FOR IMMEDIATE RELEASE

THE SILVER RECYCLING COMPANY INC.
TSX VENTURE: TSR

DATE: November 24, 2008
NEWS RELEASE
VANCOUVER, BC

The Silver Recycling Company Enters Into Letter of Intent with Third Acquisition Target  

VANCOUVER, BC - (November 24, 2008) - The Silver Recycling Company Inc. (TSX VENTURE: TSR) ("Silver Recycling") is pleased to announce that it has entered into a non-binding letter of intent ("LOI") to acquire a silver scrap refining company. The target has been in business in the United States for over 10 years and is the third target that Silver Recycling has taken to the letter of intent stage.
 
Key terms of the LOI are:

• The purchase price will be US$5 million ("Purchase Price") for all of the operating assets of the business.  The Purchase Price will be paid in a combination of cash and shares of The Silver Recycling Company Inc. 
• Any shares issued as consideration will be subject to an escrow agreement, pursuant to which a portion of the shares issued will be released from escrow commencing one year following closing and continue for up to three years post closing.
• A standstill period is now in effect until January 31, 2009, with the option of Silver Recycling to extend further to March 31, 2009.

The parties will endeavour to negotiate a binding definitive agreement while Silver Recycling completes its due diligence investigation.  Silver Recycling will be advancing a non-refundable deposit in the amount of US$50,000, which shall be credited to the Purchase Price.
 
Completion of the transaction contemplated in the LOI is subject to customary conditions for this type of transaction, including satisfactory due diligence investigation, satisfactory results of a Phase 1 Environmental audit, completion of necessary financing to fund the cash portion of the Purchase Price and Performance Payment (if applicable), settlement of employment agreements with key employees of the target, receipt of all necessary corporate approvals of Silver Recycling, and all requisite regulatory and any other required approvals. There is no guarantee that all of these conditions will be satisfied.
 
Don Holmstrom, President and CEO stated, "Executing this LOI completes this first phase of Silver Recycling's initial  business plan to consolidate silver scrap recycling operations in North America.  Adding this location to the business we own in Pennsylvania and our other acquisition in process will allow the consolidated company to recycle and produce over 8 million ounces of silver annually.  The future consolidation of these three operations gives us a solid platform for future organic and opportunistic growth."
 
For more information, please visit www.silver-recycling.com
 
The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.
  
 
About 'The Silver Recycling Company Inc.'

Silver Recycling is a consolidator of privately owned silver and other precious metals recycling companies.  The company recently closed the acquisition of two firms in Pennsylvania as announced in the news release of May 28, 2008 and the execution of a letter of intent for a second acquisition on July 22, 2008.  Silver Recycling is continuing to review other candidate companies within the precious metals recycling industry for acquisition and integration in alignment with the Company's business strategy.  Information about Silver Recycling is available on its website www.silver-recycling.com. 

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