Silvermex Resources Ltd. Closes $6,901,056 in Private Placement Financing

VANCOUVER, BRITISH COLUMBIA, Feb 18, 2010 (MARKETWIRE via COMTEX News Network) --

Silvermex Resources Ltd. (TSX VENTURE: SMR) (the "Company") is pleased to announce that further to its news releases dated February 2, 2010 and February 8, 2010, it has closed its private placement of 15,335,680 units ("Units") at a price of $0.45 per Unit for gross proceeds of $6,901,056. Each Unit consists of one common share and one share purchase warrant. Each warrant ("Warrant") will entitle the holder to purchase an additional common share for a period of 24 months from closing at a price of $0.65 per share. A portion of the private placement (4,500,000 Units representing $2,025,000 of the gross proceeds) were placed on a brokered basis through Canaccord Financial Ltd. (the "Agent").

The Agent's compensation consisted of 360,000 units ("Agent's Units"), being 8% of the Units subscribed. The Agent's Units have the same terms as the Units. The Agent was also issued 360,000 non-transferable warrants, exercisable into units ("Agent's Warrant Units") of the Company at a price of $0.45 per Agent's Warrant Unit, the terms of which are the same as the Units. The Agent also received 50,000 corporate finance units, having the same terms as the Units.

The balance of the private placement (10,835,655 Units representing $4,876,045 of the gross proceeds) was placed on a non-brokered basis. Finders' fees totaling $320,783 cash and 643,244 non-transferable warrants ("Finders' Warrants") are payable in connection with the non-brokered private placement. The Finders' Warrants are exercisable into units ("Finders Units") at a price of $0.45 per Finders' Unit, the terms of which are the same as the Units. In addition, 50,000 corporate finance units were issued, having the same terms as the Units.

All securities issued in connection with the private placement are subject to a hold period expiring June 13, 2010.

The proceeds of the private placement are intended to be used to advance the Company's San Marcial/Rosario silver project in Mexico and for general working capital.

On Behalf of the Board of Directors of Silvermex Resources Ltd.

Duane Nelson, CEO & Director