EPZ Esperanza Resources Corp.

Esperanza Silver Corp. (TSX VENTURE:EPZ)(PINK SHEETS:ESPZF) announces that it
has begun a Preliminary Economic Assessment study of its Cerro Jumil gold
project in Morelos, Mexico. The study will be conducted by Vector Engineering
Inc. with contributions by Mine Development Associates for mining issues and
Lyntek, Inc. for metallurgical and processing subjects. Study results are
anticipated by the third quarter of 2009.


The wholly owned Cerro Jumil gold project contains estimated resources as
presented below:




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                       Cerro Jumil Resource Estimate
                                October 2008
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                                                     Au     Ag
                 Tonnes     Au     Ag   Au Equiv.    oz     oz  Au Equiv.(i)
Category           (000)   g/t    g/t        g/t   (000)  (000)     oz (000)
Measured          8,003   0.90   0.01       0.90    232      4          232
Indicated        15,225   0.83    1.0       0.84    405    476          410
---------------------------------------------------------------------------
 M&I      Total  23,227   0.85    0.6       0.86    636    479          642
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Inferred         15,810   0.74   11.9       0.87    378  6,068          442
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(i) Gold-equivalent values are based upon prices of US$ 700/oz gold and US$
12.50/oz silver, and a Ag:Au metal recovery ratio of 0.62. Totals may not
sum due to rounding.

Dean Turner, P. Geo., a Qualified Person as defined by National Instrument
43-101 and an independent consulting geologist, is responsible for the Cerro
Jumil mineral resource estimate.

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As currently conceived, the project will be an open-pit, heap-leach operation
for the recovery of gold and silver.


The three contractors involved in the study all have significant experience in
similar projects located in Mexico and are well-known within the mining industry
for their engineering expertise.


Bill Pincus, President and CEO of Esperanza Silver commented, "The Preliminary
Economic Assessment is the next step in moving the project towards development.
It has two principal purposes. First, this will provide us with an independent
evaluation of the projects anticipated economic performance. Second and maybe
more importantly, the study will help us to evaluate various technical
alternatives for the development of the project. Those that show the most
promise will be targeted for additional engineering study and optimization with
the aim of providing sufficient detail for a subsequent full-feasibility study."


About Esperanza

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


QUALIFIED PERSON: William Bond, M.Sc., Geol. and Vice President of Exploration,
Esperanza Silver Corp. is the Qualified Person (QP) under NI 43-101 responsible
for the Cerro Jumil exploration program. He has verified the drill results and
other data disclosed in this news release, including sampling, analytical and
test data. Field work has been conducted under his supervision. All samples were
submitted to ALS Chemex laboratories for analysis in Vancouver, Canada. Gold
samples were analyzed by fire assay and atomic absorbtion spectroscopy with a 30
g nominal sample weight. Silver is analyzed by induction coupled plasma - atomic
emission spectroscopy (ICP-AES). A description of quality control and quality
assurance protocols can be found at:
http://www.esperanzasilver.com/protocols.php.


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 is 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 presentation 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 and Cerro Jumil properties and
other exploration properties. 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.


The forward-looking statements contained in this presentation constitute
management's current estimates as of the date of this presentation with respect
to the matters covered herein. We expect that these forward-looking statements
will change as new information is received and that actual results will vary,
possibly in material ways. While we may elect to update this forward-looking
information at any time, we do not undertake to do so.

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