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CORRECTION FROM SOURCE: Santacruz Silver Intersects 2549 g/t Ag eq. Over 2.75 m at Gavilanes

VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 11/21/12 -- The earlier news release also dated November 20, 2012 incorrectly reported under "Highlights" the results from drill hole SCHN-05 as 8.51 m @ 706 g/t Ag eq. The correct result is 8.51 m @ 692 g/t Ag eq. This corrected release replaces the original release.

Santacruz Silver Mining Ltd. (TSX VENTURE:SCZ) ("Santacruz" or the "Company") is pleased to report results from the first 7 holes of an ongoing 6,000 meter diamond drill program at its 100% owned Gavilanes Silver project in Durango, Mexico. This first drill program is designed to test three of seven known silver-bearing veins and a stockwork area within the 7,347 hectare property (see attached map which is also posted on the company's website).

Drill results reported herein are from the Guadelupe-Soledad-Aranzazu (GSA) and San Nicholas veins. Both can be traced for approximately 1000 m and 900 m respectively along strike and vary between 0.5 - 10.0 m in width. Additionally, two holes intersected a high grade stockwork area (El Hundido). All 7 holes reported have intersected high grade silver. The geological environment is described in the Company's technical report of the Gavilanes project, filed on SEDAR on February 8, 2012.

Highlights (reported as true widths and assays uncut) include:

GSA Vein

--  SCGP-22: 2.75 m @ 2549 g/t Ag eq. (2540 g/t Ag, 0.10% Zn, 0.12% Pb and
    0.03 g/t Au). 
--  SCGP-21: 1.55 m @ 567 g/t Ag eq. (212 g/t Ag, 8.09% Zn, 3.97% Pb and
    0.72 g/t Au). 
--  SCGP-02: 6.50 m @ 307 g/t Ag eq. (184 g/t Ag, 2.03% Zn, 2.51% Pb and
    0.15 g/t Au). 

Hundido Stockwork

--  SCHN-05: 8.51 m @ 692 g/t Ag eq. (427 g/t Ag, 8.04% Zn, 2.90% Pb and
    0.01 g/t Au). 

Two drill rigs are currently working at Gavilanes. Arturo Prestamo, President and CEO stated "We are very pleased with the drill results thus far and have high hopes Gavilanes will continue to return high grade silver as the property is fully explored."

Complete results from the first 7 drill holes received to date are as follows: (Note that the holes reported are not in numeric sequence. This is because initially hole numbers were assigned using the proposed drill hole number instead of numbering them in the actual order they were drilled in. Since holes are not being drilled in the same sequence as the drill plan, the hole numbers are not in sequence. For example, hole 22 was actually the fourth hole completed. This has been rectified but will continue to appear in the reporting until the 22nd hole has actually been completed).

                                                                            
----------------------------------------------------------------------------
                                          Au    Ag    Cu    Pb    Zn    
                                   True                                     
                              Len- Wid-                                     
                               gth   th                                 AgEq
VEIN       DDH   From     To  mts. mts.    ppm             %             g/t
----------------------------------------------------------------------------
                86.00  86.80  0.80 0.77 0.65   799  0.21  4.14  3.56 1047.31
GSA      SCGP-  86.80  88.50  1.70 1.63    0    24  0.01  0.33  0.33   42.03
            01  88.50  91.20  2.70 2.60 0.03   110  0.02  0.22  0.19  123.73
----------------------------------------------------------------------------
         Total                5.20 5.00 0.12   188  0.05  0.86  0.75  237.08
----------------------------------------------------------------------------
                                                                            
