NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR FOR DISSEMINATION

IN THE U.S.

ECU Silver Announces Conversion of Debt

TORONTO, ONTARIO--(March 26, 2009) - ECU Silver Mining Inc. ("ECU Silver" or the

"Company") (TSX:ECU) is pleased to announce that it has reached agreements with the

holders of its outstanding 12% convertible debentures maturing on July 31, 2013 (the

“Debentures”) to convert the aggregate principal amount of the Debentures, being

$6,000,000, as well as the accrued and unpaid interest thereon and all associated

prepayment premiums, amounting to $7,348,048 in total, into common shares (“Common

Shares”) and warrants to purchase Common Shares (“Warrants”). ECU Silver has

reached a similar agreement with the holder of a demand promissory note (the “Note”) to

convert $362,357 in principal and accrued and unpaid interest into Common Shares and

Warrants.

Under the terms of such debt conversions, ECU Silver has issued today an aggregate of

11,014,867 Common Shares and Warrants in full repayment of the Debentures and the

Note. The Common Shares and Warrants were issued on the basis of one Common

Share and one Warrant for each $0.70 of indebtedness, being the identical price at which

the Company recently issued Common Shares and Warrants pursuant to its short form

prospectus offering which closed on February 20, 2009. Each Warrant entitles its holder

to acquire one Common Share at a price of $0.95 at any time on or before February 20,

2014.

ABOUT ECU SILVER

ECU Silver is focused on the exploration, development and mining of precious

and base metals at its Velardeña District Properties in Durango, Mexico. The

area is comprised of three properties, the Main Velardeña Property, the Chicago

Property and the San Diego Joint Venture Property. The properties contain a

measured and indicated mineral resource of 40,000,000 silver equivalent ounces

and an inferred mineral resource of 391,000,000 silver equivalent ounces. ECU

Silver's mission is to become a pre-eminent silver and gold producer through the

development of existing and additional potential resources in the Velardeña

district.

CONTACT INFORMATION:

ECU Silver Mining Inc.

Stephen Altmann

President

(416) 366-2428

Cautionary Statements

Certain information contained in this press release may constitute "forward-looking information"

with respect to the Company, which may include, but is not limited to, statements with respect to

the future financial or operating performance of the Company and its projects, exploration

expenditures, costs and timing of future exploration, requirements for additional capital and

regulatory matters. Often, but not always, forward-looking statements can be identified by the use

of words such as "plans", "expects", "is expected", "budget", "scheduled", "estimates", "forecasts",

"intends", "anticipates", or "believes" or variations (including negative variations) of such words and phrases, or state that certain actions, events or results "may", "could", "would", "might" or "will" be

taken, occur or be achieved.

Forward-looking statements involve known and unknown risks, uncertainties and other factors

which may cause the actual results, performance or achievements of the Company to be materially

different from any future results, performance or achievements expressed or implied by the

forward-looking statements. Such factors include, among others, general business, economic,

competitive, political and social uncertainties; the actual results of current exploration activities;

conclusions of economic evaluations; changes in project parameters as plans continue to be

refined; the future price of silver and other metals; possible variations of mineralization grades or

recovery rates; failure of the Company’s recently acquired gold and silver recovery plant to operate

in an economically viable manner; or at all; failure of equipment or processes to operate as

anticipated; accidents, equipment breakdowns, labour disputes and other risks which may arise in

the mining industry; changes in planned work resulting from weather, logistical, technical or other

factors; delays in obtaining governmental approvals or financing or in the completion of

development or construction activities.

Although the Company has attempted to identify important factors that could cause actual actions,

events or results to differ materially from those described in forward-looking statements, there may

be other factors that cause actions, events or results to differ from those anticipated, estimated or

intended. Forward-looking statements contained herein are made as of the date of this press

release. There can be no assurance that forward-looking statements will prove to be accurate, as

actual results and future events could differ materially from those anticipated in such statements.

Accordingly, the reader is cautioned not to place undue reliance on forward-looking statements.

The Toronto Stock Exchange does not accept responsibility for the adequacy or

accuracy of this press release.

Good Luck to all!