November 23, 2011 at 09:30 AM EST
Prospero Silver Stakes 6,353 Hectare Project Adjacent to High-Grade Gold District in Durango, Mexico

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Nov. 23, 2011) - Prospero Silver Corp. (TSX VENTURE:PSL) ("Prospero" or the "Company") is pleased to announce the acquisition (through staking) of a 6,353 hectare property covering a new target zone in the western portion of Mexico's Santa Maria del Oro gold/silver district. The project claim ("Santa Maria" - Figure 1), is located in Durango state, 220km NW of Durango City, and 15km west of Inde.

The Company used remote sensing data to identify a major northwest trending lineament at least 12km in length (Figure 1) positioned under post-mineral cover. The new lineament lies about 4km west of the historic Magistral vein system, which is approximately 6km in length. Both lineaments exhibit an average strike of N50 degrees W, which is the predominant trend of vein systems in the Mexican Altiplano.

Prospero plans to undertake detailed geophysical surveys to evaluate if the lineament potentially corresponds to buried structures/vein systems in the western extension of the district, and the possible depth of such structures.

The Company's new Santa Maria del Oro Project is adjacent to the historic Magistral del Oro mines, which were discovered in 1620. They produced high-grade gold from multiple veins during several periods from the 17th to the 20th centuries, with the last recorded commercial production taking place in the 1960s. Early 20th century historic reports (Weissel, 1906; Vaupell, 1933) indicate that average grades in the oxide zone of the Magistral del Oro vein system exceeded 15 g/t Au and tailings records point to approximately 3 million tons (located on third party ground) with an average grade of 2.2 g/t Au. About 2/3 of these tailings were processed (heap leached) in the late 1990s. These reports suggest limited production of sulphide ore at Magistral del Oro district mines, particularly from the deeper levels of the Cocinera mine, which reached a maximum depth of 300m.

The historic portion of the district exhibits a vein system hosted in older basement rocks, including Paleozoic schists, a weakly metamorphosed andesitic volcanic pile, the Ahuichila formation, and a sequence of Tertiary andesites. A sequence of post-vein upper-Tertiary conglomerates of the Santa Ines formation to the west buried the extension of the district in that direction.

"We plan to deploy some of the same techniques used on our Campana project to explore these buried targets," said Tawn Albinson, Prospero Silver President and head of exploration. "Our Mexican exploration team is familiar with this district and we anticipate that an exploration program can be quickly defined."

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.

Weissel, J.J., 1906, Report on the Santa Maria Mines, Private Report dated November 12, 1906, 5p.

Vaupell, C.W., 1933, Santa Maria del Oro Mines, Magistral, Durango, Mexico, Private Report dated April 25, 1933, 12p.

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.

To view Figure 1 please click on the following link: http://media3.marketwire.com/docs/PSL1123.pdf

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.
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