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

El Tigre Silver Corp.

August 23, 2011 09:15 ET

El Tigre Silver Progress Report

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Aug. 23, 2011) - El Tigre Silver Corp. (the "Company") ("El Tigre") (TSX VENTURE:ELS)(PINK SHEETS:EGRTF)(FRANKFURT:5RT) is pleased to announce a Progress Report of its wholly owned subsidiary Pacemaker Silver Mining S.A. de C.V. of activities associated with its El Tigre Project in Sonora, Mexico. The 430 square kilometer El Tigre silver-gold project is controlled 100% by 9 concessions.

Drilling Program: The last significant effort of El Tigre's exploration program was the drilling of 10 core holes into four targets along the southerly projection of the El Tigre vein system. The drilling progress and each hole's assay results were reported in several press releases between January and May 2011. These results confirmed that the El Tigre vein, along with other intercepted veins and stockworks, continued to demonstrate the strength and continuity of the overall mineralized system. As part of this Progress Report, a full summary of the drill results is presented in the table below.

El Tigre's drill program focused on exploring both high-grade and low-grade silver-gold mineralization that extends for at least 2.5 kilometers along the strike of the vein system from Espuelas Canyon on the north to Gold Hill on the south. Targets were developed after silver and gold mineralization along with the geology had been mapped and sampled where it is exposed on the surface in the Espuelas and Tigre Viejo Canyons. Mineralization in the veins is projected at least 300 meters vertically below the surface to Level 7 of the El Tigre mine. The individual drill targets are described below:

  1. Espuelas Canyon. Disseminated argentite-galena mineralization encountered on the surface and in the Level 4 crosscut with historic assays - 37 meters grading 5.0 ounces silver per ton (156 grams per metric ton).
  2. Mule Mountain. Quartz-sericite-pyrite-galena stockwork, veins and veinlets in the hanging wall of the Seitz Kelly vein on Level 7 beneath Mule Mountain with historic assays - 35 meters grading 4.8 ounces silver per ton (165 grams silver per metric ton) and 0.35 ounces gold per ton (12 grams gold per metric ton).
  3. Tigre Viejo Canyon. Quartz-sericite-pyrite-galena stockwork, veins and veinlets near the intersection of the El Tigre, Seitz Kelly and Sooy veins on Level 7 beneath Tigre Viejo Canyon with historic assays - 50 meters grading 5.5 ounces silver per ton (189 grams per metric ton).
  4. Gold Hill. Disseminated and quartz veinlet controlled gold mineralization outcropping in Tigre Viejo Canyon, mined in the "Gold Stope" on Gold Hill and encountered in Anaconda Holes T-2 and T-3. Assay information reports the historic mine grade of +1 ounce gold per ton, 110 meters grading 0.315 grams gold per ton in Anaconda DDH T-2, 80 meters grading 0.412 grams gold per ton in Anaconda DDH T-3).

The following assay summary table reports the best intercepts of each drill hole completed.

