VANCOUVER, BRITISH COLUMBIA–(Marketwired – Sept. 14, 2016) –

THIS RELEASE IS NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES

Prospero Silver Corp. (TSX VENTURE:PSL) (“Prospero”) is pleased to announce that it has closed its previously announced non-brokered private placement of 9.25 million units (the “Units”) at a price of $0.20 per Unit, for gross proceeds of $1,850,000 (the “Offering”). Each Unit consisted of one common share (a “Share”) and one non-transferable common share purchase warrant (a “Warrant”). Each Warrant will entitle the holder thereof to purchase one additional Share at an exercise price of $0.30 per Share for 3 years, subject to an acceleration provision under which, if at any time after January 15, 2017, its common shares close at a price at or above $0.60 per share for more than 20 consecutive trading days, Prospero may, within five days of such event, provide notice (the “Notice”) to the holders of the Warrants that the Warrants will expire on the date which is 30 calendar days after the date of the Notice.

In connection with the Offering, Prospero entered into finder’s fee agreements with three arm’s length finders, Sprott Global Resource Investments, Ltd., Haywood Securities Inc. and Canaccord Genuity Corp. pursuant to which Prospero paid cash finder’s fees aggregating a total of $107,400 and issued 249,000 warrants (“Finder’s Warrants”). Each Finder’s Warrant has the same terms as the Warrants issued under the Offering.

The net proceeds from the Offering will be used by Prospero to advance Prospero’s existing project portfolio to drill-ready status, to expand the project portfolio by possible new acquisitions, and for general working capital purposes. Strategic joint ventures will also be sought.

All securities issued in connection with the Offering will be subject to a hold period expiring January 15, 2017.

About Prospero Silver Corp.:

Prospero is a Mexico-focused project generator listed on the TSX.V under the symbol PSL.V. Prospero’s aim is to discover world-class precious metal projects in the major mineral belts of Mexico. The Company applies a unique blend of practical exploration experience, cutting-edge mineral deposit science, and an extensive knowledge of Mexico´s geology to find new gold and silver systems. Our exploration programs are run by a small but highly-focused geological team based in Mexico.

Forward-Looking Statement Cautions:

This press release contains certain “forward-looking statements” within the meaning of Canadian securities legislation, relating to, among other things, the Company’s proposed use of proceeds. Although the Company believes that such statements are reasonable, it can give no assurance that such expectations will prove to be correct. Forward-looking statements are statements that are not historical facts; they are generally, but not always, identified by the words “expects,” “plans,” “anticipates,” “believes,” “intends,” “estimates,” “projects,” “aims,” “potential,” “goal,” “objective,” “prospective,” and similar expressions, or that events or conditions “will,” “would,” “may,” “can,” “could” or “should” occur, or are those statements, which, by their nature, refer to future events. The Company cautions that Forward-looking statements are based on the beliefs, estimates and opinions of the Company’s management on the date the statements are made and they involve a number of risks and uncertainties. Consequently, there can be no assurances that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Except to the extent required by applicable securities laws and the policies of the TSX Venture Exchange, the Company undertakes no obligation to update these forward-looking statements if management’s beliefs, estimates or opinions, or other factors, should change. Factors that could cause future results to differ materially from those anticipated in these forward-looking statements include,, possible, accidents and other risks associated with mineral exploration operations, the risk that the Company will encounter unanticipated geological factors, the possibility that the Company may not be able to secure permitting and other governmental clearances necessary to carry out the Company’s exploration plans, the risk that the Company will not be able to raise the additional funds in the future to continue to carry out its business plans, and the risk of political uncertainties and regulatory or legal changes that might interfere with the Company’s business and prospects. The reader is urged to refer to the Company’s reports, publicly available through the Canadian Securities Administrators’ System for Electronic Document Analysis and Retrieval (SEDAR) at www.sedar.com for a more complete discussion of such risk factors and their potential effects.

This news release does not constitute an offer to sell or a solicitation of an offer to buy nor shall there be any sale of any of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful, including any of the securities in the United States of America. The securities have not been and will not be registered under the United States Securities Act of 1933 (the “1933 Act”) or any state securities laws and may not be offered or sold within the United States or to, or for account or benefit of, U.S. Persons (as defined in Regulation S under the 1933 Act) unless registered under the 1933 Act and applicable state securities laws, or an exemption from such registration requirements is available.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.