Rio Alto Mining Limited Reports Extension of Mantos in the First Phase of Drilling at the Iguana Mine by 24hgold

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June 4, 2008

Mexican Silver Mines Ltd. Reports Extension of
Mantos in the First Phase of Drilling at the Iguana Mine

Mexican Silver Mines Ltd. ("Mexican Silver") (TSXV: MSM; Frankfurt WKN: A0MSLE) has identified and tested significant mineralization from the Phase I drill program at the historic Iguana Mine. The Iguana Mine is a part of the 41 sq. km Ral (100% owned) property located in a tenement in the municipality of Lampazos, Nuevo Leon, see press release dated January 30th, 2008.

The purpose of the Phase I drill program was to determine if the manto that was previously mined extended past the end of the historical mine workings. Mexican Silver has successfully located and tested the continuity of this manto, also previously disclosed by geologic mapping and sampling in the nearby underground working of the Iguana Mine. Drill holes IG-07, IG-08 and IG-09 were sited 50-100 meters south-southeast of the end of the existing mine workings.

Mexican Silver is encouraged with the results from this first phase drilling, which consisted of three drill holes, as it confirmed the extension of the Iguana Mine manto.

The results from Phase I indicate that the manto type mineralization has a south-southeast continuity and the manto tends to thicken between IG-08 to IG-07 from 3.5 to 9 meters respectively. The manto is at a shallow depth of between 40 to 60 meters.

Mexican Silver will now carry out a Phase II drill program within an area of 180 meters by 250 meters. This program is currently underway. The second phase drilling is aimed at defining the tested mineralization for eventual conversion into indicated mineral resource.

The Iguana Project is a carbonate replacement deposit (CRD) with silver, lead and zinc occurring as mantos and as low-angled veins within vast skarn-altered zones. The mineralization is associated with an igneous rock complex characterized by stocks, dikes and sills of monzonite and monzodiorite composition that were intruded in a sequence of Cretaceous sedimentary rocks known as the Eagle Ford and Georgetown formation. The sulfides consist of galena, argentite, sphalerite, pyrite, with gangue minerals consisting of barite and quartz.

Previous reconnaissance geologic mapping/sampling indicated several mantos style mineralization outcroppings in an area that is 400 meters long and 200 meters wide. The mantos occur in stacks.

The significant mantos intercepted by the drill holes with the respective grades are as follows:

IG-07
9 meters of continuous mineralization was intersected between the 54m and 63m depth

Description	Drill Hole #	From	To	Interval m.	Ag g/t	Pb %	Zn %
ADF 2375	IG07	54.3	54.85	0.55	3.3	0.082	0.298
ADF 2376	IG07	54.85	55.5	0.65	5.8	0.117	1.18
ADF 2377	IG07	55.5	55.7	0.2	4.5	0.171	0.899
ADF 2378	IG07	55.7	56.5	0.8	2.2	0.046	0.258
ADF 2379	IG07	56.5	57.05	0.55	15.2	0.309	2.88
ADF 2380	IG07	57.05	57.65	0.15	9.1	0.309	2.88
ADF 2381	IG07	57.65	57.8	0.15	9.1	0.593	4.07
ADF 2382	IG07	57.8	58.3	0.5	2.1	0.037	0.161
ADF 2383	IG07	58.3	58.5	0.2	7.2	0.618	0.98
ADF 2385	IG07	58.5	59.1	0.6	2.9	0.078	0.298
ADF 2386	IG07	59.1	59.35	0.25	4.3	0.026	0.038
ADF 2387	IG07	59.35	59.55	0.2	16.8	0.229	0.412
ADF 2388	IG07	59.55	59.8	0.25	501	12.15	10.45
ADF 2389	IG07	59.8	60.2	0.4	5.8	0.094	0.323
ADF 2390	IG07	60.2	60.45	0.25	1.9	0.102	0.279
ADF 2391	IG07	60.45	60.71	0.26	9.4	0.126	0.598
ADF 2392	IG07	60.71	60.85	0.14	4.6	0.105	0.239
ADF 2393	IG07	60.85	61.1	0.25	8.4	0.255	0.392
ADF 2394	IG07	61.1	61.53	0.43	3.4	0.123	0.382
ADF 2395	IG07	61.53	61.75	0.22	1.2	0.031	0.071
ADF 2396	IG07	61.75	62.3	0.55	2.4	0.045	0.127
ADF 2398	IG07	62.3	62.85	0.55	3.5	0.086	0.265
ADF 2399	IG07	62.85	63.3	0.45	6.4	0.189	0.584

IG-08
21 meters of mineralization, including 3.5 meters of continuous mineralization was intersected between 27 m and 61 m

Description	Drill Hole #	From	To	Interval m.	Ag g/t	Pb %	Zn %
ADF 2422	IG-08	27.05	27.4	0.35	36.1	0.05	0.2

