El Tigre Silver Corp.

El Tigre Silver Corp.

October 27, 2011 18:07 ET

El Tigre Silver Corp. Clarifies Technical Disclosure

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Oct. 27, 2011) - El Tigre Silver Corp. (TSX VENTURE:ELS)(PINK SHEETS:EGRTF)(FRANKFURT:5RT) (the "Company") announces that, as a result of a review by the British Columbia Securities Commission, the Company is issuing the following news release to clarify its disclosure.

Retraction of Estimates of Potential Mineral Deposits (Exploration Targets)

The Company's July 18, 2011 news release retracted disclosure of potential exploration targets on the El Tigre Silver property. These conceptual targets were not compliant because they used fixed quantities and grades instead of ranges, and they omitted other information required by NI 43-101. Prior disclosure of exploration targets occurred in the technical report by Douglas Wood dated November 29, 2009, the previous home page of the Company's website and the November 2010 Technical Presentation on the Company's website. The Company's July 18, 2011 news release provisionally retracted the exploration targets, and the Company removed the estimates from its website. The July 18, 2011 news release also advised an updated technical report would reassess potential exploration targets.

The Company's updated technical report by Tom Gibson is now almost complete and it will not include any quantity-grade ranges for potential in-situ mineral deposits on the El Tigre property. However, it confirms valid conceptual exploration targets exist, for which it recommends further exploration programs. These work programs include surface and underground based core drilling, clearing caved portions of the old mine tunnels for access, and sampling tunnel walls and backfilled areas.

Tailings Deposits

The Company's October 19, 2011 news release made initial disclosure of tonnage and silver grade ranges for a potential tailings deposit. However, the news release did not disclose the basis for the estimate as required by NI 43-101, and the Company's updated technical report does not support any tailings estimates. Consequently, the Company retracts the quantity and grade range of a potential tailings deposit announced on October 19, 2011. Future work programs are planned to develop a tonnage, grade and recovery include channel and drill sampling through the pile, metallurgical testing to determine recoveries, and acquiring detailed topography to assist in determining volume.

Retraction of Resource Estimates

The Company's July 18, 2011 news release retracted non-compliant and potentially misleading information about resource estimates contained in various publications on its website. However, the Company's current website continued disclosure of "a substantial resource of + 10 oz/ton Ag material". The company retracts the quoted statement and clarifies that it does not have current or historical resource estimates suitable for disclosure under NI 43-101.

In the event the Company receives an initial material resource estimate, as defined by NI 43-101, it will promptly announce the results and file a supporting technical report.

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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