Vancouver, B.C. – Prospero Silver Corp. (TSXV: PSL) (“Prospero” or the “Company”) is pleased to announce the results of 360 rock chip samples obtained from the Petate West and Petate East target zones of its 6,000 hectare El Petate project. The Apartadero target is part of the Petate West zone, measuring 1.3 km long and up to 200 meters wide and has shown the most anomalous gold geochemistry to date in jasperoid outcrops and float. Mapping of the Petate West zone shows northwest and east-west trending silicified zones associated with andesitic dikes with the same orientation (Figure 1). Mapping and sampling have to date identified the La Escoba, Apartadero and and Tecolotes silicified reefs. Other as yet unmapped reefs are anticipated west of the Apartadero reef and in the southern extension of the Petate West zone (see attached maps). The property boundary lies outside the area of the figures.

The highlights of the Apartadero geochemistry include:

• Assays in the range of 1 to 6.62 ppm Au occur along a length of 500 meters in the southeast extension of the Apartadero target. The geochemical values are presented over subdued geology.
  
• These expand to a length of 1100 meters for assays above 0.1 ppm Au (see Figure 2);
  
• The silver geochemistry in the Apartadero trend exhibits anomalous values between 1 to 6.4 ppm (Figure 3).
  
• Multi-elemental pathfinder geochemistry revealed elevated mercury, arsenic and antimony anomalies associated with the precious metals.
  
  
  
  1. Mercury with values between 10 ppm to >100 ppm is closely associated with the higher gold geochemistry (Figure 4);
     
  2. Antimony geochemistry also closely follows gold values, with the higher values in the 100-400 ppm range concentrated in the southeast sector of the Apartadero target area;
     
  3. Similarly, arsenic values above 100 ppm follow the gold anomalies, and exhibit a hot spot in the Apartadero area, where the highs mostly range from 100 ppm to 400 ppm;
  
  
• Other elements such as barium are also high in the Apartadero area with highs ranging from 1000 ppm to 10,000 ppm.

While the Apartadero geochemistry is highly anomalous in gold in its southeast extension, the data to date from the Petate East geochemistry is showing proportionately higher silver geochemistry as follows:

• The Petate # 1, #2, and # 3 targets , in the eastern zone of the project area, exhibit higher rock-chip silver geochemistry with assays commonly above 50 ppm (Figure 3);
  
• Higher iron and manganese geochemistry is associated with the Petate East targets with anomalous values in the single to double digit percent range.

Other Target areas.

La Escoba areas in the northwest portion of the district is divided into Escoba North, Escoba Central, and Escoba south silicified trends. These are characterized by more subtle precious metal and pathfinder-element anomalies, with gold highs in the 0.1 to 1 ppm range, silver highs under 5 ppm, and mercury highs under 5 ppm.

The Tecolotes area in the southwest sector of the district also exhibits significant highs in Au-Ag-Sb-Hg-As (Figures 2 to 4).

Samples obtained from the reconnaissance sampling program represent chip-grab, chip-channel samples, as well continuous channel samples, either in outcrops or in jasperoid boulders and fragments within float. Most samples were obtained along lengths of 1.0 to 1.5 meters.

Next-step activities for the Petate project:

The Apartadero area (in the Petate West zone), and the Petate East areas are prime targets which require a trenching program in zones where the best precious metal anomalies occur, particularly along the northeastern margin of the Apartadero trend which hosts discontinuous outcrops of dikes. Channel sampling in the trenches should provide a better understanding of the length, width and grade of the mineralized zone(s).

Additional reconnaissance mapping and sampling is required west of the Apartadero area and in the southwestern sector of the district.

The Tecolotes area is believed to host several silicified reefs yet to be mapped and sampled in more detail.

The geology of the project is characterized by an anticlinorium/dome of the Mesozoic fold belt of the Sierra Madre Oriental. All mineral occurrences are hosted in the El Abra limestone of Lower Cretaceous age. A north-south trending remnant of the Upper Cretaceous clastics of the Mendez Formation is as yet un-eroded in a recumbent syncline between the Petate West and Petate East zones (see Figure 1). Scattered outliers of overlying andesites of the Tertiary Pachuca Group do not host alteration or hydro-thermalism, thus suggesting the hydrothermal system is more akin to the age of the Zimapan skarn/replacement type deposit (~42 Ma), than the age of the Pachuca vein deposit (~23 Ma).

In summary, the Apartadero zone highlights stronger gold values associated with Ag-Hg-Sb-As, whereas the Petate East areas are characterized by stronger silver values in association with Au-As-Ba-Fe-Mn. These preliminary results show strong geochemical signatures in the Apartadero and Petate East target areas, including multi-ppm values in gold at Apartadero, and >50 ppm Ag at Petate East. Given the length of the silicified reefs, the Petate project area represents a robust system with excellent potential to host a preserved replacement type deposit at depth with elevated precious metals.

Fluid inclusion petrography indicates the fluids associated with deposition of crystalline quartz are relatively low temperature and salinity (130°C to 230°C; 0-3.0 wt.% NaCl equiv) indicating the surface exposures across the project area correspond to the upper portions of a preserved mineralized system at depth.

• The geochemical signature of the western Petate zone (Au-Ag-Hg-Sb-As) is more indicative of low-sulfidation hydrothermalism, whereas
  
• The East Petate zone geochemistry (Ag-Au-Fe-Mn) is more indicative of intermediate-sulfidation hydrothermalism.

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 and are shipped 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.


For further information please contact:

William Murray
Chairman
Tel: (604) 248–0797

or

Kirk Gamley
Contact Financial
Tel: (604)561-3642

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 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.