El Tigre Silver Corp.
TSX VENTURE : ELS
PINK SHEETS : EGRTF
FRANKFURT : 5RT

El Tigre Silver Corp.

May 27, 2011 09:00 ET

Assay Results Confirm Gold Silver Mineralization in Tigre Viejo Canyon at the El Tigre Property, Sonora, Mexico

Encounters 1.5 metres of 842 grams silver per metric ton and 1.5 metres of 984 grams silver per metric ton within 60.74 metres (true width) of 54 grams silver per metric ton and 0.422 grams gold per metric ton

VANCOUVER, BRITISH COLUMBIA--(Marketwire - May 27, 2011) - El Tigre Silver Corp. (The "Company") (TSX VENTURE:ELS)(PINK SHEETS:EGRTF)(FRANKFURT:5RT) is pleased to announce diamond drill and assay results from the Gold Hill Exploration Target, and completion of drilling on the Company's El Tigre mining concessions in Sonora, Mexico (the "El Tigre Property").

Stuart Ross, El Tigre's President and CEO states, "We are extremely satisfied with the results of the assays from Tigre Viejo Canyon, the fourth of El Tigre's exploration targets drilled in the first quarter of this year. Our results have continued to confirm our high expectations for the El Tigre project and helped to expand the viability of the two and one half kilometer strike zone. The strong results of these assays will help us to define the target areas for our minimum 5,000 metre drill program that we look forward to commencing in the summer of 2011. The results in ET-31 include 11.24 metres of 129 grams silver per metric ton and 4.49 metres of 295 grams silver per metric ton, these are significant results."

Three components of Gold Hill and Tigre Viejo Canyon geology recommended the area for exploration. First, disseminated iron oxides and quartz veinlets alter the volcanic rocks that underlie Gold Hill and are marked by numerous prospect pits. Second, historic records from the mine show grades greater than 34 grams gold per metric ton were mined from a 2-3 metre wide, 100 x 150 metre stope which was developed on the El Tigre vein and daylights on the north slope of Gold Hill. Lastly, in 1983 Anaconda Minerals drilled two diamond drill holes T-2 and T-3 on Gold Hill 250 and 400 metres south of Tigre Viejo Canyon. The holes encountered true widths of 110 metres of 0.315 grams gold per metric ton and 80 metres of 0.412 grams gold per metric ton respectively http://www.eltigresilvercorp.com/_resources/news/Tigre_Viejo_Canyon_Plans_and_Sections.pdf.

In January, 2011 detailed 1:500 scale geologic mapping and sampling over the Gold Hill and Tigre Viejo Canyon alteration zone encountered silicified and quartz stockworked volcanic rocks in the hangingwall of the El Tigre vein. (See March 11, 2011 Press Release). Thirty one rock chip samples taken from outcrops and prospect pits yielded anomalous gold values that ranged from trace - 3.4 grams gold per metric ton and gave a mean value of 0.508 grams per metric ton. Greater than one-third of the thirty-one samples assayed 0.500 grams gold per metric ton or better. Silver assayed from trace to 412 grams per metric ton with a mean value of 22.2 grams per metric ton.

Assay results indicate a gold-silver anomalous exploration target is present on the north flank of Gold Hill and in Tigre Viejo Canyon that crops out over a 300 metre x 800 metre area. The area defines the fourth of El Tigre's exploration targets drilled during the first quarter of 2011.

Drill Holes ET-31 and ET-32 and the Gold Hill Exploration Target

Drill Holes ET-31 and ET-32 were located west of the El Tigre vein and explored silicified and quartz stockworked El Tigre formation tuffs that form the hangingwall of the Gold Stope http://www.eltigresilvercorp.com/_resources/news/Tigre_Viejo_Canyon_Plans_and_Sections.pdf. ET–31 advanced North 85 degrees East 231.8 metres at a 50 degree angle to the Northeast. From 16.5 to 111.0 metres the hole encountered 60.74 metres (true width) of 54 grams silver per metric ton and 0.422 grams gold per metric ton that included 1.5 metres of 842 grams silver per metric ton and 1.5 metres of 984 grams silver per metric ton. The highest gold value encountered in this interval was 1.5 metres of 2.73 grams gold per metric ton. Detail of assay values analyzed in ET– 31 are found http://www.eltigresilvercorp.com/_resources/news/ET31ET32_drill.pdf .

