ECU Silver Completes Previously Announced Private Placement

TORONTO, ONTARIO--(Marketwire - July 25, 2008) - ECU Silver Mining Inc. (TSX: ECU.TO) (the "Company") is pleased to announce that it has closed its previously announced non-brokered private placement for $6 million in principal amount of 12% convertible unsecured debentures maturing on July 31, 2013 (the "Debentures").

The final terms of the Debentures include the following:

- The Debentures are convertible into common shares of the Company ("Common Shares") at the holder's option at any time prior to maturity at a conversion price of $1.75 per Common Share (the "Conversion Price").

- The Debentures are convertible into Common Shares at the Company's option at any time after the expiry of four months following the date of their issuance and prior to maturity, provided that the volume weighted average trading price of the Common Shares on the Toronto Stock Exchange during the 20 consecutive trading days ending on the fifth trading day preceding the date on which notice of conversion is given is not less than $2.85.

- Prior to maturity, and subject to the holder's right to convert the Debentures at the Conversion Price, the Debentures are redeemable at the Company's option, subject to a premium of 15%, 10% or 5% being paid if the Debentures are redeemed in the first, second or third year, respectively, following the date of their issuance. No premium is payable in connection with any redemptions occurring after the expiration of the third year following the issuance of the Debentures.

- The holder has the right to require the Company to satisfy its obligation to pay principal on the Debentures, in whole or in part, through the issuance of Common Shares at the Conversion Price.

- Subject to any required regulatory approvals, the holder has the right to require the Company to satisfy its obligation to pay interest and any premium on the Debentures, in whole, through the issuance of Common Shares at the market price of the Common Shares on the date of conversion.

The net proceeds of this offering of Debentures will be used by the Company for working capital purposes.

The offering described herein has not been registered under the U.S. Securities Act of 1933, as amended, and the securities may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements. This press release shall not constitute an offer to sell nor the solicitation of an offer to buy nor shall there be any sale of the securities in any state in which such offer, solicitation or sale would be unlawful.

Additional Information:

The Company is focused on the exploration, development and mining of gold, silver and base metals at its Velardena District Properties in Durango, Mexico. The area is comprised of three properties, the Main Velardena Property, the Chicago Property and the San Diego Property. The properties are located near to each other and include five historical mines - Santa Juana, Terneras, San Mateo, San Juanes, and the San Diego mine. The Company's goal is to establish a significant polymetallic mineral resource in the heart of Mexico. The Company's mission is to become a pre-eminent silver and gold producer through the development of existing, and additional potential resources at Velardena.

For further information please visit www.ecu.ca.

Contacts

Chris Haldane
CHF Investor Relations
Account Manager
(416) 868-1079 ext. 237
Email: chris@chfir.com

Stephen Altmann
ECU Silver Mining Inc.
President
(416) 366-2427
Email: ecu@ecu.ca
Website: www.ecu.ca