El Tigre Silver Corp.

El Tigre Silver Corp.

October 28, 2011 15:53 ET

El Tigre Silver Corp. Announces Release of NI 43-101 El Tigre Project in Sonora, Mexico

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Oct. 28, 2011) - El Tigre Silver Corp. (the "Company" or "El Tigre") (TSX VENTURE:ELS)(PINK SHEETS:EGRTF)(FRANKFURT:5RT) is pleased to announce it has completed a new NI 43-101 Technical Report on its El Tigre silver project in Sonora, Mexico. The project is located in the Sierra El Tigre of northeastern Sonora, Mexico and is comprised of 8 concessions for over 431 square kilometers.

This technical report was completed to correct the non-compliant report dated November 29, 2009 by providing additional information required by NI 43-101, to review prior non-compliant estimates of potential exploration targets and to update the exploration information. As well, considerable field work has been completed since the first report was completed. The report was written to comply with disclosure and reporting requirements set forth in National Instrument 43-101 – Standards for Disclosure for Mineral Projects, Companion Policy 43-101CP, and Form 43-101F1, as amended in 2011.

Property Description: The El Tigre property is comprised of eight mining concessions covering about 431 square kilometers, and these cover the principal mines and prospects of the district. The El Tigre Mine, which exploited the principal veins of the district, recorded production of about 75 million ounces of silver and possibly as much as 400,000 ounces of gold from 1903 to 1938. The mines also produced unknown amounts of lead, copper and zinc, contained in the silver rich sulfide concentrates. The narrow, high-grade veins have been traced for more than three kilometers, but exploration and development has been conducted mainly in a small area of the property. The property is currently owned by Pacemaker Silver Mining S.A. de C.V. ("Pacemaker"), by virtue of its 100% ownership of Minera Talaman S.A. de C.V. ("Talaman"), who holds title to four of the concessions, the other four are owned by Pacemaker directly. Pacemaker is 100% owned by El Tigre.

Geology: The Sierra El Tigre is one of the large mountain ranges that are part of the Basin and Range Province that is found from northern Nevada to Zacatacus and Jalisco in Mexico. The Sierra El Tigre is part of the massif of the Sierra Madre Occidental and was formed during Cenozoic extensional faulting, which consists of northerly-trending horsts and grabens. Pre-Cenozoic granite and limestone are the oldest rocks exposed in the range and are overlain by remnants of the vast Tertiary rhyolite ignimbrite field of the Sierra Madre Occidental.

The El Tigre silver deposits are hosted in faults along the eastern part of a major, north-trending fault system (the Teras Fault Zone), which forms the eastern boundary of the central horst block of the Sierra El Tigre. The horst block is an anomalous structural high in the region, exposing Paleozoic limestone and PreCambrian granite in the El Tigre Mining District. The faults that host the productive veins in the district are graben-bounding faults intersecting the margins of a suspected caldera.

Exploration Status: No records of exploration conducted at El Tigre before 1980 have been recovered. Modern exploration was initiated in the early 1980's by Anaconda Minerals Company where they conducted geologic mapping, sampling, core drilling and tunneling. At that time, Anaconda briefly considered the possibility of a low-grade, near-surface silver target, but this was abandoned to focus on exploration of high-grade silver vein targets in some of the known principal veins. Eight widely spaced holes were drilled at the El Tigre mine area, and twelve holes were drilled to the north in the Fundadora vein area. Most of the holes probed the principal veins at depth below mine workings and were only successful in discovering significant mineralization in the Fundadora vein.

El Tigre has recovered many of the Anaconda exploration files from the Anaconda Collection at the University of Wyoming in Laramie, Wyoming. Since the records were assembled, a number of consulting engineers and geologists have been contracted by Pacemaker to review those files and they have identified mineral potential in the district that was not addressed by Anaconda's work. Based on surface and underground sampling done by Anaconda, low-grade silver mineralization was identified in 2007 as an exploration target other work in 2008, identified three specific drill targets of that type within a 600 meter length of the central portion of the El Tigre vein system.

El Tigre began a serious field exploration effort early 2010 focused rock chip sampling, core drilling and data compilation. This work is ongoing due to some initial success with the sampling and drilling programs.

Exploration Concept: The El Tigre District is proven to be well mineralized with silver and gold deposits in volcanic rocks. Based on the extensive strike length and width of the system, the exploration potential is excellent, and additional, undiscovered silver mineralization is believed to exist. Both faulted off extensions of the known veins in the district, as well as presently unknown, blind, high-grade silver-gold veins, may be discovered and developed with a phased drilling program from the surface and underground stations.

Furthermore, historical records indicate that the mining cutoff grade in the old El Tigre Mine was about 15 oz/ton Ag. It is probable that substantial material grading in the range of 5 to 15 oz/ton Ag remains in the mine as un-mined blocks and backfill. Exploring for this material will be difficult but could be done by an aggressive drilling effort and opening up the underground workings for sampling.

Mineral Resources and Estimates of Potential Exploration Targets: El Tigre does not have any current or historical resource estimates that are compliant with NI 43-101. This also applies to tailings deposits. Additional drilling and sampling still remains to be done to reach that point.

Conclusions and Recommendations: El Tigre began their 2010 Phase 1 exploration program early in 2010. The key components of the program included:

  1. hiring qualified geologists to conduct the work,
  2. rehabilitating the camp building with kitchen, bathroom, sleeping area and office area with satellite internet,
  3. initiation of rock chip sampling over the surface south of the camp area, and
  4. compiling and digitizing historical and current geologic data.

The goal of the Phase 2 program was to identify one or more drill targets that might merit continued drill testing. El Tigre selected 4 targets for drilling, and each one returned positive results. The Initial Phase 2 Program consisted of several activities and included:

  1. El Tigre selected 4 targets for drilling, and each one returned positive results.
  2. Test 4 targets with 10 angle core holes across the El Tigre vein zone to intersect and test known veins and vein halos.
  3. Continued rock chip and compilation efforts to define targets both near surface and underground. This work focused on targets that included high grade silver veins and low grade disseminated gold/silver halos to the veins.
  4. Continued compilation and assimilation of old and new data,
  5. Continued mapping of surface features

El Tigre geologists have done a quality job of advancing the project, but a number of activities should be engaged to continue adding to the knowledge base of the project. The following lists those activities that should be approached in a Phase 3 program:

  1. Continue rock chip and compilation efforts to define targets both near surface and underground. This target type includes high grade silver veins and low grade disseminated gold/silver halos to the veins.
  2. Re-access and rehabilitate existing underground workings at the 400 level to allow mapping and sampling for evaluating the potential size of plus 10 oz/ton Ag material left in the workings.
  3. Re-access and rehabilitate existing underground workings at the Fundadora to allow mapping and sampling for evaluating the potential size of material left in the workings.
  4. At Gold Hill drill 5000 meters of core across the El Tigre hanging wall and vein zone to intersect and test known veins and vein halos. Drilling will also be useful to produce geologic information to permit construction of an accurate geologic model of the vein system. That model will permit the El Tigre to make an informed estimate of the ultimate potential of the district.

The exploration program is anticipated to cost approximately $1,000,000. A more exact budget estimate can be made when it is known 1) how much re-habilitation will be necessary to access the underground workings, 2) how much necessary access road to build or rehabilitate, and 3) the amount of underground mapping and sampling El Tigre may elect to complete.

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 comprising 430 square kilometres located in north-eastern Sonora, Mexico (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. 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.

This press release does not constitute an offer to sell or solicitation of an offer to buy any of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") or any state securities laws and may not be offered or sold within the United States or to a U.S. Person unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.

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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