South American Silver Announces Appointment of New President and CEO

VANCOUVER, BRITISH COLUMBIA--(Marketwired - Dec. 2, 2013) - South American Silver Corp. (TSX:SAC) (OTCQX:SOHAF) (the "Company" or "SASC") announces that Ralph Fitch has been re-appointed to the position of President and CEO. Mr. Fitch, who is currently Executive Chairman, is the founder of the Company. He takes over the role from Phillip Brodie-Hall who has served as Interim President and CEO since August 2012. Mr. Brodie-Hall had previously served as Chief Operating Officer of the Company, having been appointed to that position in November 2011, following his appointment as Vice President, Project Development in August of 2010. Mr. Brodie-Hall will return to Australia to pursue other business interests. He will continue to provide services to the Company on an as needed basis as a consultant going forward.

On taking up his new appointment, Mr. Fitch said, "Mr. Brodie-Hall came into the role of President and CEO in the immediate aftermath of the Malku Khota expropriation in Bolivia. He has done an excellent job in the role and has led the company very capably through a difficult transitional phase. The Company is well-positioned to extract full value from Malku Khota through its strong, third-party funded arbitration claim against Bolivia and is now very lean and refocused on creating additional shareholder value through exploration and development of its key projects. We are very fortunate to have had the services of Mr. Brodie-Hall and are sorry to see him go. The board and management appreciate his efforts and wish him every success in his future endeavours."

Mr. Fitch went on to say, "The Company looks forward to the meeting of its Shareholders to be held on December 9, to approve the Plan of Arrangement which includes the acquisition of High Desert Gold Corporation ("HDGC"). It is noteworthy that the share prices of both SASC and HDGC have doubled since the announcement of the transaction. I believe this shows that shareholders understand the significant additional value that has been added to the Company by putting the near- term, near surface, likely heap leachable Gold Springs gold-silver deposit, located in the safe and mining friendly jurisdictions within Nevada and Utah, together with the right team and funding. From discussions with shareholders, it is clearly also important that the Plan of Arrangement splits the outstanding shares of SASC into two classes of shares. This allows shareholders who wish to invest in the outcome of the Malku Khota arbitration to purchase the SAC.B shares (Class B) and those who want to focus on the outcome of continuing exploration and development of both the Gold Springs project and the longer term Escalones porphyry copper-gold project in Chile can hold the SAC common shares (Class A)".