Santacruz Silver Confirms Continuity of GSA vein and the Stockwork area at Gavilanes; Drilling Intersects 263 g/t Ag over 5.40 m, including 2,060 g/t Ag. over 0.20 m

Exploration and Development

Santacruz Silver Confirms Continuity of GSA vein and the Stockwork area at Gavilanes; Drilling Intersects 263 g/t Ag over 5.40 m, including 2,060 g/t Ag. over 0.20 m

January 15, 2013

Vancouver, B.C. — Santacruz Silver Mining Ltd. (TSX.V:SCZ) (“Santacruz” or the “Company”) announces that further to its press release of November 20, 2012 the Company has received results from 18 additional diamond drill holes as part of an ongoing 6,000 meter diamond drill program at its 100% owned Gavilanes Silver project in Durango, Mexico. The current drill program is designed to test three of seven known silver-bearing veins and a stockwork area within the 7,347 hectare property (see attached map which is also posted on the company’s website).

Drill results reported herein are from the Guadelupe-Soledad-Aranzazú (GSA) vein and the Stockwork area of El Hundido. Gavilanes hosts a low sulphidation epithermal system.

Highlights (reported as true widths and assays uncut) include:

Hundido Stockwork

SCHN-09: 5.40 m @ 286 g/t Ag eq. (263 g/t Ag, 0.28% Zn, 0.69% Pb and 0.01 g/t Au).

SCHN-08: 4.95 m @ 439 g/t Ag eq. (427 g/t Ag, 0.07% Zn, 0.40% Pb and 0.01 g/t Au).

SCHN-07: 4.70 m @ 274 g/t Ag eq. (212 g/t Ag, 1.18% Zn, 1.13% Pb and 0.03 g/t Au).

GSA Vein

SCGP-12: 3.82 m @ 267 g/t Ag eq. (243 g/t Ag, 0.21% Zn, 0.32% Pb and 0.23 g/t Au).

Two drill rigs are currently working at Gavilanes on the last phase of the first 6,000 meter drilling campaign. Arturo Préstamo, President and CEO stated “We are very pleased with the drill results thus far as it continues to prove grades and widths on the targeted mineralized areas, reinforcing our belief that Gavilanes will continue to return high grade silver as the property is more fully explored.”

Complete results from the 18 drill holes in addition to the first 7 holes announced on November 20, 2012, and in this press release which have been received to date are as follows: (Note that the first 7 holes announced on November 20, 2012 were not in numeric sequence. Due to hole numbers being assigned using the proposed drill hole number instead of numbering them in the actual order they were drilled in. Since holes are not being drilled in the same sequence as the drill plan, the hole numbers were not in sequence. For example, hole 22 was actually the fourth hole completed. This has been rectified but will continue to appear in the reporting until the 22nd hole has actually been completed).

