SSV Southern Silver Exploration Corp

Southern Silver Exploration Corp. ("Southern Silver") (TSX
VENTURE:SSV)(FRANKFURT:SEG) announces that it has closed the second tranche of
its previously reported non-brokered private placement by issuing 4,818,206
units at a price of $0.17 per unit for gross proceeds of $819,095. 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 December 17,
2011. The private placement and finder's fees are subject to regulatory
approval. 


Southern Silver closed the first tranche of the private placement on July 20,
2011 by issuing 14,151,706 units at a price of $0.17 per unit for gross proceeds
of $2,405,790. Net proceeds from the private placement 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.


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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