(Source: Marketwire)VANCOUVER, BRITISH COLUMBIA--(Marketwire - Aug. 25, 2008) - Esperanza Silver Corporation (TSX VENTURE:EPZ)(PINK SHEETS:ESPZF) is pleased to provide this update on its 45%-owned San Luis gold/ silver and base-metal project in Peru. Esperanza has been informed by Silver Standard Resources Inc., joint-venture partner and project operator, of the following results and on-going activities. Highlights include:

- BP Base-Metal Zone Drilling

-- Drill hole BP-134 intersected 72 meters containing 45 g/t silver and 0.41% copper.

-- Drill hole BP-136 intersected 125 meters containing 47 g/t silver, 2.38% zinc and 2.45% lead.

-- Drill hole BP-137 intersected 83 meters containing 27 g/t silver, 1.47% zinc and 1.62% lead.

- High-Grade Gold and Silver Ayelen Vein

-- Contractor proposals were received for the development of three exploration tunnels. Mobilization of personnel is expected by the fourth quarter.

-- A request for proposals to complete a final feasibility study was issued and four groups have made a site visit.

-- Resource update is ongoing with results expected soon.

The BP Zone - A base-metal/silver breccia pipe

The BP Zone lies approximately six kilometers southeast of the high-grade gold and silver Ayelen Vein and is considered to be a separate mineralized area. Drilling during 2008 has outlined the presence of a large base-metal breccia pipe containing silver mineralization. The pipe appears to be localized in a northwest trending structural corridor. Mineralization starts at surface and is currently defined over an area measuring 150 meters by 300 meters. A pattern of base-metal mineralization is becoming clearer, with copper concentrated more in the southwestern portion surrounded by a halo of zinc and lead mineralization. Please see the attached table of detailed drill results.

Reconnaissance mapping and sampling in the area has identified additional drill targets which will be tested in the third and fourth quarters.

Underground Development at Ayelen

Proposals were received from three mining contractors to begin the development of exploration drifts along the Ayelen Vein. Approximately 1,500 meters of tunnel are planned on three levels each separated vertically by 50 meters. Esperanza has been informed by Silver Standard that the contractor proposals are being evaluated together with the alternative of hiring the joint venture's own work force. Mobilization of tunneling crews is expected to begin by the fourth quarter of this year.

A new resource estimate of the Ayelen vein system is now underway and results are anticipated early in the fourth quarter.