SNS Silver Corp.
TSX VENTURE : SNS

SNS Silver Corp.

March 16, 2009 09:00 ET

SNS Silver Extends Term of Loan With Andover Ventures

VANCOUVER, BRITISH COLUMBIA--(Marketwire - March 16, 2009) - SNS Silver Corp. (TSX VENTURE:SNS) and Andover Ventures Inc., (the Company, "AOX") have come to an arrangement whereby SNS will extend the term of the outstanding loan it provided to Andover Ventures. SNS has agreed to extend the term of the agreement by six months from the current due date of March 22nd, 2009 until six months from that date, (September 22nd, 2009). Security of the loan remains the same as disclosed in the Companies joint press release of September 23rd, 2008.

In addition to the original terms of the loan agreement, Andover has agreed to grant to SNS the following terms for the loan extension:

1. Andover warrants that 50% of all funds raised, either debt or equity, will be forwarded to SNS to reduce funds due under the Loan Agreement including both principal and interest, until the entire debt is retired.

2. Andover agrees to raise the interest cost of the loan by one (1%) percent from the current borrowing rate as outlined in the Loan Agreement.

3. SNS will have the option of appointing one nominee to the Andover Board of Directors.

4. Andover will pay an Extension Fee of Two Hundred and Fifty (250,000) thousand common shares of Andover to SNS subject to the approval of the TSX Venture Exchange.

Mr. Gordon Blankstein, CEO of Andover Ventures wishes to thank the SNS team for their proactive approach to this matter.

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