Silvermex Resources Ltd.
TSX VENTURE : SMR

Silvermex Resources Ltd.

January 23, 2008 08:30 ET

Silvermex Resources Ltd.: Drilling Commences at Penasco Quemado Property

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Jan. 23, 2008) - Silvermex Resources Ltd. ("Silvermex") (TSX VENTURE:SMR) is pleased to report that drilling has commenced at its 20,000 hectare Penasco Quemado Property located in Northern Sonora, Mexico. A reverse circulation drill is being used for a 32 hole, 3,000 meter drill program on the property. The drill program is designed to increase the resource in the Penasco Quemado zone and to drill test 5 separate anomalies identified both from the previous year's drill program and an induced polarization survey completed in the summer of 2007. The Penasco Quemado zone and other drill targets are all on or near surface.

The current resource on the Penasco Quemado property as announced on January 30, 2007. The current mineral resource estimate is:



----------------------------------------------------------
Ore Silver
(million Grade (million
Resource Classification tonnes) (g/t Ag) troy oz)
----------------------------------------------------------
Measured Mineral Resource 0.123 151.9 0.599
----------------------------------------------------------
Indicated Mineral Resource 2.442 115.0 9.032
----------------------------------------------------------
Total Measured + Indicated 2.565 116.8 9.631
----------------------------------------------------------
Inferred Mineral Resource 0.001 41.4 0.001
----------------------------------------------------------


The Company will be commencing exploration and drill programs on its other properties in March of 2008.

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.

Contact Information