Esperanza Begins Resource Estimate, Expanded Metallurgical Testing for Cerro Jumil Gold Property in Mexico

Esperanza Silver Corporation (TSX VENTURE:EPZ)(PINK SHEETS:ESPZF) is pleased to
provide this update on its 100%-owned Cerro Jumil gold project in Mexico where
drilling continues to expand mineralization at this potential open-pit,
heap-leach operation. Highlights include:


- Resource estimate being prepared, anticipated third quarter 2008.

- Extended the recently discovered Las Calabazas Zone to over 450 meters in length.

-- Drill Hole DHE-08-57 yielded 31.5 meters containing 1.42 g/t gold.

-- Drill Hole DHE-08-61 yielded 24.4 meters containing 2.12 g/t gold.

- Discovered an area of broad silver mineralization which includes 15 meters of
177 g/t silver.


Las Calabazas Zone Expanded and Open

Drilling at the Las Calabazas Zone has confirmed the presence of gold
mineralization in multiple horizons over a strike length of more than 450
meters. The gold mineralization is open at depth as well as to the south. On the
northern edge of Las Calabazas the mineralization appears to narrow to seven
meters in width. It is uncertain if the mineralization continues further north
merging with the West Zone or if it is a separate area of mineralization.


Step-out drilling along the north end of the West Zone encountered only sporadic
gold mineralization. It did however find appreciable widths of high-grade silver
mineralization, including 15 meters of 177 grams per tonne silver in drill hole
RCHE-08-88 and 12 meters of 134 grams per tonne in drill hole RCHE-08-87. These
drill holes, spaced 100 meters apart, indicate potential to discover significant
silver mineralization of economic importance along the northern extension of the
intrusive contact.


Meanwhile, drilling in the Southeast Zone has largely delineated the eastern
border where many of the drill holes did not encounter mineralization. This may
indicate that the mineralization is deeper than drilled or has been interrupted
by a fault. Nevertheless, as currently defined by extensive drilling, the
Southeast Zone is the principal area of gold mineralization and may continue
westward merging with the Los Calabazas Zone. A table summarizing the recent
drill results is attached to this news release.


An Emerging Producer

Bill Pincus, Esperanza's CEO commenting on the recent drill results, said, "In
addition to the three identified zones of mineralization at Cerro Jumil, there
are many other targets on the property to be investigated. However, our priority
is to establish a resource estimate for the known areas of the deposit and begin
moving the project towards development.


He continued, "This is an exciting period in Esperanza's life as we move from
being an exploration company to potentially adding a producing mine to our
portfolio. Cerro Jumil together with San Luis in Peru could then generate
sufficient internal cash flow to finance our future mine-finding efforts."


Resource Estimate and Metallurgical Testing Underway

Esperanza has now completed 31,420 meters of diamond core and reverse
circulation drilling on the identified gold zones. It has contracted with
Exploration Geotechnologies Inc. to prepare a resource estimate to conform to
the requirements of National Instrument 43-101. It is planned to be issued in
the third quarter of 2008.


Concurrently, the Company has contracted Dr. Corby Anderson, Director of the
Center for Advanced Mineral and Metallurgical Processing at Montana Tech
University to design and supervise further metallurgical tests. These will
follow up on the successful heap-leach tests completed in 2007, which indicated
a gold recovery rate of 72%.


The resource estimate and metallurgical testing will form the basis for a
scoping study to determine the best development path. This is anticipated in the
second half of 2008.


About Esperanza

Esperanza is an emerging precious-metals producer focused on advancing the
development of its two principal properties: the San Luis gold and silver joint
venture in Peru and the 100%-owned Cerro Jumil gold project in Morelos State,
Mexico. It is also actively investigating 17 other exploration interests in Peru
and Mexico.


QUALIFIED PERSON: William Bond, M.Sc., Geol. and Vice President of Exploration,
Esperanza Silver Corp. is the Qualified Person (QP) under NI 43-101 responsible
for the Cerro Jumil exploration program. He has verified the drill results and
other data disclosed in this news release, including sampling, analytical and
test data. Field work has been conducted under his supervision. All samples were
submitted to ALS Chemex laboratories in Vancouver, Canada for analysis. Gold
samples were analyzed by fire assay and atomic absorbtion spectroscopy with a 30
g nominal sample weight. A description of quality control and quality assurance
protocols can be found at http://www.esperanzasilver.com/s/QA-QC-Protocols.asp.


SAFE HARBOR: Some statements in this release are forward-looking in nature. The
United States Private Securities Litigation Reform Act of 1995 provides a "safe
harbor" for certain forward-looking statements. Such statements include
statements as to the potential of the Cerro Jumil or San Luis properties, the
ability to finance further exploration, to permit drilling and other exploration
and development work, the availability of drill rigs, the ability to develop and
finance any proposed mine, and the availability equipment, supplies and
personnel at economic rates to make the property viable at then prevailing
metals prices.


