Southern Silver Exploration Corp. (“Southern Silver” or the “Company”; SSV-TSX.V) has closed the second tranche of its previously reported private placement by issuing 1,170,000 units at a price of $0.40 per unit for gross proceeds of $468,000. The private placement was comprised of a brokered and non-brokered component. Gravitas Securities Inc. (“Gravitas”) acted as lead agent of the brokered portion of the private placement. Each unit consists of one common share and one share purchase warrant exercisable to purchase one additional common share for a period of three years at an exercise price of $0.55 per common share. On the closing of this tranche of the private placement, Gravitas received a cash fee of $42,240 and 105,600 non-transferable compensation options with each compensation option exercisable to purchase one common share for a period of 36 months at an exercise price of $0.40 per common share. Also paid upon closing were finder’s fees of $500 cash and 1,750 non-transferable finder’s warrants, with each finder’s warrant exercisable to purchase one common share at $0.55 for three years. Securities issued pursuant to this tranche of the private placement, including common shares, share purchase warrants, finder’s warrants and compensation options, carry a legend restricting trading of the securities until January 1, 2018.