Mexican Silver Mines Ltd.
TSX VENTURE : MSM
FRANKFURT : MS2

Mexican Silver Mines Ltd.

February 19, 2008 12:35 ET

Mexican Silver Mines Ltd. Announces Positive Exploration Results and Drill Plan for the Mamulique Project

CALGARY, ALBERTA--(Marketwire - Feb. 19, 2008) - Mexican Silver Mines Ltd. ("Mexican Silver" or "MSM") (TSX VENTURE:MSM)(FRANKFURT:MS2) is pleased to announce new exploration results and plans for drilling targets within the historic Mamulique mining district. The Mamulique district is located 30 kilometers northeast of Monterrey, Mexico at the southernmost tip of MSM's Anillo de Fuego concession and is an historic zinc-silver-lead mining district in the Eastern Cordillera Silver Belt of northeastern Mexico. The national highway between Monterrey, Mexico and Laredo, Texas transects the Mamulique area. Mexican Silver has identified lead-zinc occurrences in these road cuts where previously unrecognized structurally controlled and manto-type mineralization is exposed.

Regional data collected by Mexican Silver shows that at least fifteen shafts along the crest of the Mamulique anticline are present over a strike length of 10 km, including the Santo Nino, Victoria, Mina El Milagro, Mina La Torre and Mina La Paloma. MSM's initial review indicates that these workings, other than the Santo Nino and La Victoria mines, were mined to depths of only 10 to 20 meters. No historic production information is available for these other mines; however, Mexican Silver has commenced an initial exploration program on these historic mines.

Detailed surface and underground mapping/sampling has been completed over an area of 120 hectares within the main mining area including the Santo Nino and Victoria mines. A number of mine adits and declines are safely accessible and provide MSM with an initial third dimensional evaluation down to a depth of a few tens of meters. This mapping has defined a mineralized structural zone approximately 1,400 meters long, which on the surface, consists of at least 6 parallel veins. The formation that hosts this mineralization is the Cuesta del Cura Formation. Projected below this formation, and based on regional stratigraphic interpretation, the Aurora Formation is thought to be present. The Aurora Formation is the favorable host formation for significant mineralization at the La Encantada (First Majestic Silver Corp.) and La Platosa (Excellon Resources Inc.) mines.

Within the Mamulique district, numerous mining works have been identified, mapped and sampled. The strongest mineralization has been observed in the Santo Nino shaft which has a reported mining depth of 180 meters and the La Victoria shaft with a reported depth of 50 meters.

The largest historic mining operation in the Mamulique district was reported at the Santo Nino mine which is located on an oblique cross structure at the crest of the Mamulique anticline. A report by Servicio Geologico Mexicano (SGM) indicated production from the Santo Nino mine was reported to be 500 tons per month of high grade zinc ore with subsidiary silver and lead values when it was in production in the last century. The grade of historic production from this mine was reported to be up to 40% zinc and ore was shipped to Cia Zinc National in Monterrey.

Results from the surface sampling at Mamulique are presented as follows:



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Sample # Sample type and width Ag g/t Pb % Zn %
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MM01 vein 20 cm 185 15.9 7.52
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MM02 vein 5 cm 314 greater
than 20.0 6.51
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MM02A vein 11 cm 257 greater
than 20.0 6.98
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MM03 vein 5 cm 368 greater
than 20.0 23.5
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MM04 vein 30 cm 49.7 6.24 0.63
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MM05 vein 10 cm 22.7 0.76 14.85
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MM06 vein 10 cm 107 17.9 14.4
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MM07 tailings Santo Nino mine 30.3 0.83 4.71
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MM08 tailings Santo Nino mine 11 1 18.15
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MM09 tailings Santo Nino mine 62.2 1.58 20.7
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MM11 vein 12 cm 381 greater
than 20.0 2.44
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MM12 vein 13 cm 98 17.1 19.3
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MM13 vein 12 cm 125 10.8 30
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MM14 vein 30 cm 4 0.5 0.23
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MM15 vein 40 cm 0.8 0.07 3.8
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MM16 tailings La Victoria mine 64.6 6.86 0.21
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MM17 vein 20 cm 12 1.25 1.88
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MM18 vein 25 cm 44.1 8.41 10.35
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Mineralization in these types of veins is interpreted to be associated with the anticline axis of the Sierra Mamulique. Favorable structural zones within permissive carbonate horizons are the preferred hosts for mineralization in veins and mantos. Sulfide mineralogy of the veins consists primarily of galena (lead sulfide) and sphalerite (zinc sulfide) associated with calcite and quartz which are observed as fracture fillings and replacements within the limestone.

