El Tigre Silver Corp.

El Tigre Silver Corp.

February 06, 2012 09:00 ET

El Tigre Silver Reports New Assays from its Silver-Gold Tailings Project in Sonora, Mexico

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Feb. 6, 2012) - El Tigre Silver Corp. (the "Company" or "El Tigre") (TSX VENTURE:ELS)(OTCQX:EGRTF)(FRANKFURT:5RT) is pleased to report that all assaying has been completed on its tailings silver-gold recovery project. The assay results from the auger holes continue to confirm the results from previous sampling programs and the overall silver-gold content of the tailings from 35 years of high grade silver/gold mining. The El Tigre tailings are located on concessions that are part of the Company's 431 square kilometer concession ownership in Sonora, Mexico.

Assay Results: Assays from the 46-hole auger drilling program conducted in late November 2011 for silver, gold and other minor elements were received from ALS Worldwide Labs, North Vancouver, Canada. This drilling program produced 212 samples where each sample represented 1.5 meters in depth and 30 centimeters in width. The program was also an expansion of the earlier surface channel sampling program consisting of 43 samples. The results of this first sampling program were reported in Press Releases dated November 11 and December 14, 2011. Table 1 below summarizes and compares the overall assay results from the two sampling programs.

Table 1. Comparison of Auger and Channel Sampling Assays
Auger Assays(1) Channel Sampling(2)
Silver gm/t 88.1 87.7
Silver opt 2.6 2.6
Gold gm/t 0.32 .315
Gold opt 0.009 .009
Note 1: In the Auger program silver values were within a range of 43 to 172 grams per ton, while gold values were within a range from 0.109 to 1.27 grams per ton.
Note 2: In the Channel Sampling program silver values were within a range of 54 to 157 grams per ton, while gold values were within a range from 0.164 to 0.988 grams per ton.

El Tigre considers the Table 1 results to be encouraging in that the overall grade of the tailings is consistent throughout with both surface sampling and auger holes into the pile. These results suggest that the two sampling techniques confirm the overall grade of the tailings pile.

Metallurgical Program: One of the main purposes for auger drilling the tailings pile was to collect bulk metallurgical samples at depth for testing silver and gold recoveries. The original auger samples were split down to both 3 kilogram assay samples and then into four-70 kilogram test samples. These samples were further split into color zones that potentially represent different metallurgical recoveries, and therefore, have to be tested separately. Currently, the test samples are at SGM (Servicio Geologico Mexicano) in Chihuahua City, Chihuahua under the supervision of a qualified metallurgical engineer.

Near Term Progress Points: El Tigre is currently on schedule with its evaluation program to confirm the decision to proceed with production, which will be made prior to the second quarter of 2012. The remaining evaluation focus is to complete the metallurgical tests, produce engineered process design drawings from the results of the tests, and complete calculations for an economic return. And finally, if this is positive, then gain Board of Directors approval to begin construction of the proposed vat leaching facility.

The vat leaching system that El Tigre is considering is currently being operated by Dia Bras Explorations Inc. in the state of Chihuahua. This system requires the construction of several large 12 by 24 meter concrete containment areas (vats) where material is placed, leached and removed over a 5 to 7 day period. The metal rich solutions are then passed through a Merrill-Crowe precipitation circuit and silver and gold is recovered. El Tigre is retaining the same service providers as Dia Bras Explorations Inc. to assist in the evaluation, design and construction of the process facility.

It has been historically reported that the El Tigre Mine operated between 1903 and 1938 and recovered around 70 to 75 million ounces of silver at an average grade of 40 ounces per ton. The tailings are a result of that 35 years of production from that early original mine. The Company's evaluation program is systematically completing specific tasks to advance the project to a production decision. If successful, this project could provide El Tigre with a strong revenue that would be used for exploration and possibly to review and acquire other opportunities in the district.

Quality Assurance-Quality Control

The quality assurance-quality control (QA-QC) program of El Tigre and its contractors is as follows: Samples are collected and handled only by authorized company personnel utilizing the appropriate methods. Samples are bagged and labeled with unique sample numbers and sample data is recorded on individual sample tags. These are then transported by El Tigre personnel to the El Tigre project core shed where they locked up until shipment. A shipment from the site consists of 60-100 samples. El Tigre personnel transport the samples bagged two to four to a bag and sealed to the company's Hermosillo office. ALS Global authorized personnel load and transport the samples from El Tigre's Hermosillo office to the ALS Hermosillo sample preparation facility. The samples are assayed from a 250 gram sample split using a HF-HNO3-HClO4 acid digestion, HCl leach and an ICP-AES ICP Scan for 33 elements. Silver over limit is fire assayed. Gold is fire assayed by 30 gram fire assay - AA analysis. Values over 10 ppm gold are fire assayed with gravimetric finish. Pulps and rejects are returned to El Tigre's office and stored.

"ALS Minerals Laboratories in North America is registered to ISO 9001:2000 for the provision of assay and geochemical analytical services" by QMI Quality Registrars. In addition, ALS Minerals' main North American laboratory in North Vancouver, BC, Canada, is accredited by the Standards Council of Canada (SCC) for specific tests listed in our Scope of Accreditation No. 579 which is available at http://palcan.scc.ca/specs/pdf/677_e.pdf". ALS Global Laboratories quality assurance and assay procedures are described on their website at http://www.alsglobal.com/qa.aspx.

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 431 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 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 progress of the evaluation program for production, drilling results and timing for construction of production facilities. 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.

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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