VEIN	DDH	From	To	Length	True Width	Au	Ag	Cu	Pb	Zn	AgEq
VEIN	DDH	From	To	mts.	mts.	g/t		%			g/t
EL HUNDIDO ST	SCHN-01	46.40	47.55	1.15	0.81	0.00	79	0.01	0.12	0.16	84.97
	SCHN-01	47.55	48.55	1.00	0.70	0.00	61	0.00	0.07	0.13	64.83
	SCHN-01	48.55	49.50	0.95	0.67	0.00	351	0.01	0.29	0.19	361.89
	SCHN-01	49.50	50.05	0.55	0.39	0.00	50	0.00	0.09	0.10	53.82
	SCHN-01	50.05	50.95	0.90	0.63	0.00	511	0.03	0.75	0.22	534.58
	SCHN-01	50.95	51.70	0.75	0.53	0.00	497	0.08	0.36	0.22	515.46
	SCHN-01	51.70	52.50	0.80	0.56	0.00	280	0.02	0.15	0.05	285.59
	SCHN-01	52.50	53.10	0.60	0.42	0.00	184	0.15	0.79	0.32	220.14
	SCHN-01	53.10	54.15	1.05	0.74	0.03	212	0.07	0.27	0.17	228.69
	SCHN-01	54.15	55.50	1.35	0.95	0.00	7	0.05	0.23	0.32	22.32
	SCHN-01	55.50	56.75	1.25	0.88	0.03	101	0.10	0.36	0.09	120.44
			Total	10.35	7.25	0.01	197	0.05	0.30	0.18	211.11
EL HUNDIDO ST	SCHN-01	62.90	64.40	1.50	1.08	0.01	325	0.08	0.48	0.12	344.38
	SCHN-01	64.40	65.40	1.00	0.72	0.01	195	0.02	0.35	0.15	208.08
	SCHN-01	65.40	65.75	0.35	0.25	0.06	322	0.05	0.75	0.11	347.29
			Total	2.85	2.05	0.01	279	0.06	0.47	0.13	296.91
EL HUNDIDO ST	SCHN-01	108.50	109.35	0.85	0.61	0.00	102	0.00	0.03	0.07	104.20
	SCHN-01	109.35	110.25	0.90	0.65	0.00	876	0.02	0.21	0.11	884.54
	SCHN-01	110.25	111.50	1.25	0.90	0.00	643	0.02	0.12	0.05	648.52
	SCHN-01	111.50	112.40	0.90	0.65	0.00	72	0.00	0.03	0.07	74.41
			Total	3.90	2.19	0.00	572	0.02	0.13	0.09	577.79
EL HUNDIDO ST	SCHN-01	119.85	120.30	0.45	0.32	0.00	290	0.01	0.10	0.08	294.38
	SCHN-01	120.30	121.25	0.95	0.68	0.00	66	0.00	0.25	0.04	72.06
	SCHN-01	121.25	122.45	1.20	0.86	0.00	155	0.00	0.10	0.07	158.92
	SCHN-01	122.45	123.75	1.30	0.94	0.00	47	0.00	0.07	0.08	50.00
	SCHN-01	123.75	124.40	0.65	0.47	0.00	540	0.00	0.96	0.08	562.79
	SCHN-01	124.40	125.15	0.75	0.54	0.00	62	0.01	0.03	0.04	63.51
	SCHN-01	125.15	126.05	0.90	0.65	0.00	295	0.00	0.04	0.05	297.1
			Total	6.20	4.46	0.00	178	0.00	0.19	0.06	183.46
EL HUNDIDO ST	SCHN-01	198.50	199.60	1.10	0.79	1.45	58	0.24	0.05	0.05	156.15
	SCHN-01	199.60	200.20	0.60	0.43	1.41	38	0.26	0.03	0.04	135.61
	SCHN-01	200.20	201.10	0.90	0.65	2.40	42	0.13	0.09	0.04	181.81
			Total	2.60	1.87	1.77	48	0.21	0.06	0.04	160.29
EL HUNDIDO ST	SCHN-01	206.85	208.05	1.20	0.86	1.93	293	2.62	0.55	0.22	619.19
	SCHN-01	208.05	208.90	0.85	0.61	0.70	118	2.32	0.41	0.26	353.58
	SCHN-01	208.90	209.55	0.65	0.47	1.63	224	1.80	0.15	0.16	460.29
	SCHN-01	209.55	210.60	1.05	0.76	2.74	282	1.53	0.66	0.12	565.66
	SCHN-01	210.60	211.35	0.75	0.54	6.16	592	1.28	1.53	0.27	1060.03
	SCHN-01	211.35	212.25	0.90	0.65	0.07	18	0.33	0.03	0.05	49.63
	SCHN-01	212.25	213.25	1.00	0.72	0.12	52	1.30	0.07	0.10	164.45
	SCHN-01	213.25	214.20	0.95	0.68	0.68	216	1.19	5.05	0.54	467.62
	SCHN-01	214.20	215.15	0.95	0.68	0.28	110	2.19	0.65	0.17	316.80
