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

El Tigre Silver Corp.

August 15, 2012 08:30 ET

El Tigre Provides an Update of Its 2012 Exploration and Development Activities

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Aug. 15, 2012) - El Tigre Silver Corp. (the "Company" or "El Tigre") (TSX VENTURE:ELS)(OTCQX:EGRTF)(FRANKFURT:5RT) is pleased to provide a mid-year summary of its exploration and development activities for 2012 at its El Tigre silver project. El Tigre is located on concessions that are part of the Company's 431 square kilometer concession ownership in Sonora, Mexico. The El Tigre mine was operated from 1903 to 1938, and it is estimated to have produced 70 to 75 million ounces of silver and 325,000 and 350,000 ounces of gold.

The Company has been active in advancing several activities including 1) metallurgical studies and engineering of the proposed tailings processing facility, 2) completion of a Phase 1 core drilling program within a planned 5000 meter program, and 3) exploration sampling and mapping of new exploration and development targets.

Tailings Evaluation: In December 2011 El Tigre submitted four composited tailings samples for metallurgical recovery test work to Servicio Geologico Mexicano (SGM) in Chihuahua City, Chihuahua under the supervision of a qualified metallurgical engineer. The test work was completed in May, 2012.

The evaluation produced the following results: the tailings stockpile ranged from 750,000 to 800,000 tons with a grade range of 2.4 to 2.8 ounces per ton silver and 0.009 to 0.010 ounces per ton gold. Metallurgical recovery estimated that the processing method selected would recover about 79% of the silver and 94% of the gold. It was determined that the most efficient process to recover the silver and gold values remaining in the tailings stockpile was grinding the tailings material in a ball mill followed by cyanide vat leaching of precious metals in agitation tanks. Subsequently, the engineering design of the proposed facility was completed in June 2012. This work showed where each of the component parts was to be located in the production facility. Concurrently with these activities, environmental permitting is underway. The Company is pleased to report that these environmental permitting activities are nearing completion.

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.

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.

Core Drilling: El Tigre geologists had identified a large target area of low-grade gold mineralization in the wall rocks of the El Tigre vein on Gold Hill. This zone is associated with the original discovery of exposed high-grade-gold mineralization, which led to the development of the district in 1903. The first production from the district was from Gold Hill, which averaged over one ounce per ton gold. As these gold ores were depleted, mining attention turned to the deeper, high-grade silver deposits that produced averages of 30 to 40 ounces silver per ton.

The drilling program that was developed for 2012 was directed at the southern 1.2 kilometers of the El Tigre vein system. The plan consisted of drilling 5000 meters in 25 core holes. The program was further broken into two phases with the first phase completed in June with 12 holes drilled completed for a total of 2293 meters. Phase 2 will begin in the fall 2012. Phase 2 drilling will focus on the southern flank of Mule Mountain and with some fill-in holes on Gold Hill.

Assays for the 12 holes that were previously reported in several press releases are shown in the table and diagram below. With the program only halfway completed, the results, thus far, have successfully identified several wide zones of disseminated gold mineralization associated with the El Tigre vein system, and it has also indicated very high grades of silver and gold within the El Tigre vein.

