Prospero Silver, Braeval Mining Sign Memo of Understanding to Explore El Petate Project

VANCOUVER, BRITISH COLUMBIA--(Marketwired - Sep 12, 2013) - Prospero Silver Corp. (TSX VENTURE:PSL) ("Prospero" or the "Company") is pleased to announce that its wholly owned Mexican subsidiary Minera Fumarola, SA de CV, and Braeval Mexico, SA de CV, a subsidiary of Braeval Mining Corp. (TSX:BVL), have entered into a memorandum of understanding (the "MOU") to advance exploration within the "Plomosa" mining concession which covers the Petate project in the state of Hidalgo (see PSL news releases of October 18, 2012; and January 21, 2013).

Pursuant to the MOU, Braeval Mining and Prospero have agreed, subject to Toronto Stock Exchange and other regulatory approvals, to execute a definitive agreement whereby Braeval Mining will have the exclusive right to explore El Petate and an option to incorporate a joint venture company over El Petate following the completion of a 48 month earn in through cash payments totalling US$1,415,000, 2,000,000 common shares of Braeval Mining and the completion of a defined work program. Upon signing, Braeval Mining has made a minimum commitment of US$50,000 and 2,500 metres of drilling.

William Murray, P. Eng., Chairman of the Company, is a Qualified Person, as defined in NI 43-101, and is responsible for the 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.

Cautionary Statement:

This news release contains forward-looking statements within the meaning of the Canadian provincial securities laws that are not historical facts. Forward-looking statements involve risks, uncertainties and other factors that could cause actual results, performance, prospects and opportunities to differ materially from those expressed or implied by such forward-looking statements, including statements regarding future exploration plans. 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 public disclosure record which is available on SEDAR (www.sedar.com), including the risk factors discussed in Prospero's November 27, 2009 prospectus. Although Prospero believes that the assumptions and factors used in preparing the forward-looking statements are reasonable, undue reliance should not be placed on these statements, which only apply as of the date of this news release, and no assurance can be given that such events will occur in the disclosed time frames or at all. 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.

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.