----------------------------------------------------------------------------
                94.00  94.55  0.55 0.50 0.98   328  0.25  4.16  4.89  630.70
                94.55  95.40  0.85 0.77 0.64   318  0.19  7.67 10.15  820.87
                95.40  96.60  1.20 1.08 0.01    24  0.03  0.79  0.52   60.22
GSA      SCGP-  96.60  97.30  0.70 0.63 0.01   126  0.03  2.59  1.03  221.71
            02  97.30  98.25  0.95 0.86 0.01   372  0.02  2.25  0.59  447.49
                98.25  99.45  1.20 1.08 0.01   135  0.02  0.51  0.46  161.48
                99.45 100.40  0.95 0.86 0.01    24  0.01  0.19  0.49   41.95
               100.40 101.20  0.80 0.72 0.01   275  0.01  4.49  0.44  403.99
----------------------------------------------------------------------------
         Total                7.20 6.50 0.15   184  0.06  2.51  2.03  307.28
----------------------------------------------------------------------------
                                                                            
----------------------------------------------------------------------------
               109.00 109.40  0.40 0.31 1.16   444 0.334 10.15  10.3 1054.38
GSA      SCGP- 109.40 110.00  0.60 0.46 0.44   157 0.195  4.49  6.52  476.32
            21 110.00 110.30  0.30 0.23 2.32   137 0.414  1.39  4.50  441.26
               110.30 111.00  0.70 0.54 0.02   160 0.371  1.09  9.72  465.10
----------------------------------------------------------------------------
         Total                2.00 1.55 0.72   212  0.32  3.97  8.09  567.76
----------------------------------------------------------------------------
                                                                            
----------------------------------------------------------------------------
GSA      SCGP- 127.40 128.90  1.50 1.39 0.00    71  0.01  0.05  0.09   75.69
            06 128.90 129.40  0.50 0.46 0.04   279  0.40  0.60  0.43  343.35
----------------------------------------------------------------------------
         Total                2.00 1.85 0.01   123  0.11  0.18  0.18  141.99
----------------------------------------------------------------------------
                                                                            
----------------------------------------------------------------------------
                51.65  52.55  0.90 0.74 0.02  95.1  0.26  0.39  0.36  138.85
                52.55  53.40  0.85 0.70 0.00  16.3  0.22  0.26  0.38   52.62
                53.40  54.20  0.80 0.66 0.00  16.7  0.02  0.43  0.60   44.61
El              54.20  55.10  0.90 0.74 1.45   219  0.32  0.45  0.27  340.56
Hundido  SCGP-  55.10  55.95  0.85 0.70 0.82   120  0.13  0.57  0.69  205.96
ST          22  55.95  56.85  0.90 0.74 0.90   185  0.10  1.28  0.31  280.93
                56.85  57.80  0.95 0.78 0.15    70  0.04  0.33  0.21   94.44
                57.80  59.00  1.20 0.99 0.17  96.4  0.03  0.39  0.13  121.12
                59.00  59.85  0.85 0.70 0.33  71.1  0.05  0.18  0.19  101.77
                59.85  60.50  0.65 0.54 0.59   276  0.05  4.44  4.92  548.96
                60.50  61.65  1.15 0.95 4.08   180  0.15  0.74  0.75  439.80
----------------------------------------------------------------------------
         Total               10.00 8.25 0.85   121  0.12  0.76  0.68  211.18
----------------------------------------------------------------------------
                                                                            
----------------------------------------------------------------------------
                                          Au    Ag    Cu    Pb    Zn   
                                   True                                     
                              Len- Wid-                                     
                               gth   th                                 AgEq
VEIN       DDH   From     To  mts. mts.    ppm             %             g/t
----------------------------------------------------------------------------
El       SCGP- 109.75 110.40  0.65 0.55 0.02   584  0.01  0.07  0.05  588.69
Hundido     22 110.40 111.25  0.85 0.72 0.06  6590  0.06  0.32  0.22 6612.71
ST             111.25 113.00  1.75 1.48 0.02  1300  0.01  0.05  0.06 1304.58
----------------------------------------------------------------------------
         Total                3.25 2.75 0.03  2540  0.02  0.12  0.10 2549.38
----------------------------------------------------------------------------
                                                                            
----------------------------------------------------------------------------
         SCGP- 164.65 165.55   0.9 0.78 0.10    80  0.18  1.92  0.17  155.63
GSA         22 165.55 166.20  0.65 0.57 0.69   722  1.04 20.00  0.38 1382.57
               166.20 166.95  0.75 0.65 0.19   216  1.26  7.13  0.16  530.21
----------------------------------------------------------------------------
         Total                2.30 2.00 0.29   306  0.77  8.73  0.23  611.65
----------------------------------------------------------------------------
                                                                            
