SSV Southern Silver Exploration Corp

Southern Silver Exploration Corp. ("Southern Silver") (TSX
VENTURE:SSV)(FRANKFURT:SEG) announces that it has closed the first tranche of
its previously reported non-brokered private placement by issuing 14,151,706
units at a price of $0.17 per unit for gross proceeds of $2,405,790. Each unit
consists of one common share and one share purchase warrant exercisable to
purchase one additional common share for a period of two years at an exercise
price of $0.22 per share.


Securities issued pursuant to this tranche of the private placement, including
common shares, share purchase warrants and finder's warrants issued as finder's
fees, carry a legend restricting trading of the securities until November 21,
2011. The private placement and finder's fees are subject to regulatory
approval.


Net proceeds from the Offering will be utilized for exploration and property
maintenance expenses incurred on the Cerro Las Minitas and Minas de Ameca
projects in Mexico and the Oro project in the USA.


Specifically, the Company intends to immediately expand its current exploration
program on its Cerro Las Minitas project in Mexico after initial results
returned high-grade silver and polymetallic mineralization from four of ten core
holes completed as part of the Phase I exploration program, including bonanza
grade mineralization from a 1.8 metre interval averaging 1400g/t Ag, 19.7% Pb
and 14.5% Zn within a 3.3 metre interval averaging 818g/t Ag, 12.9% Pb and 10.9%
Zn in drill hole 11CLM-008 (see NR-08-11).


The positive results to date have prompted an expansion of the project into a
second phase program of 25 to 30 diamond drill holes totaling 10,000 metres for
which crews have now mobilized. This new drilling will target specific
occurrences located within the area of historic mining and several additional
targets derived from the recently completed surface IP geophysical program
including extensions of this newly discovered high-grade zone in 11CLM-008.


Phase I drilling on the property by Southern Silver tested widely-spaced
targets, each of which with the potential to develop significant high-grade
mineral inventories. Surface work on other regional targets continues.


A summary of the hole locations and significant results from the Phase I
drilling are presented in Figure 1 and Table 1.


To view Figure 1, please click on the following link:
http://media3.marketwire.com/docs/ssv720m.pdf


About the Cerro Las Minitas property

The Cerro Las Minitas property comprises 17 concessions which total 10,980
hectares and an approximate 25 kilometre lineal strike length. The property is
located about 70 kilometres to the northeast of the city of Durango in Durango
State, Mexico, and is accessed easily by road.


Mining has been conducted on the property since colonial times and has
identified several types of silver-, lead- and zinc-enriched massive-sulphide
pipes, veins and carbonate- replacement deposits (CRDs), as well as mineralized
skarns at the margins of a large intrusive body. The Santa Eulalia replacement
deposit (45Mt of 310g/t Ag, 7.1% Zn and 8.2% Pb) and the skarn deposit of San
Martin (60Mt of 118g/t silver, 0.9% copper and 3.9% zinc) are examples of two
major Mexican mines occurring in similar geological environments(1).


Limited historical drilling on the project by Noranda (not independently
verified by Southern Silver) returned numerous intervals of higher grade silver
and base metals, including: a 11.45 metre interval (down hole) grading 123g/t
silver, 1.55% lead and 7.79% zinc from drill hole NGV-00-02 and a 1.41 metre
interval (down hole) grading 529g/t silver, 6.99% lead and 1.27% zinc from drill
hole NGV-00-06.


The mineralized zones at Cerro Las Minitas have been exploited to depths of 300
metres and over widths of 60 metres.




Table 1: Summary of Phase I Drilling Assays from the Cerro Las Minitas
         Project

