Wednesday, November 05, 2008
Resource Summary And Corporate Update
TSX-V:SMR
Silvermex Resources Ltd. is pleased to provide a corporate update and progress report on its 2008 exploration and resource upgrade programs. Silvermex continues to successfully focus its efforts on establishing high-quality, near-surface silver resources.

During 2008, Silvermex completed extensive exploration and drill programs on its San Marcial and Penasco Quemado properties and extensive underground sampling at La Frazada. Approximately 2,000 meters of drilling at San Marcial resulted in the increase of the indicated mineral resource to 18.0 million ozs silver and the inferred resource to 4.4 million ozs silver. This updated resource includes an upgrade of the old resource of 14.26 million ounces of silver into the indicated category from the inferred category.

These programs have allowed Silvermex in October 2008 to announce updates to the NI 43-101 resource estimates on its 3 primary, advanced-stage properties. Measured and Indicated resources now total 32.8 million ounces silver, 40.8 million lbs lead and 86.9 million lbs zinc. Inferred resources now total 9.8 million ounces silver, 30.0 million lbs lead and 65.5 million lbs zinc. This represents a 343% growth in silver resources over the last 24 month period.

As disclosed in news releases dated October 9, October 14 and October 15, 2008, the updated NI 43-101 silver resources (ozs) per project are as follows:

Category San Marcial La Frazada Penasco Quemado Totals
Measured: 0 2,615,493 2,591,752 5,207,245
Indicated: 18,021,221 2,156,335 7,468,166 27,645,722
Total M&I: 18,021,221 4,771,828 10,059,918 32,852,967
Inferred: 4,371,018 4,132,520 1,366,749 9,870,287

The updated resources per metal are as follows:

Category Silver (ozs) Gold (ozs) Lead (lbs) Zinc (lbs)
Measured: 5,207,245 1,797 5,657,445 15,834,150
Indicated: 27,645,722 1,264 35,230,132 71,123,399
Total M&I: 32,852,967 3,061 40,887,577 86,957,549
Inferred: 9,870,287 2,231 30,054,276 65,499,878

As indicated by the table above, measured and indicated resources represent 77% of total resources.

To-date, Silvermex has raised a total of $9.1 million, which translates to some 4.7 ozs of silver resource delineated for every $1.00 raised or a fully-diluted cost base of $0.55 per silver oz for total resources owned assuming satisfaction of terms of all option agreements.

The Company has 29.85 million shares outstanding which provides shareholders with leveraged exposure to 1.43 silver resource ozs per share. The current share price of $0.20 represents a market capitalization of $5.97 million which equates to a current in-ground resource MCAP valuation of $0.14 per silver resource ounce plus base metals. Management and insiders maintain a vested interest with approximately 36% ownership.

The Company's primary objective continues to be the expansion of its current, high-grade, near-surface deposits rather than early stage exploration. Resource expansion programs along with economic assessment and phase 2 metallurgical testing on all 3 projects will continue in the near future.

Qualified Person

Pursuant to National Instrument 43-101, Darcy Krohman, P.Geo., C.A,. Executive Vice-President and CFO of Silvermex Resources Ltd. is the Qualified Person (QP) responsible for the disclosure in this news release.

For Further information, contact:

Duane Nelson,
Director
Vancouver, BC, Canada
Tel: 604-638-8978
[email protected]

Darcy Krohman, P.Geo., C.A.
Executive Vice-President & CFO
Vancouver, BC, Canada
Tel: 604-682-4004
[email protected]

For Investor Relations, contact:

Jason Leikam
Corporate Development
Vancouver, BC, Canada
Tel: 604-638-8979
[email protected]