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Re: News Release - Wednesday, August 29, 2007
ECU Silver Announces New Discovery at Terneras Mine
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Highlights

.. New discovery at Terneras Mine.

.. Hole BV 07-04 cuts Terneras vein yielding grades of 3,130 g/t silver.

.. Significant lateral and vertical continuity of Terneras vein.
. Western lateral extension of over 900 meters.
. Vertical extension of over 600 meters.

TORONTO ONTARIO, August 29, 2007 - ECU Silver Mining Inc. (TSX: ECU) is
pleased to announce a new discovery at the historical Terneras mine
within the Velarde�a Project. The Terneras vein is located
approximately 460 meters south of our Santa Juana mine that hosts the
Mineralized Corridor (MC), 180 meters north of the San Mateo mine where
high grade results have been found and 1,950 meters north of our
Chicago vein, where a material new discovery of the vein's western
extension was announced in July 2007.

The following points are considered key to this latest discovery:

1) If the geology of this structure continues to show characteristics
that are consistent to other known areas in Velarde�a, higher gold
grades are expected at depth;

2) Both, the lateral (900 meters) and vertical (600 meters) extensions
are known and clearly defined;

3) The Terneras vein remains open laterally and at depth;

4) Modern day equipment and mining methods allow for extraction of
deeper rich mineralized material;

5) The Company is confident that it has found the extension of the
Terneras vein that has eluded historical exploration efforts over the
past century.

Michel Roy, CEO and Chairman stated that "The Terneras vein is the most
prominent vein in the Velarde�a district and we are very excited about
this discovery. We have suspected for quite some time that the
extension of the Terneras vein existed and we are delighted to have
found it."

Stephen Altmann, President added that "The discovery of the Terneras
extension has opened up another opportunity for ECU to have several
operating mines in its future. Starting with Santa Juana, ECU's growth
profile will be supported with a strong pipeline of potential mines
coming from San Mateo, Chicago, San Diego and now Terneras."

Terneras History and Geology

The Terneras mine was the largest mining operation in the Velarde�a
district in the early 1900's with more than 1,000 miners working on
site. It was the largest historical producer in the Velarde�a area
until 1968. The main characteristics of the Terneras mine was the
impressive continuity of the main vein which was mined laterally for
1,200 meters and vertically for 600 meters.

The western and eastern limits of the mine were related to faults that
displaced the vein in an unknown direction and many efforts since the
early 1900's to find the extensions were unsuccessful until now.

As for the vertical continuity, the vein continues at depth below level
22, the lowest level mined historically. The mineralized material
changed from oxide to sulfide near the 600 meters depth and the miners
of the last century could not mine the harder sulfide material with the
hand tools of the time. Given the technological advances made in the
mining industry over the last 100 years, the mining of harder sulfide
material at depth is now common practice and is currently being done at
our Santa Juana and San Mateo mines.

Sampling and drill results

Company's geologists used aerial photographs and ground work to
localize the western extension of the Terneras vein.

With the use of aerial photographs, the first step in identifying the
potential extension of the Terneras vein was the surface sampling of
all the structures interpreted. Several structures were sampled by the
Company in 2003, including 15 samples collected of the highly altered
surface expression of a vein which gave the following results:

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Surface Samples - Terneras Extension
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Sample Width m Au g/t Ag g/t Pb% Zn%
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6613 1.40 3.70 134 NA 2.60
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6614 0.30 2.10 261 NA 2.20
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6615 0.40 1.00 261 NA 2.00
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6616 0.60 1.40 24 NA 0.30
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6617 1.10 2.70 60 NA 0.70
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6618 0.55 1.70 52 NA 0.40
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6634 0.50 0.00 44 NA 0.10
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6635 0.45 0.80 91 NA 0.20
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6636 0.60 0.80 166 NA 0.80
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6638 0.26 1.50 104 NA 0.80
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6639 0.74 1.20 179 NA 0.20
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6640 0.48 7.40 345 NA 0.20
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490 0.22 2.70 184 NA NA
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491 0.20 2.90 411 NA NA
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492 0.25 1.10 121 NA NA
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Considering the extreme weathering of the surface and the associated
leaching of metals, caused by infiltration and circulation of ground
waters, the Company's goal was to identify the presence of precious and
base metals in the structure. The above results clearly confirmed the
presence of precious and base metals.

The above results, despite yielding positive grades, were not thought
to be significant in 2003 on their own as the Company did not have
enough information about the area. Since then, new underground work and
confirmation of fault displacements at the Santa Juana mine have
allowed our geologists to reinterpret the local geology and confirm
this structure as the most likely for being the western extension of
the Terneras vein.

All assays from surface sampling that are above 0.50 g/t gold and 50
g/t silver are considered as very positive. In other nearby locations,
such as the western extension of the Sanjuanes vein (between Terneras
and San Mateo), we have done underground ramping and drifting that
confirmed precious metals contents 3 to 10 times higher than values
obtained from surface sampling of the same vein.

The second step in verifying the extension of the Terneras vein was to
drill the structure and intersect it at a shallow depth of 40 to 50
meters below the surface sampling area.

Drilling was carried out and the Company is pleased to announce that
Hole BV 07-04 yielded the following results:

---------------------------------------------------------------------
Drilling Results - Terneras Extension
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Hole Sample From To Width Au Ag Pb Zn Cu
# m g/t g/t % %
---------------------------------------------------------------------
BV 07-04 44935 46.77 47.17 0.40 2.30 3,130 15.4 1.16 0.25
---------------------------------------------------------------------

These assay results are consistent with the historical assays from the
Terneras vein which was extremely rich in silver and lead close to the
surface with gold mineralization increasing at depth. The width is also
consistent with the historical widths observed and mined at the
Terneras mine.

Going forward

The next step in the exploration/definition process of the Terneras
extension is to continue delineating the structure to the 600 meter
known depth in the original mine and along the identified 900 meters of
strike length. A surface drill location has been identified and drill
set-ups are being prepared to initiate drilling within the next month.
This work will be completed before testing further extensions laterally
and vertically.

Readers are cautioned that until a complete pre-feasibility study is
completed, there are no assurances this latest mineralized zone will be
economically viable, and although the above points are based on the
best available data the company has collected to date, a material
difference between the actual results and the Company's expectations
may arise once further drilling is completed at the Terneras mine

The Company is also currently drilling underground both at our Santa
Juana and San Mateo mines and on surface at the Chicago vein as we
continue to define the MC and other veins, results are expected on all
of these fronts shortly.

Mr. Michel Roy, P. Geo., a "qualified person" within the meaning of
N.I. 43-101, prepared the technical information disclosed in this news
release.

For additional information please contact:

Stephen Altmann, President
Ph : (416) 644-8640
Fax : (416) 644-8801
www.ecu.ca

Statements in the release that are "forward-looking statements" are
based on current expectations and assumptions that are subject to risks
and uncertainties. Actual results could differ materially. We undertake
no duty to update any forward-looking statement to conform the
statements to actual results or changes in our expectations.

The Toronto Stock Exchange does not accept responsibility for the
adequacy or accuracy of this release.

View News Release in PDF Format:
http://www.ecu.ca/i/pdf/2007-08-29_NR.pdf
65 KB in size, approx. 13 seconds to download at 56.6Kbps

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Copyright (c) 2007 ECU SILVER MINING INC. (ECU) All rights reserved.
For more information visit our website at http://www.ecu.ca/ or send
mailto:ecu@ecu.ca
Message sent on Thu Aug 30, 2007 at 7:41:07 AM Pacific Time
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