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NEWS

February 26, 2007

Southern Silver Receives Exchange Approval; Closes $6.5 Million Non-Brokered Private Placement
Southern Silver Exploration Corp. reported today that the company has received TSX.Venture Exchange approval and has now closed the previously reported $6.5 Million non-brokered private placement (February 14th, 2007) of 13,000,000 common shares at a price of $0.50 per unit. The units 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.

All the common shares issued pursuant to this unit offering, including share purchase warrants and including shares issued as finders fees, carry a legend restricting the shares from trading for a period of four months to June 23rd, 2007.

On behalf of the Board of Directors,

"Lawrence Page"
Lawrence Page QC, President, 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