VANCOUVER, BRITISH COLUMBIA–(Marketwire – Dec. 31, 2012) – Santacruz Silver Mining Ltd. (TSX VENTURE:SCZ) (the “Company“) announces that it has filed on SEDAR an updated technical report in respect of its San Felipe Project, titled “Update of NI 43-101 Technical Report on Resources, San Felipe Project, Sonora, Mexico”. The updated report provides additional information on data verification and sampling. It is updated as of December 19, 2012, and has an effective date of April 5, 2012. The resources remain unchanged from the original report which was announced on July 16, 2012.

The Company also announces that it has filed on SEDAR a technical report in respect of its Rosario Project, titled “NI 43-101 Technical Report on Resources, Rosario Project, San Luis Potosi, Mexico”. The Company announced a new resource estimate on its Rosario Project in a news release dated December 21, 2012, which new resource estimate precipitated this report. The report is dated December 19, 2012 with an effective date of December 1, 2012.

About Santacruz Silver Mining Ltd.

Santacruz is a Mexican focused silver company with a project in development (Rosario) and two advanced-stage exploration projects (San Felipe and Gavilanes). The Rosario Project is expected to reach production by the end of the first quarter of 2013. The Company is managed by a technical team of professionals with proven track records in developing, operating and discovering silver mines in Mexico. Our corporate objective is to become a mid-tier silver producer.

Arturo Prestamo Elizondo, President, Chief Executive Officer and Director

The decision to put the Rosario Project into production was not based on a feasibility study of mineral reserves demonstrating economic and technical viability. Accordingly, there is increased uncertainty and economic and technical risks of failure associated with this production decision. Production and economic variables may vary considerably due to the absence of a completed and detailed analysis as would be included in a feasibility study. The risks associated with this decision are set forth in the Company´s AIF under the heading “Risk Factors”.

Certain statements contained in this news release, such as anticipated production dates, constitute “forward-looking information” as such term is used in applicable Canadian securities laws. Forward-looking information is based on plans, expectations and estimates of management at the date the information is provided and is subject to certain factors and assumptions, including that the Company’s financial condition and development plans do not change as a result of unforeseen events, that the Company obtains regulatory approval, and that future metal prices and the demand and market outlook for metals does not deteriorate significantly. Forward-looking information is subject to a variety of risks and uncertainties and other factors that could cause plans, estimates and actual results to vary materially from those projected in such forward-looking information. Factors that could cause the forward-looking information in this news release to change or to be inaccurate include, but are not limited to, the risk that any of the assumptions referred to prove not to be valid or reliable, that occurrences such as those referred to above are realized and result in delays, or cessation in planned work, that the Company’s financial condition and development plans change, delays in regulatory approval, risks associated with the interpretation of data, the geology, grade and continuity of mineral deposits, the possibility that results will not be consistent with the Company’s expectations, as well as the other risks and uncertainties applicable to mineral exploration and development activities and to the Company as set forth in the Company’s Annual Information Form filed under the Company’s profile at www.sedar.com. The Company undertakes no obligation to update these forward-looking statements, other than as required by applicable law.