VANCOUVER, BRITISH COLUMBIA--(Marketwire - Dec. 1, 2010) - Silvermex Resources Inc. (TSX:SLX) (the "Company") is pleased to announce that the private placement (the "Offering") announced on November 26, 2010 has been fully subscribed, including an over-allotment option, for gross proceeds of approximately $15,000,000.

Institutional investors, including Sprott Asset Management Inc., have subscribed for the majority of the private placement. MGI Securities Inc. is acting as lead agent on the Offering.

Proceeds from the Offering will be used to advance the Company's wholly owned La Guitarra Mine located in the Temascaltepec Mining District of Mexico and the Company's Rosario/San Marcial Mining Camp located in south eastern Sinaloa, Mexico and for general working capital purposes.

Closing of the financing is subject to TSX approval. The securities to be issued in the private placement will all be subject to a four-month hold period in accordance with applicable Canadian securities laws.

The securities have not been registered under the U.S. Securities Act of 1933, as amended, or any state securities laws and, until so registered, may not be offered or sold in the United States or any state or to, or for the account of, U.S. persons absent registration or an applicable exemption from registration requirements. This release does not constitute an offer for sale of securities in the United States.

About Silvermex

Silvermex is a publicly traded mining company focused on developing its core asset, the producing La Guitarra silver-gold property located in the Temascaltepec Mining District of Mexico. La Guitarra Mine presently consists of two underground operation centres and a flotation mill with a proven capacity of 320 tonnes per day. Silvermex is evaluating options for the expansion of existing mining operations at La Guitarra and advancing the recently consolidated Rosario/San Marcial Mining Camp in south eastern Sinaloa, Mexico. The Rosario/San Marcial mining concession consists of two past producing mines and numerous known high-grade deposits. The project has significant resources and historic reserves with extensive production related infrastructure in place. Silvermex is led by a highly experienced and successful team, comprised of top executives from leading corporations in the silver mining sector.

On Behalf of the Board of Directors of Silvermex Resources Inc.

Duane Nelson