Prospero Receives Drill Permits for Bermudez Project, Mexico

Vancouver, British Columbia--(Newsfile Corp. - November 1, 2017) - Prospero Silver Corp (TSXV: PSL) (the "Company" or "Prospero") is pleased to provide an update on planned drilling of the 430 hectare Bermudez project in northwest Chihuahua close to the border with Sonora in northern Mexico. The Company is planning to drill test Bermudez as part of its on-going 6,950 m reconnaissance drill campaign funded by strategic partner Fortuna Silver Mines Inc. ("Fortuna").

Prospero has now received all necessary permits to carry out a first-pass drill program at Bermudez. Planning is underway with Fortuna's technical team to drill 2-4 holes most likely in the first quarter of 2018. All of the proposed holes are on previously disturbed land, limiting the environmental impact of the program. Consequently, Prospero has been informed by the authorities that a separate environmental impact permit is not required.

The property is located in the Sierra Madre Occidental, very close to the Hermosillo-Chihuahua highway. Access is from Hermosillo or Chihuahua, about a 7-8 hour drive on paved high way followed by 10km on a good gravel road. The closest town with services is Yecora in Sonora, about 40 minutes (17km) away.

A low sulphidation epithermal vein system is exposed over a 2.5km by 50-100m area, suggesting potential to host an epithermal Au-Ag deposit. Prospero collected 144 channel and chip samples from the epithermal veins, with a best result to date of 1.94g/t Au. The sampling results define strongly anomalous Au, Ag, Ba, and Zn. Veining trends northwest and is hosted primarily by a rhyolite package, interpreted to be a vertical dyke or dome. Fluid inclusion temperatures of 150-200 ?C indicate that the veining exposed at surface is high level, perhaps 150-200m above the epithermal productive zone.

Additional information on Bermudez is available on Prospero's website here: http://www.prosperosilver.com/s/bermudez.asp

Pachuca SE Project

Permit applications will be submitted in the next few days for the proposed drilling at the Pachuca SE near the City of Pachuca in Hidalgo State.

Qualified Person

Tawn Albinson, M.Sc., President of the Company, is a Qualified Person, as defined in NI 43-101, and is responsible for the technical content of this news release. Mr. Albinson is a Member of the American Institute of Professional Geologists and a Certified Professional Geologist (CPG) No. 11368.

About Fortuna Silver Mines Inc.

Fortuna is a growth-oriented, precious metals producer focused on mining opportunities in Latin America. The company's primary assets are the Caylloma silver mine in southern Peru, the San Jose silver-gold mine in Mexico and the Lindero gold project in Argentina.

About Prospero Silver Corp.

Prospero is a Mexico-focused project generator listed on the TSX.V under the symbol PSL.V. Prospero's aim is to discover world-class precious metal projects in the major mineral belts of Mexico. The Company applies a unique blend of practical exploration experience, cutting-edge mineral deposit science, and an extensive knowledge of Mexico ?s geology to find new gold and silver systems. Our exploration programs are run by a small but highly-focused geological team based in Mexico.

For further information please contact:

Ralph Rushton
Exec VP Business Development
Tel:604 307 0055

William Murray
Chairman
Tel: 604 288 2553

Forward-Looking Statement Cautions:

This press release contains certain "forward-looking statements" within the meaning of Canadian securities legislation, relating to, among other things, the Company's proposed use of the financing proceeds. 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. The Company cautions that Forward-looking statements are based on the beliefs, estimates and opinions of the Company's management on the date the statements are made and they involve a number of risks and uncertainties. Consequently, there can be no assurances that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Except to the extent required by applicable securities laws and the policies of the TSX Venture Exchange, the Company undertakes no obligation to update these forward-looking statements if management's beliefs, estimates or opinions, or other factors, should change. Factors that could cause future results to differ materially from those anticipated in these forward-looking statements include, possible, accidents and other risks associated with mineral exploration operations, the risk that the Company will encounter unanticipated geological factors, the possibility that the Company may not be able to secure permitting and other governmental clearances necessary to carry out the Company's exploration plans, the risk that the Company will not be able to raise the additional funds in the future to continue to carry out its business plans, and the risk of political uncertainties and regulatory or legal changes that might interfere with the Company's business and prospects. The reader is urged to refer to the Company's reports, publicly available through the Canadian Securities Administrators' System for Electronic Document Analysis and Retrieval (SEDAR) at www.sedar.com for a more complete discussion of such risk factors and their potential effects.

This news release does not constitute an offer to sell or a solicitation of an offer to buy nor shall there be any sale of any of securities of the Company in any jurisdiction in which such offer, solicitation or sale would be unlawful, including any of the securities in the United States of America. The Company's securities have not been and will not be registered under the United States Securities Act of 1933 (the "1933 Act") or any state securities laws and may not be offered or sold within the United States or to, or for account or benefit of, U.S. Persons (as defined in Regulation S under the 1933 Act) unless registered under the 1933 Act and applicable state securities laws, or an exemption from such registration requirements is available.

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