Mega Silver Inc.
TSX VENTURE : MSR

Mega Silver Inc.

July 07, 2008 14:56 ET

Mega Silver Inc.: High Grade Silver-Gold Intercepts From Promontorio Drilling

Early Drilling Hits 3.25 metres of 1,753 g/t Silver (51.1 opt) & 40.8 g/t Gold (1.2 opt)

VANCOUVER, BRITISH COLUMBIA--(Marketwire - July 7, 2008) - Mega Silver Inc. ("Mega Silver") (TSX VENTURE:MSR) is pleased to announce analytical results from the first five drill holes completed on the Promontorio silver-gold property located in the El Oro municipality in north central Durango State, Mexico. The Promontorio property is under option from Silverstone Resource Corp. ("Silverstone") (TSX VENTURE:SST).

Significant results have been returned from all four holes, SP08-01, -02, -03 and -04 completed on the first fence of holes (cross-section line 6). Weighted averages (uncut) across drill intercepts (not true thickness) include the following:



---------------------------------------------------------------------------
Intercept
(metres) Silver (g/t) Gold (g/t)
Drill Hole From/To (metres) Not True Weighted Weighted
Width Average Average
---------------------------------------------------------------------------
SP08-01 33.50 m - 41.00 m 7.50 m 199.0 g/t 0.03 g/t
incl. 35.50 m - 37.50 m 2.00 m 350.0 g/t 0.05 g/t
less than
and 39.50 m - 40.00 m 0.50 m 487.0 g/t 0.01 g/t
---------------------------------------------------------------------------
SP08-02 85.00 m - 88.25 m 3.25 m 1,753.4 g/t 40.85 g/t
incl. 85.75 m - 87.75 m 2.00 m 2,679.4 g/t 66.33 g/t
and 86.50 m - 86.75 m 0.25 m 2,450.0 g/t 247.00 g/t
---------------------------------------------------------------------------
SP08-03 137.75 m - 140.75 m 3.00 m 173.5 g/t 0.04 g/t
incl. 140.00 m - 140.25 m 0.25 m 893.0 g/t 0.25 g/t
---------------------------------------------------------------------------
SP08-04 186.00 m - 189.50 m 5.50 m 258.0 g/t 3.86 g/t
incl. 186.75 m - 187.25 m 1.00 m 393.0 g/t 4.23 g/t
---------------------------------------------------------------------------
SP08-05 No significant No significant
results results
---------------------------------------------------------------------------


Ken Carter, President of Mega Silver, remarked, "The results from drilling to date are confirmation of the reported historic grades from the Promontorio mine camp and mark the potential return of this significant producer. We are excited to have attained this level of success in the first four holes drilled in Mega Silver's short history."

Complete results received to date are attached. Additional samples have been collected to bracket sampling reported in this news release for holes SP08-01, -02, -03 and -04, specifically where anomalous to well mineralized samples were not bracketed previously. These results are currently pending and will be reported upon receipt.

Silverstone is the operator of the project and has contracted Major Drilling De Mexico, S.A. De C.V. to do the drilling work. All samples are being shipped to ALS Chemex in Hermosillo, Mexico for preparation. All analysis is being completed at ALS Chemex in North Vancouver, BC. All samples are crushed, split and pulverized to -200 mesh. For silver the pulps are subjected to total digestion by HF-HNO3-HClO4 digestion, HCL leach and ICP-AES finish. Gold analysis is by 50 gram fire assay with gravimetric finish. Check samples, comprised of duplicate pulps and rejects are being sent to SGS in Toronto. Duplicate, blank and standard samples have been submitted at a ratio of 1:20 to standard core samples. Results from check samples are within acceptable errors based on industry standards.

Mr. David Tupper, P.Geo., Vice-President, Exploration of Mega Silver, a "qualified person" under National Instrument 43-101, is responsible for the technical aspects of this news release.

About Mega Silver

Mega Silver Inc. is a new mineral exploration company established to explore and develop high value silver opportunities globally. Mega Silver presently has exploration projects in Mexico and Canada and is well funded to carry out exploration and acquisition activities with over $16 million in the treasury. Full information on Mega Silver can be found at www.sedar.com and on the Company's website, www.megasilver.ca.

The TSX Venture Exchange has neither approved nor disapproved the contents of this press release.

