EPZ Esperanza Resources Corp.

Esperanza Silver Corporation (TSX VENTURE:EPZ)(PINK SHEETS:ESPZF) - 

The San Luis Joint Venture is pleased to report an updated mineral resource
estimate that represents a 31% increase in gold resources at the San Luis
Project. This resource estimate was undertaken as a result of a review of the
prior estimate announced in November 2007. Highlights include:


- Measured and Indicated gold ounces increased 31 percent to 347,600 troy ounces
with an average grade of 22.3 g/t.


- Measured and Indicated silver ounces increased 26 percent to 8,994,700 troy
ounces with an average grade of 578 g/t.


- A feasibility study is now underway.

The new mineral resource estimate, which was prepared by independent qualified
persons Michael Lechner of Resource Modeling, Inc. and Donald Earnest of
Resource Evaluation, Inc., incorporates all existing data, including additional
sample results not included in the November 2007 mineral resource estimate, and
uses a cut-off grade of 6 g/t gold-equivalent.




Mineral Resource Summary - November 2008

                                             Sil-
                                     Gold    ver Contain-  Contain-   Gold-
                Gold Silver         Grade  Grade      ed        ed  Equiva-
Categ-         Grade  Grade           (oz/   (oz/   Gold    Silver    lent
ory     Tonnes  (g/t)  (g/t)   Tons   ton)   ton)(ounces)  (ounces)(ounces)

Measur-
 ed     55,000  34.3  757.6  61,000  1.00   22.1  60,700 1,339,700  81,300

Indicat-
 ed    429,000  20.8  555.0 473,000  0.61   16.2 286,900 7,655,000 404,100

Measured
 and
Indicat-
 ed    484,000  22.3  578.0 534,000  0.65   16.9 347,600 8,994,700 485,400

Inferr-
 ed     20,000   5.6  270.1  22,000  0.16    7.9   3,600   173,700   6,300

Gold-equivalent ounces assume a 65:1 Au:Ag ratio based on US$600/troy ounce
gold and US$9.25/troy ounce silver.
Contained metal may differ due to rounding. Metallurgical recoveries are
assumed to be 100%.



The prior mineral resource estimate (Nov. 2007) used a 40 g/t silver cut-off
grade. The new cut-off at 6 g/t gold equivalent is deemed to be more appropriate
for the deposit which may be mined using predominantly underground mining
methods. A comparison to the previously reported mineral resource estimate using
the same 40 g/t silver cutoff is presented below. On this basis both gold and
silver Measured and Indicated Resources increased by 38 percent.




Mineral Resource Comparison Table
(40 g/t silver cut-off)

                       Gold Silver     Gold   Silver  Contained  Contained
                      Grade  Grade    Grade    Grade       Gold     Silver
Category       Tonnes  (g/t)  (g/t) (oz/ton) (oz/ton)   (ounces)   (ounces)

                                   Nov 2007

Measured
 and
 Indicated    673,900  12.2  328.9     0.36      9.6    265,200  7,126,000

Inferred       14,600   9.3  282.4     0.27      8.2      4,400    132,000

                                   Nov 2008

Measured
 and
 Indicated    780,000  14.6  393.5     0.43     11.5    366,100  9,868,000

Inferred       82,000   2.6  133.6     0.08      3.9      6,900    352,200



Mineral resources were estimated in a 1 meter by 3 meter by 5 meter block model
using a dynamic isotropy search based upon distance from vein boundaries with a
three pass inverse distance cubed algorithm and tabulated using a
gold-equivalent cut-off grade of 6 g/t.


A feasibility study on placing the project into production has been initiated
and is expected to be completed in the first half of 2009. An environmental
impact study has also been initiated and is expected to be completed by the end
of 2009. The Joint Venture is currently negotiating a long term land access
agreement.


