Press Release Source: ECU Silver Mining Inc.

ECU Silver Finds Veins Above Old Workings
Thursday October 23, 9:04 am ET
Highlights
- Underground development identifies mineralization above old workings.
-- 16.3 grams per tonne (g/t) Gold (Au), 2,397 g/t Silver (Ag) over 0.60 metres (2 feet);
-- 19.0 g/t Au, 1,274 g/t Ag, 6.31% Lead (Pb), 5.74% Zinc (Zn) and 1.45% Copper (Cu) over 0.26 metres (1 foot);
-- 11.4 g/t Au (in diorite) over 1.7 metres (5 feet).

TORONTO, ONTARIO--(Marketwire - Oct. 23, 2008) - ECU Silver Mining (TSX:ECU - News; "ECU Silver" or "the Company") is pleased to announce further exploration results from the Santa Juana mine within the main Velardena Property. While the majority of the Company's exploration discoveries have been below the old workings (areas historically mined), recent development has confirmed additional mineralization also continues above these old workings, as evidenced by the recent high grade results. These results are from the Santa Juana mine, which remains the main zone of the Velardena Property.

As part of its exploration strategy, the Company has many underground development headings to define potential resources and verify mineral resources over several of its veins or veins packages on the Velardena Property. This is in addition to the ongoing exploration drilling that is proceeding on all three of its properties in the Velardena area.

One such development heading was a cross-cut (a drift perpendicular to the vein) driven on Level 12, which is the main access level to the Santa Juana mine. The aim of this development work was to verify the upward continuity of mineralized veins, in this case, the D's and E's veins. These series of veins have been found at depth, below the old workings, through both underground development and drilling. Currently, on Level 12 in this area, we have driven 26 metres of cross-cut and have cut numerous veins and veinlets. Table 1 below, lists the most significant results received to date from this cross-cut with high grade assays up to 24 g/t gold and assays exceeding 2,300 g/t silver.

We have also drifted for another 30 metres along a key vein in the area (the E1 vein). Assays from this drift are pending.

The confirmation of vertical continuity above the old workings is important as this will have an impact on the next mineral resource estimate as these series of veins were not included in past evaluations. At depth, these D and E veins have a demonstrated lateral continuity of approximately 200 metres. The discovery of mineralization above the old workings is significant as it demonstrates that un-mined veins can be discovered in the upper levels.

The Company continues to advance deep drilling at Santa Juana with the aim of confirming continuity of mineralization down to the previously announced discovery of the massive sulphide veins (see press release dated July 9, 2008).


------------------------------------...
Table 1 -- Assays Results from Level 12 at Santa Juana Mine
------------------------------------...
Sample # Width (m) Au (g/t) Ag (g/t) Pb (%) Zn (%) Cu(%)
------------------------------------...
52500 0.20 1.55 83 1.51 0.03 0.11
------------------------------------...
52501 0.20 1.94 324 0.86 0.02 0.39
------------------------------------...
52502 1.70 11.38 0 0.02 0.01 0.99
------------------------------------...
52506 0.20 0.50 71 1.02 0.78 0.13
------------------------------------...
52509 0.30 4.00 1,356 0.44 0.16 1.40
------------------------------------...
52514 0.60 16.30 2,397 0.30 0.24 2.65
------------------------------------...
52515 1.00 4.50 328 0.03 0.10 0.33
------------------------------------...
52516 0.20 1.60 122 0.04 0.07 0.22
------------------------------------...
52517 0.20 1.10 72 2.45 2.24 0.21
------------------------------------...
52525(i) 0.32 24.00 1,127 9.01 8.97 1.11
------------------------------------...
52526(i) 0.20 11.10 1,508 2.00 0.30 2.00
------------------------------------...
Average E1 0.26 19.04 1,274 6.31 5.64 1.45
------------------------------------...

(i) Samples from the E1 vein


Cautionary Statements and Additional Information:

Readers are cautioned that until a prefeasibility study is completed, there are no assurances these latest mineralized zones will be economically viable.

All widths are true widths. Samples were assayed at the ERSA laboratory in Torreon, Coahuila, Mexico which is currently in the process of being certified. Mr. Michel Roy, P. Geo., a "qualified person" within the meaning of NI 43-101, prepared the technical information disclosed in this news release.

ECU Silver Mining Inc. is focused on the exploration, development and mining of gold, silver and base metals at its Velardena District Properties in Durango, Mexico. The area is comprised of three properties, the Main Velardena Property, the Chicago Property and the San Diego Property. The properties are located near to each other and include five historical mines - Santa Juana, Terneras, San Mateo, San Juanes, and the San Diego mine. ECU's goal is to establish a significant polymetallic mineral resource in the heart of Mexico. ECU's mission is to become a pre-eminent silver and gold producer through the development of existing, and additional potential resources at Velardena.


Contact:

Chris Haldane
CHF Investor Relations
Account Manager
(416) 868-1079 ext. 237
Email: chris@chfir.com

Stephen Altmann
ECU Silver Mining Inc.
President
(416) 366-2427
(416) 366-8131 (FAX)
Email: ecu@ecu.ca
Website: www.ecu.ca

Source: ECU Silver Mining Inc.