Certain statements contained in this news release may contain forward-looking information within the meaning of Canadian securities laws. Such forward-looking information are identified by words such as "estimates", "intends", "expects", "believes", "may", "will" and include without limitation, statements regarding the Company's plan of business operations; ability to negotiate and enter into definitive agreements; potential benefits of the acquisitions; the costs and timing associated with integrating the acquisitions; production levels, timing and costs; potential contractual arrangements and the delivery of equipment; receipt of working capital; anticipated revenue; mineral reserve and resource estimates; and projected expenditures. There can be no assurance that such statements will prove to be accurate; actual results and future events could differ materially from such statements. Factors that could cause actual results to differ materially include, among others, metal prices, third party risks, acquisition risks, risks inherent in the mining industry, financing risks, regulatory risks and environmental concerns. Most of these factors are outside the control of the Company. Investors are cautioned not to put undue reliance on forward-looking information. Except as otherwise required by applicable securities statutes or regulation, the Company expressly disclaims any intent or obligation to update publicly forward-looking information, whether as a result of new information, future events or otherwise.

This news release does not constitute an offer to sell or a solicitation of an offer to sell 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 to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.

To view a map of the Promontorio project, please visit the following link:

http://media3.marketwire.com/docs/Promontorio.pdf



PROMONTORIO DRILLING SUMMARY July 7, 2008
----------------------------------------------------------------------------
From To Width Ag g/t Au g/t Ag g/t Au g/t
DDH-ID Sample (m) (m) (m) (4 acid) (grav.) Weighted Weighted
Average Average
----------------------------------------------------------------------------
SP-08-01 3 20.50 21.50 1.00 0.001 0.005
-------------------------------------------
4 21.50 22.50 1.00 2.000 0.005
-------------------------------------------
5 22.50 23.50 1.00 1.000 0.005
-------------------------------------------
SAMPLED - ASSAYS PENDING
-------------------------------------------
6 27.40 27.65 0.25 2.000 0.005
-------------------------------------------
SAMPLED - ASSAYS PENDING
-------------------------------------------
7 31.50 32.50 1.00 54.000 0.005
-------------------------------------------
8 32.50 33.50 1.00 59.000 0.080
-------------------------------------------
9 33.50 34.50 1.00 120.000 0.100
-------------------------------------------
10 34.50 35.50 1.00 89.000 0.005
-------------------------------------------
11 35.50 36.50 1.00 236.000 0.005 199.0 350.0 0.03 0.05
-------------------------------------------
13 36.50 37.50 1.00 464.000 0.100 7.5m 2.0m 7.5m 2.0m
-------------------------------------------
15 37.50 38.50 1.00 124.000 0.005
-------------------------------------------
16 38.50 39.50 1.00 113.000 0.005 487/
------------------------------------------- 0.5m
17 39.50 40.00 0.50 487.000 0.005
-------------------------------------------
18 40.00 41.00 1.00 103.000 0.005
-------------------------------------------
19 41.00 42.00 1.00 37.000 0.005
-------------------------------------------
20 42.00 43.00 1.00 7.000 0.005
-------------------------------------------
21 43.00 43.50 0.50 12.000 0.005
-------------------------------------------
22 43.50 44.00 0.50 6.000 0.005
-------------------------------------------
24 44.00 44.50 0.25 4.000 0.005
-------------------------------------------
25 44.50 45.00 0.50 6.000 0.005
-------------------------------------------
27 45.00 45.50 0.50 4.000 0.005
-------------------------------------------
28 45.50 46.00 0.50 3.000 0.005
-------------------------------------------
29 46.00 46.50 0.50 4.000 0.005
-------------------------------------------
30 46.50 47.00 0.50 4.000 0.005
-------------------------------------------
31 47.00 47.50 0.50 6.000 0.005
-------------------------------------------
32 47.50 48.00 0.50 2.000 0.005
-------------------------------------------
33 48.00 48.50 0.50 6.000 0.005
-------------------------------------------
34 48.50 49.00 0.50 3.000 0.005
-------------------------------------------
35 49.00 49.50 0.50 3.000 0.005
-------------------------------------------
36 49.50 50.00 0.50 0.001 0.005
-------------------------------------------
37 50.00 50.50 0.50 3.000 0.005
-------------------------------------------
38 50.50 51.00 0.50 14.000 0.005
-------------------------------------------
39 51.00 51.60 0.60 4.000 0.005
-------------------------------------------
41 51.60 51.85 0.25 8.000 0.180 0.25
-------------------------------------------
43 51.85 52.10 0.25 5.000 0.320 0.5m
-------------------------------------------
44 52.10 52.50 0.40 3.000 0.060
-------------------------------------------
46 52.50 53.00 0.50 1.000 0.005
-------------------------------------------
47 53.00 53.50 0.50 1.000 0.060
-------------------------------------------
48 53.50 54.00 0.50 3.000 0.060
-------------------------------------------
49 54.00 55.00 1.00 0.001 0.005
-------------------------------------------
50 55.00 56.00 1.00 1.000 0.005
-------------------------------------------

