Mr. James Anderson reports

GUANAJUATO SILVER TO UPDATE NI 43-101 TECHNICAL DISCLOSURE

Because of a disclosure review by the British Columbia Securities Commission (the BCSC), Guanajuato Silver Company Ltd. will be providing updates to its National Instrument (NI) 43-101 reports.

In reviewing the company's technical reports on its Valenciana, San Ignacio and Topia mine assets it has been determined that the reports do not contain the disclosure generally found in sections 15 to 22 of Form 43-101F1.

Regarding El Cubo, given the fact the mine was in production when the preliminary economic assessment was published, the company will provide an updated NI 43-101 technical report.

Until the updated reports are filed, the current technical reports do not comply with NI 43-101, and are therefore not to be relied upon.

The company anticipates that it will have the updated technical reports filed within 45 days. In updating the reports, the company does not anticipate any revision of its stated mineral resources.

We seek Safe Harbor.