South American Silver Corp. Files Fiscal 2009 Annual Financial Statements Trading Symbol: SAC-TSX

FOR IMMEDIATE RELEASE: 10-02

South American Silver Corp. Files Fiscal 2009 Annual Financial Statements

Trading Symbol: SAC-TSX

March 24, 2010

South American Silver Corp. (“SASC” or the “Company”) reports that it has released its audited financial statements for the year ended December 31, 2009 and the related management’s discussion and analysis of financial position and results of operations (“MD&A”).

As at December 31, 2009, the Company had approximately $7 million in cash. The Company’s strategic plan for 2010 is to focus on the completion of the prefeasibility level engineering study or updated preliminary economic assessment at Malku Khota. This will include more detailed metallurgical and engineering studies, as well as infill drilling. The new “Sucre Vein System” will also be a focus for drilling during the year. The Company is continuing to diamond drill within the Limosna and Wara Wara-Sucre Zones to better define the existing resource and to expand on it.

At Escalones, the Company has presently put exploration on hold and is considering whether to monetize its investment in Escalones by either joint venturing, selling or spinning out its interest in the property.

Community relations are an important part of doing business in Bolivia and the Company has two full-time Community Relations personnel, one male and one female, at Malku Khota who speak both Aymara and Quechua to maintain good relations with the communities in which the Company operates. The Company has signed agreements of cooperation with each of the communities in the area surrounding Malku Khota and has a good working relationship with each of these groups. The Company, through a consulting group, continues to give lectures to each community to help them become better informed about mining development. The Company through its community relations personnel maintains regular contact with each community to maintain a transparent and informed relationship.

Copies of the audited financial statements and related MD&A can be found on SEDAR at www.sedar.com.

Certain statements contained herein constitute “forward-looking statements”. These forward-looking statements are based on current expectations and entail various risks and uncertainties. The nature, timing and extent of the exploration programs may materially change from current intentions for a number of reasons. Additionally, “forward looking statements” look into the future and provide an opinion as to the effect of certain events and trends on the business.

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Subject to applicable laws, the Company assumes no obligation to update or revise any forwardlooking statement, whether as a result of new information, future events or any other reason.

SASC is a mineral exploration company that acquires, explores and develops mineral properties, primarily silver, gold and copper in South America. The Company presently holds interests in two material properties: the flagship Malku Khota silver-indium-gold property in Bolivia and the Escalones copper-gold-molybdenum property in Chile.

For further information, please contact:

William Filtness Chief Financial Officer Tel: (604) 684-0693 Fax: (604) 684-0642