-------------------------------------------
51 65.00 66.00 1.00 2.000 0.005
-------------------------------------------
52 66.00 67.00 1.00 15.000 0.005
-------------------------------------------
53 67.00 68.00 1.00 8.000 0.005
-------------------------------------------
54 68.00 69.00 1.00 7.000 0.005
-------------------------------------------
55 69.00 70.10 1.10 15.000 0.005
-------------------------------------------
----------------------------------------------------------------------------
SP-08-02 60 54.00 55.00 1.00 25.000 0.005
-------------------------------------------
61 55.00 56.00 1.00 15.000 0.005
-------------------------------------------
63 56.00 57.00 1.00 13.000 0.005
-------------------------------------------
64 57.00 58.00 1.00 11.000 0.005
-------------------------------------------
65 58.00 59.00 1.00 18.000 0.005
-------------------------------------------
66 59.00 60.00 1.00 36.000 0.005
-------------------------------------------
67 60.00 61.00 1.00 42.000 0.005
-------------------------------------------
68 61.00 62.00 1.00 36.000 0.005 38.0
-------------------------------------------
69 62.00 63.00 1.00 32.000 0.005 5.0m
-------------------------------------------
71 63.00 64.00 1.00 44.000 0.005
-------------------------------------------

-------------------------------------------
72 74.50 75.50 1.00 71.000 0.005
-------------------------------------------
74 75.50 76.50 1.00 28.000 0.005 54.5
-------------------------------------------
75 76.50 77.50 1.00 90.000 0.005 4.0m
-------------------------------------------
76 77.50 78.50 1.00 29.000 0.005
-------------------------------------------
SAMPLED - ASSAYS PENDING
-------------------------------------------
77 85.00 85.50 0.50 312.000 0.005
-------------------------------------------
78 85.50 85.75 0.25 283.000 0.080
-------------------------------------------
79 85.75 86.00 0.25 3650.000 61.600
-------------------------------------------
81 86.00 86.25 0.25 3540.000 34.800
-------------------------------------------
82 86.25 86.50 0.25 2390.000 67.100
-------------------------------------------
83 86.50 86.75 0.25 2450.000 247.000 1753.4 2679.4 66.3 247/
------------------------------------------- 0.25m
85 86.75 87.00 0.25 2790.000 58.300 3.25m 2.0m 2.0m
-------------------------------------------
86 87.00 87.25 0.25 3550.000 38.400
-------------------------------------------
87 87.25 87.50 0.25 1620.000 16.700
-------------------------------------------
88 87.50 87.75 0.25 1445.000 6.700
-------------------------------------------
89 87.75 88.25 0.50 226.000 0.170
-------------------------------------------
SAMPLED - ASSAYS PENDING
-------------------------------------------
90 97.50 98.50 1.00 5.000 0.080
-------------------------------------------
91 98.50 99.50 1.00 4.000 0.005
-------------------------------------------
92 99.50 100.50 1.00 2.000 0.005
-------------------------------------------
94 100.50 101.50 1.00 0.001 0.005
-------------------------------------------
95 101.50 102.50 1.00 0.001 0.005
-------------------------------------------
96 102.50 103.50 1.00 1.000 0.005
-------------------------------------------
97 103.50 104.50 1.00 0.001 0.005
-------------------------------------------
98 104.50 105.50 1.00 0.001 0.005
-------------------------------------------

