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Sample Line

Length (m)*

Au (Average ppm)

Ag (Average ppm)

110
120
90
105

0.30
0.50
0.40
0.18

14.8
10.4
10.8
17.6

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To: Goose94 who wrote (22583)	10/3/2016 7:07:52 PM
From: Goose94	Read Replies (1) \| Respond to of 202903

PSL-V new 52 week high, 31.5 cents

To: Goose94 who wrote (22583)

10/24/2016 9:38:36 AM

From: Goose94

Read Replies (2) | Respond to of 202903

Prospero Silver (PSL-V) Oct 24, '16 is pleased to provide an update on recent exploration work on its Mexican project portfolio. In mid-October, Prospero closed a C$1.85-million private placement (see news release dated October 14, 2016), which is anticipated to fund a 12 month exploration program in established metallogenic trends principally in Mexico's Altiplano.

In summary, Prospero has restarted work programs on its 100%-owned projects. Management is currently prioritising and ranking the Company's key projects for joint venture. The Company has also submitted permit applications to drill the Matorral target at Santa Maria del Oro.

Additionally, Prospero's senior geologists and claims supervisor have identified 5 new early-stage precious metals targets for staking, two of which will shortly be staked and brought into Prospero's portfolio.

New Projects

Prospero's team has identified a number of targets through initial fieldwork and monitoring of active and lapsed claims. The work has resulted in the team shortlisting 5 projects for staking. Initial sampling has been carried out and further work is planned, focusing on targets that can be claimed at the present time. Prospero's focus is aimed at well-known metallogenic trends in central Mexico using the Company's extensive local geological and historic mining data base. The Company is also taking into account local infrastructure and strategic location. As the Company receives significant assay results and secures mineral tenure, it will report on the new projects. Additional work on the 100% owned Bermudez property was postponed so that the team can focus on the project generation effort.

Prospero's Existing Projects

Baborigame

Baborigame, near Guadalupe y Calvo, in western Chihuahua State, is a low-grade disseminated gold-silver target hosted in a pyroclastic flow unit. Prospero is focussing on 415 hectares of claims covering the Cebollas area which is considered to have open-pit potential. The Company's geologists completed four continuous lines of chip samples across Cebollas in 2014 but were unable to assay the 200+ samples due to budget constraints and they were placed in storage. Following the private placement, they have been assayed and the results are summarised below. Maps showing the sample line locations are available on Prospero's website at: http://www.prosperosilver.com/s/Baborigame.asp.

*True width is estimated to be approximately 80% of the sample line length based on the dip and thickness of the pyroclastic unit.

The northern sector of the Baborigame district hosts a highly-fractured pyroclastic flow unit with local crackle brecciation and extensive narrow veining. Gold and silver show disseminated values but also higher grade zones in the middle and basal portions of the pyroclastic unit over a strike length of 1,500m. The first 3 lines are contiguous within a zone 350 meters in length, whereas line 4 is located 400 meters further south. The favorable horizon strikes north-south and dips 23° to the west under post-mineral cover.

Prospero will be taking additional channel samples on the Cebollas zone and also applying for drill permits in order to test the favorable zone down dip for possible feeder zones.

Santa Maria del Oro- Matorral

Prospero is preparing environmental permit applications for 20 drill pads located in 3 areas at Matorral. Matorral is one of three targets on the 9,066 hectare Santa Maria del Oro claims. At Matorral, a number of large structurally-controlled jasperoid bodies are exposed northeast of the historic Magistral Mine. The total length of individual prospective structures adds up to over 7 km. This project is drill ready and Prospero has had initial discussions with drill companies interested in bidding for the drilling. For more information see Prospero's news release dated August 16, 2016.

El Petate

The 6,868 hectare El Petate property is the most advanced of Prospero's projects. Drill permits have been obtained covering 27 drill sites and surface access for the targets has been granted by the land owners. Prospero has shown the project to a number of mid-tier mining companies who are interested in potentially joint-venturing the project. Discussions are ongoing.

High-level epithermal alteration is exposed over a 5x4 km area with highly anomalous gold and silver hosted in extensive outcrops and float of steep to strata-bound jasperoid. The significant size of the silicified zones indicates that El Petate is a robust mineralized system with excellent potential to host a replacement type deposit at depth. In addition to drilling the shallow precious metal targets, future work should test the potential for blind carbonate-replacement bodies of manto and/or chimney type, containing Ag, Pb, Zn and ± Au similar to the Zimapan or Santa Eulalia polymetallic systems.

Pachuca Southeast

Prospero has initiated environmental permit applications for four drill sites on the 7,256 hectare Pachuca SE land package. High-level epithermal-style alteration is exposed in clay pits adjacent and on-strike from the historic Pachuca mining district. The anomalous geochemistry and clay alteration are very similar to that seen in the Vizcaina structure above the historic Pachuca Mine. The Pachuca SE target has size potential, strong hydrothermal alteration and a number of geochemical anomalies associated with structures and could host a preserved Pachuca-type epithermal deposit at depth. The project is drill ready.

San Luis Del Cordero

In October, Golden Minerals advised Prospero that it would not be proceeding with the exploitation joint venture on the Santa Rosa vein at its San Luis del Cordero Project. After completing a 5,000m diamond drilling program, Prospero was advised that Golden did not find enough high grade tonnage to justify a production decision. As a result, and in respect of the high holding costs of the Cordero claims, Prospero will be terminating the underlying option agreement with Altiplano.

Qualified Person

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 news release. Mr. Albinson is a Member of the American Institute of Professional Geologists and a Certified Professional Geologist (CPG) No. 11368.

About Prospero Silver Corp.:

Prospero is a Mexico-focused project generator listed on the TSX.V under the symbol PSL.V. Prospero's aim is to discover world-class precious metal projects in the major mineral belts of Mexico. The Company applies a unique blend of practical exploration experience, cutting-edge mineral deposit science, and an extensive knowledge of Mexico's geology to find new gold and silver systems. Our exploration programs are run by a small but highly-focused geological team based in Mexico.

Prospero Silver Corp.
Ralph Rushton
Exec VP Business Development
604 307 0055

Prospero Silver Corp.
William Murray
Chairman
604 288 2553

prosperosilver.com