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Huldra Silver Announces Initial 2013 Exploration Plans at the Treasure Mountain Mine and an Update on Operations at Both the Treasure Mountain Mine and the Merritt Mill

VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 11/23/12 -- Huldra Silver Inc. ("Huldra" or the "Company") (TSX VENTURE:HDA) is pleased to provide details of its upcoming underground diamond drill program and planned surface drill program for the summer of 2013. The Company also wishes to announce it has achieved a major milestone in shipping the first concentrates from its mill in Merritt, BC.

The underground drill program is designed to systematically test for mineralisation from Level 1 to 20 metres below Level 2 at the Treasure Mountain Mine, ultimately leading to the generation of a National Instrument 43-101 compliant resource estimate for this area.

The program will be comprised of 61 holes, for a total program of 4,400 metres of HQ diamond drill core. The drilling will be conducted from two diamond drill platforms, specifically constructed to allow for optimal drilling of the targeted mineralisation from the footwall of the vein. A video displaying the planned drill program can be viewed here (2013 Level 2 Under Ground Drill Program). An initial interpretation has identified two mineralised structures on Level 2.

The underground drill program follows up on mineralisation identified by the Company's 2011 surface diamond drilling program and encompasses areas adjacent to Holes TM11-26, TM11-9 and TM11-36 which produced the results indicated below. The complete list of results from the 2011 program are available on the Company's website at www.huldrasilver.com.

--  7,013 grams per tonne Ag, 21.82% Pb, 19.63% Zn and 4.9% Mn over 1.2
    metres true width in hole TM11-26 that intersected the vein structure
    approximately 10 metres above the Level 2 drift. 
--  592.92 grams per tonne Ag, 4.28% Pb, 2.47% Zn and 5.80% Mn over 2.2
    metres true width in hole TM11-9 that intersected the vein structure
    below the Level 1 drift, approximately 80 metres east of the Level 2
    drift. 
--  1,565 grams per tonne Ag, 13.47% Pb, 9.92% Zn and 4.76% Mn over 0.8
    metres true width in hole TM11-36 that intersected the vein structure
    approximately 15 metres below the Level 2 drift. 

The program also builds on the results from 256 chip samples collected along vein exposures on Level 2. Highlights from that chip sampling program are presented in the following table:

---------------------------------------------------------------------------
Sample ID             Ag (ppm)         Pb (%)         Zn (%) True Width (m)
---------------------------------------------------------------------------
1582447                   1251          19.76          24.16           0.46
---------------------------------------------------------------------------
1582450                   1471          16.66          11.65           0.78
---------------------------------------------------------------------------
1582492                   1253          15.64           3.92           0.12
---------------------------------------------------------------------------
1582501                   3132          18.29          15.27           0.29
---------------------------------------------------------------------------
1582507                   5136          46.33           8.49            0.1
---------------------------------------------------------------------------
1582562                   3589          25.02           8.20           0.44
---------------------------------------------------------------------------
1582565                   1552           3.47           5.25           0.18
---------------------------------------------------------------------------
1582568                   1053           0.55          15.64           0.07
---------------------------------------------------------------------------
1582571                   2929           2.82          33.52           0.06
---------------------------------------------------------------------------
1582577                   4242           2.15          10.47           0.17
---------------------------------------------------------------------------
1582578                   2028           0.92           9.01           0.17
---------------------------------------------------------------------------
1582589                   1002          19.89           1.52           0.22
---------------------------------------------------------------------------
1582592                   1173          20.86           0.28           0.49
---------------------------------------------------------------------------
1582595                   2176          25.29           2.98           0.28
---------------------------------------------------------------------------
1582598                   2291          28.12           6.57           0.27
---------------------------------------------------------------------------
1614408                   3696          56.60           0.58           0.14
---------------------------------------------------------------------------
1614445                   1635           3.64           1.16           0.71
---------------------------------------------------------------------------
1614459                   1538          12.87           2.02           0.06
---------------------------------------------------------------------------
1614462                   1035           2.97           1.42           0.02
---------------------------------------------------------------------------
1614465                   2261           5.54           9.60           0.32
---------------------------------------------------------------------------
1614467                   6624          49.40           8.70            0.3
---------------------------------------------------------------------------
1614472                   6514          36.88          22.11            0.2
---------------------------------------------------------------------------
1614477                   8739          44.32          19.57           0.18
---------------------------------------------------------------------------
1614480                   4986          27.83          12.91           0.04
---------------------------------------------------------------------------
1614483                   3032          22.70          22.51           0.18
---------------------------------------------------------------------------
(i) All samples were delivered by truck to ACME Analytical Laboratories     
facility in Vancouver, BC where the sample was crushed, split and pulverised
to -200 mesh. A 0.5g portion of the pulp was digested in hot aqua regia and 
analyzed for 31 elements by ICP MS method. Ag overlimits were analyzed by   
fire assay with gravimetric finish, and for Pb and Zn by four digestion and 
ICP ES finish.                                                              

The underground drilling targets are also coincident with a geophysical anomaly identified during a magnetic susceptibility survey conducted over the Treasure Mountain property.

