Silvermex Resources Ltd.

Silvermex Resources Ltd.

October 09, 2008 13:34 ET

Silvermex Resources Ltd.: San Marcial Resource Update-Silver Resource Increases Substantially

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Oct. 9, 2008) - Silvermex Resources Ltd. (the "Company") (TSX VENTURE:SMR) is pleased to report that infill and step-out drilling has further expanded the silver resource at its San Marcial silver project in Sinaloa, Mexico.

The indicated mineral resource at San Marcial has increased to 18.0 million ozs silver and the inferred resource is now at 4.4 million ozs silver. This updated resource includes an upgrade of the old resource of 14.26 million ounces of silver into the indicated category from the inferred category. The majority (80%) of the silver resource is now in the indicated category. The indicated zinc (Zn) resource is now 55.3 million lbs. and the indicated lead (Pb) resource is now 29.9 million lbs. The inferred Zn resource is now 34.7 million pounds and the Pb resource is now 19.5 million lbs.

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:

Contained Contained Contained
Category Tonnes Ag (g/t) Pb (%) Zn (%) 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
Inferred 3,075,403 44.21 0.29 0.51 4,371,018 19,525,788 34,690,817

The above block model resource estimate is based on a cut-off grade of 30
grams of silver per tonne for open pit resources and a cut-off grade of 80
grams of silver per tonne for underground resources.

The mineral resource estimate is based on a total of 4,884 meters of diamond drilling in 27 holes, completed by both Silvermex and previous operators. The 1,250 hectare property is located 90 kilometers east of the city of Mazatlan, Sinaloa in west central Mexico. The property is underlain by basal conglomerates, rhyolites, and dacites of the Upper Volcanic Group, a sequence of andesite-dacite composition of the Lower Volcanic Group and finally a volcanosedimentary sequence. The silver mineralization is hosted in steeply dipping, north east trending quartz veins and stockworks up to 93 meters wide within the Lower Volcanic Group and within the volcano-sedimentary sequence. Results from the recent drill programs include a 66.0 meter interval that returned grades of 205.9 g/t Ag, 0.31% Pb and 0.47% Zn from surface (hole SM-04) and a 93.3 meter interval that returned 104.2 g/t Ag, 0.474% Pb and 0.7858% Zn from 83.0 to 186.3 meters including a 19.45 meter interval that returned 234.4 g/t Ag (SM-08-08). The drill programs have been successful in confirming the continuity of the mineralization over a strike length of 600 meters and a vertical extent of at least 250 meters. Detailed surface mapping and sampling of the mineralization has confirmed the zone is open down dip and along strike for at least 1,800 meters. As in similar deposits hosted near the Upper and Lower Volcanic contact the high grade silver mineralization occurs in irregular veins, stockworks pods and fissure fillings.

Preliminary metallurgical testing on the San Marcial project returned encouraging results. Five oxide and sulphide samples from holes SM-2, SM-4 and SM-5 were sent to ALS Chemex in Reno NV for column leach tests. Recoveries from all columns exceeded 80% over a 72 hour leach period. Additional metallurgical test work were completed on four samples composed of drill core rejects submitted to Process Research Associates Ltd. in Richmond, B.C. Recoveries from flotation and cyanidation ranged from 90 to 97.9 percent.

Silvermex management is very pleased with the results obtained from the recent exploration program and are confident a better understanding of the geologic controls, a refined deposit model and additional drilling, mapping and sampling will significantly expand the current resource.

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. 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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