Table: Assay Summary of Holes ET-33 through ET-44
Core Hole From
(meters)
To
(meters)
Interval
(meters)
Silver
(g/t)
Gold
(g/t)
Silver
Equivalent
(g/t)
ET-33 4.5 13.5 9.0 67.8 * 67.8
Includes 9.0 11.5 2.5 134.7 * 134.7
67.9 85.0 17.1 168.7 1.11 224.2
Includes 76.8 77.8 1.0 **1611.0 9.73 2097.5
85.0 92.5 7.5 23.3 * 23.3
92.5 97.0 4.5 * 0.66 33.0
98.5 100.0 1.5 * 0.82 41.0
103.0 106.0 3.0 * 0.21 10.5
107.5 110.5 3.0 * 0.26 13.0
113.5 116.5 3.0 * 1.19 59.5
136.0 149.0 13.0 * 0.41 20.5
Includes 144.0 145.0 1.0 * 1.13 56.5
154.0 155.0 1.0 * 0.69 34.5
168.5 170.0 1.5 * 0.56 28.0
174.0 175.0 1.0 * 1.03 51.5
180.5 182.0 1.5 * 1.07 53.5
197.0 201.0 5.5 * 0.19 9.5
201.0 203.7 2.7 10.2 1.14 67.2
ET-34 57.5 64.6 7.1 * 0.32 15.85
90.0 101.0 11.0 * 0.34 17.2
111.4 113.0 1.6 152.2 6.82 493.2
188.5 226.5 38.0 36.2 0.56 63.9
Includes 216.75 217.5 0.75 **809.4 9.51 1284.9
Includes 217.5 218.25 0.75 581.8 1.65 664.3
219.0 222.0 3.0 * 0.26 13
ET-35 29.5 31.0 1.5 * 0.95 47.5
91.3 92.3 1.0 206.9 * 206.9
92.3 93.3 1.0 **515.6 0.95 563.1
113.8 115.5 1.7 16.3 0.35 33.8
115.5 117.0 1.5 * 0.57 28.5
ET-36 8.4 10.4 2.0 * 0.64 32.0
13.0 14.0 1.0 * 0.22 11.0
37.9 39.3 1.4 18.8 0.29 33.3
40.0 41.0 1.0 * 0.44 22.0
43.0 44.0 1.0 20.5 0.42 41.5
47.0 51.0 4.0 18.4 0.28 32.4
52.50 63.5 11.0 * 0.28 14.0
66.00 67.5 1.5 * 0.44 22.0
72.50 74.0 1.5 * 0.23 11.5
90.00 93.5 3.5 * 0.29 14.5
149.50 151.0 1.5 **122.4 122.4
152.50 155.0 2.5 64.0 64.0
ET-37 31.0 33.0 2.0 * 1.63 81.5
36.0 49.0 13.0 * 0.74 37
Includes 36.0 37.0 1.0 * 1.15 57.5
Includes 42.0 44.0 2.0 * 2.31 115.5
Includes 45.0 46.15 1.15 * 1.29 64.5
61.5 64.7 3.2 * 0.31 15.5
104.0 105.0 1.0 178.4 1.06 231.4
158.0 160.5 2.5 * 0.20 10
165.5 172.5 7.0 25.4 0.27 38.9
113.5 116.5 3.0 1.19 59.5
Includes 172.0 172.5 0.5 280.2 0.12 286.2
175.5 185.5 10.0 336.3 0.22 347.3
Includes 176.42 177.0 0.58 **2013.6 1.15 2071.1
Includes 183.0 184.0 1.0 506.1 0.22 517.1
ET-38 39.0 44.0 5.0 * 0.27 13.5
46.4 51.0 4.6 * 6.38 319.0
Includes 46.4 48.0 1.6 * 11.04 552.0
Includes 48.0 50.0 2.0 * 5.76 288.0
81.0 84.0 3.0 * 0.39 19.5
92.5 96.0 3.5 70.4 0.55 97.9
Includes 93.5 94.8 1.3 146.1 1.06 199.1
127.0 128.5 1.5 * 0.22 11.0
143.5 144.4 1.0 54.9 * 54.9
146.0 147.5 1.5 46.0 * 46.0
167.2 168.2 1.0 * 0.21 10.5
175.0 176.0 1.0 * 0.53 26.5
179.0 186.0 7.0 * 0.29 14.5
193.5 198.4 4.9 * 0.36 18.0
ET-39 9.9 16.6 6.7 * 0.41 20.5
41.0 42.06 1.06 * 2.48 124.0
52.5 59.15 6.65 * 0.48 24.0
Includes 54.3 56.0 1.7 * 1.31 65.5
65.0 80.5 15.5 * 0.48 24.0
Includes 66.5 68.0 1.5 * 1.06 53.0
Includes 77.5 79.0 1.5 * 1.25 62.5
94.0 99.8 5.8 * 0.47 23.5
116.8 155.25 27.2 * 0.68 34.0
Includes 116.8 118.4 1.6 * 1.55 77.5
126.0 129.2 3.2 * 1.13 56.5
151.0 152.1 1.1 * 1.13 56.5
154.2 155.25 1.05 * 3.99 183
181.5 191.5 10.0 36.6 0.71 72.1
Includes 184.5 186.5 2.0 63.7 1.40 133.7
189.7 190.0 0.3 238.4 0.52 264.4
ET-40 56.5 63.0 6.5 * 0.32 16.05
66.0 67.0 1.0 * 0.33 16.35
112.5 114.0 1.5 * 0.32 16.1
167.5 170.5 3.0 * 0.66 33.1
187.5 192.0 4.5 * 0.51 25.5
196.5 205.0 8.5 * 0.93 46.7
Includes 202.2 203.6 1.4 * 3.7 186.5
ET-41 11.5 13.0 1.5 * 0.22 11.15
66.0 78.5 12.5 * 0.42 20.75
Includes 75.0 78.5 3.5 48.77 0.45 71.0
109.5 116.5 7.0 * 0.32 16.0
119.5 121.0 1.5 * 0.34 16.9
156.5 158.0 1.5 * 2.70 134
ET-42 26.00 29.00 3.00 * 0.510 25.5
33.00 37.00 4.00 * 0.385 19.25
89.00 93.20 4.20 * 0.294 14.7
95.25 110.50 15.25 26.51 0.550 54.0
Includes 95.25 98.90 3.65 12.89 1.309 78.34
Includes 107.00 108.90 1.90 133.61 1.004 183.81
114.70 125.00 10.30 * 0.577 28.85
129.30 135.00 5.70 32.64 0.164 40.84
Includes 129.30 130.40 1.10 81.01 0.538 107.91
139.50 140.50 1.00 * 0.626 31.3
169.50 171.30 1.80 * 0.580 29.0
174.15 175.50 1.35 11.60 0.173 20.3
178.50 181.50 3.00 * 0.309 15.45
204.00 207.00 3.00 * 0.316 15.8
214.50 225.00 10.50 * 0.290 14.5
Includes 222.00 225.00 3.00 23.30 0.539 50.25
ET-44 38.00 43.00 5.00 19.92 * 19.92
46.75 50.50 3.75 26.75 0.267 40.1
Includes 48.25 48.85 0.60 59.80 1.348 127.2
Note 1: Assay cutoffs are 0.2 g/t Au and 10 g/t Ag with g/t as gram per tonne.
Note 2: (*) Did not meet cut-off grade. (**) El Tigre Vein
Note 3: Silver Equivalent is 50 Silver to 1 Gold.
Note 4: Drill hole direction, angle and depth.
Drill Hole Azimuth Angle Depth
ET-33 90 deg -50 deg 203.0
ET-34 90 deg -50 deg 250.0
ET-35 90 deg -50 deg 219.55
ET-36 90 deg -60 deg 172.5
ET-37 90 deg -80 deg 193.5
ET-38 90 deg -50 deg 222.0
ET-39 115 deg -50 deg 204.0
ET-40 90 deg -50 deg 236 m
ET-41 115 deg -60 deg 213 m
ET-42 90 deg -50 deg 228 m
ET-44 90 deg -45 deg 93 m
Note 5: Hole ET-43 was lost, ET-44 replaced it