-------------------------------------------
99 112.00 113.00 1.00 4.000 0.005
----------------------------------------------------------------------------
SP-08-03 SAMPLED - ASSAYS PENDING
-------------------------------------------
104 137.75 138.75 1.00 101.000 0.005
-------------------------------------------
105 138.75 139.25 0.50 207.000 0.005
-------------------------------------------
106 139.25 139.75 0.50 53.000 0.005
-------------------------------------------
107 139.75 140.00 0.25 133.000 0.005 173.5 - 0.04 -
-------------------------------------------
109 140.00 140.25 0.25 893.000 0.360 3.0m 893/ 3.0m 0.36/
------------------------------------------- 0.25m 0.25m
111 140.25 140.75 0.50 66.000 0.060
-------------------------------------------
112 140.75 141.75 1.00 12.000 0.005
-------------------------------------------
----------------------------------------------------------------------------
SP-08-04 SAMPLED - ASSAYS PENDING
-------------------------------------------
117 185.50 186.00 0.50 43.000 0.005
-------------------------------------------
118 186.00 186.25 0.50 292.000 0.300
-------------------------------------------
119 186.25 186.50 0.50 198.000 3.080
-------------------------------------------
121 186.50 186.75 0.50 290.000 4.930
-------------------------------------------
122 186.75 187.00 0.50 443.000 5.150 258.0 393.0 4.25 4.2
-------------------------------------------
124 187.00 187.25 0.50 343.000 3.320 5.5m 1.0m 5.5m 1.0m
-------------------------------------------
125 187.25 187.50 0.50 105.000 4.250
-------------------------------------------
127 187.50 187.75 0.50 141.000 9.380
-------------------------------------------
128 187.75 188.00 0.50 230.000 12.050
-------------------------------------------
129 188.00 188.50 0.50 468.000 3.430
-------------------------------------------
130 188.50 189.00 0.50 107.000 0.330
-------------------------------------------
131 189.00 189.50 0.50 221.000 0.520
-------------------------------------------
132 189.50 190.50 0.50 46.000 0.060
-------------------------------------------
134 190.50 191.50 0.50 47.000 0.005
-------------------------------------------
135 191.50 192.50 0.50 22.000 0.005
-------------------------------------------
136 192.50 193.50 0.50 22.000 0.180
-------------------------------------------
137 193.50 193.75 0.50 34.000 5.570
-------------------------------------------
138 193.75 194.00 0.50 38.000 2.350
-------------------------------------------
139 194.00 194.50 0.50 15.000 0.100
----------------------------------------------------------------------------
SP-08-05 144 294.50 295.50 0.50 0.010 0.005
-------------------------------------------
145 295.50 296.00 0.50 1.000 0.005
-------------------------------------------
146 296.00 296.50 0.50 1.000 0.005
-------------------------------------------
148 296.50 297.00 0.50 2.000 0.005
-------------------------------------------
150 297.00 297.50 0.50 6.000 0.005
-------------------------------------------
151 297.50 298.00 0.50 4.000 0.005
-------------------------------------------
152 298.00 298.50 0.50 3.000 0.005
-------------------------------------------
153 298.50 299.00 0.50 2.000 0.005
-------------------------------------------
154 299.00 299.50 0.50 3.000 0.005
-------------------------------------------
155 299.50 299.75 0.50 2.000 0.005
-------------------------------------------
156 299.75 300.50 0.50 5.000 0.005
-------------------------------------------
157 300.50 301.50 0.50 0.010 0.005
-------------------------------------------

-------------------------------------------
159 318.55 319.00 0.50 2.000 0.005
-------------------------------------------
161 319.00 319.25 0.50 0.010 0.005
-------------------------------------------
162 319.25 319.50 0.50 2.000 0.005
-------------------------------------------
163 319.50 320.00 0.50 1.000 0.005
-------------------------------------------
164 320.00 321.00 0.50 2.000 0.005
----------------------------------------------------------------------------
Note: Missing sample numbers correspond to standard, duplicate and
blank samples.

Weighted averages based on un-cut sample results.

Lead, zinc and copper results typically less than 0.1%. In
high grade silver sections, lead and zinc typically less
than 1.0%.
----------------------------------------------------------------------------

The TSX Venture Exchange does not take responsibility for the adequacy or accuracy of this release.

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