Southern Silver Exploration Corp.

Southern Silver Exploration Corp.

February 01, 2007 13:07 ET

Southern Silver $6.5 Million Non-Brokered Private Placement Fully Subscribed

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Feb. 1, 2007) - Southern Silver Exploration Corp. (TSX VENTURE:SSV) (FWB:SEG) reported today that the company's previously reported (January 29th, 2007) non-brokered private placement of up to 13 million units at a price of $0.50 per unit has been fully subscribed.

The units will comprise of one common share and one-half of one common share purchase warrant. Each full warrant can be exercised for one common share at a price of $0.60 per share and for a period of two years.

The $6.5 million proceeds of the offering will be used for exploring the company's various projects, principally a large unexplored 25 kilometre long mineralized corridor, located within a 337 sq. km district assembled by Southern Silver, along the western margin of the Sierra Madre Occidental terrane; for further acquisitions and for working capital. Finders fees may be payable.

The private placement and finders fees are subject to regulatory approval.

On behalf of the Board of Directors

Robert E. Swenarchuk, Director, Southern Silver Exploration Corp.

This News Release may contain forward-looking statements including but not limited to comments regarding the timing and content of upcoming work programs, geological interpretations, receipt of property titles, potential mineral recovery processes, etc. Forward-looking statements address future events and conditions and therefore involve inherent risks and uncertainties. Actual results may differ materially from those currently anticipated in such statements. Southern Silver Exploration Corp. relies upon litigation protection for forward looking statements.

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