Prospero Reports Fiscal 2013 Results and Announces Annual General Meeting and Adoption of Advance Notice Policy

VANCOUVER, BRITISH COLUMBIA--(Marketwired - April 12, 2013) - Prospero Silver Corp. (TSX VENTURE:PSL) ("Prospero" or the "Company") reports that it has filed its financial results for the year ended December 31, 2012.

The financial statements have been filed on SEDAR and are available on the Company's website at www.prosperosilver.com.

The Company is also pleased to announce that the Company will hold its Annual General Meeting (the "Meeting") of shareholders on June 25, 2013 at 10:00 a.m. Pacific Standard Time at the offices of Bull Housser & Tupper, LLP, 3000 - 1055 West Georgia Street, Vancouver, British Columbia. All shareholders of record as of May 16, 2013 are entitled to vote at the Meeting in person or by proxy.

The Company further announces the approval by its board of directors of an advance notice policy (the "Policy") on April 10th, 2013. The purpose of the Policy is to provide shareholders, directors and management of the Company with a clear framework for nominating directors.

Among other things, the Policy includes a provision that requires advance notice to be given to the Company in circumstances where nominations of persons for election to the Board are made by shareholders of the Company other than pursuant to: (i) a requisition of a meeting made pursuant to the provisions of the British Columbia Business Corporations Act (the "Act"); or (ii) a shareholder proposal made pursuant to the provisions of the Act. The Policy fixes a deadline by which director nominations must be submitted to the Company prior to any annual or special meeting of shareholders and sets forth the information that must be included in the notice to the Company in order for a nominee to be eligible for election.

In the case of an annual meeting, notice to the Company must be given no fewer than 30 nor more than 65 days prior to the date of the meeting; provided that if the meeting is to be held on a date that is fewer than 50 days after the date on which the first public announcement of the date of the meeting was made, notice may be given no later than the close of business on the 10th day following such public announcement.

In the case of a special general meeting that is not also an annual meeting, notice to the Company must be made no later than the close of business on the 15th day following the day on which the first public announcement of the date of the special meeting was made.

The Policy is effective as of the date it was approved. In order for the Policy to remain in effect following conclusion of the Meeting, it must be ratified by an ordinary resolution of the shareholders at the Meeting. Pursuant to the Policy, the deadline for notice of director nominations for the Meeting is May 24, 2013.

The full text of the Policy is available via SEDAR at www.SEDAR.com. Further details regarding the Meeting are contained in a Management Information Circular that will be mailed to shareholders of the Company and will be filed on SEDAR.

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 MineraFumarola, 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.

Contact:

Prospero Silver Corp.

William Murray

Chairman

(604) 288-7813

Prospero Silver Corp.

Kirk Gamley

Contact Financial

(604) 561-3642

www.prosperosilver.com

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