SNS Silver Corp.
TSX VENTURE : SNS

SNS Silver Corp.

March 10, 2009 04:00 ET

SNS Silver Completes Interim Lease

VANCOUVER, BRITISH COLUMBIA--(Marketwire - March 10, 2009) - SNS Silver Corp. (TSX VENTURE:SNS) and Sunshine Precious Metals Incorporated have signed an interim lease to operate the historical Sunshine Silver Mine and Mill near Wallace, Idaho.

"This is a tremendous step for SNS Silver as the move allows the company to integrate its operations at the Crescent Silver Mine with the infrastructure already in place at the neighboring Sunshine property. This will be the first time these projects have operated under a single management team and will thus introduce enormous opportunity for exploration, mill feed and future expansion and development. It's especially good news for the region which came very close to losing one of its greatest silver properties due to Sterling Mining Co.'s termination of the mine lease and relinquishment of the mine to SPMI on the 19th of February," said SNS President and CEO David Greenway.

On February 19th, Crescent Inc. (SNS Silver's U.S. subsidiary) placed 24 hr security personnel on site and accepted responsibility for the utility expenses at the Sunshine Mine in order to prevent the power shut-off scheduled by the outgoing operators. This action prevented millions of dollars of potential damages to the electrical and operating systems in both the mill and the mine. To further mitigate the negative impacts of a temporary shutdown Crescent Inc. has also hired key personnel to maintain the Mine property in its present status. There is a great appreciation for the efforts of all of the people who worked toward rehabilitating the Sunshine Mine; two experienced maintenance specialists and the previous Safety supervisor were recently hired to promote an efficient and expedient transition towards renewed operations.

In 2008 the Sunshine Mine and Mill was made operational after many man hours of rehabilitation and millions of dollars. Production ceased in November, 2007 and the Mill was shut down properly by experienced personnel. The Sterling Tunnel is currently being maintained with pumping and ventilation efforts to preserve the electrical substations as well as the new state of the art electrical components and switchgear in the Silver Summit hoist room. One of the top priorities of Crescent Inc. is restarting and continuing the de-watering efforts of the previous operator to gain critical access to areas of the Mine targeted for exploration and production. A new Mine plan will most likely focus on exploration priorities in the early stages with moderate production opportunities used to offset operating costs. There is a strong possibility of a new discovery in several of the areas of interest prioritized for exploration. This would dramatically affect the long term potential of the Sunshine Mine.

Said SPMI President Robert Mori, "The mine lease was amicably terminated on Feb. 19th, and SNS stepped in to make sure that critical utility and security services were maintained without interruption at Sunshine. I have had several offers on the table but this team is young and aggressive and I am more than confident that Sunshine is now in very capable hands."

On March 3rd L.F.R. Environmental consulting firm was contracted to conduct an environmental evaluation. A complete environmental report will be compiled and presented to the E.P.A. with respect to the Sunshine property.

About SNS Silver Corp.

SNS Silver Corporation (TSX VENTURE:SNS) is an exploration mining company, whose primary asset is the 100% owned Crescent Mine located in Kellogg, Idaho - one of the largest silver districts in North America with over one billion ounces of silver produced in the last 100 years. The property consists of 24 patented mining claims over approximately 350 acres, alongside 40 acres of surface rights. Silver Wheaton currently owns approximately 12%. The Company has approximately $2.6 million in cash in addition to the outstanding $2.0 million receivable from Andover Ventures. SNS Silver has also just entered into a Letter of Intent regarding the Historic Sunshine Mine located in Coeur d'Alene Idaho. A Canadian National Instrument (N.I.) 43-101-compliant report completed by Behre Dolbear & Co. in September 2007 listed reserves and resources in all categories for the Sunshine Mine at 231,528,312 ounces of silver, including 23,486,698 ounces in proven and probable reserves. "The Behre Dolbear & Co. 43-101 report is Historic in nature and SNS has not confirmed the Resource Cal in the report. Its use here is illustrative and SNS will retain Behre Dolbear & Co. to upgrade the report to SNS in the ordinary course of the business of the Company".

This press release contains certain "Forward-Looking Statements" within the meaning of Section 21E of the United States Security Exchange Act of 1934, and involves a number of risks and uncertainties. Important factors that could cause actual results to differ materially from the Company's expectations are disclosed in the Company's documents filed from time to time with the TSX Venture Exchange and the British Columbia Securities Commission. All statements, other than of historical fact, included herein are forward-looking statements that involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements.

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

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