Wednesday, September 03, 2008
Corporate Update

Silvermex is pleased to provide an update of recent activity on its Mexican silver projects and the plans for the remainder of 2008.

The capital markets this past summer were tumultuous. Both silver prices and silver primary equities suffered sharp declines. The junior explorers were greatly affected as liquidity in the junior markets dissipated. Silvermex Resources was not immune to this volatility and the share price was affected. The market has punished companies regardless of their level of development or the quality of their projects. However, this situation presents an opportunity for investors as Silvermex continues to build the quality and size of its silver deposits.

To review, Silvermex has now been public for two years. Silvermex has maintained a well planned share structure where management, together with its largest shareholder Silver Standard Resources, retains approximately 38% ownership. From its IPO through to April 2008, Silvermex has raised a total close to $9 Million and has built a property portfolio of 7 projects in Northwest Mexico. Recent use of capital has been focused on building resources at the Penasco Quemado property in Sonora and the San Marcial property in Sinaloa. These priority projects have existing resources. The focus is to expand these deposit envelopes and increase resources, rather than concentrate on early stage exploration. Management believes that the continued development of these projects represents low risk use of capital.

Earlier in 2008 Silvermex drilled a total of 5,937m at Penasco Quemado (PQ), bringing the total drilling at PQ to 12,000m. Results of the latest program were disclosed in March and June, and highlights include 52.5m of 122 g/t Ag starting at 6m depth and 22.5m of 148g/t Ag at a 52.5m depth. The current resource estimate totals 2.565 M tonnes at 116.8 g/t Ag equaling 9,631,000 ounces silver. This deposit is on surface to a maximum depth of 100 meters and offers a straightforward open pit model. The development costs and operating costs of such a model are significantly more cost effective than underground opportunities. Management expects a resource update in Q4. The next step will be to continue metallurgical work and geophysical work to the south of the initial resource where management believes the extension of the resource may be situated.

In May, Silvermex commenced its first drill program at the San Marcial project. San Marcial is under option from Silver Standard Resources. Under the agreement, Silvermex has an option to purchase 100% interest in San Marcial over three years. Silvermex believes San Marcial offers potential resources in excess of 50 million ounces silver. The objective of the first program at San Marcial is to upgrade the category of the 14.26 Million ounce resource and to expand the continuity of the mineralized structure along strike and down dip. The drill program has recently been completed and the company expects to publish assays in the coming weeks. Silvermex is very encouraged by earlier mapping and sampling at San Marcial. This data, in conjunction with earlier information provided from Silver Standard Resources, indicates that San Marcial holds the potential of a significant silver deposit. Future drilling will focus on building the resource by significant margins.

During the remaining months of 2008, Silvermex plans to publish a resource estimate update on Penasco Quemado and results from recent drill programs at San Marcial and El Rayo. Subsequent to the disclosure of these results, a resource update will also be commissioned for San Marcial. Once data has been compiled on San Marcial, the next phase of drilling will be planned and commenced.

Silvermex management believes the quality and potential of its primary projects offer significant upside opportunity. With renewed confidence in the junior markets and silver sector building, Silvermex is well positioned with upcoming positive developments this fall. We thank you for your continued interest in Silvermex and we will keep you apprised as we drive development and add value.

About Silvermex
Silvermex Resources is a Mexico focused, silver primary exploration company, traded on the TSX Venture under the symbol SMR. Silvermex management has extensive experience in exploration, development, and production in Mexico. Silvermex has an attractive share structure and well rounded project portfolio which offers significant resource growth potential. Silvermex has approximately one ounce of silver per share in NI 43-101 reported resources.

For further information on Silvermex and its Mexican projects, please contact the company at 604.638.8979 or refer to the corporate website at www.silvermexresources.com.