Argentum Closes Second Tranche of Non-Brokered Financing: Updated Release

Argentum Silver Corp. (TSX VENTURE:ASL) ("Argentum" or the "Company") announces
that it closed the second tranche of its non-brokered private placement on May
30, 2011. The second tranche consisted of 1,649,500 units at a price of $0.35
per unit for total gross proceeds of $577,325.


The units each consist of one common share and one-half of one share purchase
warrant. Each whole warrant (the "Warrants") will be exercisable for one
additional common share at a price of $0.50 until May 30, 2012.


Argentum agreed to pay qualified parties a finder's fee in cash equal to 7% of
the total proceeds invested by subscribers introduced to Argentum by such
parties, subject to the approval of the TSX Venture Exchange (the "Exchange").
Each qualified finder will also receive a non-transferable warrant (the
"Finder's Warrant") entitling them to purchase that number of Argentum common
shares equal to 7% of the total number of Units purchased by subscribers
introduced to Argentum by such parties. Each Finder's Warrant will have terms
and conditions similar to that of the Warrants issued under the private
placement. In connection with the closing of the second tranche, Argentum has
agreed to pay a total of $39,923 in cash and issue 114,065 Finder's Warrants.


All securities issued with respect to the second tranche of the placement are
subject to a four month hold period expiring on October 1, 2011, in accordance
with the policies of the Exchange and the provisions of the Securities Act
(British Columbia).


About Argentum Silver

Argentum holds the right to acquire a 100% interest in the Lachiguiri,
Silacayoapan and Nino Perdido properties, all located in Oaxaca, Mexico, under
an option agreement with Arco Resources Corp. Argentum also has an option to
earn a 100% interest from Soltoro Ltd. in the Victoria and Coyote silver-gold
projects located in Jalisco, Mexico. For further information, please go to
www.argentumsilvercorp.com.


On behalf of the Board of Directors of Argentum Silver Corp.

Warren McIntyre, President and Chief Executive Officer

Argentum Silver Corp.

This News Release may contain forward-looking statements including but not
limited to comments regarding the timing and content of upcoming work programs,
geological interpretations, receipt of property titles, potential mineral
recovery processes, etc. Forward-looking statements address future events and
conditions and therefore involve inherent risks and uncertainties. Actual
results may differ materially from those currently anticipated in such
statements. Argentum relies upon litigation protection for forward-looking
statements.