Promontorio drilling completed



    
    New vein returns 5.5 metres grading 258.0 g/t silver & 3.86 g/t gold
    (DDH SP08-12)

    Trading Symbol: TSX-V: MSR
    

    VANCOUVER, Oct. 23 /CNW/ - Mega Silver Inc. ("Mega Silver"; MSR: TSX-V)
is pleased to announce final analytical results from core drilling completed
on the Promontorio silver-gold property located in the El Oro municipality in
north central Durango State, Mexico. Results are also pending on preliminary
work recently completed on the Montoros property. The Promontorio and Montoros
properties are under option from Silverstone Resource Corp. ("Silverstone";
SST: TSX-V).

    
    PROMONTORIO PROJECT
    -------------------

    Drilling on the Promontorio property was completed September 16, 2008 with
a total of 6,447.2 metres drilled in 30 holes:

    -   20 holes (5,079.1 metres) drilled on the Promontorio vein structure;
    -   4 holes (618.7 metres) drilled on the south extension of the Pericos
        vein structure (Pericos Sur);
    -   6 holes (749.4 metres) drilled on the north extension of the Pericos
        vein structure (Pericos Norte).

    At the Promontorio vein, 11 of the 20 holes drilled produced significant
results. These included results previously reported from holes SP08-01, -02,
-03 and -04 (News Release, July 7, 2008). Weighted averages (uncut) across
drill intercepts (not true thickness) from holes SP08-06 to -30 include the
following highlights:


    -------------------------------------------------------------------------
                    PROMONTORIO VETA - SUMMARY OF RESULTS
    -------------------------------------------------------------------------
                                Intercept    Silver       Gold
                                Not True     (g/t)        (g/t)     Zinc (%)
    Section   Drill   From/To     Width     Weighted     Weighted   Weighted
    Number    Hole    (metres)  (metres)    Average      Average    Average
    -------------------------------------------------------------------------
    2+00S    SP08-30  48.50m -     1.50m    306.0 g/t    10.96 g/t      less
                      49.50m                                            than
                                                                         1 %
    -------------------------------------------------------------------------
    4+00S    SP08-13  116.50m -    2.25m    165.7 g/t     3.35 g/t      less
                      118.75m                                           than
                                                                         1 %
    -------------------------------------------------------------------------
    13+00S   SP08-03  15.50m -    2.00m(*)  584.5 g/t(*) 0.32 g/t(*)    less
                      17.50m(*)                                         than
                                                                         1 %
                 And  372.25m -    1.50m    270.5 g/t     3.43 g/t      less
                      373.75m                                           than
                                                                         1 %
    -------------------------------------------------------------------------
    16+00S   SP08-12  128.5m -    5.50m(*)  258.0 g/t(*)  3.86 g/t(*)   less
                      133.00m(*)                                        than
                                                                         1 %
                 And  508.5m -    24.50m     55.1 g/t     0.26 g/t      less
                      533.0m                                            than
                                                                         1 %
                Incl. 510.0m -     1.00m    153.5 g/t     0.68 g/t      less
                      511.0m                                            than
                                                                         1 %
    -------------------------------------------------------------------------
    19+00S   SP08-07  36.50m -     1.50m    159.5 g/t     1.26 g/t      less
                      38.00m                                            than
                                                                         1 %
            -----------------------------------------------------------------
             SP08-09  258.75m -    1.50m(*) 373.7 g/t(*)  0.15 g/t(*)   less
                      260.25m(*)                                        than
                                                                         1 %
                 And  380.75m -   63.25m     33.7 g/t     0.18 g/t    1.16 %
                      444.00m
                Incl. 401.25m -   15.50m     46.7 g/t     0.25 g/t    2.49 %
                      416.75m
    -------------------------------------------------------------------------
    21+00S   SP08-10   53.50m -    3.50m    249.3 g/t     0.08 g/t      less
                       60.00m                                           than
                                                                         1 %
    -------------------------------------------------------------------------
            SP08-11A  287.00m -   78.00m     33.3 g/t     0.07 g/t      less
                      365.00m                                           than
                                                                         1 %
    -------------------------------------------------------------------------
    (*) New vein structure west and parallel to Promontorio vein.
    -------------------------------------------------------------------------


    Drilling completed on the Pericos vein structure was divided between
Pericos Sur, where historic mining was done and Pericos Norte more than
550 metres along strike to the northwest. Results from the Pericos vein were
low, although generally higher in gold along the northern extension.