	SCHN-01	215.15	215.95	0.80	0.58	0.23	66	0.69	0.73	0.08	150.00
	SCHN-01	215.95	216.80	0.85	0.61	0.53	35	0.35	0.30	0.12	99.43
	SCHN-01	216.80	217.80	1.00	0.72	2.78	404	1.34	4.80	0.58	774.22
			Total	10.95	7.88	1.46	201	1.45	1.29	0.23	426.09
EL HUNDIDO ST	SCHN-02	42.10	43.10	1.00	0.42	0.01	627	0.04	0.18	0.12	636.62
	SCHN-02	43.10	44.15	1.05	0.44	0.01	380	0.03	0.25	0.30	394.72
	SCHN-02	44.15	45.15	1.00	0.42	0.00	644	0.03	0.24	0.23	656.22
	SCHN-02	45.15	46.65	1.50	0.63	0.00	18	0.04	0.19	0.11	27.60
	SCHN-02	46.65	47.55	0.90	0.38	0.01	355	0.05	1.25	0.33	393.60
	SCHN-02	47.55	49.25	1.70	0.71	0.05	866	0.24	1.36	1.65	951.43
			Total	7.15	3.00	0.01	488	0.09	0.61	0.55	520.33
EL HUNDIDO ST	SCHN-02	99.35	99.90	0.55	0.23	0.00	135	0.01	0.31	0.06	144.21
	SCHN-02	99.90	100.80	0.90	0.38	0.01	20	0.04	0.69	0.10	40.93
	SCHN-02	100.80	101.90	1.10	0.46	0.04	88	0.45	7.15	0.09	282.82
	SCHN-02	101.90	102.45	0.55	0.23	0.05	148	0.18	20.00	0.47	609.57
	SCHN-02	102.45	103.20	0.75	0.31	0.01	59	0.08	3.84	0.59	161.64
	SCHN-02	103.20	104.00	0.80	0.34	0.03	61	0.21	4.79	0.65	196.34
	SCHN-02	104.00	104.75	0.75	0.31	0.03	74	0.27	7.48	0.26	264.09
	SCHN-02	104.75	105.50	0.75	0.31	0.03	167	0.27	2.47	0.09	245.78
	SCHN-02	105.50	106.50	1.00	0.42	0.05	373	0.24	6.56	0.17	540.51
			Total	7.15	3.00	0.03	128	0.21	5.65	0.26	274.65
EL HUNDIDO ST	SCHN-07	113.40	113.60	0.20	0.10	0.04	52	0.08	1.86	6.39	233.61
	SCHN-07	113.60	114.45	0.85	0.41	0.01	323	0.21	1.86	3.13	445.46
	SCHN-07	114.45	115.75	1.30	0.63	0.00	49	0.01	0.81	1.10	89.37
	SCHN-07	115.75	116.20	0.45	0.22	0.03	744	0.03	1.74	2.73	842.37
	SCHN-07	116.20	116.90	0.70	0.00	0.00	35	0.00	0.22	0.20	44.34
	SCHN-07	116.90	117.55	0.65	0.00	0.00	379	0.00	0.25	0.21	388.89
	SCHN-07	117.55	118.45	0.90	0.00	0.00	121	0.00	0.21	0.15	128.82
	SCHN-07	118.45	119.60	1.15	0.46	0.00	394	0.01	0.45	0.73	419.81
	SCHN-07	119.60	120.60	1.00	0.40	0.01	227	0.01	1.50	1.88	299.88
	SCHN-07	120.60	121.05	0.45	0.18	0.01	240	0.02	2.35	2.18	338.43
	SCHN-07	121.05	122.15	1.10	0.44	0.01	125	0.07	0.76	0.30	153.54
	SCHN-07	122.15	123.25	1.10	0.44	0.02	403	0.06	0.77	0.61	437.84
	SCHN-07	123.25	124.35	1.10	0.44	0.01	39	0.01	0.03	0.05	41.78
	SCHN-07	124.35	125.40	1.05	0.42	0.01	13	0.00	0.02	0.04	14.80
	SCHN-07	125.40	126.15	0.75	0.30	0.24	277	1.44	4.07	1.31	519.67
	SCHN-07	126.15	126.85	0.70	0.28	0.07	60	0.14	1.27	0.29	108.43
			Total	13.45	4.70	0.03	212	0.14	1.13	1.18	273.70
EL HUNDIDO ST	SCHN-08	85.30	86.10	0.80	0.63	0.01	782	0.04	2.19	0.33	839.97
	SCHN-08	86.10	86.95	0.85	0.67	0.00	30	0.02	0.06	0.04	33.26
	SCHN-08	86.95	87.70	0.75	0.59	0.02	876	0.03	0.19	0.06	885.34
	SCHN-08	87.70	88.50	0.80	0.63	0.00	40	0.01	0.08	0.03	42.52
	SCHN-08	88.50	90.10	1.60	1.26	0.02	719	0.01	0.15	0.02	724.54
	SCHN-08	90.10	90.90	0.80	0.63	0.00	202	0.00	0.01	0.01	202.73
