-12 of May 17, 2012).

Additional planned holes include deep testing of the central intrusive, the depth extension of the Blind zone and Santo Nino mineralization and several other geochemical and geophysical targets. Other areas will be prioritized as the program proceeds. Drilling is targeting a deep seated porphyry/skarn mineral system similar to the historic San Martin deposit (60Mt of 118g/t silver, 0.9% copper and 3.9% zinc) located about 100 kilometres to the south of the Cerro Las Minitas project.

Since execution of an earn-in agreement on the project in October 2012, FMEC has completed a program of soil and vegetation geochemistry and geophysical surveys over the entire 15,125 hectare property. FMEC has completed three additional lines of deep-penetrating IP geophysics and a gravity survey over the area of the 'Cerro' that have confirmed both the lateral extent of anomalies identified in earlier work by Southern Silver and have significantly extended the projection of several of the existing targets to over 600 metres depth.

Detailed surveys by FMEC targeted the area of the 'Cerro' where Southern Silver had previously conducted geophysical work and 15,579 metres of diamond drilling in 62 core holes in 2011/12. This drilling outlined two new deposits on the property and verified several priority targets for additional drill testing including hole 12CLM-055. Geological modeling of the Blind and El Sol deposit using a nominal 80g/t AgEq cut-off has identified multiple distinct mineralized structures with a 820 metre cumulative strike-length, with depth projections of up to 300 metres below surface. Mineralization occurs in sub-vertical structures that demonstrate good continuity between drill holes.

A Reconnaissance IP survey (RIP) covering the remainder of the concessions has identified new, previously undetected targets in gravel covered areas for further surface exploration and potential drill testing.

Southern Silver has the right to earn a 100% interest in the Cerro Las Minitas property by paying the underlying optionor a residual US$2,000,000 together with applicable local taxes by November 18, 2013. FMEC has the right to earn up to a 70% indirect interest in the project by making staged purchase payments and funding exploration and development expenditures of $25 million on the project, including funding the remaining payments to the underlying optionor, over a ten year period.



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