(the “Company” TSX.V-IPT)

announces that its board of directors has approved the adoption of a Shareholder Rights Plan (the “Rights

Plan”), subject to shareholder approval and acceptance for filing by the TSX Venture Exchange. The

Rights Plan has been designed to protect shareholders from unfair, abusive or coercive take-over strategies

including the acquisition of control of the Company by a bidder in a transaction or series of transactions

that may not treat all shareholders fairly nor afford all shareholders an equal opportunity to share in the

premium paid upon an acquisition of control. The board of directors of the Company (the “Board”)

considers that the adoption of the Rights Plan is desirable and in the interests of all of the Company’s

shareholders.

The Rights Plan has been implemented by way of a rights plan agreement (the “Rights Plan Agreement”).

This agreement was adopted to provide the Board with sufficient time, in the event of a public take-over

bid or tender offer for the common shares of the Company, to pursue alternatives which could enhance

shareholder value. These alternatives could involve the review of other take-over bids or offers from other

interested parties to provide shareholders desiring to sell the Company’s common shares with the best

opportunity to realize the maximum sale price for their common shares. In addition, with sufficient time,

the Board would be able to explore and, if feasible, advance alternatives to maximize share value through

possible corporate reorganizations or restructuring.

Shareholder approval of the Rights Plan will be sought at the Company’s annual meeting of shareholders

scheduled to be held on May 27, 2009.

If the Rights Plan is ratified by the shareholders, the Rights Plan will have an initial term which expires at

the annual general meeting of shareholders of the Company to be held in 2012, unless terminated earlier.

The Rights Plan may be extended beyond 2012 by resolution of shareholders at such meeting.

Rights (the “Rights”) will be issued and attached to all of the Company’s outstanding common shares held

of record as of March 16, 2009. A separate rights certificate will not be issued until such time as the

Rights become exercisable (which is referred to as the “separation time”). The Rights will become

exercisable only if a person, together with its affiliates, associates and joint actors, acquires or announces its

intention to acquire beneficial ownership of the Company’s common shares which when aggregated with

its current holdings total 20% or more of the Company’s outstanding common shares (determined in the

manner set out in the Rights Plan). The Rights will permit the holder to purchase common shares of the

Company at a 50% discount to their market price (as defined in the Rights Plan Agreement).

The Rights will not, however, be triggered by a “Permitted Bid” which is defined as a bid which is

outstanding for a minimum of 60 days, is made to all of the shareholders of the Company for all of their

common shares and, subject to other specified conditions, is accepted by a majority of independent

shareholders (as detailed in the Rights Plan).

The Company has no knowledge of any pending or threatened takeover bids for the Company, and has no

reason to believe that any takeover offer for the Company’s shares is imminent.

Additional details regarding the Rights Plan will be provided in the Management Information Circular that

will be available for viewing on SEDAR and mailed to the shareholders of the Company prior to the

Company’s upcoming annual general meeting of shareholders.

On behalf of the Directors of IMPACT Silver Corp.

Frederick W. Davidson” For further information, please contact:

President, CEO Darrell Rader, Corporate Development

Telephone: 604-681-0172