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VANCOUVER, BRITISH COLUMBIA--(Marketwire - Dec. 18, 2012) - El Tigre Silver Corp. (the "Company" or "El Tigre") (News - Market indicators)(OTCQX:EGRTF)(FRANKFURT:5RT) is pleased to report that it has signed a contract with MAJOR DRILLING DE MEXICO, S.A. DE C.V. ("Major Drilling") and has mobilized a core drilling machine and associated equipment to its 431 square kilometer El Tigre silver-gold property in northern Sonora, Mexico. Drilling will commence the first week of January 2013. The Company is fully funded to complete this next phase of drilling.
El Tigre has conducted exploration drilling since 2011 over the highly productive El Tigre vein system. Drilling has more recently focused on the southern 1.2 kilometer portion of the vein system in an area called Gold Hill where a disseminated gold halo around the El Tigre vein was discovered. The original plan for the 2012 program was to drill 5000 meters in 25 holes. That drilling program was divided into two phases with the first phase completed in June with 12 holes for a total of 2293 meters and the drilling that will commence in January is the second phase and is planned for 2700 meters.
The second phase of drilling now has the benefit of new field work that has identified a disseminated target in the foot wall of the El Tigre vein system. Drilling will test this new target, which could expand the overall width of the targeted gold zone.
Current plans for the 2013 program include a total of 5000 meters of drilling in 30 to 40 holes. The first phase of this program will be 2,700 meters and will focus on the 1.2 kilometer halo zone which is found on Mula Mountain to the north and Gold Hill to the south. An update to the Company's NI-43-101 technical report, based on the drill holes completed to date and the 2013 holes, is expected to report gold and silver resources. The technical report is scheduled for completion in the second quarter of 2013.
Work has been underway at the project site constructing new access roads and drill sites across the Gold Hill zone to facilitate fan drilling and rock-saw channel sampling on road cuts. Major Drilling has stationed its drilling equipment at the El Tigre camp. This equipment will then be available to be relocated to the Gold Hill target area once work commences in early January 2013. Major Drilling was the drilling contractor used for the 2011 program.
Stuart Ross, President and CEO stated, "Our 2013 exploration program will provide information which will allow for a complete revision of our NI 43-101 Technical Report. For the first time, the company will be able to measure its exploration success with reported resources."
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.
About El Tigre Silver Corp.:
The Company, through its subsidiaries, holds the rights to 100% of nine mineral concessions, eight comprising of 431 square kilometers located in north-eastern Sonora, Mexico (the "El Tigre Property"). El Tigre also holds one additional 32 hectare claim separate from 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.
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 assay results, expected drilling programs, timing for release of technical report and future plans. 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 of 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.
Potential - the potential quality and grade is conceptual in nature. There has been insufficient exploration at the El Tigre Silver property to define a mineral resource. It is uncertain if further exploration will result in discovery of a mineral resource.