October 24, 2016 – Vancouver, B.C. – Prospero Silver Corp. (TSXV: PSL) ("Prospero" or "the Company") is pleased to provide an update on recent exploration work on its Mexican project portfolio. In mid-October, Prospero closed a C$1.85-million private placement (see news release dated October 14,
2016), which is anticipated to fund a 12 month exploration program in established metallogenic trends
principally in Mexico's Altiplano.

In summary, Prospero has restarted work programs on its 100%-owned projects. Management is currently prioritising and ranking the Company's key projects for joint venture. The Company has also submitted permit applications to drill the Matorral target at Santa Maria del Oro.

Additionally, Prospero's senior geologists and claims supervisor have identified 5 new early-stage precious metals targets for staking, two of which will shortly be staked and brought into Prospero's portfolio.

New Projects

Prospero's team has identified a number of targets through initial fieldwork and monitoring of active and lapsed claims. The work has resulted in the team shortlisting 5 projects for staking. Initial sampling has been carried out and further work is planned, focusing on targets that can be claimed at the present time. Prospero's focus is aimed at well-known metallogenic trends in central Mexico using the Company's extensive local geological and historic mining data base. The Company is also taking into account local infrastructure and strategic location. As the Company receives significant assay results and secures mineral tenure, it will report on the new projects. Additional work on the 100% owned Bermudez property was postponed so that the team can focus on the project generation effort.

Prospero's Existing Projects

Baborigame

Baborigame, near Guadalupe y Calvo, in western Chihuahua State, is a low-grade disseminated gold- silver target hosted in a pyroclastic flow unit. Prospero is focussing on 415 hectares of claims covering the Cebollas area which is considered to have open-pit potential. The Company's geologists completed four continuous lines of chip samples across Cebollas in 2014 but were unable to assay the 200+ samples due to budget constraints and they were placed in storage. Following the private placement, they have been assayed and the results are summarised below. Maps showing the sample line locations are available on Prospero's website at:http://www.prosperosilver.com/s/Baborigame.asp
 

*True width is estimated to be approximately 80% of the sample line length based on the dip and thickness of the pyroclastic unit.

The northern sector of the Baborigame district hosts a highly-fractured pyroclastic flow unit with local crackle brecciation and extensive narrow veining. Gold and silver show disseminated values but also higher grade zones in the middle and basal portions of the pyroclastic unit over a strike length of 1,500m. The first 3 lines are contiguous within a zone 350 meters in length, whereas line 4 is located 400 meters further south. The favorable horizon strikes north-south and dips 23° to the west under post-mineral cover.

Prospero will be taking additional channel samples on the Cebollas zone and also applying for drill permits in order to test the favorable zone down dip for possible feeder zones.

Santa Maria del Oro- Matorral

Prospero is preparing environmental permit applications for 20 drill pads located in 3 areas at Matorral. Matorral is one of three targets on the 9,066 hectare Santa Maria del Oro claims. At Matorral, a number of large structurally-controlled jasperoid bodies are exposed northeast of the historic Magistral Mine. The total length of individual prospective structures adds up to over 7 km. This project is drill ready and Prospero has had initial discussions with drill companies interested in bidding for the drilling. For more information see Prospero's news release dated August 16, 2016.

El Petate

The 6,868 hectare El Petate property is the most advanced of Prospero's projects. Drill permits have been obtained covering 27 drill sites and surface access for the targets has been granted by the land owners. Prospero has shown the project to a number of mid-tier mining companies who are interested in potentially joint-venturing the project. Discussions are ongoing.

High-level epithermal alteration is exposed over a 5×4 km area with highly anomalous gold and silver hosted in extensive outcrops and float of steep to strata-bound jasperoid. The significant size of the silicified zones indicates that El Petate is a robust mineralized system with excellent potential to host a replacement type deposit at depth. In addition to drilling the shallow precious metal targets, future work should test the potential for blind carbonate-replacement bodies of manto and/or chimney type, containing Ag, Pb, Zn and ± Au similar to the Zimapan or Santa Eulalia polymetallic systems.

