EPZ Esperanza Resources Corp.

Esperanza Silver Corp. (EPZ) (TSX VENTURE:EPZ)(PINK SHEETS:ESPZF) is pleased to
announce the results of a recently completed Preliminary Economic Assessment
(PEA) of its 100%-owned Cerro Jumil project in the State of Morelos, Mexico. The
base case pre-tax net present value is US$46.7 million with a five percent
discount rate and the internal rate of return is estimated at 19.5% using $800
gold.


The study was completed by Vector Engineering Inc. with Mine Development
Associates and Lyntek Inc. providing design and cost estimates for the mine and
process areas respectively. The Technical Report can be found on Esperanza's
website (www.esperanzasilver.com/cerrojumil_techreport.php).


The preliminary economic assessment is based on gold resources previously
reported by the company (News Release Oct. 1, 2008:
www.esperanzasilver.com/release.php?R_ID=142). New drilling is planned for the
fourth quarter of this year to increase the resource base.




The project's sensitivity to gold price is:

--------------------------------------------------------------------
Cerro Jumil
Preliminary Economic Assessment
Project Sensitivity to Gold Price
--------------------------------------------------------------------
                               Base Case
--------------------------------------------------------------------
Gold Price (US$/ounce)              $800        $900            $950
--------------------------------------------------------------------
NPV (5%, US$ Millions)             $46.7       $76.7           $91.7
--------------------------------------------------------------------
IRR                                 19.5%       28.4%           32.8%
--------------------------------------------------------------------


The base case assumptions are:

--------------------------------------------------------------
Cerro Jumil
Preliminary Economic Assessment
Summary Results - Base Case
(US Dollars)
--------------------------------------------------------------
Costs:
--------------------------------------------------------------
 Pre-production Capital                                $48.7 M
--------------------------------------------------------------
 Pre-stripping                                          $9.2 M
--------------------------------------------------------------
 Contingency                                            $7.5 M
--------------------------------------------------------------
 Working Capital                                        $6.8 M
--------------------------------------------------------------
 Total                                                 $72.2 M
 -----                                                 -------
--------------------------------------------------------------
 Average Cost/Tonne Ore Mined                            $6.84
--------------------------------------------------------------
 Cash Cost/Ounce Au Produced                              $418
--------------------------------------------------------------
Operational Features:
--------------------------------------------------------------
 Gold Price                                     $800 per ounce
--------------------------------------------------------------
 Avg. Annual Gold Production                     52,000 ounces
--------------------------------------------------------------
 Life of Mine (current resources)                    7.6 years
--------------------------------------------------------------
 Annual Mining/Stacking Rate              2.8 M tones per year
--------------------------------------------------------------
 Overall Gold Recovery                                     68%
--------------------------------------------------------------
 Strip Ratio                                           2.6 : 1
--------------------------------------------------------------
 Royalty Rate (NSR)                                         3%
--------------------------------------------------------------
This assessment is preliminary in nature and includes inferred 
resources in addition to measured and indicated resources. 
Inferred resources are considered too geologically speculative 
to have economic considerations applied to them so as to 
categorize them as a proven or probable reserve. There is no 
certainty that the PEA results will be realized.
--------------------------------------------------------------



The PEA base case envisions the Cerro Jumil project as a conventional
open-pit/heap-leach gold operation, using well-proven technology. The base case
incorporates the use of company-owned mining equipment for all open-pit mining
operations. The process design calls for two-stage crushing of run-of-mine ore
to a nominal size of less than two inches. Crushed ore is stacked on leach pads
in 6-metre lifts and irrigated with solution to dissolve the gold. The solution
is collected and gold is recovered in a series of carbon columns. Precious
metals (the ore contains a nominal amount of silver) are then stripped from the
carbon and recovered by electrowinning. The resultant sludge is smelted to
produce a dore which is shipped offsite for final refining.


Three other development scenarios were also considered as part of the PEA. These
include (i) owner mining with no crushing, (ii) contract mining with crushing
and (iii) contract mining with no crushing. These alternatives had less
favorable outcomes, but will be subject to future evaluation as new
metallurgical and cost data is collected.


A further objective of the PEA was to provide detailed recommendations to
collect other data necessary for a final feasibility study. A budget of US$4.8
million was recommended for additional drilling, geotechnical investigations,
and continued metallurgical test work among other programs. Metallurgical
testing is on-going and Esperanza is preparing for a new drilling campaign to
start by the fourth quarter of 2009.


Bill Pincus, Esperanza's President, said, "We're extremely pleased that this
assessment has yielded such positive results and are anxious to take Cerro Jumil
to the next level of its development; currently we have the funding to do so.
Shortly we will begin a new drill program which includes substantial in-fill
plus exploration drilling. We anticipate converting certain material now
characterized as waste into resources. This would have a positive affect on the
project's gold production levels, mine life and returns."


About Esperanza

Esperanza is a gold and silver 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
actively generates and investigates other exploration prospects in Peru and
Mexico.


QUALIFIED PERSON: Richard Kehmeier, CPG, MSc is an Independent Qualified Person
in accordance with National Instrument 43-101 Standards of Disclosure for
Mineral Projects of the Canadian Securities Administrators and principal author
of the Cerro Jumil Project Preliminary Economic Assessment. He has verified the
data disclosed in this news release.


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 Cerro Jumil property, the ability to
finance further exploration, permit drilling and other exploration work, and the
availability of drill rigs. 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
managements' 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.


RESOURCES: 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 under 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. Mineral resources
that are not mineral reserves do not have demonstrated economic viability. 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, indicated, and inferred categories will be converted into reserves.

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