Vancouver, B.C. – Prospero Silver Corp. (TSXV: PSL) (“Prospero” or the “Company”) is pleased to announce the acquisition (through staking) of an additional 9,771 hectares in the Santa Maria del Oro gold/silver district. The new ground lies to the west, south and east of the historic, high-grade Magistral vein system. With this addition, Prospero holds 16,124 hectares that virtually surround the historic Magistral del Oro mines, records for which indicate historic grades exceeded 15 g/t Au from oxides ores mined through the mid 20th century.

Prospero has identified a major northwest trending lineament at least 12km in length positioned under post-mineral cover 4 km to the west of the historic Magistral del Oro mines, as reported in the Company’s news release of November 23, 2011. A possible additional parallel lineament 6km long is present 3 km west of the larger lineament and lies completely within the new claim. Additionally, preliminary mapping in the eastern part of the district exhibits potential for high-level epithermal targets and will also be evaluated by the Company’s exploration team.

The Company is currently carrying out a ground Mag survey on the property to assist in defining targets for drilling. This work should be completed in the first quarter of 2012.

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.

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


Peter Murray
Contact Financial
Tel: (604) 689-7422


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.