Diagram: Location of all current and older drill holes along with locations of proposed holes: http://media3.marketwire.com/docs/e814m.pdf

Exploration: The Company has control of a large group of concessions that are now just beginning to be explored for new areas of gold and silver mineralization. For instance, just east of the main El Tigre district are two linear aster spectral anomalies parallel to the known veins. These anomalies suggest high level expressions of undiscovered veins at depth. Furthermore, there is a one kilometer long zone extending from the southern vein district to the northern veins which have never been explored with drilling. Exploration on both these targets will continue for the balance of the year to define drill targets in 2013.

Further removed to the south and on trend with the main district are two areas that contain mineralized structures with gold and silver anomalies. These two zones are being actively explored as time permits.

In the main El Tigre vein district, geologists have been sampling some previously ignored dumps with the view that some of them could be removed for processing at the planned agitation leaching facility. With the assay information obtained from the Level 7 dump sampling, the Company expects that this effort will be successful in finding good values of silver and gold in the dump material.

Stuart Ross President and CEO stated: "This has been a very exciting first half of the year for the Company with significant advancements on our planned silver tailings production, confirmation of a viable disseminated low grade gold zone in the southern portion of the El Tigre vein system, and the identification of several new and exciting exploration targets on the overall large concession. I expect continued exploration to provide additional advancements in our corporate objectives."

The technical content of this news release has been approved by Steven D. Craig, CPG and Vice President of Exploration for El Tigre, a Qualified Person as defined in NI 43-101.

About El Tigre Silver Corp.:

The Company, through its subsidiaries, holds the rights to 100% of nine mineral concessions, eight comprising of 431 square kilometers located in north-eastern Sonora, Mexico (the "El Tigre Property"). El Tigre also holds one additional 32 hectare claim separate from the El Tigre Property. 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 and forward-looking information (together, "forward-looking statements") within the meaning of applicable securities laws and the United States Private Securities Litigation Reform Act of 1995. Forward-looking statements include assay results and future plans. 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 of 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.

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.

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.

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.

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