Silvermex Resources Ltd. Closes $6,901,056 in Private Placement Financing

  Silvermex Resources Ltd. (TSX VENTURE: SMR) (the "Company") is pleased to announce that further to its news releases dated February 2, 2010 and February 8, 2010, it has closed its private placement of 15,335,680 units ("Units") at a price of $0.45 per Unit for gross proceeds of $6,901,056. Each Unit consists of one common share and one share purchase warrant. Each warrant ("Warrant") will entitle the holder to purchase an additional common share for a period of 24 months from closing at a price of $0.65 per share. A portion of the private placement (4,500,000 Units representing $2,025,000 of the gross proceeds) were placed on a brokered basis through Canaccord Financial Ltd. (the "Agent").

The Agent's compensation consisted of 360,000 units ("Agent's Units"), being 8% of the Units subscribed. The Agent's Units have the same terms as the Units. The Agent was also issued 360,000 non-transferable warrants, exercisable into units ("Agent's Warrant Units") of the Company at a price of $0.45 per Agent's Warrant Unit, the terms of which are the same as the Units. The Agent also received 50,000 corporate finance units, having the same terms as the Units.

The balance of the private placement (10,835,655 Units representing $4,876,045 of the gross proceeds) was placed on a non-brokered basis. Finders' fees totaling $320,783 cash and 643,244 non-transferable warrants ("Finders' Warrants") are payable in connection with the non-brokered private placement. The Finders' Warrants are exercisable into units ("Finders Units") at a price of $0.45 per Finders' Unit, the terms of which are the same as the Units. In addition, 50,000 corporate finance units were issued, having the same terms as the Units.

All securities issued in connection with the private placement are subject to a hold period expiring June 13, 2010.

The proceeds of the private placement are intended to be used to advance the Company's San Marcial/Rosario silver project in Mexico and for general working capital.

On Behalf of the Board of Directors of Silvermex Resources Ltd.

Duane Nelson, CEO & Director

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. Forward looking statements in this news release include that we will use the private placement funds to advance the Company's San Marcial/Rosario silver project in Mexico. These statements are only predictions and involve known and unknown risks, uncertainties and other factors that may cause our 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. Management has assumed that these will be our major projects going forward. Risks include that we are unable to satisfy environmental or other regulators, that we determine that our resources are not commercially viable, or that we have difficulties due to unavailability of labour or equipment.

While these forward-looking statements, and any assumptions upon which they are based, are made in good faith and reflect our 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.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Contacts: Silvermex Resources Ltd. Duane Nelson Chief Executive Officer 604-638-8971 [e-mail]