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

MILNER CONSOLIDATED SILVER MINES LTD. (Milner) (TSX VENTURE:MCA) - announces
that outstanding stock options totaling 632,850 common shares have been
cancelled effective March 9, 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 632,850 common shares of Milner at an exercise
price of $0.10 per share expiring on March 8, 2014 have been granted to 1
director and officer of Milner and one director and officer 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 416,425 common shares have
been granted to a director and officer of Milner's wholly-owned Mexican
subsidiary. 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.

Options totaling 111,000 common shares that were cancelled on February 3, 2009
have been reinstated. The options for 37,000 common shares to each of the three
directors who are not also officers of the Company have an exercise price of
$0.25 per share and expire on October 16, 2013. The original 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 incentive stock options that were cancelled and granted on February 3, 2009
and reported in a press release dated February 3, 2009 did not receive
regulatory approval and have been hereby nullified.


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