Silvermex Resources Ltd.

Silvermex Resources Ltd.

October 14, 2008 15:26 ET

Silvermex Reports Initial NI 43-101 Resource Estimate for La Frazada Project

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Oct. 14, 2008) - Silvermex Resources Ltd. (the "Company") (TSX VENTURE:SMR) is pleased to report that it has completed an initial mineral resource estimate on its wholly-owned, La Frazada silver project located in Nayarit, Mexico.

The initial mineral resource estimate includes measured and indicated mineral resources of 4.7 million oz silver (Ag), 3,189 oz Gold (Au), 31.3 million lbs of zinc (Zn) and 11.1 million lbs of lead (Pb) and inferred mineral resources of 3.8 million oz Ag, 3,055 oz Au, 30.8 million pounds of Zn and 10.8 million lbs of Pb. The majority (55%) of the silver resources are in the measured and indicated category. Average measured resource grades are 259.75 g/t Ag, 0.88% Pb and 2.35% Zn.

The resource estimate was audited by Mr. William Lewis, B.Sc., P.Geo. (Micon International Inc.) the independent Qualified Person, and was prepared using CIM definitions for mineral resources as required by National Instrument 43-101. The mineral resource estimate is:

Ag Pb Zn
Tonnes Ag Au Pb Zn (oz) Au (lb) (lb)
Category 000 (g/t) (g/t) (%) (%) 000 (oz) 000 000
Measured: 303.8 259.75 0.197 0.88 2.357 2,537 1,925 5,866 15,782
Indicated: 278.9 240.46 0.141 0.86 2.521 2,156 1,264 5,297 15,498
Total M&I: 582.7 250.50 0.170 0.690 2.436 4,693 3,189 11,163 31,280
Inferred: 533.7 224.88 0.178 0.923 2.616 3,859 3,055 10,860 30,769

The above block model resource estimate is based on a cut-off grade 80 grams of silver per tonne, 0.75% lead and 1% zinc.

The past-producing La Frazada Silver Mine is located approximately 300 km North West of Guadalajara and less than 100 km south of the Company's San Marcial project. The La Frazada project consists of two parallel veins which outcrop intermittently along 3 kilometers of strike length within the property boundaries. The underground workings are accessed from adits located at both the western and eastern extremities of the property. Near the western claim boundary the 1,800 meter La Jabalina adit allows access to at least three ore shoots along the La Jabalina vein on the 100 level. Near the eastern boundary development has occurred along both the La Jabalina East and the La Frazada Veins. The La Jabalina Vein has been developed along at least 250 meters of strike length and between 100 and 150 meters of vertical extent. At present the vein can only be accessed at the 330 and 360 levels. The La Frazada Vein has been developed along over 500 meters of strike length and approximately 180 meters of vertical extent between the 390 and the surface at 570 meters. The recent program concentrated on sampling and mapping along the 3 kilometers of surface outcrops and systematic sampling of the underground workings where the La Jabalina and La Frazada Veins and breccias systems are exposed.

In 1985 Compania Minera Nival completed construction of a 280 tpd mill and development of an extensive series of underground workings including a 1,300 meter tunnel that allowed access to the La Jabalina vein at 6 different levels. These workings were used to access a 900 meter long, 350 meter high ore shoot that appears to be only partially mined. Prior to the mine's abandonment, it appears Nival had been preparing for a more extensive mining program as 5 meter wide ramps had been completed which would have allowed for significantly higher production rates from La Jabalina. Previous owners have reported that exploration results from the La Jabalina tunnel include a one meter channel sample of vein material that assayed 19.3 oz/t silver and 0.19 oz/t gold. The mine closed in 1997 due to low metal prices. The mill was later relocated.

The property lies along the contact between the Upper and Lower Volcanic Series, an unconformity that hosts many of the significant precious metal deposits in the Sierra Madre Occidental. Specifically the geology consists of Tertiary age, Lower Volcanic andesites overlain by Upper Volcanic rhyolites, tuffs, breccias and ignimbrites. All the volcanic rocks have been affected by the intrusions of granodiorite, diorite and andesitic porphyry.

Management is very encouraged with this initial resource update and based the high grade nature of the deposit, extensive geological modeling, detailed underground and surface sampling, and past drill intersections, they are confident that future exploration programs will deliver additional silver resources.

Qualified Person

Pursuant to National Instrument 43-101, Mr. William Lewis, B.Sc., P.Geo. (Micon International Inc.) is the independent qualified person responsible for the mineral resource estimate. Mr. Darcy Krohman, P.Geo., C.A., Executive Vice-President and CFO of Silvermex Resources Ltd. is the Qualified Person (QP) responsible for the disclosure in this news release.

This News Release contains forward-looking statements. Forward looking statements are statements which relate to future events. In some cases, you can identify forward-looking statements by terminology such as "may", "should", "expects", "plans", "anticipates", believes", "estimates", "predicts", "potential", or "continue or the negative of these terms or other comparable terminology. These statements are only predictions and involve known and unknown risks, uncertainties and other factors that may cause our or our industry's actual results, level of activity, performance or achievements to be materially different from any future results, levels of activity, performance, or achievements expressed or implied by these forward-looking statements.

While these forward-looking statements, and any assumptions upon which they are based, are made in good faith and reflect out current judgment regarding the direction of our business, actual results will almost always vary, sometimes materially, from any estimates, predictions, projections, assumptions or other future performance suggests herein. Except as required by applicable law the Company does not intend to update any forward-looking statements to conform these statements to actual results.

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