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NEWS

February 1, 2007

Southern Silver $6.5 Million Non-Brokered Private Placement Fully Subscribed
Southern Silver Exploration Corp. reported today that the company's previously reported (January 29 th , 2007) non-brokered private placement of up to 13 million units at a price of $0.50 per unit has been fully subscribed.

The units will comprise of one common share and one-half of one common share purchase warrant. Each full warrant can be exercised for one common share at a price of $0.60 per share and for a period of two years.

The $6.5 million proceeds of the offering will be used for exploring the company's various projects, principally a large unexplored 25 kilometre long mineralized corridor, located within a 337 sq. km district assembled by Southern Silver, along the western margin of the Sierra Madre Occidental terrane; for furth er acquisitions and for working capital. Finders fees may be payable.

The private placement and finders fees are subject to regulatory approval.

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On behalf of the Board of Directors,

"Robert E. Swenarchuk"
Robert E. Swenarchuk, Director
Southern Silver Exploration Corp.

For further information visit www.southernsilverexploration.com or please contact Jay Oness at 1-888-456-1112 / 604-684-9384 or by email at corpdev@mnxltd.com