----------------------------------------------------------------------------
                               From     To  Interval    Ag    Cu    Pb    Zn
Hole No.                          m      m         m   g/t     %     %     %
----------------------------------------------------------------------------
11 CLM-001                    296.2  297.4       1.2    99  0.14  0.04  0.05
----------------------------------------------------------------------------
11 CLM-002                     93.7   94.3       0.6    94  0.02  1.64  3.25
                               96.5  111.2      14.7    40  0.06  1.02  0.65
   inc                         99.2  105.9       6.8   153  0.11  1.47  1.01
   and                        104.0  105.9       1.9   124  0.21  2.18  1.09
                              135.6  136.9       1.3   170  0.06  0.52  0.22
                              262.8  263.3       0.4   164  ----  3.28  6.79
----------------------------------------------------------------------------
11 CLM-003                    283.5  285.7       2.2    85  0.02  1.30  0.37
                              283.5  283.9       0.4   382  0.07  6.25  1.62
                              419.6  433.6      14.0    60  0.94  0.31  1.60
   inc                        419.6  421.7       2.1   100  1.37  0.17  3.08
   inc                        423.1  424.5       1.4    92  1.33  0.46  3.30
   inc                        428.8  430.3       1.5    72  1.45  0.53  1.56
   inc                        432.0  433.6       1.6    62  1.25  0.40  1.48
----------------------------------------------------------------------------
11 CLM-004                    214.5  219.0       4.5    20   0.4   0.4  ----
----------------------------------------------------------------------------
11 CLM-005                      182    190       7.8   8.6  ----  ----  ----
----------------------------------------------------------------------------
11 CLM-006                    215.5  224.6       9.1   194   0.1   5.5   1.8
   inc                        220.4  223.3       2.9   514   0.1  12.8   0.9
   and                        342.1  343.4       1.3    22  ----   1.0   2.1
   and                        410.5  427.9      17.4    51   0.4   0.2   4.7
   inc                        410.5  411.3       0.7   162   0.4   2.1  10.4
   and                        424.2  427.9       3.7   184   2.0   0.3  18.4
----------------------------------------------------------------------------
11 CLM-007                    178.2  181.8       3.6    27   ---   0.3   ---
   inc                        178.2  178.8       0.6    71   ---   0.9   0.1
   inc                        180.9  181.8       0.9    62   ---   0.8   0.1
----------------------------------------------------------------------------
11 CLM-008                     74.5   75.1       0.6   166   0.3   5.9   7.9
   and                        168.4  179.3      10.9   268   ---   4.5   3.8
   inc                        168.4  171.7       3.3   818   ---  12.9  10.9
   and                        169.6  171.4       1.8  1400   ---  19.7  14.5
----------------------------------------------------------------------------



About Southern Silver Exploration Corp.

Southern Silver Exploration Corp. is a precious/base metal exploration company
and a member of the Manex Resource Group; a private company comprised of an
exceptional multi-disciplinary team of professionals with specific expertise in
all areas of exploration, development, corporate finance and public company
administration.


The Company's growth strategy is to acquire, explore and develop high-quality
properties in progressive jurisdictions within North America. Its current
projects include the silver-lead- zinc Cerro Las Mintas project and the
copper-gold-silver Minas de Ameca in Mexico, the porphyry copper-molybdenum
Dragoon project in Arizona and the gold-silver Oro project in New Mexico.


Robert Macdonald (P.Geo) is a Qualified Person as defined by National Instrument
43-101 and has reviewed and approved the technical contents of this release.


(1) Southern Silver advises that tonnage and grade of adjacent properties or
those used for comparative purposes may not reflect the ultimate potential of
the Cerro Las Minitas project 


On behalf of the Board of Directors

Lawrence Page, Q.C., President, Southern Silver Exploration Corp.

This news release may contain forward-looking statements including but not
limited to comments regarding the timing and content of upcoming work programs,
geological interpretations, receipt of property titles, potential mineral
recovery processes, etc. Forward-looking statements address future events and
conditions and therefore involve inherent risks and uncertainties. Actual
results may differ materially from those currently anticipated in such
statements. These statements are based on a number of assumptions, including,
but not limited to, assumptions regarding general economic conditions, interest
rates, commodity markets, regulatory and governmental approvals for Southern
Silver's projects, and the availability of financing for Southern Silver's
development projects on reasonable terms. Factors that could cause actual
results to differ materially from those in forward looking statements include
market prices, exploitation and exploration successes, the timing and receipt of
government and regulatory approvals, and continued availability of capital and
financing and general economic, market or business conditions. Southern Silver
Exploration Corp. does not assume any obligation to update or revise its
forward-looking statements, whether as a result of new information, future
events or otherwise, except to the extent required by applicable law.

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