VANCOUVER, BRITISH COLUMBIA--(Marketwire - May 7, 2008) - Mega Silver Inc. ("Mega Silver") (TSX VENTURE:MSR) announces the commencement of drilling on the 2,093.87 hectare Promontorio silver-gold property located in the El Oro municipality in north central Durango State, Mexico. The Promontorio property is under option from Silverstone Resource Corp. ("Silverstone") (TSX VENTURE:SST).
Holes SP08-01, -02 and -03 have been completed along the first fence (cross-section line 6) to date. Details of the drilling will be available on an ongoing basis as analytical results are received. The initial 12 holes totalling 2,590 metres have been designed to test the Promontorio vein both below and south along strike from the historic workings (see Figures attached). An additional 8 holes totalling 1,250 metres have been laid out to test the sub-parallel Pericos vein located roughly a kilometre to the northeast.
Silverstone Resources Corp. (TSX VENTURE:SST), through its 100% owned subsidiary Silverstone Resources S.A. de C.V., has granted Mega Silver options to acquire a 60% interest, or a 70% interest subject to Silverstone completing a feasibility study, in Silverstone's 100% interest in each of the Promontorio Silver-Lead Project and the Montoros Gold-Silver Project. Silverstone has a one-time back-in right to re-acquire an additional 20% interest which would result in Silverstone holding an aggregate 50% interest. See Mega Silver news release of September 18, 2007 for full details.
Silverstone is the operator and has contracted Major Drilling De Mexico, S.A. De C.V. to do the drilling work. All samples are being shipped to ALS Chemex in Hermosillo, Mexico for preparation. All analysis is being completed at ALS Chemex in North Vancouver, BC. Check samples, comprised of duplicate pulps and rejects are being sent to SGS in Toronto.
Mr. David Tupper, P.Geo., Vice-President, Exploration of Mega Silver, a "qualified person" under National Instrument 43-101, is responsible for the technical aspects of this news release.
Mega Silver Grants Incentive Options for Employees
Mega Silver has granted 50,000 options to certain employees of Mega Silver. The options are exercisable at $1.00 per share for a term of five years, subject to the approval of the TSX Venture Exchange. The options vest quarterly over a period of 18 months in accordance with Mega Silver's stock option plan.
Mega Silver Occupies New Offices
Effective immediately, Mega Silver has new offices and new telephone numbers:
Suite 680, 1066 West Hastings Street Telephone: 778-331-4590 P.O. Box 12532 Facsimile 778-331-4596 Vancouver, BC Canada, V6E 3X1
About Mega Silver
Mega Silver Inc. is a new mineral exploration company established to explore and develop high value silver opportunities globally. Mega Silver presently has exploration projects in Mexico and Canada and is well funded to carry out exploration and acquisition activities with over $16 million in the treasury. Full information on Mega Silver can be found at www.sedar.com and on the Company's website, www.megasilver.ca.
To view the "Regional Geology" map, please visit the following link: http://media3.marketwire.com/docs/msrpic1.pdf
To view the "Promontorio Project" and the "Montoros Project" maps, please visit the following link: http://media3.marketwire.com/docs/msrpic2.pdf
To view the "Longitudinal Section Proposed Drilling" map, please visit the following link: http://media3.marketwire.com/docs/msrpic3.pdf
FOR FURTHER INFORMATION PLEASE CONTACT:
Mega Silver Inc.
President and CEO
(778) 331-4596 (FAX)