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

Mexican Silver Mines Ltd.

March 13, 2009 17:57 ET

Mexican Silver Mines Ltd. Announces Resumption of Trading

CALGARY, ALBERTA--(Marketwire - March 13, 2009) -

NOT FOR DISTRIBUTION TO UNITED STATES NEWS WIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES

Mexican Silver Mines Ltd. ("Mexican Silver") (TSX VENTURE:MSM)(FRANKFURT:MS2) (WKN:A0MSLE) is pleased to announce that trading in its shares on the TSX Venture Exchange will resume at the open of trading on March 16, 2009.

On March 10, 2009, Mexican Silver announced that it has entered into a letter of intent providing for a proposed arm's length business combination (the "Proposed Transaction") with Rio Alto Mining Limited ("Rio Alto"). Please refer to Mexican Silver's news release of March 10, 2009 for additional information regarding the Proposed Transaction and Rio Alto.

About Rio Alto

Rio Alto is a privately-owned mineral exploration and development company incorporated under the laws of British Columbia on January 31, 2008. The Company was formed to earn into and eventually acquire the La Arena gold-copper project (the "La Arena Project") in Peru from Iamgold Quebec Management Inc. ("IAMGOLD") and to further explore and develop this project. Gold and copper mineral resource and mineral reserve estimates as at March 31, 2008 for the La Arena Project were previously disclosed by Rio Alto and may be referenced within the La Arena Project, Peru Technical Report at www.sedar.com.

About Mexican Silver

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. Financial information and other information in respect of Mexican Silver can be found at www.sedar.com.

Financial information and other information in respect of Mexican Silver can be found on www.sedar.com. Further information in respect of the technical mining information for Mexican Silver and Rio Alto will be issued at a later date.

ON BEHALF OF THE BOARD OF MEXICAN SILVER MINES LTD.

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

This press release contains forward-looking statements and forward-looking information within the meaning of applicable securities laws. The use of any of the words "expect", "anticipate", "continue", "estimate", "objective", "ongoing", "may", "will", "project", "should", "believe", "plans", "intends" and similar expressions are intended to identify forward-looking information or statements. More particularly and without limitation, this press release contains forward-looking statements and information concerning completion of the Proposed Transaction. The forward-looking statements and information are based on certain key expectations and assumptions made by Mexican Silver. Although Mexican Silver believes that the expectations and assumptions on which such forward-looking statements and information are based are reasonable, undue reliance should not be placed on the forward looking statements and information because Mexican Silver can give no assurance that it will prove to be correct. Since forward-looking statements and information address future events and conditions, by their very nature they involve inherent risks and uncertainties. There are risks also inherent in the nature of the Proposed Transaction, including agreement on a definitive agreement, incorrect assessment of the value of the respective properties of each of Mexican Silver and Rio Alto, and failure to obtain the required security holder, regulatory and other third party approvals. Readers are cautioned that the foregoing list of factors is not exhaustive. The forward-looking statements and information contained in this press release are made as of the date hereof and Mexican Silver undertakes no obligation to update publicly or revise any forward-looking statements or information, whether as a result of new information, future events or otherwise, unless so required by applicable securities laws.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts the responsibility for the adequacy or accuracy of this release.

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