SNS Terminates Letter of Intent with Andover Ventures

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Oct. 31, 2008) - SNS Silver Corp. ("SNS") (TSX VENTURE: SNS.V) announces that it has terminated the letter of intent (the "LOI") with Andover Ventures Inc. ("Andover") and will not be proceeding with the proposed plan of arrangement transaction with Andover.

SNS retains the $2.0 million loan to Andover, secured against all of Andover's assets pursuant to a general security agreement. In particular, pursuant to the loan terms, Andover has specifically pledged-and SNS has taken possession of-all of the shares of Andover's Alaskan subsidiary which holds the Sun property. The loan matures on March 22, 2009.

SNS plans to continue moving forward with exploration at the Crescent Mine and will be drilling approximately 20,000 feet underground to test the lower mineralized structure. David Greenway, President/CEO of SNS stated, "Our next stage of exploration is to drill the lower underground silver targets, which could add significant value to the property should the potential upward projection of Hook & East Footwall veins exist. This will also give us the opportunity to expose any new structures that may exist in this unexplored section of the property."

Silver Wheaton is our largest shareholder with 12%. SNS currently has approximately $4.0 million in cash.

SNS Silver Corporation (TSX VENTURE: SNS.V) is an exploration company, whose primary asset is the 100% owned Crescent Property, which hosts the historic Crescent Mine, located near Kellogg, Idaho. The Property is located in one of the largest silver districts in North America with over one billion ounces of silver produced. The property consists of 24 patented mining claims over approximately 350 acres, alongside 40 acres of surface rights. The Company currently has a comprehensive and well-funded drill program underway. Their main focus is on upper country core drilling on the Alhambra and South Veins, as well as restoration and extension of existing underground infrastructure.

Historical resource estimates quoted herein are based on data and reports obtained and prepared by previous operators. The Company has not completed the work necessary to independently verify the classification of the mineral resource estimates and is not treating the mineral resource estimates as National Instrument 43-101 defined resources verified by a qualified person. The historical estimates should not be relied upon. The Crescent Mine will require considerable further evaluation, which the Company's management and consultants are in the process of completing.

The TSX Venture Exchange has not reviewed and does not accept the responsibility for the adequacy or accuracy of this news release.

Contacts

David Greenway
SNS Silver Corp.
President and CEO
(604) 689-0896 or Toll Free: 1-800-663-4567
Email: dg@snssilver.com
Website: www.snssilver.com