======================================================================
Impact Reports $2.1 Million In Operating Earnings For 2007
======================================================================

IMPACT Silver Corp. (IPT: TSX.V) ("IMPACT" or "the Company") is pleased
to announce its results for the year ended December 31, 2007. The
Company's consolidated financial statements include results from the
Royal Mines of Zacualpan Project ("Zacualpan") which was purchased on
January 16, 2006. For the year 2007, the Company's net earnings per
share (EPS) were $0.01.

FULL YEAR RESULTS
------------------------------------------------------------------------
2007 Restated 2006
Canadian $ Canadian $
------------------------------------------------------------------------
Revenue 7,250,000 7,006,000
------------------------------------------------------------------------
Mine Operating Earnings(i) 2,071,000 2,407,000
------------------------------------------------------------------------
Income before Taxes 635,000 838,000
------------------------------------------------------------------------
Net Income & comprehensive income 287,000 506,000
------------------------------------------------------------------------
Earnings per Share - basic 0.01 0.01
- diluted 0.01 0.01
------------------------------------------------------------------------
* Includes amortization and depletion of $768,000 in 2007 and $539,000
in 2006.

Average mill throughput during the year was 274 tonnes per day.
Revenues for the year ended December 31, 2007 were $7,250,077. Mine
operating earnings for the year were $2,070,931. Total tonnes mined
for the year-end period are 99,918 tonnes or 31,745 tonnes (47%) more
than previous year's production. On site operating costs were $44.15
per tonne, a decrease over the prior year of 26%. Production exceeded
the prior year by a significant amount in most categories except
silver, with mill throughput increasing over 40 per cent to 274 tonnes
per day compared to 196 tonnes per day in 2006. This represents an 89%
increase over production levels of 145 tonnes per day when the Company
acquired the mine two years ago. With record high zinc prices during
the summer months, IMPACT's management made the strategic decision to
maximize zinc production by exploiting previously marginal zinc ore
while preparing the higher grade silver mines for production. As zinc
prices began to retreat, silver production was once again increased.

FULL YEAR RESULTS
------------------------------------------------------------
2007 2006
------------------------------------------------------------
Total Tonnes Produced 99,918 68,173
------------------------------------------------------------
Tonnes Produced per Day 274 196
------------------------------------------------------------
Silver Production (ounces) 348,949 465,673
------------------------------------------------------------
Lead (tonnes) 601.03 375.43
------------------------------------------------------------
Zinc (tonnes) 976.07 725.20
------------------------------------------------------------
CAD$ direct costs per ton $44.15 59.55
------------------------------------------------------------

2007 was another exciting year of positive growth generated by
successful exploration and development efforts, resulting in IMPACT
ending the year in Mexico with three producing mines and control over
two large mineral districts, Zacualpan and Mamatla, and a key presence
in a third district, Zacatecas; all highlighted by extensive
exploration, increased production and lower direct operating costs.

During 2007, the majority of the mill feed was from mining of lower
grade mineral at the Guadalupe Mine, where an intensive program of
remapping and exploration is continuing underground. The Guadalupe
Mine remains the lowest-cost producer in the Zacualpan district.

Chivo is the new high grade producing mine at Zacualpan. During the
fourth quarter, construction of the Chivo Mine access adit was
completed; drifting commenced along the vein and in December; the first
mill feed from stope mining was achieved, resulting in production
levels of approximately 100 tonnes per day. A second adit
approximately 60 meters vertically below the first is currently being
planned. It is anticipated Chivo will provide a significant volume of
higher grade silver feed to the Zacualpan mill in 2008 onward.

The Gallega Mine, located just 500 meters from the Zacualpan processing
plant, supplements production from the Guadalupe operation. Mining
began on the high-grade Salvadora stopes and then expanded to the
Lipton Vein and the recently-discovered San David Vein. In 2006, the
San Ramon Mine, near Chivo, generated the majority of the high-grade
feed for the Zacualpan mill. Operating costs increased and ore
delineation became increasingly more complex, and mining stopped here
in 2006. The Company will recommence mining at the San Ramon on a more
selective basis in 2008.

Importantly, the two mineral districts the Company controls in Central
Mexico, the 125-square-kilometer Zacualpan silver district and the
newly-acquired 200-square-kilometer Mamatla mineral district southwest
of Zacualpan, have great exploration potential. This potential is
being unlocked by IMPACT's exceptional technical team who took the
Chivo mine from a raw prospect to production in less than two years.
In 2008, IMPACT is continuing an aggressive exploration program with
over 15,000 meters of surface and underground drilling budgeted,
including a number of targets in both districts.

In aggregate, the Company is well-positioned for 2008 with cash and
term deposits of in excess of $10 million, which is in addition to
funds generated by the current mining. IMPACT recently announced the
purchase of a semi-portable 200-tonne-per-day mill, including all major
equipment for US$700,000 which, once relocated, will give the mining
group increased production capacity to 700 tonnes per day. The Company
looks forward to growing by continuing to expand production through
aggressive exploration and rapid mine development. The exploration
budget for 2008 has been more than doubled in order to put some of the
700 plus known prospects at Zacualpan and Mamatla on a faster track to
potential production and build mineral inventories for mining.

"Frederick W. Davidson"
President, CEO

For further information, please contact:
Darrell Rader, Corporate Development
Telephone: 604-681-9501

The TSX Venture Exchange does not accept responsibility for the
adequacy or accuracy of this news release.

======================================================================
Copyright (c) 2008 IMPACT SILVER CORP. (IPT) All rights reserved. For
more information visit our website at http://www.impactsilver.com/ or
send mailto:inquiries@impactsilver.com
======================================================================
.