The Company is also pleased to provide details of its upcoming surface diamond drill program on the Treasure Mountain property. An 8,000 metre surface program is anticipated in the summer of 2013, with the drilling spread across four separate targets. The drilling is designed to test targets identified through geochemical soil sampling and airborne geophysics. The targets to be tested during this program are the:

i.  MB Zone, a geochemical and geophysical anomaly approximately 800 metres
    north of the existing mine workings where, in 2010, a grab sample was
    taken and assayed 0.81 g/t Au, 9221 g/t Ag (296.4 oz/t Ag), 1.02% Cu,
    1.14% Pb, 1.03% Zn from a composite sample of reddish oxide material
    (see August 25, 2010 press release); 
ii. Camp Zone, a geochemical and geophysical anomaly identified east of the
    camp and approximately 500 metres south of the existing mine workings, 
iii.Jensen Anomaly, a geophysical anomaly near the historic Jensen workings,
    and a prospective geophysical anomaly linking the Treasure Mountain mine
    with the East Zone; and 
iv. Mine Extension, a geophysical feature that appears to connect the
    Treasure Mountain mine workings with known mineralisation located at the
    East Zone. 

Results from the 2011-2012 soil sampling program show anomalous Ag values to the south of the camp as well as across the MB Zone (2011-2012 Soil Satellite Image) (2011-2012 Soil Magnetic Overly Image) A magnetic susceptibility survey identified anomalous geophysical responses across the property, with prospective anomalies identified proximal to the Jensen workings as well as on a feature that appears to connect the Treasure Mountain Mine workings with known mineralisation located at the East Zone.

Mining Update

At the Treasure Mountain Mine, the Company is currently on track to meet its stated 2012 objective of mining its permitted 60,000 tonnes of mill feed from the underground workings in addition to the previously removed 10,000 tonne bulk sample. The drawdown of Stope 1 from Level 1 of the mine has been completed. The Company is scheduled to complete the backfilling by the end of the week as part of the reclamation program. Once the drawdown of Stope 1 is complete, the Company is planning on completing the drawdown of Stope 3 by the end of 2012 and will be actively mining Stope 2. Transportation of mill feed from the mine site to the mill is ongoing.

Development on the second level of the mine is ongoing and preparation of the crosscuts and drill stations required for the first phase of the underground drill program has commenced.

Mill Operations and Concentrate Shipping

The Company is also pleased to announce it has made the first concentrate shipments under the previously announced concentrate purchase agreements. Once independent lab verification has been received, the Company will provide monthly totals of the estimated production levels from the mill.

The mill is now fully staffed and has been operating 24 hours a day, 7 days a week, since November 12, 2012. There are still minor modifications and adjustments being made to the equipment and processing that require brief stoppages from time to time. The Company expects to be running at the nameplate 200 tonne per day capacity in the near future.

Technical information in this news release has been reviewed and approved by Mark Williams, P. Geo., a Qualified Person as defined in National Instrument 43-101. For more information about the Company's Treasure Mountain Property, see the technical report entitled "Technical Report, Project Update, Treasure Mountain Property" dated June 7, 2012, available under Huldra's profile on SEDAR at www.sedar.com.

About Huldra

Huldra is currently mining at its Treasure Mountain Project, located three hours east of Vancouver, BC, utilizing an offsite mill for processing mill feed at the Company's property outside of Merritt, BC. The Company is also actively assessing other opportunities for acquisition and development.

On behalf of the Board of Directors

Ryan Sharp, MBA, President, CEO & Director

Disclaimer for Forward-Looking Information

This press release contains projections and forward-looking information that involve various risks and uncertainties regarding future events related to the Agreement, the Company's proposed exploration plans and its plans to put the Treasure Mountain Property into production. Such forward-looking information can include statements based on current expectations involving a number of risks and uncertainties and are not guarantees of future performance of the Company, such as the Company's ability to finance its planned exploration and development; the Company's ability to source the necessary infrastructure to effect its exploration plans; current economic conditions and the state of mineral exploration, and mineral prices in general. These risks and uncertainties could cause actual results and the Company's plans and objectives to differ materially from those expressed in the forward-looking information. The Company can offer no assurance that its exploration and development plans will be completed in the time expected or at all. These and all subsequent written and oral forward-looking information are based on estimates and opinions of management on the dates they are made and expressly qualified in their entirety by this notice. Except as required by law, the Company assumes no obligation to update forward-looking information should circumstances or management's estimates or opinions change.

NEITHER 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 NEWS RELEASE.

Contacts:
Huldra Silver Inc.
Ryan Sharp
604-647-0142
604-647-0143 (FAX)
[email protected] / [email protected]
www.huldrasilver.com

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