Silvermex Resources Ltd.
TSX VENTURE : SMR

Silvermex Resources Ltd.

June 11, 2008 11:49 ET

Silvermex Resources Ltd.: Drilling Intersects 148 g/t (4.31 oz/t) Silver Across 22.5 Meters at the Penasco Quemado Project, Sonora, Mexico

VANCOUVER, BRITISH COLUMBIA--(Marketwire - June 11, 2008) - Silvermex (TSX VENTURE:SMR) reports the results from the 2,706 meter reverse circulation drilling program completed on the Penasco Quemado property, located in northern Sonora. Significant intersections encountered during the program include 30 meters grading 149.2 g/t Ag from infill drilling at the Penasco Quemado (PQ) Zone, and 22.5 meters grading 148.5 g/t Ag from the Southeast Extension approximately 820 meters from the start of the PQ Zone. This intersection of economic grade mineralization was the furthest ever encountered from the PQ Zone since exploration was initiated on the Property by Silvermex in 2005. The results of this latest drill campaign further confirm the deposit's low stripping ratio and amenability to low cost, bulk tonnage, open pit mining methods.

The principal objectives of the program were to: (i) delineate the full extent of the PQ Zone bulk tonnage deposit, including its northeast, southwest and southeast boundaries; (ii) complete infill drilling in areas with inadequate data and information in order to establish continuity between mineralized zones, (i.e. in particular between sections 0+00 and 0+400SE); (iii) establish the continuity of the mineral intervals intersected by the January and February 2008 drill program including the Southeast Extension identified in hole PQD-05 (between sections 0+620SE and 0+850SE); and (iv) test the high grade silver intervals intersected by the previous drill programs in the San Luis area.

The results of the drilling confirm that the mineralization extends to the southwest with silver grades similar to those that constitute the current mineral resource of 9.5 million ounces. To the southeast along strike the deposit expands longitudinally while silver grades moderately decrease. The deposit remains open along strike past section 400SE. Intersection of the mineralized zone at section 820SE suggests the mineralization may be continuous between these sections.

In addition to the drill program, metallurgical testing and geological modeling were recently initiated. Once completed the results will help support a revised mineral resource estimate and Preliminary Evaluation (i.e. scoping study) that Silvermex plans to commence this summer.

Penasco Quemado (PQ) Zone:

A total of 2,226 meters in 23 holes were completed in the vicinity of the PQ Zone during the most recent reverse circulation drill program. The infill drill program was designed to increase the confidence level of the current mineral resource, while the step out program was designed to identify any additional lateral and strike extensions associated with the silver mineralization. The Company believes encouraging results from several drill holes completed along the southwestern extension of the mineralized zone will significantly increase the current mineral resource. Specifically, holes PQRC-55, 59, 62, 63, 68 and 72 all encountered ore grade silver mineralization over significant intervals along the southwest extension of the deposit. Holes PQRC-73, 74, 75 and 76 also encountered high-grade silver mineralization along the southeastern extension of the deposit. The mineralized zone remains open along strike in this direction. Once additional drilling is completed to assist with the interpretation of the geological controls over the mineralization a step-out drill campaign will be initiated to further confirm the strike extension. Significant assay results from each of the mineralized zones are reported in the following table:



Penasco Quemado Zone, 5th Stage Infill/Exploration Drilling Program
Significant Mineral Intersections
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Total
Hole Length Start Finish Interval Width Ag Cu
Number (m) (m) (m) (m) (m) g/t ppm
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PQRC-55 114.0 33.0 40.5 7.5 7.5 92.0 459
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includes 34.5 39.0 4.5 4.5 136.2 672
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PQRC-59 54.0 0.0 13.5 13.5 13.5 69.3 909
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includes 0.0 4.5 4.5 4.5 102.0 1644
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PQRC-62 114.0 43.5 52.5 9.0 9.0 100.3 641
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PQRC-63 96.0 63.0 69.0 6.0 6.0 236.0 1711
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includes 63.0 67.5 4.5 4.5 298.4 2156
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PQRC-68 54.0 0.0 30.0 30.0 30.0 149.2 3921
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includes 12.0 25.5 13.5 13.5 204.0 4582
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PQRC-72 132.0 94.5 120.0 25.5 25.5 60.2 648
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includes 111.0 118.5 7.5 7.5 120.5 1603
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PQRC-73 114.0 70.5 114.0 43.5 43.5 44.2 588
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includes 99.0 114.0 15.0 15.0 70.2 896
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PQRC-74 162.0 58.5 72.0 13.5 13.5 30.4 328
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162.0 81.0 93.0 12.0 12.0 30.1 267
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PQRC-75 168.0 88.5 93.0 4.5 4.5 34.7 403
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PQRC-76 162.0 85.5 96.0 10.5 10.5 34.7 139
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Southeast Extension:

