Prospero Silver Corp.
TSX VENTURE : PSL

Prospero Silver Corp.

July 13, 2010 09:15 ET

Prospero Silver Claims a New Silver-Gold Target (The "Bermudez" Project) in Central-Western Chihuahua

VANCOUVER, BRITISH COLUMBIA--(Marketwire - July 13, 2010) - Prospero Silver Corp. (TSX VENTURE:PSL) is pleased to announce that its Mexican subsidiary, Minera Fumarola, SA de CV, has acquired by staking the Bermudez project. The project area is in western Chihuahua State, close to the Sonora border, and comprises a 800 hectare claim, covering the full extent of a system of NW-SE striking veins approximately 2 kilometers in length. The veins, which exhibit widths up to several meters wide, consist of multistage banded crystalline and amorphous silica phases and platy calcite replaced by silica.

The Bermudez project is located near existing operations namely the Mulatos Mine in Sonora and the Dolores Mine in Chihuahua to the northeast, and the Pinos Altos Mine in Chihuahua to the east. The Bermudez vein system is hosted along the margins of a rhyolitic dike complex which is emplaced in andesitic flows and tuffs of the lower part of the Upper Volcanic Series. The veins pinch and swell along strike and exhibit wallrock silicification with stockwork veining up to 40 meters in width.

Preliminary geochemical sampling (16 samples) indicates 9 anomalous silver assays (2.0 to 20.3 ppm), 3 anomalous gold assays (.143 to .475 ppm), and elevated barium assays (up to 2660 ppm). Silica and fluid inclusion petrography exhibit low temperature silica phases including crystalline quartz with abundant vapor-rich inclusions and suggests the system exposes the upper portions of epithermal mineralization which could be located at relatively shallow depth.

This acquisition by staking reflects Prospero's Mexican exploration team's knowledge of the Mexican exploration landscape and ability to acquire free ground as it becomes available. Follow-up detailed geology and geochemistry will be undertaken to define the structurally and geochemically higher priority drilling targets at the Bermudez property.

About Prospero Silver Corp.:

Prospero is a Canadian resource company with the majority of its staff based in Mexico and who work for its wholly owned subsidiary Minera Fumarola, SA de CV (Fumarola). Prospero's objective is to quickly evaluate the properties currently optioned and focus on bringing one into early production. Priority will be given to high-grade gold projects.

Cautionary Statement:

This news release contains forward-looking statements that are not historical facts. Forward-looking statements involve risks, uncertainties and other factors that could cause actual results, performance, prospects and opportunities to differ materially from those expressed or implied by such forward-looking statements, including statements regarding future exploration plans. Factors that could cause actual results to differ materially from these forward-looking statements include, but are not limited to, variations in the nature, quality and quantity of any mineral deposits that may be located, the Company's inability to obtain any necessary permits, consents or authorizations required for its planned activities, and the Company's inability to raise the necessary capital or to be fully able to implement its business strategies. The reader is referred to the Company's public disclosure record which is available on SEDAR (www.sedar.com), including the risk factors discussed in Prospero's November 27, 2009 prospectus. Although Prospero believes that the assumptions and factors used in preparing the forward-looking statements are reasonable, undue reliance should not be placed on these statements, which only apply as of the date of this news release, and no assurance can be given that such events will occur in the disclosed time frames or at all. Except as required by securities laws and the policies of the TSX Venture Exchange, Prospero disclaims any intention or obligation to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.

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

Contact Information

  • Prospero Silver Corp.
    Warwick Smith
    Director
    1 (604) 484-4954