Milner Announces Cancellation of Existing Stock Options and Grant of New Stock Options Under Existing Plan

  MILNER CONSOLIDATED SILVER MINES LTD. (TSX VENTURE: MCA) (Milner) - announces that outstanding stock options totaling 743,850 common shares have been cancelled effective February 3, 2009. The exercise price of the cancelled options ranged from $0.25 to $0.335 per common share and the expiry dates ranged from October 9, 2010 to October 16, 2013.

Options to acquire a total of 743,850 common shares of Milner at an exercise price of $0.09 per share expiring on February 2, 2014 have been granted to four directors of Milner and one director of Milner's wholly-owned Mexican subsidiary. Options of 216,425 common shares have been granted to a director and officer of the company and 216,425 common shares have been granted to a director and officer of Milner's wholly-owned Mexican subsidiary. Options totaling 111,000 common shares have been granted to the three remaining directors of the Company, with each director entitled to 37,000 common shares. The market price at close of previous day was $0.09. The grant of this option is in accordance with the existing stock option plan. The stock options are for a term of five years and vest immediately.

The grant of the incentive stock options is subject to regulatory approval.

Milner Consolidated Silver Mines Ltd. is a junior resource company, quoted for trading on the TSX Venture Exchange under the symbol MCA. There are currently 7,438,506 shares issued and outstanding in Milner Consolidated Silver Mines Ltd.

On Behalf of the Board,

D.J. Bazinet, President

Shares Outstanding: 7,438,506

The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.

Contacts: Milner Consolidated Silver Mines Ltd. Deborah Bazinet [phone] [phone] (FAX)