	SCHN-08	90.90	91.60	0.70	0.55	0.01	56	0.07	0.37	0.02	70.11
			Total	6.30	4.95	0.01	427	0.02	0.40	0.07	439.40
EL HUNDIDO ST	SCHN-08	120.05	120.40	0.35	0.27	0.02	137	0.17	4.99	0.12	262.42
	SCHN-08	120.40	121.25	0.85	0.66	0.01	5	0.05	0.06	0.02	11.37
	SCHN-08	121.25	121.75	0.50	0.39	0.02	11	0.04	0.14	0.02	18.17
	SCHN-08	121.75	122.20	0.45	0.35	0.26	211	0.02	0.27	0.04	232.82
	SCHN-08	122.20	122.40	0.20	0.16	0.85	427	0.03	11.55	0.02	725.72
	SCHN-08	122.40	123.00	0.60	0.47	0.49	192	0.03	2.22	0.03	269.08
			Total	2.95	2.30	0.20	120	0.05	1.91	0.04	176.93
EL HUNDIDO ST	SCHN-09	86.10	86.80	0.70	0.35	0.02	712	0.02	0.57	0.26	732.23
	SCHN-09	86.80	87.20	0.40	0.20	0.04	2060	0.03	11.50	0.49	2325.14
	SCHN-09	87.20	88.45	1.25	0.63	0.02	150	0.05	1.08	0.29	184.30
	SCHN-09	88.45	89.45	1.00	0.50	0.00	85	0.01	0.22	0.29	96.40
	SCHN-09	89.45	90.40	0.95	0.48	0.00	402	0.02	0.09	0.36	412.71
	SCHN-09	90.40	91.80	1.40	0.71	0.00	239	0.01	0.08	0.27	247.25
	SCHN-09	91.80	92.70	0.90	0.45	0.00	82	0.01	0.09	0.26	90.86
	SCHN-09	92.70	93.25	0.55	0.28	0.01	143	0.02	0.23	0.31	156.40
	SCHN-09	93.25	94.40	1.15	0.58	0.01	116	0.02	0.14	0.22	125.51
	SCHN-09	94.40	94.95	0.55	0.28	0.01	96	0.01	0.08	0.21	103.41
	SCHN-09	94.95	96.00	1.05	0.53	0.01	96	0.03	0.09	0.29	106.85
	SCHN-09	96.00	96.80	0.80	0.40	0.00	75	0.02	0.14	0.18	83.37
			Total	10.70	5.40	0.01	263	0.02	0.69	0.28	285.56
PROVIDENCIA	SCPV-01	146.20	147.20	1.00	0.94	0.03	13	0.04	0.07	0.36	27.00
PROVIDENCIA	SCPV-01	147.20	148.00	0.80	0.76	0.00	306	0.02	0.42	0.70	331.08
			Total	1.80	1.70	0.02	143	0.03	0.22	0.51	162.14
GSA ST	SCPV-01	211.95	212.80	0.85	0.80	0.00	17	0.00	0.09	0.17	22.52
GSA ST	SCPV-01	212.80	213.40	0.60	0.57	0.60	205	0.18	1.09	1.24	299.84
			Total	1.45	1.37	0.25	95	0.07	0.50	0.61	137.28
GSA	SCPV-01	237.55	238.40	0.85	0.80	0.00	917	0.04	1.26	1.09	969.59
GSA	SCPV-01	238.40	239.05	0.65	0.61	0.00	28	0.00	0.13	0.16	34.62
			Total	1.50	1.42	0.00	532	0.02	0.77	0.69	564.44
GSA ST	SCGP-07	124.95	125.75	0.80	0.69	0.00	106	0.02	0.05	0.15	111.51
GSA ST	SCGP-07	125.75	127.40	1.65	1.41	0.00	138	0.02	0.03	0.03	140.80
			Total	2.45	2.10	0.00	128	0.02	0.04	0.07	131.24
GSA	SCGP-07	204.40	204.90	0.50	0.43	0.46	511	0.02	0.15	0.07	541.84
	SCGP-07	204.90	206.20	1.30	1.12	0.04	25	0.00	0.02	0.03	28.01
	SCGP-07	206.20	207.65	1.45	1.25	0.02	176	0.01	0.12	0.03	180.82
			Total	3.25	2.80	0.09	167	0.01	0.08	0.04	175.24
GSA	SCGP-12	55.95	57.00	1.05	1.02	0.56	509	0.02	0.47	0.22	555.07
	SCGP-12	57.00	58.05	1.05	1.02	0.27	150	0.01	0.27	0.11	173.21
	SCGP-12	58.05	58.80	0.75	0.73	0.02	56	0.00	0.22	0.27	67.07
	SCGP-12	58.80	59.90	1.10	1.06	0.01	206	0.01	0.31	0.26	219.77
			Total	3.95	3.82	0.23	243	0.01	0.32	0.21	267.53
GSA	SCGP-13	63.50	64.35	0.85	0.76	0.09	180	0.07	0.98	1.06	233.32
