VANCOUVER, BRITISH COLUMBIA--(Marketwire - March 23, 2009) - Silvermex (TSX VENTURE:SMR - News) is pleased to report that it has finalized its formal agreement with Silver Standard Resources Inc. (NASDAQ:SSRI - News; TSX:SSO - News) of Vancouver, B.C., to purchase a 100% interest in Silver Standard's San Marcial silver project in Sinaloa State, Mexico. The 4.8 square mile (1,250 hectare) property is located 56 miles (90 kilometres) east of Mazatlan in west central Mexico.

Under the terms of the formal agreement with Silver Standard, Silvermex can acquire a 100% interest by issuing 3 million common shares in three stages by February 1, 2011 at a deemed share value of $0.75 per share for the first 1 million shares and based on the market price of the shares of Silvermex at the time of each subsequent issuance. Silvermex must also pay US$15 million (less the deemed value of the 3 million common shares issued) in either cash or shares at the election of Silver Standard, by February 1, 2011. The US$15 million purchase price is based on Silver Standard's resource estimate of 14.26 million ounces of inferred silver resources on the property, prior to additional drilling by Silvermex. Silvermex must also expend US$1 million on exploration by February 1, 2011.

As reported by Silvermex in its news release dated October 9, 2008, the indicated mineral resource at San Marcial is 18.0 million ozs silver and the inferred resource is 4.4 million ozs silver. The indicated zinc (Zn) resource is 55.3 million lbs. and the indicated lead (Pb) resource is 29.9 million lbs. The inferred Zn resource is 34.7 million pounds and the Pb resource is 19.5 million lbs.