Commonwealth Silver and Gold Mining Inc. Files Preliminary Prospectus for IPO

TORONTO, ONTARIO -- (Marketwire - March 27, 2012) - Commonwealth Silver and Gold Mining Inc. ("Commonwealth Silver" or the "Company") is pleased to announce that it has filed a preliminary long form prospectus dated March 23, 2012 (the "Preliminary Prospectus") with the securities regulatory authorities in all of the provinces of Canada except Quebec in connection with a proposed initial public offering ("IPO") of units of the Company.

Each unit will be comprised of one common share of the Company and one-half of one common share purchase warrant. Each warrant will entitle the holder thereof to purchase one common share of the Company at a specified price for a period of 18 months subject to acceleration under certain circumstances. The IPO is being made on a best efforts agency basis through a syndicate group led by Fraser Mackenzie Limited and including Haywood Securities Inc., Canaccord Genuity Corp. and Sprott Private Wealth LP. The final offering price for the units and the size of the offering will be determined in the context of the market at the time of filing the final long form prospectus.

This news release shall not constitute an offer to sell or a solicitation of an offer to buy, nor shall there be any sale of, the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful. The securities described herein have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act"), or any U.S. state securities laws and may not be offered or sold in the United States or to U.S. persons except in compliance with the registration requirements of the U.S. Securities Act and applicable U.S. state securities laws or pursuant to an exemption therefrom.

A copy of the Preliminary Prospectus is available on SEDAR at www.sedar.com and may also be obtained by contacting Fraser Mackenzie Limited at ecm@frasermackenzie.com. The Preliminary Prospectus is still subject to completion or amendment. There will not be any sale or acceptance of an offer to buy the securities until a receipt for the final prospectus has been issued.


About Commonwealth Silver and Gold Mining Inc.

Commonwealth Silver is a private Canadian mineral exploration and development company focused on acquiring gold and silver properties in Arizona and advancing them towards production. The Company comprises an experienced management group with a strong background in all aspects of acquisition, exploration, development and financing of precious metals mining projects.


CAUTIONARY NOTE REGARDING FORWARD LOOKING INFORMATION

This news release contains certain "forward-looking information" under Canadian securities laws. All statements that address future plans, activities, events or developments that the Company believes, expects or anticipates will or may occur are forward-looking information. This can include, but is not limited to comments regarding the sizing and pricing of the offering, filing of the final long form prospectus, completion of the offering, TSX approval for listing, the use of proceeds, timing and expectations for finalizing property agreements, timing and content of upcoming work programs, geological interpretations, receipt of property titles, potential mineral recovery processes etc. Forward-looking information addresses future events and conditions and therefore involves inherent risks and uncertainties. There can be no assurance that outcomes anticipated in the forward-looking information will occur and actual results may differ materially from those currently anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking information. The Company undertakes no obligation to update publicly or otherwise any forward-looking information, except as may be required by law.

No stock exchange, regulation securities provider, securities commission or other regulatory authority has approved or disapproved the information contained in this news release.

NOT FOR DISSEMINATION IN THE UNITED STATES OF AMERICA OR THROUGH U.S. NEWSWIRE SERVICES



Contact Information

Commonwealth Silver and Gold Mining Inc.
Michael Farrant, President & CEO
416-278-4149
Toll free: 1-855-645-7471
mfarrant@commonwealthsilver.ca

Commonwealth Silver and Gold Mining Inc.
Katrin Tosine, Investor Relations
416-645-7476
Toll free: 1-855-645-7471
ktosine@commonwealthsilver.ca
www.commonwealthsilver.ca