May 05, 2009 06:14 ET

3rd Quarter Results

29th April, 2009

To: Company Announcement officer

ACTIVITIES REPORT -
FOR THE QUARTER ENDED 31st  MARCH 2009.

Webbs Silver Project Exploration

During the March Quarter Silver Mines Limited (SVL) focused on maintaining the low cost
operational environment it implemented in the previous quarter whilst continuing to evaluate
the Webbs Silver Project and other exploration properties in its portfolio.

The Company remains fully committed to moving the Webbs Silver Project forward and has recently
completed an infill induced polarisation geophysical survey focusing on delineating possible
extensions to the high priority targets identified from earlier work. Results from this survey
are expected to be available in the coming fortnight.

Samples have been prepared for detailed metallurgical test work and submitted to Metcon
laboratories in Brookvale, NSW for detailed analysis. The results of this work will help guide
the planned drilling program targeting extensions to the south of the high grade Webbs Silver
South prospect and the north of the Webbs Adit prospects. Engineering studies started in August
2008 will remain on hold until the results of the drilling program and metallurgical programs
are received.




Please direct any queries regarding the content of this report to Charles Straw (CEO) on +61 2
9436 0533 or cstraw@silverminesltd.com.au.

The information in this report that relates to Exploration Results is based on information
compiled by Charles Straw, consulting geologist and General Manager, who is a Member of The
Australasian Institute of Mining and Metallurgy. Charles Straw has sufficient experience which is
relevant to the style of mineralisation and type of deposit under consideration and to the
activity which he is undertaking to qualify as a Competent Person as defined in the 2004 Edition
of the 'Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore
Reserves'. Charles Straw consents to the inclusion in the report of the matters based on his
information in the form and context in which it appears.