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

Mexican Silver Mines Ltd.

April 23, 2008 16:45 ET

Mexican Silver Mines Ltd. Grants and Re-Prices Options

CALGARY, ALBERTA--(Marketwire - April 23, 2008) - Mexican Silver Mines Ltd. ("Mexican Silver Mines") (TSX VENTURE:MSM)(WKN:A0MSLE)(FRANKFURT:MS2) announces that effective April 22, 2008, the Company granted 415,000 incentive stock options exercisable at $0.45 cents per share for five years from the date of issuance. Of these, 200,000 options were granted to Jim Glass who has recently been appointed as Director of Mexican Silver Mines and 215,000 were issued to employees of the Company.

Mexican Silver Mines also announces that on April 22, 2008, the exercise price of 200,000 stock options held by Brian Farrell, the Chief Financial Officer of Mexican Silver, was amended from $1.10 per common share to the exercise price of $0.45 per common share. These options initially had an exercise price of $1.85 per share (see news release dated October 1, 2007). In addition, the exercise price of 225,000 stock options held by consultants of the Corporation was amended from $1.25 per common share to the exercise price of $0.45 per common share. The amendment to the exercise price of these stock options is subject to the approval of the TSX Venture Exchange and, in the case of the amendment to the exercise price of Brian Farrell's options, the majority of disinterested shareholders entitled to vote at the next shareholders' meeting of Mexican Silver Mines. The amendments will not become effective until such approvals have been obtained.

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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