The forward-looking statements involve risks and uncertainties and other factors
that could cause actual results to differ materially, including those relating
to exploration and bringing properties into production. Please refer to a
discussion of some of these and other risk factors in Esperanza's Form 20-F
filed with the U.S. Securities and Exchange Commission. The forward-looking
statements contained in this document constitute managements' current estimates
as of the date of this release with respect to the matters covered herein.
Esperanza expects that these forward-looking statements will change as new
information is received and that actual results will vary, possibly in material
ways.


Forward-looking statements are based on the beliefs, expectations and opinions
of management on the date the statements are made, and the company does not
assume any obligation to update forward-looking statements if circumstances or
management's beliefs, expectations or opinions should change. For these reasons,
investors should not place undue reliance on forward-looking statements.




-----------------------------------------------------------
Cerro Jumil Drill Results
May-08
-----------------------------------------------------------
                   From        To   Interval     Gold Grade
Hole            (meters)  (meters)    Length   (grams/tonne)
-----------------------------------------------------------
-----------------------------------------------------------
Las Calabazas Zone
-----------------------------------------------------------
DHE-07-55         178.0     193.0       15.0           1.52
-----------------------------------------------------------
-----------------------------------------------------------
DHE-08-57          95.5     127.0       31.5           1.42
-----------------------------------------------------------
-----------------------------------------------------------
DHE-08-59          69.0      88.5       19.5           1.46
-----------------------------------------------------------
-----------------------------------------------------------
DHE-08-61         168.1     192.5       24.4           2.12
-----------------------------------------------------------
 includes         176.0     185.0        9.0           3.11
-----------------------------------------------------------
-----------------------------------------------------------
DHE-08-62          59.5      76.0       16.5           0.68
-----------------------------------------------------------
                  134.5     140.5        6.0           1.22
-----------------------------------------------------------
                  182.5     205.0       22.5           2.17
-----------------------------------------------------------
-----------------------------------------------------------
DHE-08-63         134.0     195.5       61.5           0.67
-----------------------------------------------------------
 includes         170.0     186.5       16.5           1.40
-----------------------------------------------------------
-----------------------------------------------------------
West Zone
-----------------------------------------------------------
RCHE-08-86          No Significant Intervals
-----------------------------------------------------------
-----------------------------------------------------------
RCHE-08-87         39.0      51.0       12.0   Silver 133.7
-----------------------------------------------------------
-----------------------------------------------------------
RCHE-08-88         63.0      67.5        4.5     Gold  1.97
 and Silver        51.0      66.0       15.0   Silver 177.0
-----------------------------------------------------------
-----------------------------------------------------------
RCHE-08-88         63.0      67.5        4.5           1.97
-----------------------------------------------------------
-----------------------------------------------------------
Southeast Zone
-----------------------------------------------------------
DHE-07-53           No significant intervals
-----------------------------------------------------------
-----------------------------------------------------------
DHE-08-56           No significant intervals
-----------------------------------------------------------
-----------------------------------------------------------
DHE-08-58           No significant intervals
-----------------------------------------------------------
-----------------------------------------------------------
DHE-08-60           No significant intervals
-----------------------------------------------------------
-----------------------------------------------------------
RCHE-07-78        162.0     180.0       18.0           0.78
-----------------------------------------------------------
-----------------------------------------------------------
RCHE-08-81         76.5     117.0       40.5           1.15
-----------------------------------------------------------
-----------------------------------------------------------
RCHE-08-84          No Significant Intervals
-----------------------------------------------------------
-----------------------------------------------------------
RCHE-08-85A         No Significant Intervals
-----------------------------------------------------------
-----------------------------------------------------------
RCHE-08-89          No Significant Intervals
-----------------------------------------------------------
-----------------------------------------------------------
RCHE-08-90          No Significant Intervals
-----------------------------------------------------------
-----------------------------------------------------------
RCHE-08-91A         No Significant Intervals
-----------------------------------------------------------
-----------------------------------------------------------
RCHE-08-92          No Significant Intervals
-----------------------------------------------------------
-----------------------------------------------------------
RCHE-08-93        262.5     300.0       34.5           1.40
-----------------------------------------------------------
 includes         283.5     297.0       13.5           2.06
-----------------------------------------------------------
-----------------------------------------------------------
RCHE-08-94        249.0     300.0       51.0           1.13
-----------------------------------------------------------
-----------------------------------------------------------
RCHE-08-95          No Significant Intervals
-----------------------------------------------------------
-----------------------------------------------------------
RCHE-08-96        163.5     225.0       61.5           0.69
-----------------------------------------------------------
-----------------------------------------------------------
RCHE-08-98        240.0     255.0       15.0           1.21
-----------------------------------------------------------
-----------------------------------------------------------
RCHE-08-99          No Significant Intervals
-----------------------------------------------------------
-----------------------------------------------------------
RCHE-08-100         No Significant Intervals
-----------------------------------------------------------
-----------------------------------------------------------
RCHE-08-101         No Significant Intervals
-----------------------------------------------------------
-----------------------------------------------------------