----------------------------------------------------------------------------
                57.70  59.55  1.85 1.54 0.02  1420  0.07  0.74  2.77 1515.86
                59.55  61.55  2.00 1.66 0.02   588  0.04  0.39  0.29  610.30
El       SCHN-  61.55  63.10  1.55 1.29 0.01    19  0.03  0.19  0.18   31.18
Hundido     05  63.10  64.45  1.35 1.12 0.00    70  0.01  0.11  0.18   77.96
ST              64.45  65.45  1.00 0.83 0.00   191  0.02  0.14  0.18  200.82
                65.45  66.85  1.40 1.16 0.00    99  0.01  0.13  0.12  106.56
                66.85  67.95  1.10 0.91 0.00   108  0.01  0.08  0.12  113.82
----------------------------------------------------------------------------
         Total               10.25 8.51 0.01   427  0.03  2.90  8.04  692.03
----------------------------------------------------------------------------
                                                                            
----------------------------------------------------------------------------
                50.55  51.90  1.35 1.31 0.10   498  0.05  0.20  0.22  518.30
El       SCHN-  51.90  53.75  1.85 1.80 0.01   186  0.02  0.51  0.17  205.85
Hundido     04  53.75  54.80  1.05 1.02 0.00  1220  0.02  0.04  0.21 1228.44
ST              54.80  55.30  0.50 0.49 0.12  1270  0.06  0.13  0.24 1290.33
                55.30  56.35  1.05 1.02 0.07   770  0.04  0.06  0.19  783.17
                56.35  57.45  1.10 1.07 0.26   251  0.06  0.02  0.31  277.85
----------------------------------------------------------------------------
         Total                6.90 6.70 0.08   582  0.04  0.20  0.22  599.99
----------------------------------------------------------------------------
                                                                            
----------------------------------------------------------------------------
                69.80  70.95  1.15 1.12 0.01  96.2  0.04  0.01  0.08  102.28
                70.95  72.10  1.15 1.12 0.00  37.8  0.02  0.00  0.04   41.06
El       SCHN-  72.10  73.35  1.25 1.22 0.00 14.55  0.02  0.00  0.02   17.14
Hundido     04  73.35  74.35  1.00 0.98 0.00   169  0.01  0.02  0.02  170.49
ST              74.35  74.90  0.55 0.54 0.00  50.4  0.00  0.03  0.07   52.98
                74.90  75.60  0.70 0.68 0.00  1320  0.02  0.11  0.26 1330.67
                75.60  76.35  0.75 0.73 0.00   115  0.03  0.05  0.12  121.41
----------------------------------------------------------------------------
         Total                6.55 6.40 0.00   211  0.02  0.02  0.07  214.87
----------------------------------------------------------------------------
                                                                            
----------------------------------------------------------------------------
El       SCHN-                                                              
Hundido     04 113.85 114.80  0.95 0.91 0.00   159  0.01  0.01  0.02  160.67
ST             114.80 115.85  1.05 1.00 0.00  1460  0.02  0.04  0.04 1463.86
----------------------------------------------------------------------------
         Total                2.00 1.91 0.00   840  0.02  0.03  0.03  842.87
----------------------------------------------------------------------------
                                                                            