Pachuca Southeast

Prospero has initiated environmental permit applications for four drill sites on the 7,256 hectare Pachuca SE land package. High-level epithermal-style alteration is exposed in clay pits adjacent and on-strike from the historic Pachuca mining district. The anomalous geochemistry and clay alteration are very similar to that seen in the Vizcaina structure above the historic Pachuca Mine. The Pachuca SE target has size potential, strong hydrothermal alteration and a number of geochemical anomalies associated with structures and could host a preserved Pachuca-type epithermal deposit at depth. The project is drill ready.

San Luis Del Cordero

In October, Golden Minerals advised Prospero that it would not be proceeding with the exploitation joint venture on the Santa Rosa vein at its San Luis del Cordero Project. After completing a 5,000m diamond drilling program, Prospero was advised that Golden did not find enough high grade tonnage to justify a production decision. As a result, and in respect of the high holding costs of the Cordero claims, Prospero will be terminating the underlying option agreement with Altiplano.

Qualified Person

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 news release. Mr. Albinson is a Member of the American Institute of Professional Geologists and a Certified Professional Geologist (CPG) No. 11368.

About Prospero Silver Corp.:

Prospero is a Mexico-focused project generator listed on the TSX.V under the symbol PSL.V. Prospero's aim is to discover world-class precious metal projects in the major mineral belts of Mexico. The Company applies a unique blend of practical exploration experience, cutting-edge mineral deposit science, and an extensive knowledge of Mexico's geology to find new gold and silver systems. Our exploration programs are run by a small but highly- focused geological team based in Mexico.

For further information please contact:

Ralph Rushton 
Exec VP Business Development 
Tel: 604 307 0055 

William Murray
Chairman
Tel: 604 288 2553

Forward-Looking Statement Cautions:

This press release contains certain "forward-looking statements" within the meaning of Canadian securities legislation, relating to, among other things, the Company's proposed use of the financing proceeds. 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. The Company cautions that Forward-looking statements are based on the beliefs, estimates and opinions of the Company's management on the date the statements are made and they involve a number of risks and uncertainties. Consequently, there can be no assurances that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Except to the extent required by applicable securities laws and the policies of the TSX Venture Exchange, the Company undertakes no obligation to update these forward-looking statements if management's beliefs, estimates or opinions, or other factors, should change. Factors that could cause future results to differ materially from those anticipated in these forward-looking statements include, possible, accidents and other risks associated with mineral exploration operations, the risk that the Company will encounter unanticipated geological factors, the possibility that the Company may not be able to secure permitting and other governmental clearances necessary to carry out the Company's exploration plans, the risk that the Company will not be able to raise the additional funds in the future to continue to carry out its business plans, and the risk of political uncertainties and regulatory or legal changes that might interfere with the Company's business and prospects. The reader is urged to refer to the Company's reports, publicly available through the Canadian Securities Administrators' System for Electronic Document Analysis and Retrieval (SEDAR) at www.sedar.comfor a more complete discussion of such risk factors and their potential effects.

This news release does not constitute an offer to sell or a solicitation of an offer to buy nor shall there be any sale of any of securities of the Company in any jurisdiction in which such offer, solicitation or sale would be unlawful, including any of the securities in the United States of America. The Company's securities have not been and will not be registered under the United States Securities Act of 1933 (the "1933 Act") or any state securities laws and may not be offered or sold within the United States or to, or for account or benefit of, U.S. Persons (as defined in Regulation S under the 1933 Act) unless registered under the 1933 Act and applicable state securities laws, or an exemption from such registration requirements is available.

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.

Original Article: http://www.prosperosilver.com/s/NewsReleases.asp?ReportID=768495&_Type=News-Releases&_Title=PROSPERO-PROVIDES-PROJECT-UPDATES