ECU SILVER FINDS NEW HIGH GRADE MINERALIZATION IN UPPER LEVELS OF THE SAN JUANES MINE

ECU Silver Mining Inc. has uncovered additional high-grade mineralization in the upper levels of the San Juanes mine which is located in the main Velardena property. This new mineralization was encountered in a drift driven along the vein, 57 metres (187 feet) deeper than the initial access adit. So far, assays for the vein have been received for the first 30 metres (98 feet) with an average of 13.74 grams per tonne (g/t) gold (Au), 2,345 g/t silver (Ag), 3.42% lead (Pb), 0.82% Zinc (Zn) and 1.24% Copper (Cu) over a width of 1.29 meters (4.23 feet). More assays are expected on the continuation of the vein shortly as the drift has been pushed further and the vein sampled.

ECU believes that the increase in grades encountered in the current workings is primarily due to the increase in width of the vein from 10 to 20 cm to real widths varying between 1.0 and 1.9 meter, resulting from the vein entering a different host rock, in particular the softer limestone of the Aurora Formation. ECU has experienced grade increases when encountering the Aurora Formation limestone elsewhere in the mine, and plans to focus a portion of its exploration efforts in other sections of the mine where this formation is encountered. The following table sets forth the drill results:

Sample           Width        Gold      Silver      Lead      Zinc    Copper
                   (m)    (Au g/t)    (Ag g/t)    (Pb %)    (Zn %)    (Cu %)
----------------------------------------------------------------------------
83040              1.3        9.15        1201       4.1       1.0       0.9
83038              1.4        0.29         402       0.2       0.8       1.8
83037              1.5        5.54         493       0.6       1.0       2.5
83009              1.9       21.91        5039       3.3       0.6       0.7
83025              1.1       14.87         676       0.9       0.6       0.5
83028              1.1       27.02        3858       4.6       0.9       1.2
83031              1.0       16.01        3007       7.5       0.8       0.9
83034              1.0       17.23        3724       8.9       0.9       1.2
----------------------------------------------------------------------------
Total             1.29       13.74       2,345      3.42      0.82      1.24

The Company is also deepening the hole to intersect the massive sulfides zone below the Santa Juana mine. The hole is now at 900 meters, nearly 80 deeper than the original intercept and is now cutting marbles similar to those enclosing the massive sulfides in the first hole.

On June 24th, the Company announced that it had entered into an Arrangement Agreement to combine with Golden Minerals Company ("Golden Minerals") to create a new junior precious metals mining company.. ECU expects that its circular will be mailed to its security holders in early August, with a special meeting of security holders to approve the transaction expected in late August.

Cautionary Statements

Readers are cautioned that until a prefeasibility study is completed, there are no assurances these latest mineralized zones will be economically viable.

All widths are true widths. Samples were assayed at the ERSA laboratory in Torreon, Coahuila, Mexico which is currently in the process of being certified. Mr. Michel Roy, P. Geo., a "qualified person" within the meaning of NI 43-101 and the Chairman and CEO of the Company, prepared the technical information disclosed in this news release.

We seek Safe Harbor.