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

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)