                                                                            
----------------------------------------------------------------------------
                                          Au    Ag    Cu    Pb    Zn    
                                   True                                     
                              Len- Wid-                                     
                               gth   th                                 AgEq
VEIN       DDH   From     To  mts. mts.    ppm             %             g/t
----------------------------------------------------------------------------
               121.05 121.70  0.65 0.62 0.06   111  0.14  0.46  0.16  142.79
               121.70 122.40  0.70 0.67 0.01    49  0.03  0.04  0.10   55.77
El             122.40 123.30  0.90 0.86 0.01    31  0.02  0.05  0.07   36.38
Hundido  SCHN- 123.30 124.45  1.15 1.10 0.04   294  0.03  0.06  0.04  301.33
ST          04 124.45 125.65  1.20 1.15 0.00   149  0.03  0.05  0.04  154.16
               125.65 125.90  0.25 0.24 0.02  3330  0.03  0.14  0.04 3338.64
               125.90 126.70  0.80 0.77 0.04  1570  0.06  0.09  0.09 1581.99
               126.70 128.10  1.40 1.34 0.00  96.8  0.02  0.16  0.03  103.20
----------------------------------------------------------------------------
         Total                7.05 6.75 0.02   408  0.04  0.12  0.06  417.28
----------------------------------------------------------------------------
                                                                            
----------------------------------------------------------------------------
San      SCHN- 190.95 191.35  0.40 0.38 0.17   131  0.01  0.02  0.02  141.27
Nicolas     04 191.35 192.50  1.15 1.09 0.14   144  0.02  0.11  0.08  157.62
               192.50 193.85  1.35 1.28 0.21   183  0.02  0.20  0.07  202.43
----------------------------------------------------------------------------
         Total                2.90 2.75 0.18   160  0.02  0.14  0.07  176.09
----------------------------------------------------------------------------
                                                                            
                                                                            
ST=Stock                                                                    
   work  EqAg= ((Au x Pau/31.1035)+(Ag x Pag/31.1035)(+(Cu x Pcu x 22.05)
               +(Pb x Ppb x 22.05)+(Zn x Pzn x 22.05)) x 31.1035
               -------------------------------------------------------------
                                           (Pag)                            
                                                                            
                                                                            
                        Diamond Drill Holes Location                        
----------------------------------------------------------------------------
DDH ID         UTM Collar Coordinates           Azimuth          Dip        
         ---------------------------------                                  
                                                                       Total
                                                                      Length
               North       East  Elevation                             (mts)
----------------------------------------------------------------------------
                                                   N 70       - 45.27
SCGP-01    2,678,443    425,662      2,137    degrees E       degrees 141.15
----------------------------------------------------------------------------
                                                N 72.13      - 61.17        
SCGP-02    2,678,443    425,662      2,137    degrees E      degrees  159.95
----------------------------------------------------------------------------
                                                S 85.92      - 45.83        
SCGP-06    2,678,353    425,617      2,143    degrees E      degrees  195.95
----------------------------------------------------------------------------
                                                N 75.25      - 75.43        
SCGP-21    2,678,443    425,662      2,137    degrees E      degrees  197.80
----------------------------------------------------------------------------
                                                S 87.32      - 69.85        
SCGP-22    2,678,360    425,597      2,131    degrees E      degrees  216.00
----------------------------------------------------------------------------
                                                N 89.13      - 49.08        
SCHN-04    2,678,301    425,512      2,098    degrees E      degrees  220.00
----------------------------------------------------------------------------
                                                N 83.70      - 70.80        
SCHN-05    2,678,301    425,517      2,097    degrees E      degrees  203.05
----------------------------------------------------------------------------
                                                                            
                             Parameters                                     
--------------------------------------------------------------------        
Metal         Symbol      Grade      Price        Price        Price        
                          Units                   Units       Symbol        
--------------------------------------------------------------------        
Gold              Au        g/t    1455.47       $/t Oz          Pau        
--------------------------------------------------------------------        
Silver            Ag        g/t      27.99       $/t Oz          Pag        
--------------------------------------------------------------------        
Cooper            Cu          %     3.6565       $/t lb          Pcu        
--------------------------------------------------------------------        
Lead              Pb          %     1.0090       $/t lb          Ppb        
--------------------------------------------------------------------        
Zinc              Zn          %     0.9653       $/t lb          Pzn        
--------------------------------------------------------------------        
Note: Metal prices as of November 1st 2012. Recoveries are considered at    
 100%                                                                       