To further test the continuity of the mineralization encountered in hole PQD-05 completed during the 2006 drill campaign the Company completed 480 meters of drilling in four reverse circulation holes. Hole PQRC-80, located on section 820SE, encountered 22.5 meters grading 148.3 g/t Ag. This intersection of economic grade mineralization was the furthest ever encountered from the PQ Zone since exploration was initiated in the property by Silvermex in 2005. The next phase of drilling will concentrate on infill drilling between section 620SE and 850SE and further extending this zone of silver mineralization to sections 850SE and 900 SE. Significant assay results from two of the three holes completed in this zone are reported in the following table:



Assay results of the drill intersections on the Southeast Extension
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Total
Hole Length Start Finish Interval Width Ag Cu
Number (m) (m) (m) (m) (m) g/t ppm
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PQRC-79 120.0 97.5 102.0 4.5 4.5 128.0 90
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includes 99.0 102.0 3.0 3.0 182.0 107
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PQRC-80 114.0 52.5 75.0 22.5 22.5 148.3 433
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includes 54.0 69.0 15.0 15.0 197.0 561
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San Luis Zone:

A total of 570 meters of reverse circulation drilling in 10 holes was completed in the San Luis Zone. The objective of the program was to penetrate the down dip extension and extend the strike length of the mineralization encountered during the 2006 and earlier 2008 drill programs. The significant intersections are all near surface and hosted in an andesitic breccia unit. The unit dips to the southwest and outcrops along strike for over 120 meters. While only two holes penetrated the zone they do confirm the continuity of the mineralized zone. With the exception of hole PQRC-86 that intersected 4.5 meters grading 174.3 g/t silver, the results were generally lower grade and restricted to small lenses. While the Company does not expect that any resource identified in the San Luis Zone will have a material impact on the overall resource base of the Property, the high grade and near surface nature of the mineralization will make it an attractive and low cost zone to exploit. The assay results from the significant intersections are reported in the following table:



San Luis Zone 2008 Exploration Drilling Program
Significant Mineral Intersections
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Total
Hole Length Start Finish Interval Width Ag Cu
Number (m) (m) (m) (m) (m) g/t ppm
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PQRC-86 60.0 19.5 24.0 4.50 4.50 174.3 789
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PQRC-90 54.0 28.5 31.5 3.00 3.00 25.2 308
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Southern Portion of the Property:

Silvermex exploration staff has completed a program of detailed mapping and sampling in the southern portion of the Penasco Quemado Property. The investigation concentrated upon the structures controlling the silver and copper mineralization in the area. The silver and copper mineralization appears to have been emplaced in volcano-sedimentary sequence related to both low and high angle faulting. These shears acted as conduits for the flow of hydrothermal fluids. The low angle structures were created by the uplifting of the granitic basement that produced both regional and local metamorphism of the overlying volcanic and sedimentary sequence. Staff geologists are of the view that the thickening of the sequence to the south allows for the possibility of a down dip extension to the mineralization. It is believed that the mineralization may be related to a larger copper porphyry system. The Company intends to test this theory by completing geophysical (IP and/or NSAMT), geochemical (MMI) and reverse circulation drill programs.

Quality Control

All samples have been submitted to IPL in Richmond, B.C. for four acid digestion followed by ICP analysis. Duplicates, standards and blanks have been randomly inserted to the sampling stream at a ratio of 1 check assay for every 25 samples.

Qualified Person

Pursuant to National Instrument 43-101, 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. Field work has been conducted by Silvermex Resources Ltd. employees and contractors.

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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