Impact Silver Intersects 1,875 g/t Silver Across 1.00 Meters and 115 g/t Silver Across 23.39 Meters at the Oscar Vein Corridor in Mexico

VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 04/23/12 -- IMPACT Silver Corp. ("IMPACT") (TSX VENTURE: IPT) is pleased to announce additional high grade silver values and wide zones of mineralization from the second phase drill program on the Oscar Project. Highlights include 1,875 g/t Silver across 1.00 meters and 115 g/t Silver across 23.39 meters. Oscar is located only 2.5 kilometers east of IMPACT'S operating 500-tonne-per-day ("tpd") Guadalupe processing plant in the 423 square kilometer Royal Mines of Zacualpan District of central Mexico. These results are in addition to previously announced results from the Oscar Project, which included multiple intersections over 1,000 g/t Silver (see IMPACT News Releases dated October 20 and 26, 2011).

Highlights from this second phase drill program are as follows:

OSCAR VEIN CORRIDOR DRILL RESULTS


DRILL                   FROM       TO   INTER- Silver   Gold   Lead   Zinc
HOLE         SECTION      (m)      (m)    VAL    (g/t)  (g/t)    (%)    (%)
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Z11-55        19+50N   21.80    22.85    1.05     435   0.01   0.15   0.24
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Z11-61        19+50N  256.20   257.16    0.96     216   1.71  11.03  19.73
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Z11-64        20+00N   36.60    43.20    6.60     223   0.08   0.18   0.52
including              36.60    37.40    0.80   1,270   0.23   0.86   1.66
and                   137.25   138.25    1.00     468   0.13   1.67   1.28
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Z11-69        20+00N    0.70     3.35    2.65     408   0.62   0.73   1.12
and                    71.05    72.10    1.05     536   0.17   1.67   3.20
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Z11-71        20+00N   97.60    98.60    1.00     234   0.74  11.25  13.55
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Z11-74        20+50N   21.35    22.35    1.00   1,875   0.74   2.65   6.88
and                    90.00    91.24    1.24     835   0.12   1.28   1.78
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Z11-76        20+50N   42.53    56.45   13.92      80   0.98   1.03   1.44
including              42.53    44.24    1.71     220   0.41   1.76   1.57
including              46.79    48.29    1.50     299   0.35   3.22   5.72
including              53.96    56.45    2.49      71   4.79   1.84   1.66
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Z11-78        20+50N  102.15   103.70    1.55     250   0.02   0.01   0.03
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Z12-05        17+00N   92.50    97.60    5.10     234   0.05   0.14   0.49
including              95.55    96.55    1.00     444   0.12   0.26   0.92
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Z12-06        18+00N   86.25    87.15    0.90     564   0.01   0.16   1.22
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Z12-08        19+00N   45.75    23.39   23.39     115   0.02   0.12   0.36
including              22.36    23.85    1.49     510   0.06   0.36   1.27
including              44.50    45.75    1.25     297   0.08   0.36   0.87
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Z12-09        19+00N  118.15   121.15    3.00     272   0.20   0.90   2.44
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Z12-12        18+50N  153.45   153.95    0.50     346   0.03  0.242   0.88
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The data from this drilling and earlier drilling in the Oscar area (see IMPACT News Releases dated October 20 and 26, 2011) are now being interpreted to estimate vein orientations and true widths for the drill intersections which cut multiple veins in the Oscar Vein Corridor.

These Oscar drill results are from multiple veins in a wide vein corridor (Oscar Vein Corridor) located on the southern extensions of the large Cuchara Mine, a former producer that last operated in 2004. This second phase of drilling was designed to expand the Oscar Vein Corridor to the north and connect it with the Cuchara Mine workings, as well as better define zones of silver mineralization intersected in the first phase drill program. With completion of this second phase drill program, the data will be interpreted and handed over to the IMPACT mine development team to complete their study of the viability of mine production in the combined Oscar-Santa Lucia area. Should these studies prove successful, the Oscar and Santa Lucia areas will be fast tracked into production as a source of high grade silver mill feed. Mining will utilize the existing infrastructure of the Cuchara Mine which includes a nearby modern mine access ramp located close to the drill intersections reported here. This pre-existing nearby mining infrastructure its relative position at elevations below the Oscar and Santa Lucia drill intersections, and the short transport distance to the Guadalupe processing plant should result in a low cost structure for potential mining operations in this area.

Brian Hall, P. Geo. and Nigel Hulme, P. Geo., Qualified Persons under the meaning of Canadian National Instrument 43-101, are responsible for the technical content of this news release.

IMPACT Silver Corp. is a silver focused mining and exploration company operating in Mexico with a producing silver operation at the 423-square-kilometer Royal Mines of Zacualpan Silver District, the 200-square-kilometer advanced Mamatla Silver District including the Capire Mine Development Project, and a 16.6% shareholding in Defiance Silver Corp., who are advancing IMPACT's 200-tpd mill and mineral concessions in the Zacatecas Silver District. Additional information can be found on the Company website at www.IMPACTSilver.com.

On behalf of the Directors IMPACT Silver Corp.,

Frederick W. Davidson, President & CEO

Forward-Looking Statements

This IMPACT News Release may contain certain "forward-looking" statements and information relating to IMPACT that is based on the beliefs of IMPACT management, as well as assumptions made by and information currently available to IMPACT management. Such statements reflect the current risks, uncertainties and assumptions related to certain factors including but not limited to, without limitations, exploration and development risks, expenditure and financing requirements, title matters, operating hazards, metal prices, political and economic factors, competitive factors, general economic conditions, relationships with vendors and strategic partners, governmental regulation and supervision, seasonality, technological change, industry practices, and one-time events. Should any one or more risks or uncertainties materialize or change, or should any underlying assumptions prove incorrect, actual results and forward-looking statements may vary materially from those described herein. IMPACT does not assume the obligation to update any forward-looking statement.

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:

IMPACT Silver Corp.

Meghan Brush

Investor Relations

(604) 681-0172

(604) 681-6813 (FAX)
inquiries@impactsilver.com
www.IMPACTSilver.com