Milner Announces Exercise of Options and Grant of Stock Options

PENETANG, ONTARIO (TSX VENTURE: MCA) - announces that options to acquire 41,250 common shares of Milner at an exercise price of $0.175 per share expiring on May 26, 2008 were exercised by a director and officer of the Company's wholly owned Mexican subsidiary on January 28, 2008. A further 352,250 common shares of Milner at $0.175 were also exercised by a director and officer of Milner Consolidated Silver Mines Ltd on January 28, 2008. The exercise of these options increased the issued and outstanding shares of the Company from 7,045,006 common shares to a total of 7,438,506 common shares as of January 28, 2008.

Further to the existing stock option plan 432,850 common shares have been granted as options to these same two directors. 216,425 common shares have been granted to a director and officer of the Company's wholly owned Mexican subsidiary on February 19, 2008 at an exercise price of $0.335 per share and 216,425 common shares have been granted to a director and office of Milner on February 19, 2008 at an exercise price of $0.335 per share.

The market price at close of previous day was $0.335. The grant of this option is in accordance with the existing stock option plan.

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)