CCOB Century Cobalt Corporation (CE)

First American Silver Corp. (OTCBB: FASV), a mining exploration company, today announced that the Company completed a Canadian National Instrument (NI) 43-101 on its Mount Jackson property, located in Esmeralda County, Nevada. NI 43-101 is a set of rules and guidelines developed by the Canadian Securities Administrators (CSA) that governs how issuers disclose scientific and technical information about their mineral projects to the public.

While the NI 43-101 report states the two zones of gold/silver mineralization as presently known are relatively small, the 2011 drilling program completed by First American Silver also produced encouraging results. During the program, five holes were drilled, all of which encountered disseminated mineralization to varying degrees. Recent reinterpretation of all data generated to date by the Company's geologist appears to indicate that hole PC-34A which returned a 20 foot (6.10 meters) section of 7.38 grams per ton of gold and 6.67 grams per ton of silver may represent the upper reaches of the feeder for the mineralization found in Zone A on the property. The report goes on to state that there is a reasonable expectation that similar and possibly even better mineralized zones may be found on the property as evidenced by the discovery of high grade copper mineralization that was recently identified while sampling elsewhere on the property. It is the Company's intention to follow this discovery with more drilling in the area.

“This independent report on our Mount Jackson prospect is extremely encouraging as it provides the rationale for further analysis and the possibility that multiple minerals, including gold, silver and copper, may be found in minable quantities on the property,” said Thomas J. Menning, President and CEO.

Based on the initial findings and the report recommendations, the prospect warrants concurrent geochemical, geological surveys and a ground magnetic survey. The Company plans a $250,000 budget that will include these surveys along with 2000 meters of Reverse Circulation (RC) Drilling and 1000 meters of Diamond Drilling.

About the Mount Jackson Prospect

The Mount Jackson Prospect consists of approximately 3080 acres (1246 hectares) and is located in Esmeralda County, Nevada to the south of the historic town of Goldfield, in an under-explored portion of the prolific Walker Lane Belt. The area is easily accessible west of Mount Jackson along the southerly extension of the Goldfield Hills. Mineralization at the site is hosted in sedimentary rocks of the Lower Cambrian Harkness formation and tends to be disseminated and relatively widespread. Mineralization is found on surface along the crest of an antiform proximal to the thrust faulted contact of Harkless sediments and overlying Emigrant limestones. Significant gold (Au) and silver (Ag) mineralization was discovered at Mount Jackson by Pegasus Gold in 1987, and drilling resulted in a mineral inventory with more than 40,000 ounces Au and 900,000 ounces Ag. Pegasus concentrated all work in one area and left the broader region unexplored; therefore, several areas have been identified with the potential to increase the mineral inventory.

About First American Silver Corp.

First American Silver is a Nevada-based company engaged in the exploration and development of silver and gold properties in the United States. The Company currently has four properties in Nevada: Mountain City located in north-eastern Nevada, Egan Canyon and Muncy Creek both located in east-central Nevada, and Mount Jackson located in western Nevada. Additionally, the Company is pursuing its mining/mineral rights on the Carlin Trend associated with a 1979 Agreement. For further information, please visit the company’s website www.firstamericansilver.com.

Forward-Looking Statements

Included in this release are certain "forward-looking" statements involving risks and uncertainties which are intended to conform to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, including statements regarding the Company's financial performance. Such statements are based on management's current expectations and are subject to certain factors, risks and uncertainties that may cause actual results, events and performance to differ materially from those referred to or implied by such statements. In addition, actual future results may differ materially from those anticipated, depending on a variety of factors, sales and earnings growth, ability to attract and retain key personnel and general economic conditions, including uncertainties relating to global political conditions, such as terrorism. Information with respect to important risk factors that should be considered may be contained in the Company's Annual Report on Form 10-K and its Reports on Form 10-Q to be filed with the U.S. Securities and Exchange Commission. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. The Company does not intend to update any of the forward-looking statements after the date of this release to conform these statements to actual results or to changes in its expectations, except as may be required by law.

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