These are the first holes on the property completed by Santacruz. Drilling is ongoing and results will be reported as assays are received from the laboratory. Gavilanes is a volcanic hosted, epithermal precious metal vein system. Drilling by previous operators totaled only 3200 m. Gavilanes has a historic, non 43-101 compliant, inferred resource of 1.2 million tonnes at 420 g/t Ag at Guadalupe-Soledad-Aranzazu vein on 500 meters of the known strike of 1000 meters. (This estimate was performed by Minas de San Luis in 1990. The Company believes that the grade assays are representative of the structures and the resource has been called inferred, however the assumptions of continuity are unclear. Santacruz is unaware of more recent data on the property, and the same results have been repeated by Hochschild Mexico in 2008. Confirmation drilling needs to be completed with documented sampling and preparation procedures and a new model developed to determine whether the Gavilanes resources is compliant with NI 43-101. A qualified person has not done sufficient work to classify the historical estimates as current mineral resources or mineral reserves. Santacruz is not treating this historical estimate as current mineral resources).

Sampling and Laboratory

NQ-sized drill core was sawn in half at site and sent to ALS Chemex, a fully accredited and certified laboratory service. Samples were prepared at the ALS Chemex facility in Zacatecas, Mexico, and were assayed at ALS Chemex in Vancouver, Canada. All samples were analysed using a one assay ton fire assay with an AA finish Au and Ag (Au-AA23) and a 48 element ICP method for Pb, Zn and other elements (ME-MS61). A comprehensive QA/QC procedure is followed using standards, blanks and duplicates, all samples are randomly placed.

Qualified Person

Donald E. Hulse P.E., SME-RM of Gustavson Associates LLC, is a qualified person under NI 43-101 and has reviewed and approved the technical information contained in this press release.

Data Verification

Mr. Hulse verified the data disclosed in this release, including the sampling, analytical and test data underlying the information contained in this release. Verification included a review and validation of the applicable assay databases and reviews of assay certificates.

About Santacruz Silver Mining Ltd.

Santacruz is a Mexican focused silver company with a project in development (Rosario) and two advance- staged exploration projects (San Felipe and Gavilanes). Rosario is expected to reach production at the end of the first quarter of 2013. The Company is managed by a technical team of professionals with proven track records in developing, operating and discovering silver mines in Mexico. Our corporate objective is to become a mid-tier silver producer.

This news release corrects a numerical error in a press release issued earlier today by the Company.

Arturo Prestamo Elizondo, President, Chief Executive Officer and Director

Forward looking information

Certain statements contained in this news release, such as potential mineralization on the Company's properties, the Company's exploration and development plans and anticipated production dates on the Company's mineral properties, constitute "forward-looking information" as such term is used in applicable Canadian securities laws. Forward-looking information is based on plans, expectations and estimates of management at the date the information is provided and is subject to certain factors and assumptions, including, that the Company's financial condition and development plans do not change as a result of unforeseen events, that the Company obtains regulatory approval, future metal prices and the demand and market outlook for metals. Forward-looking information is subject to a variety of risks and uncertainties and other factors that could cause plans, estimates and actual results to vary materially from those projected in such forward-looking information. Factors that could cause the forward-looking information in this news release to change or to be inaccurate include, but are not limited to, the risk that any of the assumptions referred to prove not to be valid or reliable, that occurrences such as those referred to above are realized and result in delays, or cessation in planned work, that the Company's financial condition and development plans change, delays in regulatory approval, risks associated with the interpretation of data, the geology, grade and continuity of mineral deposits, the possibility that results will not be consistent with the Company's expectations, as well as the other risks and uncertainties applicable to mineral exploration and development activities and to the Company as set forth in the Company's Annual Information Form filed under the Company's profile at www.sedar.com The Company undertakes no obligation to update these forward-looking statements, other than as required by applicable law.

This news release does not constitute an offer to sell or solicitation of an offer to sell any securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable securities laws or an exemption from such registration is available.

To view 'GAVILANES 2012 DRILL HOLE LOCATION MAP', please visit the following link: http://media3.marketwire.com/docs/santacruz2.pdf

the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Contacts:
Santacruz Silver Mining Ltd.
Neil MacRae
(604) 569-1609
[email protected]
www.santacruzsilver.com

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