PSL Prospero Silver Corp

Prospero Silver Corp. (TSX VENTURE:PSL) ("Prospero" or the "Company") is pleased
to announce the results of an additional 512 rock chip sampling program
principally on a new reef at the Petate Southwest target zone. El Petate is a
6,530 hectare project in Hidalgo, Mexico some 35 Km to the SW of Pachuca. The
new "Petate SW Reef" target has extended the Petate West zone by 1.2 km to the
south. The Petate West zone now measures 5 km long in the north-south direction
and up to 2 km wide in the east-west direction (geologic map Figure 1). 


Highlights of the new sampling and mapping program in the Petate SW Reef include:



--  The new Petate SW reef is a structurally controlled tabular body 800
    meter long, striking NW and steeply dipping to the SW comprising
    silicified limestone and jasper breccias which are up to 30 meters wide.
--  The more anomalous geochemistry is found in the hanging wall jasper
    breccias, which contain higher and variable amounts of iron oxides.  
--  Out of 71 samples obtained along the reef 21 samples carry strongly
    anomalous gold values in fractions of a ppm gold. 
    --  2 samples carry values between 1.05 to 3.6 ppm Au (Figure 2). 
    --  12 samples out of the 71 carry silver values between 5 to 25.1 ppm
        Au.
--  25 Lead and 30 zinc samples provided values ranging from 100 ppm up to
    1470 ppm. 
--  Multi-elemental pathfinder geochemistry revealed highly anomalous As,
    Hg, and Sb. 
    --  As values in the range of 400 ppm to 10,000 ppm,  
    --  Hg values in the range 5 to 36.4 ppm, and 
    --  Sb values in the range 100 to 3680 ppm. 
--  One outcrop exhibited un-oxidized mineralization with visible pyrite,
    stibnite and sphalerite; assaying 0.18 ppm Au, 8.8 ppm Ag, 1470 ppm Zn
    and 720 ppm Sb. 



Mineralization and hydrothermal alteration in the Petate SW area is also
associated with the termination towards the NW of a complex andesitic intrusive
body (Figures 1, 2). Strong kaolin clay alteration occurs locally along the
margins of the body and has been channel sampled at two locations. The first
location is located in the NE corner of Figure 2 and is a 40 meter long section
where 18 continuous samples assayed an average 0.13 ppm Au. The second location
is located in the middle portion of Figure 2 and averages 0.20 ppm Au over a
length of 37 meters. Highly anomalous values of Ag, As, Hg, Sb, Pb and Zn all
show a close association with the gold mineralization. 


Petrographic observation of the silica phases in the reef indicate the presence
of predominant originally amorphous silica recrystallized to jigsaw quartz, and
lesser amounts of fine to medium grained vuggy crystalline quartz. Fluid
inclusion petrography indicates temperatures of formation of less than 200
degrees C. Both fluid inclusion petrography and the multi-elemental geochemistry
indicate the new reef is related to high level epithermal hydrothermalism. This
is similar to the other previously reported zones of silicification in the
project area such as the Apartadero, Tecolotes and Petate East target zones and
could host a precious metal deposit, and given the elevated Pb and Zn
geochemistry, potentially a polymetallic deposit at greater depth


Summary 

The new mapping and sampling of the southern extension of the Petate West zone
has substantially increased the size of the overall Petate system indicating the
presence of a larger than anticipated area of hydrothermalism and
mineralization. Highly anomalous precious metal, base metal, and pathfinder
geochemistry occurs throughout the project. The Apartadero and the Petate SW
Reef zone stand out with the highest gold geochemistry of up to 6.62 ppm Au
(Figure 3). The Petate East target zones have the highest silver geochemistry
with up to 595 ppm Ag (see January 21, 2012 News Release). 


The new Petate SW Reef also stands out as a clear target from the structural
standpoint since it represents a tabular body of significant longitudinal
extent, dipping steeply to the SW, which can be readily drilled from the hanging
wall side. Good target definition combined with very encouraging anomalous gold
and multi-elemental geochemistry make this reef a high priority exploration
target. 


In addition, the altered and mineralized margins of the andesitic intrusive 500
meters north of the Petate SW Reef, further associate the mineralization with
the emplacement of intrusive bodies. Other examples of this relationship occur
at Apartadero Central and in the Tecolotes system where a recently mapped small
intrusive body outcrop assays in two samples 0.90 and 0.76 ppm Au, indicating
that intrusive bodies and their contact zones represent viable exploration
targets on a district-wide scale.


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. Samples were collected by Company employees as well as by Minas
Julcani, SA de CV and Braeval Mining Corporation, and represent chip-grab,
mostly chip-channel, as well as continuous channel samples, either in outcrops
or sub-outcrops of jasperiod. Most samples were obtained along lengths of 1.0 to
2.0 meters. The samples are shipped by Company employees in sealed bags to
ALS-Chemex Laboratory preparation facilities in Zacatecas City. Sample pulps are
shipped to ALS-Chemex Laboratories in North Vancouver, B.C. for analysis. All
samples were assayed by multielemental ME-ICP41, and gold ICP21. 


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 secure sufficient subscriptions from subscribers to complete the
above-described private placement, or otherwise 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. 


Neither the TSX Venture Exchange nor its Regulation Services Provider (as that
term is defined in the policies of the TSX Venture Exchange) accepts
responsibility for the adequacy or accuracy of this release.


To view the maps associated with this press release, please visit the following
link: http://media3.marketwire.com/docs/953752a.pdf


FOR FURTHER INFORMATION PLEASE CONTACT: 
Prospero Silver Corp.
William Murray
Chairman
(604) 248-0797


Kirk Gamley
Contact Financial
(604)561-3642

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