Huldra Silver Inc. Announces 2011 Exploration Plans for Treasure Mountain

VANCOUVER, BRITISH COLUMBIA--(Marketwire - May 16, 2011) -Huldra Silver Inc. (TSX VENTURE:HDA) (the "Company" or "Huldra") is pleased to announce the Company's 2011 exploration plans for its 100% owned Treasure Mountain Property. The objective of the program is to expand the existing resources on the developed area of the underground and further explore the property. These plans include underground drilling, surface drilling, soil geochemistry, trenching, prospecting and field geology.

Underground Exploration

An underground drill program is currently being designed to upgrade the existing resource and test for additional mineralization by infill drilling along strike and at depth. The current underground development consists of 2750 metres of drifts and raises on 4 levels. The total vein indicated resource, estimated at 11.02 ounces silver per tonne (10.0 oz silver per ton) cut-off grade, is reported as 33,000 tonnes with 26.68 ounces silver per tonne, 4.16% lead and 3.80% zinc, containing 880,000 ounces silver, 3,030,000 lbs. lead and 2,760,000 lbs. zinc. Total vein inferred resource, estimated at the same cut-off grade (11.02 ounces silver per tonne) is reported as 120,000 tonnes with 29.76 ounces silver per tonne, 2.79% lead and 4.36% zinc, containing 3,580,000 ounces silver, 7,370,000 lbs. lead and 11,540,000 lbs. zinc.

East Zone

An open cut has been designed to further explore and define the East Zone where trenching and diamond drilling exposed a high grade silver and lead vein (See December 6, 2010 press release). The purpose of the program is to take a bulk sample of the material and further delineate the structure. This work is expected to commence in June as soon as the necessary infrastructure is on site.

JK Vein

The JK vein was discovered during a trenching program late in the 2010 exploration program. Two shallow holes were drilled on the western end of the structure. However, the material was partially oxidized close to surface. Initial drilling in 2011 will concentrate on the JK vein based on the size of the structure and the encouraging initial results from trenching. Drilling in the area will also step off the JK vein to the north and south to test for extensions of the East Zone along other mineralized dykes. The diamond drill program will consist of a minimum 2500 metres NQ size core.

MB Zone

The MB Zone is approximately 800 metres northwest of the current mine workings. Surface samples were taken from an exposed area of fractured argillite in 2010 and assays were reported as high as 9221g/t Ag (Aug. 25, 2011, press release). A soil geochemistry program will be conducted over this area in 2011 with a diamond drill program to follow.

Jensen Portal

The Jensen Portal is 400 metres west of the current underground workings. The area has had limited modern exploration conducted on it and any information is prior to 43-101 regulations. The veins were historically reported being brecciated with Ag, Pb, and Zn and covered by a diorite cap. The location of the small underground workings is coincident with two intersecting faults. A drill program is being designed to follow up on historical results.

Camp Zone

A geochemical testing program conducted in 1996 identified a large soil anomaly below the Jensen Portal, near the base of the mountain, that was followed up with one drill hole that did not penetrate the overburden and a second drill hole that may have missed the target. The Company is planning further geochemical testing in the area to be followed up with a diamond drill program.

A map of the 2011 exploration targets can be viewed on the website www.huldrasilver.com.

Technical information in this news release has been reviewed and approved by Jim Cuttle, P. Geo, a Qualified Person as defined by NI 43-101. Details of the Company's Treasure Mountain property can be found in its NI 43-101 technical report entitled "Technical Report, Resource Estimation, Mining and Reclamation Plan and Economic Evaluation, Treasure Mountain Property" dated June 15, 2009, as revised July 2, 2009, which is available on SEDAR at www.sedar.com.

About Huldra

Huldra is currently working on plans to put its Treasure Mountain Project, located 3 hours east of Vancouver, BC, into development, subject to permitting and financing. The Company is also actively assessing other opportunities for acquisition and development.

On behalf of the Board of Directors

"Ryan Sharp"
Ryan Sharp, MBA
President, CEO & Director

Disclaimer for Forward-Looking Information

This press release contains projections and forward-looking information that involve various risks and uncertainties regarding future events related to the Company's proposed 2011 exploration plans and its plans to put the Treasure Mountain project into production. Such forward-looking information can include statements based on current expectations involving a number of risks and uncertainties and are not guarantees of future performance of the Company, such as the Company's ability to finance its planned exploration; the Company's ability to source the necessary infrastructure to effect its exploration plans; current economic conditions and the state of mineral exploration and mineral prices in general. These risks and uncertainties could cause actual results and the Company's plans and objectives to differ materially from those expressed in the forward-looking information. Due to conditions precedent to closing, and the risk that these conditions precedent will not be satisfied, the Company can offer no assurance that the mill or tailings facility will be completed in the time expected or at all. These and all subsequent written and oral forward-looking information are based on estimates and opinions of management on the dates they are made and expressly qualified in their entirety by this notice. Except as required by law, the Company assumes no obligation to update forward-looking information should circumstances or management's estimates or opinions change.