Esperanza Announces Atocha High-Grade Sample Results

February 18, 2004

Esperanza Silver Corporation is very pleased to announce the results of its initial exploration work at its Atocha Property, Bolivia. Underground and surface sampling was conducted at four of the eight identified prospects within Esperanza's property. High-grade silver was encountered in three prospects with underground access -- Carmen, Condor Iquiña and Vizcarra. Very anomalous silver values were found overlying the Jankollo prospect. The four prospects lie within the central portion of the 7,250 hectare concession block.

William Pincus, President and CEO of Esperanza said "These are very exciting results and provide further support to our belief that Atocha can develop into a large, 'district-scale' project. Our geologists have found some very high-grade samples but we must caution that when resource calculations are performed we anticipate dilution of this material with lower-grade rock. We have also completed planning of the next phase of exploration and will aggressively pursue it."

Channel samples of the known manto (a blanket shaped mineralized horizon) were collected in existing tunnels and other openings on five different levels at the Carmen area. The results clearly indicate the presence of high-grade silver along a strike length of 80 meters and covering a vertical extension of 69 meters. Sample thicknesses in this area vary from 0.5 to 1.3 meters. The mineralized zone is open in at least three directions. On its north side it may be cut off or offset by the Vizcarra vein system. The Carmen area sample results are:

Carmen Area Channel Samples

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Sample     Thickness   Silver    Silver

  ID       (meters)    (g/t)   (ounce/ton)

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3270 Meter Level

108176       0.92      7,500      218.7

108177       1.20      1,360       39.7

3280 Meter Level

108163       0.75        144        4.2

108164       0.86         92        2.7

108165       0.80        644       18.8

108166       1.10        498       14.5

108167       0.85      1,700       49.6

108168       1.05      3,230       94.2

108169       1.13      3,550      103.5

108170       1.02    >10,000     >291.7

108171       0.55      1,235       36.0

108172       1.10        150        4.4

108173       0.90        619       18.1

108174       0.90        488       14.2

108175       1.07         38        1.1

3287 Meter Level

108182       0.48      3,970      115.8

108183       0.73      2,960       86.3

108184       0.92      2,820       82.2

3294 Meter Level

108178       0.72      4,710      137.4

108179       0.48      4,160      121.3

108180       0.72      2,360       68.8

108181       0.65    >10,000     >291.7

3335 Meter Level -- A7

108189       0.82        911       26.6

108190       1.29        294        8.6

108191       1.03        672       19.6

108192       1.14        998       29.1

108193       0.82      2,180       63.6

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In the Condor Iquiña area, approximately 1.5 kilometers north of the Carmen zone, channel samples were collected in a colonial-era, near-surface excavation (Saloneo Español) and in a tunnel (PM-3) approximately 50 meters below it. Two mantos have been tentatively identified at Condor Iquiña. The upper manto (CI-1) is exposed in the Saloneo and varies in thickness from 0.76 to 1.48 meters. A second manto (CI-2), lying stratigraphically below CI-1, has been intersected by the lower tunnel. It is 1.16 meters thick where exposed. It is uncertain if CI-1 was intersected within the tunnel. Sample results for Condor Iquiña are:

Condor Iquiña Area Channel Samples

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Sample     Thickness   Silver    Silver

  ID       (meters)    (g/t)   (ounce/ton)

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Saloneo Español

108151       1.12        351       10.2

108152       1.00         64        1.9

108153       1.48        609       17.8

108154       0.88         39        1.1

108155       1.02        397       11.6

108156       1.10         21        0.6

108157       0.76        533       15.5

108158       1.05        641       18.7

108159       0.76        565       16.5

108160       0.76        878       25.6

PM-3

108161       1.50         60        1.7

108162       1.16       2560       74.7

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The Jankollo propect lies 1.5 kilometers south of the Carmen area. It also consists of colonial-era excavations. It is apparent from the shape of the opening that another manto was exploited during this time. Only one sample was collected by Esperanza due to difficult and dangerous access. Nevertheless, it is considered highly anomalous (142 grams per tonne) and, together with the presence of a manto, makes Jankollo an important exploration target.

The Vizcarra area is a vein system just north of the Carmen zone. It possibly cuts Carmen off on its north side. Multiple, narrow but high-grade veins have been found here. Sample results from Jankollo and Vizcarra are:

Jankollo and Vizcarra Channel Samples

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Sample     Thickness   Silver    Silver

  ID       (meters)    (g/t)   (ounce/ton)

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Jankollo Area

108194       0.54        142       4.1

Vizcarra

108185       1.15        177       5.2

108186       0.92        808      23.6

108187       0.28      1,020      29.7

108188       0.20      2,460      63.6

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William Bond, M.Sc., P.Geol., and Vice President of Exploration, Esperanza Silver Corp. is the Qualified Person (QP) under NI 43-101 Standards of Disclosure for Mineral Projects responsible for the Atocha exploration program. He has verified the data disclosed in this news release, including sampling, analytical and test data. Field work has been conducted by Esperanza personnel under his supervision. All samples were submitted to ALS Chemex laboratories in Vancouver, Canada for analysis. Samples were analyzed by Atomic Absorption Spectroscopy after being subjected to multi-acid digestion. Samples of >1000 ppm (parts per million) silver were re-analyzed by fire assay with a gravimetric finish. Quality control samples have been analyzed.

Prior to sample collection the channel was marked with paint and cleaned to a depth of 2 centimeters. Samples were taken by collecting chips with a hammer and chisel over the channel length and contained within a 10 centimeter-wide band. Care was taken to collect material uniformly over the sample length. Material was allowed to fall on a canvas mat and all material was collected and bagged for analysis. Samples weighed between 1.12 and 5.56 kilograms. Channels were cut within and perpendicular to the manto or vein and as such represent close to the true width of the structure at its sample point. The spacing between samples was every 4 meters where possible but was affected by available access and exposure of the manto. The spacing was as uniform as possible within these constraints. Esperanza believes that a closer-spaced, systematic sampling program will be required before it can quantify resource estimates.

Further information including maps and photos can be found on the Company's website http://www.esperanzasilver.com.

For further information contact:
William Pincus
(303) 830 0988 Tel / (303) 830 9098 Fax / mailto:wpincus@esperanzasilver.com

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