VANCOUVER, BRITISH COLUMBIA–(Marketwire – Jan. 28, 2013) – Prospero Silver Corp. (TSX VENTURE:PSL) (“Prospero” or the “Company”) is pleased to announce the results of a further 487 soil samples obtained in the Petate East sector of it’s 6,000 hectare El Petate project. The grid is in addition to the rock chip assays from the previously reported Petate West (Apartadero) zone and was carried out over the Petate #1, #2, #3, and #4 target areas over a total length of 2 km as shown in Figures 1 to 4. The eastern sector demonstrates proportionately high silver values than Apartadero.

As described in the news releases of October 18, 2012, and January 21, 2013, outcrops and float of jasperoid and gossan have been extensively mapped as shown in the attached figures. The jasperoids and gossans exhibit a predominant northwest structural control and dips to the southwest. The highlights of the soil geochemistry include:

• Silver anomalies greater than 5 ppm and up to 52.3 ppm are prominent in the Petate # 1 and #2 target areas. In both areas the anomalies are open to the west particularly in the western (hanging wall side) of the Petate #2 target where the highest silver values (52.3 ppm, 37.4 ppm, and 19.9 ppm) were obtained (see Figure 1).


• The gold geochemistry is highest in Petate #3 target (up to 0.334 ppm) particularly where outcrops of gossan are exposed along 50 meters in a creek (Figure 2). A subdued gold anomaly extends an additional 400 meters to the northwest which is also reflected in the mercury (Figure 3) and iron geochemistry (Figure 4).


• Iron anomalies are skewed towards the northern Petate #3 target where values are commonly greater than 3.5%, in contrast to Petate #1 and #2 targets which generally revealed values less than 3%.


• Antimony and arsenic are also highest towards the Petate #3 target with antimony values commonly in the 30-68 ppm range and arsenic values in the 100-1795 ppm range.


• Barium and manganese are proportionately higher in the Petate #1 and #2 targets:
  
  
  
  1. Barium is in the 400-1860 ppm range, and
  
  
  2. Manganese is in the 4,000 to 16,000 ppm range.


• Nearly all elements are low in the area in between el Petate #2 and #3 targets where outcrops and suboutcrops of an andesite intrusive is mapped (see Figures 1, 2 and 3).

The following next-step activities are now considered for the Petate East zone:

• Extend the soil grid program west of the Petate # 1 and Petate # 2 targets to close off the silver anomalies, which are open in that direction.


• Carry out trenching in the best anomalies to better define the location, size and geochemistry of the targets.

In summary, the soil grid survey has proven valuable in showing that the Petate #3 target area extends further to the northwest, and also indicates the Petate #1 and Petate #2 anomalies are open to the west.

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.

To view Figures 1, 2, 3 and 4 please click on the following link: http://media3.marketwire.com/docs/pslfigures14.pdf.

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.

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.