Core Length True Width Ag Ag Au Au
From To (meters ) (meters ) gram/mt oz/ton gram/mt oz/ton
ET-23 58.05 62.6 4.55 2.91 33 0.96 0.173 0.005
103.90 105.00 1.10 0.71 216 6.30 0.415 0.012
142.00 144.00 2.00 1.28 121 3.52 0.584 0.017
Espuelas Canyon Target
ET-24 50.00 51.00 1.00 0.64 68 1.98 0.019 0.001
61 67 6.00 3.84 35 1.02 0.174 0.005
69 78.25 9.25 5.92 136 3.96 0.217 0.006
124.00 128.00 4.00 2.56 108 3.15 0.115 0.003
ET-25 40.00 50.00 10.00 5.70 188 5.48 0.346 0.010
43.00 45.00 2.00 1.14 713 20.80 0.681 0.020
54.00 55.00 1.00 0.57 189 5.51 0.192 0.006
66.00 67.00 1.00 0.57 79 2.30 0.034 0.001
68.00 69.00 1.00 0.57 41 1.20 0.028 0.001
72.00 73.00 1.00 0.57 63 1.84 0.050 0.001
ET-26 56.00 57.00 1.00 0.64 141 4.1 0.550 0.016
59.00 66.00 7.00 4.48 34 1.0 0.130 0.004
80.00 83.00 3.00 1.92 53 1.6 0.550 0.016
86.70 88.45 1.75 1.13 133 3.9 0.365 0.011
90.15 91.90 1.75 1.13 142 4.1 0.231 0.007
94.60 100.25 5.65 3.62 66 1.9 0.204 0.006
102.60 120.10 15.50 11.69 180 5.3 0.217 0.006
127.80 128.80 1.00 0.64 89 2.6 0.138 0.004
ET-27 33.00 34.00 1.00 0.70 41 1.20 0.547 0.016
65.00 66.00 1.00 0.70 85 2.48 0.178 0.005
107.00 111.00 4.00 2.80 242 7.04 3.170 0.092
150.00 151.00 1.00 0.70 92 2.68 0.068 0.002
152.00 153.00 1.00 0.70 37 1.08 0.060 0.002
Mule Mountain Target
ET-28 205.00 210.00 5.00 3.54 66 1.92 0.402 0.012
215.00 216.00 1.00 0.71 138 4.02 3.390 0.099
221.60 226.00 4.40 3.11 165 4.81 0.702 0.020
229.00 233.00 4.00 2.84 67 1.95 0.106 0.003
375.00 376.00 1.00 0.71 603 17.59 0.058 0.002
Tigre Viejo Canyon Target
ET-29 138.00 139.50 1.50 1.80 2 0.06 1.320 0.038
199.00 200.00 1.00 0.34 998 29.11 0.599 0.017
202.00 203.00 1.00 0.34 1355 39.52 0.567 0.017
206.55 209.65 3.10 1.06 84 2.45 0.112 0.003
ET-30 286.70 288.50 1.80 0.76 651 19 1.260 0.037
Gold Hill Target
ET-31 16.50 43.00 19.30 12.36 11 0.32 0.486 0.014
46.00 49.00 3.00 1.92 13 0.38 0.528 0.015
50.50 53.50 3.00 1.92 15 0.44 0.446 0.013
55.00 59.50 4.50 2.80 18 0.52 0.410 0.012
64.00 67.00 3.00 1.92 3 0.09 0.252 0.007
68.50 70.00 1.50 0.96 1 0.03 0.270 0.008
74.50 80.50 6.00 3.84 6 0.17 0.904 0.026
82.00 83.50 1.50 0.96 2 0.06 0.213 0.006
85.00 102.50 17.50 11.24 129 3.76 0.861 0.025
104.00 111.00 7.00 4.49 295 8.60 0.274 0.008
ET-32 22.00 23.50 1.50 0.96 1 0.03 0.302 0.009
29.50 31.00 1.50 0.96 6 0.17 0.789 0.023
35.50 37.00 1.50 0.96 3 0.09 0.511 0.015
38.50 43.00 4.50 2.88 23 0.67 0.977 0.028
46.00 50.50 4.50 2.88 22 0.64 0.479 0.014
62.50 64.00 1.50 0.96 1 0.03 0.378 0.011
65.50 70.00 4.50 2.88 6 0.17 1.018 0.030
87.50 89.00 1.50 0.96 2 0.06 1.085 0.032
92.00 93.50 1.50 0.96 162 4.72 0.710 0.021
95.00 101.00 6.00 3.84 10 0.29 0.433 0.013
104.00 108.50 4.50 2.88 146 4.26 0.076 0.002

Rock Chip Sampling

Since the conclusion of the drill program work has continued at the property. A large number of rock chip samples have been collected with results returned for approximately half. When this sampling effort is completed, El Tigre will report the results of the work. Along with this effort, El Tigre's geologists are collecting coordinate information so the sampling data can be entered into a data base for map production.

Specific Gravity Measurements

In anticipation of starting a resource modeling effort in 2012, El Tigre's geologists are selecting specific mineralized vein samples for determining the weight per metric tonne of typical mineralized rock that may be mined in the future. This work will be done as time permits, but is critically important to have done for a resource engineer in establishing measured and indicated resources.

Environmental Studies

A consulting environmental firm has been contracted to begin critical environmental studies of the area so that our ongoing work can transition smoothly into more aggressive exploration/development drilling and evaluating any potential sites that could be used for future milling/tailing impoundment or heap leach facilities. Their work begins within the coming two weeks.

Planning-2nd Drilling Program

El Tigre's geologists are rapidly preparing for a 5000-meter drilling program scheduled to begin mid to late September. The focus is twofold: Continue with a strong effort around Gold Hill, which we believe has excellent potential for both high grade vein silver and a low grade gold halo and twinning of three historic Anaconda holes. If the assay results from theses twined holes return values in the same levels as the Anaconda holes, then this will allow El Tigre to add the entire 20-hole Anaconda drill assays to our data base so that we can use them for future resource modeling.

Planning-Airborne Photography and New Topo Base

El Tigre has determined that in order to make proper decisions in drill hole placement, road design and even future mine planning efforts, we must acquire a detailed surface profile of the entire project area. We plan to contract an aerial surveying company to produce high quality air photos, and with those photos create topography with 1 meter and 5 meter contours. The field work is expected to be done in late September or October.

Geological Modeling

A review of both geophysical (magnetics) and geological features is underway to determine if other hidden veins or disseminated zones could be found in the vicinity of the currently known vein system. Regional magnetics suggest that the El Tigre property lies on the east flank of two very large circular features, which suggest the presence of calderas. Numerous fine grained ash sheets within the volcanic stratigraphy furthermore supports the concept that a caldera lies nearby. Because the underlying magma chamber feeding the ash sheets is rhyolitic in composition, the evolution of both hydrothermal fluid characteristics and metal content needs to be studied and understood in order to identify other hidden targets. This work will be an ongoing effort in the coming months.

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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