ECU Silver to Amend Terms of its Debt Facility

Monday January 31, 2011, 11:19 am

TORONTO, ONTARIO--(Marketwire - Jan. 31, 2011) - ECU Silver Mining Inc. ("ECU Silver") (TSX:ECU; OTC:ECUXF - News) is pleased to report that it has entered into an agreement with its lender, IIG Capital LLC, to amend the terms and conditions of its debt facility.

The current agreement, which was executed on November 1, 2009, is scheduled to mature on October 31, 2011. This facility will be extended by an additional twenty six months and the new maturity of the facility will be December 31, 2013.

Principal repayments of the amended facility will be paid on a consecutive monthly basis and will commence on July 31, 2011 and end on December 31, 2013. The basic interest rate applied to the daily outstanding loan balance will be 6 percent above 3-Month LIBOR and will be subject to a minimum annual interest rate of 12%. Interest will be payable on a quarterly basis.

Michel Roy, CEO and Chairman, commented that, "The recent results from our underground development work has been very encouraging and so we are currently evaluating a new exploration program to further delineate these recent findings. Consequently, the amendment to the debt facility will provide us with more flexibility in the use of our operating cash flows and help us focus on funding a more aggressive exploration plan".

Stephen Altmann, President further added, "The amendment of the facility will help allow us to return to our "exploration roots" for 2011. The recent discoveries from our development work has indicated that there is much more exciting exploration upside to the ECU story than we originally thought. So our focus this year will be twofold: 1) to significantly increase the size of the mineral resource and 2) to enhance the categorization of the resource by converting a significant amount of inferred into the "measured and indicated" category. Independent of commodity price increases, success in these two areas of focus will translate in to higher value for our shareholders".

About ECU Silver

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 Company holds a NI 43-101 compliant mineral resource of 40 million silver equivalent (0.6 million gold equivalent) ounces in the measured and indicated category and 391 million silver equivalent (6.0 million gold equivalent) ounces in the inferred category. The Company also owns two mills with a combined capacity of 820 tonnes per day. ECU's mission is to become a pre-eminent silver and gold producer through the development of its existing and potential mineral resources at Velardena.

Contact:

Michel Roy
ECU Silver Mining Inc.
Chairman and CEO
Torreon, Mexico
011 52 871 747 5750

Stephen Altmann
ECU Silver Mining Inc.
President
Toronto, Canada
(416) 366-2428

Mark Butler
ECU Silver Mining Inc.
Investor Relations
Toronto, Canada
(905) 602-4248

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Dan