    -------------------------------------------------------------------------
                    PERICOS VETA SUR - SUMMARY OF RESULTS
    -------------------------------------------------------------------------
                                           Intercept     Silver       Gold
                                            Not True      (g/t)       (g/t)
    Section                    From/To        Width     Weighted    Weighted
    Number   Drill Hole        (metres)     (metres)    Average     Average
    -------------------------------------------------------------------------
    2790400N   SP08-17    63.00 m - 66.00 m   3.00 m   109.8 g/t    0.05 g/t
                  Incl.   63.50 m - 63.75 m   0.25 m   454.0 g/t    0.18 g/t
             ----------------------------------------------------------------
               SP08-18  184.50 m - 185.50 m   1.00 m   273.3 g/t    0.09 g/t
    -------------------------------------------------------------------------


    -------------------------------------------------------------------------
                   PERICOS VETA NORTE - SUMMARY OF RESULTS
    -------------------------------------------------------------------------
                                           Intercept     Silver       Gold
                                            Not True      (g/t)       (g/t)
    Section                    From/To         Width    Weighted    Weighted
    Number   Drill Hole        (metres)      (metres)   Average     Average
    -------------------------------------------------------------------------
    2791500N   SP08-24    39.50 m - 40.25 m   0.75 m     3.7 g/t    1.84 g/t
             ----------------------------------------------------------------
               SP08-18    12.00 m - 19.00 m   7.00 m     4.2 g/t    2.79 g/t
                   And    31.00 m - 32.00 m   1.00 m     4.0 g/t    2.40 g/t
    -------------------------------------------------------------------------
    

    The results reported in the release are weighted averages based on
complete results; no additional results are pending. Some minor variations
reported for intervals from holes SP08-02 and -04 are because of the inclusion
of results from new samples collected to bracket previously reported
intervals. A complete summary table of weighted average results are attached.
    Silverstone is the operator of the project and has contracted Major
Drilling De Mexico, S.A. De C.V. to do the drilling work. All samples are
being shipped to ALS Chemex in Hermosillo, Mexico for preparation. All
analysis is being completed at ALS Chemex in North Vancouver, BC. All samples
are crushed, split and pulverized to -200 mesh. For silver the pulps are
subjected to total digestion by HF-HNO(3)-HClO(4) digestion, HCL leach and
ICP-AES finish. Gold analysis is by 50 gram fire assay with gravimetric
finish. Check samples, comprised of duplicate pulps and rejects were sent to
SGS in Toronto. Duplicate, blank and standard samples have been submitted at a
ratio of 1:20 to standard core samples. Results from check samples are within
acceptable errors based on industry standards.

    
    MONTOROS PROJECT
    ----------------
    

    Preliminary mapping, sampling of historic underground and surface
showings, grid establishment and road building has been completed on the
Montoros project. Analytical results from sampling are pending. All work has
been focused on the Pericos and El Toro vein structures to date.

    Mr. David Tupper, P.Geo., Vice-President, Exploration of Mega Silver, a
"qualified person" under National Instrument 43-101, is responsible for the
technical aspects of this news release.

    To see images and drill result tables related with this news release
please click: http://files.newswire.ca/621/MegaSilverPromontorio.doc

    About Mega Silver

    Mega Silver Inc. is a new mineral exploration company established to
explore and develop high value silver opportunities globally. Mega Silver
presently has exploration projects in Mexico and Canada and is well funded to
carry out exploration and acquisition activities. Full information on Mega
Silver can be found at www.sedar.com and on the Company's website,
www.megasilver.ca.

    
    The TSX Venture Exchange has neither approved nor disapproved the
    contents of this press release.
    

    Certain statements contained in this news release may contain
forward-looking information within the meaning of Canadian securities laws.
Such forward-looking information are identified by words such as "estimates",
"intends", "expects", "believes", "may", "will" and include without
limitation, statements regarding the Company's plan of business operations;
ability to negotiate and enter into definitive agreements; potential benefits
of the acquisitions; the costs and timing associated with integrating the
acquisitions; production levels, timing and costs; potential contractual
arrangements and the delivery of equipment; receipt of working capital;
anticipated revenue; mineral reserve and resource estimates; and projected
expenditures. There can be no assurance that such statements will prove to be
accurate; actual results and future events could differ materially from such
statements. Factors that could cause actual results to differ materially
include, among others, metal prices, third party risks, acquisition risks,
risks inherent in the mining industry, financing risks, regulatory risks and
environmental concerns. Most of these factors are outside the control of the
Company. Investors are cautioned not to put undue reliance on forward-looking
information. Except as otherwise required by applicable securities statutes or
regulation, the Company expressly disclaims any intent or obligation to update
publicly forward-looking information, whether as a result of new information,
future events or otherwise.
    This news release does not constitute an offer to sell or a solicitation
of an offer to sell any of the 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 to U.S. Persons
unless registered under the U.S. Securities Act and applicable state
securities laws or an exemption from such registration is available.

    
          The TSX Venture Exchange does not take responsibility for
                  the adequacy or accuracy of this release.
    





For further information:

For further information: Ken Carter, President and CEO, Mega Silver
Inc., (778) 331-4590, kcarter@megasilver.ca

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