PSL Prospero Silver Corp

Prospero Silver Corp. (TSX VENTURE:PSL) ("Prospero" or the "Company") is pleased
to announce the acquisition (through staking) of an additional 19,272 hectares
in the Santa Maria del Oro gold/silver district. The new ground lies to the
northeast and east of the historic, high-grade gold Magistral vein system. With
this addition, Prospero holds a total of approximately 33,000 hectares that
surround the historic Magistral del Oro mines, records from which indicate oxide
ore mined at an average grade exceeding 15 g/t Au through the mid-20th century.
The project claims are located in Durango state, 220km NW of Durango City, and
20km west of Inde.


The two new targets in this 19,272 Ha package are:

The Matorral Zone - This structurally controlled epithermal vein system is at
least 7km long. Detailed mapping and sampling are currently in progress to
define targets.


The Pastoria-Llanos de Cabrera valley - The area of interest measures 14km x
12km and the company believes this to be a large hot spring environment. A
multi-elemental soil sampling program across the valley is currently in progress
to better define the optimum sampling grid for the entire valley.


Geology

The Matorral target is a major northwest to north trending, high level,
structurally controlled, epithermal vein system at least 7km in length and
intimately associated with a felsitic dike complex which exhibits the same
structural trends. Both the veins and the dikes are hosted in Jurassic clastic
metasediments, andesites and limestones. These are the same host rocks present
in the historic portion of the district to the west. This zone is located 9km
northeast of the historic Cocinera and Recompensa mines.


The high level veins are characterized by the presence of red jasperoids with
high primary iron oxide content, as well as pyrite where unoxidized. The
jasperoids represent both vein fill as well as replacement silica in bodies up
to over 100m away from feeder structures, particularly in limestone host rocks.
Detailed mapping and sampling are currently in progress to define targets in the
Matorral system.


Further east in the Pastoria-Llanos de Cabrera valley, extensive jasper float
occurs in soils of conspicuous red color. The iron-rich soils in the valley
occur over an area of 14km x 12km. The telltale jasper boulders in the soils are
concentrated in the western portion of the valley covering an area of
approximately 7km x 3km.


Stockwork zones below a sinter environment have hosted hot spring gold deposits
in other projects around the world, McLaughlin (California) being a particularly
well-known example. Along the western margin of the Cabrera valley a Tertiary
marker rhyolite crystal tuff seen in outcrops hosts abundant stratiform lenses
of jasper. The Company believes that these could reflect hot spring activity
(sinters) and suggests that the jasperoids represent a position close to or at
the top of the hydrothermal system. Under the marker rhyolite crystal tuff a
carbonate sequence with invasive silicification and alteration appears to
represent near paleo-surface hydrothermalism.


While outcrops only occur along certain portions of small creeks that cross the
valley, it appears that an extensive paleo-hot spring type environment could
underlie the Pastoria.Llanos de Cabrera valley.


A multi-elemental soil sampling program across the valley is currently in
progress to better define the optimum sampling grid for the entire valley. The
Company anticipates this will achieve the following:




--  Identify geochemical "hot spots", 
--  These "hot spots" could represent underlying feeder zones to the paleo-
    surface jasperoids, 
--  Identification of initial drill targets.



Prospero recently completed a ground Mag survey crossing a large lineament in
the western portion of the Santa Maria del Oro district (see news releases
November 24, 2011 and January 2, 2012). Ground Mag surveying will now continue
in the eastern Pastoria-Llanos de Cabrera valley to search for lineaments that
could also reflect structurally controlled feeder zones under the valley soils.


All styles and geologic levels of mineralization exposed in the district are
high in iron content, both as sulphide (pyrite and chalcopyrite) as well as
oxide (hematite, specularite). Mineralization in the historically mined portion
of the district consists of a quartz-sericite-pyrite-chalcopyrite-gold
assemblage which may represent a style of IOCG (Iron-Oxide-Copper-Gold)
mineralization.


Summary

The district appears now to represent a much larger system than initially
anticipated. In satellite images two nested circular structures can be
identified.




--  The larger is 30km in diameter and extends from the western periphery of
    the historic district to the eastern portions of Pastoria-Llanos de
    Cabrera valley to the east, 
--  The second circular feature is 15km in diameter and is centered upon the
    Pastoria-Llanos de Cabrera valley.



Further mapping is necessary to document if the Tertiary felsic volcanism
present both in the western and eastern sectors of the district is related to
development of a large caldera complex in the Santa Maria del Oro district.


The Company is very encouraged by its estimates of the size, number, and variety
of centers of high level epithermalism which suggest the historic portion of the
district may represent the only area where a deeper geologic environment exposed
economic mineralization at the present surface.


Tawn Albinson, M.Sc., President of the Company, is a Qualified Person, as
defined in NI 43-101, and is responsible for the technical content of this press
release.


About Prospero Silver Corp.:

Prospero is a Canadian resource company with the majority of its staff based in
Mexico and who work for its wholly owned subsidiary Minera Fumarola, SA de CV
(Fumarola). Prospero's objective is to quickly evaluate the properties currently
optioned for their suitability to provide size potential and/or amenability for
strategic joint ventures.


Forward-Looking Statement Cautions:

This news release contains certain "forward-looking statements" within the
meaning of Canadian securities legislation, relating to the closing of a
non-brokered Private Placement. Although the Company believes that such
statements are reasonable, it can give no assurance that such expectations will
prove to be correct. Forward-looking statements are statements that are not
historical facts; they are generally, but not always, identified by the words
"expects", "plans", "anticipates", "believes", "intends", "estimates",
"projects", "aims", "potential", "goal", "objective", "prospective", and similar
expressions, or that events or conditions "will", "would", "may", "can", "could"
or "should" occur, or are those statements, which, by their nature, refer to
future events. Factors that could cause actual results to differ materially from
these forward looking statements include, but are not limited to, variations in
the nature, quality and quantity of any mineral deposits that may be located,
the Company's inability to obtain any necessary permits, consents or
authorizations required for its planned activities, and the Company's inability
to raise the necessary capital or to be fully able to implement its business
strategies. The reader is referred to the Company's reports, publicly available
through the Canadian Securities Administrators' System for Electronic Document
Analysis and Retrieval (SEDAR) at www.sedar.com, including the risk factors
discussed in Prospero's November 27, 2009 prospectus. Except as required by
securities laws and the policies of the TSX Venture Exchange, Prospero disclaims
any intention or obligation to update or revise any forward-looking statement,
whether as a result of new information, future events or otherwise.

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