VANCOUVER, BRITISH COLUMBIA--(Marketwire - July 7, 2011) - Prospero Silver Corp. (News - Market indicators) (the "Company") is pleased to announce that shareholders of the Company approved all resolutions brought before them at the Company's Annual General Meeting (the "AGM") held in Vancouver, British Columbia on June 27, 2011.

Election of Directors

The following board members stood for election and were duly re-elected: Tawn Albinson, William Murray, Murray Oliver and John Watson. As of the date of AGM, Warwick Smith was not re-elected and Grant B. Bosworth was appointed in his place. As part of the appointment of Grant B. Bosworth as a director of the Company, he was granted 200,000 stock options, pursuant to the Company's Stock Option Plan, at an exercise price of CDN $0.35. These stock options have an expiry of five years from the time of issuance.

Other AGM Results

Dale Matheson Carr-Hilton Labonte LLP were re-appointed as auditors of the Company for the ensuing year, and the directors were authorized to fix the remuneration to be paid to the auditors. Also, the Company Stock Option Plan (the "Plan") was approved and the number of stock options to be granted under the Plan is a rolling 10% of the number of outstanding issued common shares of the Company, from time to time, less the number of outstanding stock options.

About Prospero Silver Corp.:

Prospero is a Canadian resource company with the majority of its staff based in Mexico and who work for its wholly owned subsidiary Minera Fumarola, SA de CV (Fumarola). Prospero's objective is to quickly evaluate the properties currently optioned for their suitability to provide size potential and also their amenability to early production on all or part of an ore body.

Cautionary Statement:

This news release contains forward-looking statements within the meaning of the Canadian provincial securities laws that are not historical facts. 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, including statements regarding future exploration plans. Factors that could cause actual results to differ materially from these forward-looking statements include, but are not limited to, variations in the nature, quality and quantity of any mineral deposits that may be located, the Company's inability to obtain any necessary permits, consents or authorizations required for its planned activities, and the Company's inability to raise the necessary capital or to be fully able to implement its business strategies. The reader is referred to the Company's public disclosure record which is available on SEDAR (www.sedar.com), including the risk factors discussed in Prospero's November 27, 2009 prospectus. Although Prospero 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 time frames or at all. Except as required by securities laws and the policies of the TSX Venture Exchange, Prospero disclaims any intention or obligation to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.