Silvermex Resources Ltd.

Silvermex Resources Ltd.

March 31, 2009 08:00 ET

Silvermex Resources Initiates Preliminary Economic Assessment on Its San Marcial Silver Project

VANCOUVER, BRITISH COLUMBIA--(Marketwire - March 31, 2009) - Silvermex Resources Ltd. (TSX VENTURE:SMR) is pleased to announce that it has initiated preliminary economic assessment studies on its San Marcial silver project located 90 kilometres east of Mazatlan in Sinaloa, Mexico. The economic assessment will include metallurgical, processing, mining and infrastructure requirements for potential mining and milling operations. The assessment will also focus on defining the economic viability of the project and will take advantage of the existing underground infrastructure and define the near surface potential of the deposit.

Reconstruction and improvements to the access roads are underway and a mining contractor has been commissioned to restore access to the mine and main portal.

As announced by news release dated October 9, 2008, the mineral resource at San Marcial includes an indicated mineral resource of 18.0 million ozs silver, 55.3 million lbs of zinc (Zn) and 29.9 million lbs of lead (Pb) and an inferred mineral resource of 4.4 million ozs silver, 34.7 million pounds of zinc (Zn) and 19.5 million lbs of lead (Pb).

Ag Pb Zn
Category Tonnes (g/t) (%) (%) Ag (oz) Pb (lb) Zn (lb)
Indicated: 3,755,893 149.20 0.36 0.67 18,021,221 29,931,874 55,328,145
Total M&I: 3,755,893 149.20 0.36 0.67 18,021,221 29,931,874 55,328,145
Inferred: 3,075,403 44.21 0.29 0.51 4,371,018 19,525,788 34,690,817

The completed preliminary economic assessment studies will include information from previous drilling and sampling, preliminary mine designs, production schedules, metallurgy, process and project infrastructure design, development of environmental management and permitting programs, estimated project capital and operating costs, pre-tax cash flows, project schedule and recommendations for additional work so the project can proceed to pre-feasibility. Updated news releases will be issued as information is gathered and completed for the individual sections of the study.

A metallurgical test program has been initiated for San Marcial and preliminary results are expected in mid May. The Company is taking an additional representative 150kg sample and the resulting material will be shipped to an independent metallurgical laboratory to optimize processing and metal recoveries. The results of these tests will be used to determine flow process, plant design and equipment selection. This work is expected to be completed in late Q2 or early Q3 2009.

Bruce Bried, B.Sc., P.Eng. and Senior Mining Consultant will oversee the evaluation and economic assessments of San Marcial. Mr. Bried is a professional engineer with over 25 years experience in engineering and operating mines. His specialty is underground vein gold and silver mines.

Readers are cautioned that there are no assurances that all or any part of the Resource Estimate will be economically viable and although the information in this press release is based on the best available data the Company has collected to date, a material difference between the actual results and the Company's expectations may arise once further exploration is completed.

Mineral resources that are not mineral reserves do not have demonstrated economic viability. The economic assessment of the mineral resources is preliminary in nature and there is no certainty that a preliminary economic assessment will be realized.

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.

Both Mr. William Lewis and Mr. Bruce Bried have read and approved 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.

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.

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