ADF 2426	IG-08	40.31	41	0.69	16.5	1.1	1.63

ADF 2429	IG-08	49.25	50.55	1.3	55.2	0.33	0.66

ADF 2434	IG-08	54.6	54.85	0.25	27.7	2.43	1.22
ADF 2435	IG-08	54.85	55.15	0.3	8.5	0.4	0.6

ADF 2444	IG-08	58.15	58.65	0.5	12.4	0.124	0.262
ADF 2445	IG-08	58.65	58.7	0.05	4.7	0.298	0.503
ADF 2446	IG-08	58.7	58.95	0.25	5.3	0.0057	3.77
ADF 2447	IG-08	58.95	59.3	0.35	155	5.4	1.42
ADF 2448	IG-08	59.3	59.9	0.6	61.4	0.467	5.15
ADF 2449	IG-08	59.9	60.4	0.5	10.9	0.38	0.81
ADF 2450	IG-08	60.4	60.77	0.37	53.2	2.84	3.9
ADF 2451	IG-08	60.77	61.15	0.38	36.2	2.28	4.24
ADF 2452	IG-08	61.15	61.65	0.5	46.3	2.21	2.6

IG-09

Description	Drill Hole #	From	To	Interval m.	Ag g/t	Pb %	Zn %
ADF 2463	IG-09	53.7	54.07	0.37	17.5	0.348	1.28
ADF 2464	IG-09	54.07	54.65	0.58	6.4	0.188	0.47
ADF 2465	IG-09	54.65	54.95	0.37	3.6	0.237	1.76

"The drilling at the Iguana Mine shows that the historical mining in the area did not mine out the available deposit," stated Feisal Somji, President and CEO of Mexican Silver. "Much of the deposit still remains in place at both the Iguana and the recently acquired Voladora Mine, located 2.5 km from the Iguana Mine. This program has given Mexican Silver the first evidence of this. We are excited that the Iguana Mine is the first of many of our past producing mines where we can now start the process of defining and building a resource estimate."

Mexican Silver will also pursue follow-up detailed mapping and sampling of other similar mineralized zones in the Iguana Area as well as in the immediate vicinity of the Voladora Mine, situated 2.3 km northwest of the Iguana Mine.

All drill core samples were shipped to ALS Chemex Laboratory ("Chemex") for analyses. Chemex has an International Standard Organization rating of ISO 9001:2000 and is independent of Mexican Silver. The split drill core sample was crushed and a sub-sample (aliquot) split off, pulverized and screened through a 150 mesh screen. Analyses were performed using standard acid digestion and spectrographic techniques.

Mexican Silver follows a rigorous Quality Assurance/Quality Control program consisting of inserting standards and duplicates into the sample stream submitted to Chemex for analyses.

Mr. William Dynes, P. Geol., the project supervisor of Mexican Silver's drilling program on the Iguana Mine, is the Corporation's nominated Qualified Person responsible for monitoring the supervision and quality control of the programs completed within its properties. Mr. Dynes has reviewed and verified the technical information contained in this news release.

About Mexican Silver Mines
Mexican Silver Mines is a silver focused junior resource company developing three former silver producing properties in north-eastern Mexico. To learn more about Mexican Silver Mines, please visit: www.mexicansilvermines.com.

ON BEHALF OF THE BOARD OF
MEXICAN SILVER MINES LTD.

___________________________________

Feisal Somji, B.Sc., MBA
President and Chief Executive Officer

FOR FURTHER INFORMATION, CONTACT:

Mexican Silver Mines Ltd.
Feisal Somji, President & CEO
Phone: 403.236.5089
Fax: 403.398.0693
Email: info@mexicansilvermines.com
Web: www.mexicansilvermines.com

Investor Relations
Jamie Mathers, Ascenta Capital Partners Inc.
Phone: 604.684.4743 ext. 236
Phone: 866.684.4209
Email:jamie@ascentacapital.com

This news release contains forward-looking information including but not limited to comments regarding the timing and content of upcoming work programs, geological interpretations and potential mineral recovery processes. Forward-looking information includes disclosure regarding possible future events, conditions or results of operations that is based on assumptions about future economic conditions and courses of action, and therefore, involves inherent risks and uncertainties. When used in this news release, the words "estimated", "plan", "anticipated", "expected", "intend", believe", and similar expressions are intended to identify forward-looking statements. These statements involve known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements of Mexican Silver to be materially different from any future results, performance or achievement expressed or implied by such forward-looking statements. For any forward-looking information given, management has assumed that the analytical results it has received are reliable, and has applied geological interpretation methodologies which are consistent with industry standards. Although management has a reasonable basis for the conclusions drawn, there can be no assurance that forward-looking statements will prove to be accurate and actual results may differ materially from those currently anticipated in such statements. For such statements, we claim safe harbour.

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy and accuracy of this information.

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