Underground rock chip sampling from the Victoria mine at depths to 20 to 30 meters beneath the surface gave the following results:



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Sample # Sample type and width Ag g/t Pb % Zn %
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MM21 vein 22 cm 47.2 3.52 greater
than 30.0
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MM22 vein 30 cm 37.4 0.73 25.6
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MM23 vein 40 cm 18.5 0.41 19.1
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MM24 vein 25 cm 34.9 1.58 27.2
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MM25 vein 33 cm 21.2 0.17 24.9
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MM26 vein 20 cm 46.8 3.11 28.2
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MM27 vein 25 cm 35.9 0.02 28.0
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MM28 vein 25 cm 20.2 0.03 23.3
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MSM has prepared its first phase drill program at Mamulique consisting of 13 holes for an approximate 2,300 meters of drilling. Both structural and stratigraphic targets will be tested with both short and deep holes to test longitudinal and depth continuity. No previous drilling has ever been carried out in the Mamulique district or mine areas. Drilling at Mamulique will commence immediately following the completion of the current drilling at the Company's Iguana Property.

While initial exploration on the Anillo de Fuego concession is focused on the Santo Nino and La Victoria mine areas, other occurrences of silver-rich base metal mineralization are present in the surrounding mountain ranges exhibiting anticlinal structures. Two of these other areas known as El Cedral and El Mortero and will be explored by Mexican Silver in due course.

Photos and long sections from the Mamulique project are available for review on the MSM website noted below.

All hand samples were shipped to ALS Chemex Laboratory ("Chemex") for analyses. Chemex has an International Standard Organization rating of ISO 9001:2000 and is independent of Mexican Silver. Mexican Silver follows a rigorous Quality Assurance/Quality Control program consisting of inserting standards and duplicates into the sample stream submitted to Chemex for analyses. Mr. William Dynes, P. Geol., the project supervisor of Mexican Silver's program on the Mamulique Property, is the Corporation's nominated Qualified Person responsible for monitoring the supervision and quality control of the programs completed within the its properties. Mr. Dynes has reviewed and verified the technical information contained in this news release.

This news release contains forward-looking information including but not limited to comments regarding the timing and content of upcoming work programs, geological interpretations and potential mineral recovery processes. Forward-looking information includes disclosure regarding possible future events, conditions or results of operations that is based on assumptions about future economic conditions and courses of action, and therefore, involves inherent risks and uncertainties. When used in this news release. The words "estimated", "plan", "anticipated", "expected", "intend", "believe", and similar expressions are intended to identify forward-looking statements. These statements involve known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements of Mexican Silver to be materially different from any future results, performance or achievement expressed or implied by such forward-looking statements. For any forward-looking information given, management has assumed that the analytical results it has received are reliable, and has applied geological interpretation methodologies which are consistent with industry standards. Although management has a reasonable basis for the conclusions drawn, there can be no assurance that forward-looking statements will prove to be accurate and actual results may differ materially from those currently anticipated in such statements. For such statements, we claim safe harbour.

About Mexican Silver Mines

Mexican Silver Mines is a silver focused junior resource company developing three former silver producing properties in north-eastern Mexico. To learn more about Mexican Silver Mines, please visit: www.mexicansilvermines.com.

ON BEHALF OF THE BOARD OF MEXICAN SILVER MINES LTD.

Feisal Somji, B.Sc., MBA, President and Chief Executive Officer

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy and accuracy of this information.

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