Vancouver, British Columbia ? February 16, 2012?
El Tigre Silver Corp. (the ?Company? or ?El Tigre?) (TSXV: ELS) (Frankfurt: 5RT) (OTCQX: EGRTF) is pleased to report that its 2012 core drilling program at its El Tigre silver project is now scheduled to test the Gold Hill target with an anticipated start of around mid-March. The El Tigre silver project is located on concessions that are part of the Company?s 431 square kilometer concession ownership in Sonora, Mexico.
The Company?s drilling program is scheduled to total 5000 meters distributed in approximately 24 holes. The holes will range in depth from 100 to 300 meters, generally stopping in the vicinity of the El Tigre Vein.
Drilling will focus on the Gold Hill target, which holds a well-developed low-grade, gold stock work zone in the hanging wall rocks of the highly productive El Tigre silver-gold vein. The target area is approximately 1.4 kilometers long. The zone is dominated by low grade (0.3 to 1 gram/ton) gold values with spaced concentrations of silver in the 5 to 45 gram range. The low grade zone ranges in width from about 100 meters in the Johnny crosscut area to 70 meters in the higher elevations.
The Company has previously reported information about this low-grade zone in a press release dated September 6, 2011. Additional field work since then included some new surface rock chip sampling and underground channel sampling in the Johnny cross cut tunnel. This 120-meter tunnel is in the bottom of Tigre Viejo Canyon, which divides Gold Hill from Mule Mountain to the north. The tunnel passed through a 98 meter wide (true width) iron stained and stock work zone before stopping at the caved El Tigre vein. This full interval returned an average of 0.615 g/t gold and internal to this was 41.4 meters of 1.0 g/t gold. These results were from 37 channel samples collected from the sides of the tunnel. The range of the gold assay values were from 0.1 g/t to 46.6 g/t. This high grade sample was cut to 1 g/t so the results would not be skewed.
Stuart Ross, El Tigre?s President and CEO states, ?We are very pleased to be commencing our 5000-meter drill program and continue to build upon last year?s successful drilling results as well as the historical work that has been accomplished at the El Tigre silver property. 2012 will be an exciting year for the Company with both an expanded drill program and progress continuing on the evaluation necessary for silver production at El Tigre?s tailings deposit.?
El Tigre geologists had developed a potentially large target area of low grade gold mineralization in the hanging wall rocks of the El Tigre vein. This zone is associated with the original discovery of out-cropping high-grade gold mineralization by early prospectors, which led to the development of the district in 1903. The first production from the district was from gold ores that averaged over one ounce per ton. As these ores were depleted, mining attention turned to the high-grade silver deposits that averaged 30 to 40 ounces silver per short ton and 0.1 to 0.15 ounces of gold per short ton. After 35 years of production from 1903 to 1938, the total district production is estimated at 75 million ounces of silver and 400,000 ounces of gold.
The technical content of this news release has been approved by Steven D Craig, CPG and Vice President of Exploration for El Tigre, a Qualified Person as defined in NI 43-101.
For further information, please contact: Stuart Ross, President and CEO Steven Craig, VP Exploration
Telephone: (780) 977-7187 Telephone: (775) 815-8456
srross@eltigresilvercorp.com scraig@eltigresilvercorp.com
Rob Grace, Corporate Communications
Telephone: (604) 639-0044
rgrace@eltigresilvercorp.com
About El Tigre Silver Corp:
The Company, through its subsidiaries, holds the rights to 100% of nine mineral concessions comprising 431 square kilometres located in north-eastern Sonora, Mexico (the ?El Tigre Property?). A technical report has been prepared for the El Tigre Property and can be found on the Company?s profile on SEDAR at www.sedar.com and on the Company?s website at www.eltigresilvercorp.com.
Cautionary Statements: This news release contains forward-looking statements and forward-looking information (together, ?forward-looking statements?) within the meaning of applicable securities laws and the United States Private Securities Litigation Reform Act of 1995. Forward-looking statements include progress of the scheduled drill program and drilling results. Forward-looking statements involve risks, uncertainties and other factors that could cause actual results, performance, prospects and opportunities to differ materially from those expressed or implied by such forward-looking statements. Factors that could cause actual results to differ materially from these forward-looking statements include those risks set out in the Company?s public documents filed on SEDAR at www.sedar.com. Although the Company believes that the assumptions and factors used in preparing the forward-looking statements are reasonable, undue reliance should not be placed on these statements, which only apply as of the date this news release, and no assurance can be given that such events will occur in the disclosed times frames or at all. Except where required by law, the Company disclaims any intention or obligation to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.
The TSX Venture Exchange has neither approved nor disapproved of the contents of this press release. Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this press release.