PSL Prospero Silver Corp

THIS PRESS RELEASE IS NOT FOR DISTRIBUTION IN THE UNITED STATES OF TO U.S. NEWS
AGENCIES


Prospero Silver Corp. (TSX VENTURE:PSL) ("Prospero" or the "Company") announces
that it has completed the non-brokered private placement (the "Private
Placement") first announced on May 22, 2012 of 6,055,000 units (the "Units") at
a price of $0.10 per unit, for gross proceeds of $605,500. Each Unit consists of
one common share ("Common Share") and one half non-transferable share purchase
warrant ("Warrant"), with each whole Warrant entitling the holder to purchase
one Common Share for a term of 18 months at a price of $0.20 per Common Share.
If at any time from four months and one day after the closing of the Private
Placement, the volume weighted average trading price of Prospero's common shares
on the TSX Venture Exchange over a period of 20 consecutive trading days exceeds
$0.20, Prospero may within five days after such event, provide notice to the
warrant holders that the Warrants will expire early, namely on the date which is
30 calendar days after the date of such notice to the warrant holders.


In connection with the Private Placement, Prospero entered into finder's fee
agreements with arm's length finders pursuant to which Prospero paid cash
finder's fees of $27,600 and 138,000 finder's warrants (the "Finder's
Warrants"), each Finder's Warrant having the same terms as the Private Placement
Warrants.


All securities issued under the Private Placement are subject to a four-month
hold period and are not tradable in Canada until October 15, 2012.


The net proceeds from the Private Placement will be used to continue the
mapping, sampling and magnetic ground work on the Santa Maria Del Oro project
and for general working capital purposes.


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.


Forward-Looking Statement Cautions:

This news release contains certain "forward-looking statements" within the
meaning of Canadian securities legislation, relating to the closing of a
non-brokered private placement and the use of the net proceeds from such
financing. Although the Company believes that such statements are reasonable, it
can give no assurance that such expectations will prove to be correct.
Forward-looking statements are statements that are not historical facts; they
are generally, but not always, identified by the words "expects", "plans",
"anticipates", "believes", "intends", "estimates", "projects", "aims",
"potential", "goal", "objective", "prospective", and similar expressions, or
that events or conditions "will", "would", "may", "can", "could" or "should"
occur, or are those statements, which, by their nature, refer to future events.
Factors that could cause actual results to differ materially from these forward
looking statements include, but are not limited to, the Company's inability to
secure sufficient subscriptions from investors to complete the above-described
private placement, 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
reports, publicly available through the Canadian Securities Administrators'
System for Electronic Document Analysis and Retrieval (SEDAR) at www.sedar.com,
including the risk factors discussed in Prospero's November 27, 2009 prospectus.
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.


THIS PRESS RELEASE, REQUIRED BY APPLICABLE CANADIAN LAWS, IS NOT FOR
DISTRIBUTION TO U.S. NEWS SERVICES OR FOR DISSEMINATION IN THE UNITED STATES.


THE SECURITIES TO BE ISSUED UNDER THE OFFERING HAVE NOT BEEN REGISTERED UNDER
THE UNITED STATES SECURITIES ACT OF 1933 (AS AMENDED) OR ANY STATE SECURITIES
LAWS, AND UNLESS SO REGISTERED MAY NOT BE OFFERED OR SOLD IN THE UNITED STATES
OR TO U.S. PERSONS EXCEPT PURSUANT TO AN EXEMPTION FROM, OR IN A TRANSACTION
SUBJECT TO, THE REGISTRATION REQUIREMENTS OF THE UNITED STATES SECURITIES ACT OF
1933 AND APPLICABLE STATE SECURITIES LAWS. THIS PRESS RELEASE IS ISSUED PURSUANT
TO RULE 135(C) OF THE UNITED STATES SECURITIES ACT OF 1933 (AS AMENDED) AND DOES
NOT CONSTITUTE AN OFFER TO SELL, OR THE SOLICITATION OF AN OFFER TO BUY, NOR
SHALL THERE BE ANY SALE OF SECURITIES OF THE COMPANY IN ANY JURISDICTION IN
WHICH SUCH OFFER, SOLICITATION OR SALE WOULD BE UNLAWFUL PRIOR TO REGISTRATION
OR QUALIFICATION UNDER THE SECURITIES LAWS OF ANY SUCH JURISDICTION.

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