A-T Properties Returned

In other news, Esperanza announces that it has completed its initial exploration
and drilling campaign of seven optioned properties collectively known as the A-T
properties in northern Mexico (see News Release October 30, 2007). After final
review it has been decided that none of the properties met Esperanza's criteria
for continued exploration and their options have been dropped.


Joint Venture Interests

Silver Standard holds a 55% interest in the San Luis joint venture and Esperanza
holds 45%. Silver Standard has elected to increase its interest in the joint
venture to 70% by funding costs required to complete a feasibility study.
Thereafter, Silver Standard has the right to increase its interest to 80% by
funding the property through to production.


About Esperanza 

Esperanza is an emerging precious metal company focused on advancing the
development of its two principal properties: the San Luis gold and silver joint
venture in Peru and the 100%-owned Cerro Jumil gold project in Morelos State,
Mexico. It also has a portfolio of exploration properties in both countries that
it is investigating.


QUALIFIED PERSON:

Kenneth C. McNaughton, M.A.Sc., P.Eng., vice president, exploration, Silver
Standard Resources Inc., is the Qualified Person (QP) under NI 43-101
responsible for the San Luis exploration program. He has verified the data
disclosed in this news release, including sampling, analytical and test data.
Field work has been conducted by joint-venture personnel under his supervision.
All samples were submitted to ALS Chemex in Lima, Peru for analysis.


For silver, initial analysis was completed using four-acid digestion with an ICP
finish. For samples that assayed over 200 ppm silver, re-analysis was completed
using four-acid digestion with an AA finish. For samples that assayed over 1 kg
silver, re-analysis was completed using fire assay with a gravimetric finish.
For gold, initial analysis used a 30-gram charge for fire assay followed by an
AA finish. For samples that assayed over 10 grams gold in the initial analysis,
re-analysis of the 30 gram assay charge was completed using fire assay followed
by a gravimetric finish.


Cautionary note to U.S. investors concerning disclosure of estimates of mineral
resources and contained ounces of gold and silver: The terms "measured
resource", "indicated resource" and "inferred resource" used in this news
release are Canadian geological and mining terms as defined in accordance with
National Instrument 43-101, Standards of Disclosure for Mineral Projects of the
Canadian Securities Administrators using the guidelines set out in the Canadian
Institute of Mining, Metallurgy and Petroleum (the "CIM") Standards on Mineral
Resources and Mineral Reserves, adopted by the CIM Council as may be amended
from time to time by the CIM. We advise U.S. investors that while such terms are
recognized and permitted under Canadian regulations, the SEC does not recognize
them. U.S. investors are cautioned not to assume that any part or all of the
mineral deposits in the measured and indicated categories will ever be converted
into reserves.


"Inferred resources" have a greater amount of uncertainty as to their existence,
and greater uncertainty as to their economic and legal feasibility. It cannot be
assumed that all or any part of an inferred mineral resource will ever be
upgraded to a higher category. Under Canadian rules estimates of inferred
mineral resources may not form the basis of feasibility or other economic
studies. U.S. investors are cautioned not to assume that any part or all of an
inferred resource exists, or is economically or legally mineable.


Disclosure of gold and silver resources expressed in ounces in the mineral
resource categories in this news release are in compliance with Canadian
National Instrument 43-101, but does not meet the requirements of Industry Guide
7, Description of Property by Issuers Engaged or to be Engaged in Significant
Mining Operations, of the SEC, which will accept only the disclosure of tonnage
and grade estimates for non-reserve mineralization.


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 work, the
availability of drill rigs, and the ability to permit, finance and develop a
mine on the property. 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 Silver Standard's Annual Information Form filed with the Canadian securities
regulators and both companies' Form 20-F filed with the U.S. Securities and
Exchange. 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. The companies expect 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 the managements on the date the
statements are made, and the companies do not assume any obligation to update
forward-looking statements if circumstances or managements' beliefs,
expectations or opinions should change. For these reasons, investors should not
place undue reliance on forward-looking statements.

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