	SCGP-13	64.35	65.20	0.85	0.77	0.01	25	0.03	0.22	0.80	49.12
	SCGP-13	65.20	66.00	0.80	0.72	0.20	434	0.09	2.66	1.81	546.68
			Total	2.50	2.25	0.10	208	0.06	1.26	1.21	270.56
GSA	SCGP-14	88.10	89.20	1.10	1.05	0.00	180	0.02	1.21	0.58	219.88
			Total	1.10	1.05	0.00	180	0.02	1.21	0.58	219.88
GSA ST	SCGP-14	93.70	94.70	1.00	0.97	0.00	75	0.01	0.11	0.10	80.14
	SCGP-14	94.70	95.85	1.15	1.12	0.00	93	0.01	0.12	0.04	97.19
	SCGP-14	95.85	97.15	1.30	1.26	0.00	134	0.01	0.12	0.09	138.94
			Total	3.45	3.35	0.00	103	0.01	0.12	0.08	107.98
GSA	SCGP-15	95.55	96.20	0.65	0.59	0.06	105	0.01	0.07	0.10	113.04
	SCGP-15	96.20	97.10	0.90	0.81	0.06	94	0.01	0.12	0.14	103.37
	SCGP-15	97.10	97.95	0.85	0.77	0.14	22	0.01	0.21	0.17	38.21
	SCGP-15	97.95	99.05	1.10	0.99	0.19	87	0.07	2.19	2.82	208.03
			Total	3.50	3.15	0.12	76	0.03	0.78	0.98	122.23
GSA ST	SCGP-15	113.05	113.55	0.50	0.46	0.00	310	0.01	0.26	0.46	325.89
	SCGP-15	113.55	114.70	1.15	1.05	0.00	83	0.01	0.41	0.41	100.34
	SCGP-15	114.70	115.25	0.55	0.50	0.01	677	0.02	1.23	0.42	714.67
	SCGP-15	115.25	116.40	1.15	1.05	0.00	326	0.02	0.93	0.87	366.03
			Total	3.35	3.05	0.00	298	0.02	0.70	0.58	326.07
GSA	SCGP-16	117.30	117.50	0.20	0.12	0.03	48	0.04	2.17	5.26	208.88
			Total	0.20	0.12	0.03	48	0.04	2.17	5.26	208.88
GSA	SCGP-17	101.95	102.55	0.60	0.46	0.18	85	0.08	0.35	1.04	130.03
	SCGP-17	102.55	103.95	1.40	1.08	0.06	71	0.09	0.35	0.85	106.98
	SCGP-17	103.95	104.85	0.90	0.69	0.42	82	0.05	0.43	0.98	137.41
	SCGP-17	104.85	105.80	0.95	0.73	0.02	59	0.04	0.08	0.92	84.72
	SCGP-17	105.80	106.40	0.60	0.46	1.19	150	0.12	0.71	4.26	326.00
	SCGP-17	106.40	107.20	0.80	0.62	0.42	48	0.02	0.40	0.96	100.02
	SCGP-17	107.20	108.00	0.80	0.64	0.73	307	0.13	1.34	4.89	486.16
	SCGP-17	108.00	108.70	0.70	0.56	0.75	109	0.02	0.98	2.56	224.85
			Total	6.75	5.25	0.41	109	0.07	0.55	1.88	187.22
GSA	SCGP-18	131.65	132.65	1.00	0.65	2.39	106	0.39	1.88	1.22	330.25
			Total	1.00	0.65	2.39	106	0.39	1.88	1.22	330.25
GSA	SCGP-19	89.00	90.20	1.20	1.10	0.00	43	0.00	0.10	0.23	49.50
GSA	SCGP-19	90.20	90.80	0.60	0.55	0.00	14	0.00	0.13	0.27	21.96
			Total	1.80	1.65	0.00	33	0.00	0.11	0.24	40.32
GSA	SCGP-20	106.85	107.60	0.75	0.65	0.02	209	0.01	0.22	0.28	221.26
GSA	SCGP-20	107.60	108.30	0.70	0.60	0.01	77	0.00	0.14	0.28	86.70
			Total	1.45	1.25	0.02	145	0.00	0.18	0.28	156.30
GSA	SCGP-20	132.90	133.35	0.45	0.39	0.10	82	0.01	4.78	21.70	640.60
GSA	SCGP-20	133.35	133.70	0.35	0.31	0.01	158	0.01	0.66	1.99	214.82
			Total	0.80	0.70	0.06	115	0.01	2.97	13.03	453.32
GSA	SCGP-23	125.70	126.10	1.10	0.85	0.48	104	0.50	1.27	4.43	288.58
			Total	1.10	1.05	0.48	104	0.50	1.27	4.43	288.58
GSA	SCGP-24	174.85	176.15	1.30	0.76	0.24	42	0.02	0.02	0.06	57.39
GSA	SCGP-24	176.15	177.25	1.10	0.64	0.38	272	0.05	0.05	0.14	299.74
			Total	2.40	1.40	0.30	147	0.03	0.03	0.09	168.47

