Silvermex Resources Ltd.: Acquisition of Penasco Quemado Silver Project Completed

  Silvermex Resources Ltd. (TSX VENTURE: SMR) is pleased to announce that it has completed the purchase of a 100% interest in the Penasco Quemado silver project. The Penasco Quemado project totals 36,000 hectares in north-central Sonora, Mexico.

On October 15, 2008 the Company announced that it had updated the mineral resource based on a total of 9,847 meters of core and reverse circulation drilling from 107 holes completed by both Silvermex and previous operators. The Penasco Quemado project contains mineral resources as outlined in the following chart:

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Category                 Tonnes       Ag(g/t)            Ag(oz)
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Measured (M):           722,658        111.6         2,591,752
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Indicated (I):        2,352,174         98.8         7,468,166
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Total M&I:            3,074,832        101.8        10,059,918
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Inferred:               597,045         71.2         1,366,749
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The Penasco Quemado deposit consists of silver with minor gold and copper in structurally-controlled fissure fillings hosted within volcanics and disseminated throughout a conglomeratic breccia unit. The near surface and oxidized nature of the mineralization suggest the deposit would have a low strip ratio and be amenable to low cost, bulk tonnage, open pit mining methods. The resource is concentrated along a strike length of 400 metres. Step-out drill holes have also identified mineralization along strike to the southwest and southeast of the deposit with silver grades similar to those that constitute the current mineral resource.

The Company also reported in the October 2008 press release that metallurgical testing of the Penasco Quemado material produced 71% silver recoveries. Management continues to work on improving recoveries beyond this already acceptable rate by optimizing crush size, reagent concentration, and leach time.

Mineral resources that are not mineral reserves do not have demonstrated economic viability. The economic assessment of the mineral resources is preliminary in nature and there is no certainty that a preliminary economic assessment will be realized.

Qualified Person

Pursuant to National Instrument 43-101, Mr. William Lewis, B. Sc., P.Geo. (Micon International Limited) is the independent Qualified Person responsible for the mineral resource estimate.

Mr. William Lewis has read and approved this news release.

This News Release contains forward-looking statements. Forward looking statements are statements which relate to future events. In some cases, you can identify forward-looking statements by terminology such as "may", "should", "expects", "plans, "anticipates", believes", "estimates", "predicts", "potential", or "continue or the negative of these terms or other comparable terminology. These statements are only predictions and involve known and unknown risks, uncertainties and other factors that may cause our or our industry's actual results, level of activity, performance or achievements to be materially different from any future results, levels of activity, performance, or achievements expressed or implied by these forward-looking statements.

While these forward-looking statements, and any assumptions upon which they are based, are made in good faith and reflect out current judgment regarding the direction of our business, actual results will almost always vary, sometimes materially, from any estimates, predictions, projections, assumptions or other future performance suggests herein. Except as required by applicable law the Company does not intend to update any forward-looking statements to conform these statements to actual results.

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Contacts: Silvermex Resources Ltd. Jason Leikam Corporate Development 604-638-8979 [e-mail] Silvermex Resources Ltd. Bruce Bragagnolo CEO, Director 604-638-8980 [e-mail] www.silvermexresources.com