Southern Silver Announces C$7 Million Private Placement Financing

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Southern Silver Exploration Corp. (“Southern Silver” or the “Company”) announces that in conjunction with the previously announced Transaction (as defined below) to acquire an additional 60% indirect working interest (for a 100% indirect ownership) in the Company’s flagship Cerro Las Minitas project, it plans to issue a minimum of 35,000,000 subscription receipts of the Company (each, a “Subscription Receipt”) in a fully marketed private placement at a price of C$0.20 (the “Offering Price”) for gross proceeds of a minimum of C$7,000,000 (the “Offering”). Southern Silver has engaged Red Cloud Securities Inc. (“Red Cloud” or the “Lead Agent”), to act as Lead Agent and sole bookrunner as part of a syndicate of agents (collectively with Red Cloud, the “Agents”) for the sale of the Subscription Receipts of the Company on a “best efforts”, private placement basis.

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