EqAgOz= (Au*Pau/31.1035)+(Ag*Pag/31.1035)(+(Cu*Pcu*22.05)+(Pb*Ppb*22.05)+(Zn*Pzn*22.05)*31.1035
(Pag)

Diamond Drill Holes Location:

DDH ID	UTM Collar Coordinates			Strike	Dip	Total
	North	East	Elevation			Length (mts)
SCGP-07	2,678,359.70	425,622	2,146.91	S86.50°E	-60.48°	231.00
SCGP-12	2,678,568.93	425,681.60	2,144.89	N75.30°E	-44.90°	138.95
SCGP-13	2,678,568.65	425,680.56	2,145.04	N78.43°E	-74.95°	202.95
SCGP-14	2,678,613.16	425,637.95	2,149.35	N76.27°E	-46.07°	147.50
SCGP-15	2,678,613.03	425,636.83	2,149.45	N72.80°E	-69.20°	230.40
SCGP-16	2,678,612.83	425,636.20	2,149.55	Vertical	-89.60°	161.95
SCGP-17	2,678,587.55	425,639.82	2,146.90	S82.65°E	-74.87°	148.05
SCGP-18	2,678,587.60	425,639.33	2,146.91	Vertical	-89.40°	181.90
SCGP-19	2,678,711.42	425,613.09	2,166.03	N76.90°E	-37.10°	121.95
SCGP-20	2,678,711.11	425,611.20	2,166.01	N78.40°E	-62.87°	140.40
SCGP-23	2,678,711.08	425,610.87	2,166.07	N82.15°E	-75.13°	182.85
SCGP-24	2,678,711.04	425,610.23	2,165.36	Vertical	-89.48°	200.50
SCHN-01	2,678,344.02	425,536.28	2,098.63	N83.50°	-65.00°	267.90
SCHN-02	2,678,450.53	425,661.86	2,139.65	N83.50°	-85.00°	167.70
SCHN-07	2,678,305.23	425,514.16	2,095.70	S86.50°E	-60.48°	231.00
SCHN-08	2,678,307.15	425,518.55	2,095.74	S45.53°E	-59.87°	172.20
SCHN-09	2,678,307.62	425,518.03	2,095.78	S45.96°E	-81.26°	257.95
SCPV-01	2,678,828.90	425,524.04	2,247.98	N89.64°E	-49.92°	267.90

