EPZ Esperanza Resources Corp.

Esperanza Silver Corporation (TSX VENTURE:EPZ)(PINK SHEETS:ESPZF) is pleased to
provide this update on its 45%-owned San Luis gold/silver and base-metal project
in Peru. Esperanza has been informed by Silver Standard Resources Inc.,
joint-venture partner and project operator, of the following results and
on-going activities. Highlights include:


- BP Base-Metal Zone Drilling

 -- Drill hole BP-134 intersected 72 meters containing 45 g/t silver and 0.41%
copper.


 -- Drill hole BP-136 intersected 125 meters containing 47 g/t silver, 2.38%
zinc and 2.45% lead.


 -- Drill hole BP-137 intersected 83 meters containing 27 g/t silver, 1.47% zinc
and 1.62% lead.


- High-Grade Gold and Silver Ayelen Vein

 -- Contractor proposals were received for the development of three exploration
tunnels. Mobilization of personnel is expected by the fourth quarter.


 -- A request for proposals to complete a final feasibility study was issued and
four groups have made a site visit.


 -- Resource update is ongoing with results expected soon.

The BP Zone - A base-metal/silver breccia pipe

The BP Zone lies approximately six kilometers southeast of the high-grade gold
and silver Ayelen Vein and is considered to be a separate mineralized area.
Drilling during 2008 has outlined the presence of a large base-metal breccia
pipe containing silver mineralization. The pipe appears to be localized in a
northwest trending structural corridor. Mineralization starts at surface and is
currently defined over an area measuring 150 meters by 300 meters. A pattern of
base-metal mineralization is becoming clearer, with copper concentrated more in
the southwestern portion surrounded by a halo of zinc and lead mineralization.
Please see the attached table of detailed drill results.


Reconnaissance mapping and sampling in the area has identified additional drill
targets which will be tested in the third and fourth quarters.


Underground Development at Ayelen

Proposals were received from three mining contractors to begin the development
of exploration drifts along the Ayelen Vein. Approximately 1,500 meters of
tunnel are planned on three levels each separated vertically by 50 meters.
Esperanza has been informed by Silver Standard that the contractor proposals are
being evaluated together with the alternative of hiring the joint venture's own
work force. Mobilization of tunneling crews is expected to begin by the fourth
quarter of this year.


A new resource estimate of the Ayelen vein system is now underway and results
are anticipated early in the fourth quarter.


Infrastructure Being Further Developed

Esperanza has also been informed that Ayelen's new camp facilities with capacity
for 80 people are now 70% complete. Crews have also been mobilized to ready
other infrastructure necessary to begin tunneling.


Ayelen Feasibility Study Being Initiated

The joint-venture partners approved the initiation of a full feasibility study.
Requests for proposals were issued and four engineering groups have made a site
visit. Proposals will be reviewed and a contract is expected to be awarded prior
to the end of the third quarter.


About Esperanza

Esperanza is an emerging precious-metals producer focused on advancing the
development of its two principal properties: the San Luis gold and silver and
base-metal joint venture in Peru and the 100%-owned Cerro Jumil gold project in
Morelos State, Mexico. It is also actively investigating 17 other exploration
interests in Peru and Mexico.


QUALIFIED PERSON: Kenneth C McNaughton, M.A.Sc., P.Eng., Vice President,
Exploration, Silver Standard Resources Inc., is the Qualified Person (QP) under
National Instrument 43-101 responsible for the San Luis exploration program. He
has verified the data disclosed in this news release. Field work has been
conducted by joint-venture personnel under his supervision.


SAFE HARBOR: Some statements in this release are forward-looking in nature. The
United States Private Securities Litigation Reform Act of 1995 provides a "safe
harbor" for certain forward-looking statements. Such statements include
statements as to the potential of the San Luis property, the ability to finance
further exploration, to permit drilling and other exploration and development
work, the availability of mining personnel and drill rigs, the ability to
develop and finance any proposed mine, and the availability of equipment,
supplies and personnel at economic rates to make the property viable at then
prevailing metals prices.


The forward-looking statements involve risks and uncertainties and other factors
that could cause actual results to differ materially, including those relating
to exploration and bringing properties into production. Please refer to a
discussion of some of these and other risk factors in Esperanza's Form 20-F
filed with the U.S. Securities and Exchange Commission. The forward-looking
statements contained in this document constitute management's current estimates
as of the date of this release with respect to the matters covered herein.
Esperanza expects that these forward-looking statements will change as new
information is received and that actual results will vary, possibly in material
ways.


Forward-looking statements are based on the beliefs, expectations and opinions
of management on the date the statements are made, and the company does not
assume any obligation to update forward-looking statements if circumstances or
management's beliefs, expectations or opinions should change. For these reasons,
investors should not place undue reliance on forward-looking statements.




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San Luis Joint Venture
BP Zone
2008 Drilling Summary
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Hole         From     To Interval     Au     Ag    Cu    Zn    Pb
Number          m      m        m    g/t    g/t     %     %     %
-----------------------------------------------------------------

134-SL-BP     3.0   75.0     72.0   0.02  45.23  0.41  0.25  0.25
     incl.   18.8   61.5     42.7   0.03  68.23  0.58  0.25  0.26
            115.5  139.5     24.0   0.02  27.50  0.12  0.72  0.02
            225.0  316.5     91.5   0.03   5.39  0.03  0.55  0.02

135-SL-BP   184.5  219.0     34.5   0.05  21.52  0.05  1.15  1.08
            315.0  342.0     27.0   0.03  13.89  0.03  1.07  0.27

136-SL-BP    49.5  174.0    124.5   0.12  47.37  0.08  2.38  2.45
     incl.   82.5  120.0     37.5   0.18  96.68  0.15  4.79  5.30

137-SL-BP   136.5  219.0     82.5   0.05  26.53  0.05  1.47  1.62

138-SL-BP    76.5  160.5     84.0   0.04  10.95  0.03  0.62  0.42

139-SL-BP     4.0  211.5    207.5   0.03  10.38    --  0.83  0.11
     incl.   85.5  181.5     96.0   0.04  10.09    --  1.14  0.12

140-SL-BP   111.0  174.0     63.0   0.02   5.33    --  0.84  0.01

141-SL-BP               No Significant Values

142-SL-BP               No Significant Values

143-SL-BP   130.5  204.0     73.5   0.02   5.67        0.74  0.03

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