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

Mexican Silver Mines Ltd.

December 23, 2008 16:43 ET

Mexican Silver Mines Ltd. Proposes to Extend Expiry Date of Outstanding Warrants

CALGARY, ALBERTA--(Marketwire - Dec. 23, 2008) -

Mexican Silver Mines Ltd. ("Mexican Silver") (TSX VENTURE:MSM)(FRANKFURT:MS2)(WKN:A0MSLE) is pleased to announce its intention to extend the expiry date of certain of its outstanding common share purchase warrants. The term of the 420,000 warrants issued on January 10, 2007 and the 4,380,000 warrants issued on May 7, 2007, both having exercise prices of $0.50 per common share, and the 6,420,750 warrants issued on June 29, 2007, having an exercise price of $1.30 per common share, are proposed to be extended to May 30, 2010. In addition, the term of the underlying 442,453 warrants to be issued upon the exercise of the 884,905 finder's options issued on June 29, 2007, is also proposed to be extended to May 30, 2010. For further information on the original issuance of the warrants and finder's options, please refer to the press releases of Mexican Silver dated January 10, 2007, May 8, 2007 and July 3, 2007 filed on SEDAR.

The extension of the expiry dates of the warrants is subject to review and acceptance by the TSX Venture Exchange.

About Mexican Silver Mines

Mexican Silver Mines is a silver focused junior resource company developing three former silver producing properties in northeastern 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

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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