Prospector Files NI 43-101 Report for Candamena Property, Proceeds With Acquisition

March 4, 2008

Prospector Consolidated Resources Inc. (the "Company") is pleased to announce that the TSX Venture Exchange has accepted the Company's filing in respect of its agreement to acquire the interest of First Majestic Silver Corp. in the Candamena property, Chihuahua State, Mexico, and that a NI 43-101 geological report for the Candamena project has been filed on SEDAR.   

Under terms of the acquisition agreement, the Company will acquire 100% of First Majestic's interest in the Candamena gold-silver prospect by issuing 2,000,000 shares of the Company to First Majestic and assuming all of First Majestic's obligations under two purchase agreements with the underlying property owners. The Company originally paid a $50,000 cash deposit to First Majestic to secure the rights to the project and has now paid $825,000 US plus VAT to the underlying property owners.  The total remaining cash payment obligations total $5,550,000 US, to be paid in instalments between now and November, 2008.

The purchase agreements cover 5,215 hectares that make up the Candamena Mining District, including the Nuevo Dolores historical deposit, La Blanca, La Verde, the La Prieta mine and the flotation mill and other assets located on the property. The Company's initial focus will be on the Nuevo Dolores zone, a volcanogenic-hosted epithermal gold-silver zone.  In addition, the Company intends to carry out work programs at La Blanca, a similar highly prospective area, and two old high grade silver-lead-zinc mines called La Verde and La Prieta.   

The management team of Prospector is very excited about the opportunity in acquiring an asset of this potential size. The Company's objective is to proceed as rapidly as possible to confirm previous estimates as reported on the Candamena property and to compare its potential outcome to existing mines within the region.

The Candamena Mining District is located some 250 km WSW from the city of Chihuahua, Mexico.

The qualified person responsible for review of the technical aspects of this release is Henry Neugebauer, P. Eng., President and CEO of the Company.

For further information on the Company, please call our office at (604) 687-8863 or visit our web site at
www.prospectorresources.com

On behalf of the Board, 

Henry Neugebauer P.Eng.
President

This press release has been prepared by management; the TSX Venture Exchange has not reviewed
and does not accept responsibility for the adequacy or accuracy of this release.