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

Mexican Silver Mines Ltd.

July 22, 2009 19:07 ET

Mexican Silver Mines Ltd.: Name Change to Rio Alto Mining Limited and Grant of Stock Options

VANCOUVER, BRITISH COLUMBIA--(Marketwire - July 22, 2009) - Mexican Silver Mines Ltd. (the "Corporation") (TSX VENTURE:MSM)(FRANKFURT:MS2)(WKN:A0MSLE) is pleased to announce that effective Friday, July 24, 2009 its name will be changed to "Rio Alto Mining Limited". Commencing at opening of trading on Friday, July 24, 2009 the common shares of the Corporation will trade on the TSX Venture Exchange under the symbol "RIO". The Corporation's new website at www.rioaltomining.com will be accessible in two weeks. "The new name Rio Alto Mining Limited along with the new symbol of RIO more accurately reflects the growth and corporate goals of the Company," stated Feisal Somji, President and CEO. "The company will be focusing on the development of the La Arena project in Peru which is focused on gold, however will still be progressing its exploration work in Mexico aiming for silver. We will be a multi commodity and multi project based company moving forward."

In addition the Corporation announces that it has granted stock options to acquire up to 2,500,000 common shares of the Corporation to certain of its employees, consultants, advisory committee members and directors. The options have an exercise price of $0.30 per common share, which is approximately 50 per cent higher than the recent trading price of the common shares. All of these options vest immediately and will expire on July 16, 2014. The Corporation also wishes to announce the re-pricing of 400,000 options granted on July 4, 2007 and expiring May 7, 2012 from $0.45 per share to $0.30 per share. The re-pricing is subject to acceptance by the TSX Venture Exchange.

The Corporation has determined that exemptions from the various requirements of the TSX Venture Exchange Policy 5.9 are available for the grant of options.

ON BEHALF OF THE BOARD OF MEXICAN SILVER MINES LTD.

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

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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