Prospero Silver and Silver Standard Sign Option Agreement to Joint Venture the San Luis Cordero Project

Prospero Silver Corp. (TSX VENTURE:PSL) ("Prospero" or the "Company") is pleased
to announce that it has signed the definitive agreement with Silver Standard
Resources Inc. (TSX:SSO)(NASDAQ:SSRI) ("Silver Standard") for an option to joint
venture Prospero's San Luis del Cordero property in central Durango State,
Mexico. The initial Letter of Intent with Silver Standard to Joint Venture
Cordero was news released on September 17, 2012. 


Under the terms of the Definitive Agreement, Silver Standard has the option to
earn a 51% interest within 3 years by incurring total property expenditures of
US$3.5M, a minimum of 4,000 meters of drilling in Year 1, and total cash
payments of US$1.5M. Upon Silver Standard earning a 51% interest, the initial
joint venture program shall have a minimum program cost of US$4M over 36 months
and require the preparation of a pre-feasibility level study on the property.
The Definitive Agreement also contains provisions related to additional joint
venture exploration and development programs, including the dilution of a joint
venture partner's participating interest if such partner does not fund its
portion of a program. 


The mineral concessions comprising the San Luis del Cordero property are
currently held by a Mexican company that is a related party to Prospero. The
claimholder and Prospero have entered into an agreement whereby Prospero may
acquire a 100% interest in the property (subject to a 2% net smelter royalty
payable to the claimholder) contemporaneously with Silver Standard earning in
its interest under the joint venture agreement. 


Tawn Albinson, M.Sc., President of the Company, is a Qualified Person, as
defined in NI 43-101, and is responsible for the technical content of this press
release. 


About Prospero Silver Corp.:

Prospero is a Canadian resource company with the majority of its staff based in
Mexico and who work for its wholly owned subsidiary Minera Fumarola, SA de CV
(Fumarola). Prospero's objective is to quickly evaluate the properties currently
optioned for their suitability to provide size potential and/or amenability for
strategic joint ventures.


Forward-Looking Statement Cautions:

This news release contains certain "forward-looking statements" within the
meaning of Canadian securities legislation, relating to the closing of a
non-brokered Private Placement. Although the Company believes that such
statements are reasonable, it can give no assurance that such expectations will
prove to be correct. Forward-looking statements are statements that are not
historical facts; they are generally, but not always, identified by the words
"expects", "plans", "anticipates", "believes", "intends", "estimates",
"projects", "aims", "potential", "goal", "objective", "prospective", and similar
expressions, or that events or conditions "will", "would", "may", "can", "could"
or "should" occur, or are those statements, which, by their nature, refer to
future events. Factors that could cause actual results to differ materially from
these forward looking statements include, but are not limited to, variations in
the nature, quality and quantity of any mineral deposits that may be located,
the Company's inability to obtain any necessary permits, consents or
authorizations required for its planned activities, and the Company's inability
to raise the necessary capital or to be fully able to implement its business
strategies. The reader is referred to the Company's reports, publicly available
through the Canadian Securities Administrators' System for Electronic Document
Analysis and Retrieval (SEDAR) at www.sedar.com, including the risk factors
discussed in Prospero's November 27, 2009 prospectus. Except as required by
securities laws and the policies of the TSX Venture Exchange, Prospero disclaims
any intention or obligation to update or revise any forward-looking statement,
whether as a result of new information, future events or otherwise. 


FOR FURTHER INFORMATION PLEASE CONTACT: 
Prospero Silver Corp.
William Murray
Chairman
[phone]


Contact Financial
Kirk Gamley
[phone]