Drill Hole ET-32 advanced 163.75 metres North 70 degrees East at a 50 degree angle to the Northeast through silicified and quartz-veined tuff and finally through the El Tigre vein http://www.eltigresilvercorp.com/_resources/news/Tigre_Viejo_Canyon_Plans_and_Sections.pdf. The hole encountered two significant intercepts separated by an unsampled interval of 16 metres. The interval is currently being sawed, sampled and submitted for analysis to ALS Chemex laboratory.

The first interval from 22 – 71.5 metres, a true width of 31.8 metres, returned 8 grams silver per metric ton and 0.311 grams gold per metric ton. The second interval, from 87.5-108.5 metres, a true width of 13.5 metres, returned a weighted average of 69 grams silver per metric ton and 1.046 grams gold per metric ton. The second interval included 1.5 metres of 162 grams silver per metric ton and 1.5 metres of 319 grams silver per metric ton (see http://www.eltigresilvercorp.com/_resources/news/ET31ET32_drill.pdf).

A long section included with http://www.eltigresilvercorp.com/_resources/news/Tigre_Viejo_Canyon_Plans_and_Sections.pdf shows these assay intercepts together with the historic assays from T-2 and T-3. The historic holes encountered 110 metres of 0.315 grams gold per metric ton and 80 metres of 0.412 grams per metric ton respectively. The intercepts are found along a strike length of approximately 250 metres suggesting that disseminated gold mineralization may be continuous along the El Tigre Vein through Tigre Viejo Canyon and across Gold Hill. Drill results from the 2011 program and historic data recommend the Gold Hill-Tigre Viejo Canyon area for further exploration.

Methods of sample collection and analysis as well as quality assurance-quality control procedures are described in the attached document http://www.eltigresilvercorp.com/_resources/news/SampleCollectionAnalysis_QAQC.pdf.

A technical report and technical presentations have been prepared for the El Tigre Property and can be found on the Company's profile on SEDAR at http://www.sedar.com and on the Company's website http://www.eltigresilvercorp.com.

The technical content of this news release has been approved by Eugene K. Schmidt, RPG and Vice President of Exploration for El Tigre, a Qualified Person as defined in NI 43-101.

About The Company

The Company, through its subsidiaries, holds the rights to 100% of nine mineral concessions totaling 43,098 hectares located in north-eastern Sonora, Mexico (the "El Tigre Property"). The El Tigre Silver Mine was historically a significant producer of high grade silver in Mexico, having produced an estimated 75 million ounces of silver at an average grade of 40 ounces per ton. The Company has completed a 2313 metre drill program and is expecting additional assay results shortly. Diamond Drilling is exploring low-grade silver-gold mineralization that is believed to extend for approximately 2.5 kilometers along the strike of the vein system. A technical report has been prepared for the El Tigre Property and can be found on the Company's profile on SEDAR at www.sedar.com and on the Company's website at www.eltigresilvercorp.com.

Cautionary Statements:

This news release contains forward-looking statements concerning the El Tigre silver property. Forward-looking statements involve risks, uncertainties and other factors that could cause actual results, performance, prospects and opportunities to differ materially from those expressed or implied by such forward-looking statements. Factors that could cause actual results to differ materially from these forward-looking statements include those risks set out in the Company's public documents filed on SEDAR at www.sedar.com. Although the Company believes that the assumptions and factors used in preparing the forward-looking statements are reasonable, undue reliance should not be placed on these statements, which only apply as of the date this news release, and no assurance can be given that such events will occur in the disclosed times frames or at all. Except where required by law, the Company disclaims any intention or obligation to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.

Historical resources – a qualified person has not done sufficient work to classify any historical estimate at El Tigre as current mineral resources. The Company is not treating the historical estimate as current mineral resources and the historical estimate should not be relied upon.

Potential – the potential quality and grade is conceptual in nature. There has been insufficient exploration at the El Tigre silver property to define a mineral resource. It is uncertain if further exploration will result in discovery of a mineral resource.

The TSX Venture Exchange has neither approved nor disapproved of the contents of this press release. Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this press release.

Contact Information

  • El Tigre Silver Corp.
    Stuart Ross
    President and CEO
    (780) 977-7187

    El Tigre Silver Corp.
    Eugene K. Schmidt
    Vice President of Exploration
    011-521 (662) 233-7445
    www.eltigresilvercorp.com