Parameters

Metal	Symbol	Grade	Price	Price	Price
Metal	Symbol	Units	Price	Units	Symbol
Gold	Au	g/t	1,688.53	$/t Oz	Pau
Silver	Ag	g/t	31.7632	$/t Oz	Pag
Copper	Cu	%	3.6817	$/t lb	Pcu
Lead	Pb	%	1.0067	$/t lb	Ppb
Zinc	Zn	%	0.9574	$/t lb	Pzn

Note: Metal prices as of January 1st 2013. Recoveries are considered at 100%

Drilling is ongoing and results will be reported as assays are received from the laboratory. Gavilanes is a volcanic hosted, epithermal precious metal vein system. Drilling by previous operators totaled only 3200 m. An historical resource estimated in 1990, which was not prepared in accordance with NI43-101 contains an inferred resource of 1.2 million tonnes at 420 g/t Ag at the Guadalupe-Soledad-Aranzazú (GSA) vein on 500 meters of the known strike of 1000 meters. (This estimate was performed by Minas de San Luis in 1990. The Company believes that the grade assays are representative of the structures and the resource has been called inferred, however the assumptions of continuity are unclear. Santacruz is unaware of more recent data on the property, and the same results have been repeated by Hochschild Mexico in 2008. Confirmation drilling needs to be completed with documented sampling and preparation procedures and a new model developed to determine whether there is a resource at Gavilanes that is compliant with NI 43-101. A qualified person has not done sufficient work to classify the historical estimates as current mineral resources or mineral reserves. Santacruz is not treating this historical estimate as current mineral resources).

Sampling and Laboratory

NQ-sized drill core was sawn in half at site and sent to ALS Chemex, a fully accredited and certified laboratory service. Samples were prepared at the ALS Chemex facility in Zacatecas, Mexico, and were assayed at ALS Chemex in Vancouver, Canada. All samples were analysed using a one assay ton fire assay with an AA finish Au and Ag (Au-AA23) and a 48 element ICP method for Pb, Zn and other elements (ME-MS61). A comprehensive QA/QC procedure is followed using standards, blanks and duplicates, all samples are randomly placed.

Qualified Person

Donald E. Hulse P.E., SME-RM of Gustavson Associates LLC, is a qualified person under NI 43-101 and is independent of the Company, and has reviewed and approved the technical information contained in this press release.

Data Verification

Mr. Hulse verified the data disclosed in this release, including the sampling, analytical and test data underlying the information contained in this release. Verification included a review and validation of the applicable assay databases and reviews of assay certificates.

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). Rosario is expected to reach production at 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.

‘signed’

Arturo Prestamo Elizondo,
President, Chief Executive Officer and Director

For further information please contact:

Neil MacRae
Santacruz Silver Mining Ltd.
Email: [email protected]
Telephone: (604) 569-1609

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.

Forward looking information

Certain statements contained in this news release, such as potential mineralization on the Company’s properties, the Company’s exploration and development plans and anticipated production dates on the Company’s mineral properties, 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, future metal prices and the demand and market outlook for metals. 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.

This news release does not constitute an offer to sell or solicitation of an offer to sell any securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act“) or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable securities laws or an exemption from such registration is available.

GAVILANES 2012 DRILL HOLE LOCATION MAP

Mammoth Announces Results of Independent Study of the Target for Further Exploration on its Tenoriba, Gold-Silver Property, Mexico Confirming Greater than One Million Ounce Gold Equivalent Target

November 21, 2024

Santacruz Silver Confirms Continuity of GSA vein and the Stockwork area at Gavilanes; Drilling Intersects 263 g/t Ag over 5.40 m, including 2,060 g/t Ag. over 0.20 m

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