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Mexican Silver Mines Initiates IP Geophysics at Vallecillo

Mexican Silver Mines Initiates IP Geophysics at Vallecillo

Mexican Silver Mines Ltd. (“Mexican Silver” or “MSM”) has initiated a Ground Induced Polarization (“IP”) Geophysical Survey at its Vallecillo Project in the state of Nuevo Leon, Mexico in follow up to the Phase 1 drilling program. The layout of the initial IP survey lines has been tied to the results of the Company’s phase 1 drilling results (news release January 23, 2008). The IP survey will initially target three areas:

The La Magnolia and Carmencita Mines comprise a group of old workings which have returned significant surface sampling results. The Company’s phase 1 drilling completed a single hole here (V-12) which intersected 1.3 meters of 374 g/t Ag and 12.35% Pb (press release Dec 5, 2007). Two IP lines, each 1,300 m long and spaced 50 m apart, will be completed between the mines and both cross the parallel structures that host the two mines.

The Santa Maria and Colorada Mines comprise a group of old workings that have also returned significant results from surface sampling but no drill holes have yet tested this area. Two lines, 1,300 m long and each spaced 50 m apart will be completed to test the response of two parallel structures (800 m apart on average) believed to host the two mines.
The Dolores Mine is the largest mine in the district, and based on historical information, it is inferred that the mine has produced more than 250,000 tons with grades averaging 2,000 g/t silver (15,000,000 oz of silver). Holes V-03, V-11 and V-13 have already intersected, and partially delineated at 50 m centers, a new mineralized manto located 250 meters west of the Dolores shaft (press release January 23, 2008). Although results from Hole V-10 are still pending, the hole visibly intersected 2.48 m of mineralization east of the San Pablo mine suggesting significant dimensions to this mineralization. Two IP survey lines, each 700 m long and spaced 50 m apart, will test this area.

Ground IP Geophysical Program
At Vallecillo, the characteristic of the sedimentary rocks are favorable to IP geophysics. The host rock resistivity predicts accurate IP information to depths of 350 m. In addition, the lack of sulphides within the host rock in contrast with the disseminated metallic sulphides associated with the Ag-Pb-Zn mineralization will provide it with a distinct IP response. Finally, this technique should delineate the historic subsurface workings and openings, allowing for the fine tuning of phase 2 drilling by avoiding these obstacles to drilling and be able to get closer to the areas of known mineralization.

Geolinsa SA de CV of Linares, Neuvo Leon has been retained as the geophysical contractor to acquire and process the IP data. An initial 8 line kilometer ground IP survey has already been completed as an orientation to a larger, more detailed 32 line kilometer at Vallecillo.

The Vallecillo district (“District”) has been the site of silver-lead mining activities dating back to 1776, where mineralization is hosted within structures and mantos in a sequence of interbedded limestones and silty carbonates. The largest mine in the District is the Dolores Mine which was mined to a depth of 100 m. All the other mines in the area have been mined from 5 to 20 metres. These mines were restricted to the water table due to inadequate mining and water management techniques at the time. Based on historical information, it is inferred that the mine has produced more than 250,000 tons with grades averaging 2,000 g/t silver or approximately 15,000,000 oz of silver. The reader is cautioned that these numbers are rough estimates only and are not NI 43 101 qualified and that these inferences are based upon preliminary visual surface observations, historical data and interviews with locals who once worked the area. There is no evidence that any of these workings were exploited past the 100 m depth and no drill holes have ever been completed in the District prior to the first phase drilling just completed by MSM.

The Company's phase 1 drill program at Vallecillo was the first ever drilling directed at this district by any group. As the majority of the underground workings are inaccessible, and historic mine maps from the various mines in the district were not available, this drilling program provided the first concrete subsurface information for in situ mineralization. MSM was cautious in its drilling pattern due to the lack of historic mine maps as it did not want the drill to encounter underground open areas which would result in the loss of the hole and potential damage to the drilling equipment. The subsurface information obtained through this phase of drilling in addition to the current geophysical program will allow phase 2 drilling to step closer to the historic mining targets. MSM believes that because of this it has not yet drilled through the main vein or mantos but is drilling the conduits of the fluids bringing the mineralization.

The land position assembled by MSM encompasses the Vallecillo district, is such that it can, for the first time, be treated as one large coherent exploration project. Initial surface mapping and geochemistry has located mantos style silver lead zinc (Ag-Pb-Zn) mineralization over a strike length of more than six kilometres within the District. Initial drilling (press release January 23, 2008) indicates the presence of a large Ag-Pb-Zn mineralized mantos chimney complex in subsurface association with the considerable strike of this mineralization. The current geophysical survey will test the use of IP as a tool to effectively delineate mineralization and geology within this environment. If successful, this will be a very powerful tool to the further exploration of the entire District.

Mr. William Dynes, P. Geol., the project supervisor of Mexican Silver's drilling program on the Vallecillo Property, is the Corporation's nominated Qualified Person responsible for monitoring the supervision and quality control of the programs completed within the its properties. Mr. Dynes has reviewed and verified the technical information contained in this news release.

About Mexican Silver Mines
Mexican Silver Mines is a silver focused junior resource company developing three former silver producing properties in north-eastern Mexico. To learn more about Mexican Silver Mines, please visit:

Feisal Somji, B.Sc., MBA
President and Chief Executive Officer


Mexican Silver Mines Ltd.
Feisal Somji, President & CEO
Phone: 403.236.5089
Fax: 403.398.0693

Investor Relations
Jamie Mathers, Ascenta Capital Partners Inc.
Phone: 604.684.4743 ext. 236
Phone: 1.866.684.4209

This news release contains forward-looking information including but not limited to comments regarding the timing and content of upcoming work programs, geological interpretations and potential mineral recovery processes. Forward-looking information includes disclosure regarding possible future events, conditions or results of operations that is based on assumptions about future economic conditions and courses of action, and therefore, involves inherent risks and uncertainties. When used in this news release. The words "estimated", "plan", "anticipated", "expected", "intend", "believe", and similar expressions are intended to identify forward-looking statements. These statements involve known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements of Mexican Silver to be materially different from any future results, performance or achievement expressed or implied by such forward-looking statements. For any forward-looking information given, management has assumed that the analytical results it has received are reliable, and has applied geological interpretation methodologies which are consistent with industry standards. Although management has a reasonable basis for the conclusions drawn, there can be no assurance that forward-looking statements will prove to be accurate and actual results may differ materially from those currently anticipated in such statements. For such statements, we claim safe harbour.