ECU Silver Mining Inc.: Press Release-Debt Refinancing

ECU Silver Mining Inc. (TSX VENTURE: ECU)(the “Company”) is pleased to announce that it has reached a definitive agreement with IIG Capital LLC (“IIG”) pursuant to which the Company will refinance its current line of credit with IIG bearing interest at 15% per annum. Under the terms of the new agreement, the Company will issue to IIG a US$5,000,000 convertible five-year debenture bearing interest at 8% per annum (the “Debenture”). If the Debenture is converted by IIG within the first two years following its issuance, it will be convertible into units (“Units”), at a price of CDN$4.25 per Unit. Each Unit will consist of one (1) Common Share of the Company (“Common Share”) and one-half (1/2) of a Common Share purchase warrant (a “Purchase Warrant”), with each whole Purchase Warrant entitling IIG to acquire one (1) Common Share at a price of CDN$5.00 at any time before the expiry of two (2) years following the date of issuance of the Debenture. If the debenture is converted after the initial two years following its issuance, it will be convertible into Common Shares at a price of CDN$4.25 per Common Share.

Subject to the approval of the TSX Venture Exchange, accrued and unpaid interest on the principal amount of the Debenture may be converted at the option of the Holder; provided that if the market price of the Common Shares at the time of the request for conversion is less than CDN$4.25, the Company may, at its discretion, pay such interest in cash instead of securities. If such conversion takes place within the first two (2) years following the issuance of the Debenture, the interest will be convertible into units comprising of one (1) Common Share and one-half (1/2) of a Common Share purchase warrant exercisable for a period of two (2) years following its issuance; thereafter, it will be convertible into Common Shares. The issuance price of the units and the Common Shares, as well as the exercise price of the purchase warrants, will be equal to the market price of the Common Shares at the time of conversion, less, in the case of the issuance prices of the units and the Common Shares, the maximum discount permitted by the TSX Venture Exchange.

The remaining portion of the existing line of credit with IIG, being approximately US$5,000,000, will be transformed into a one year loan bearing interest at a rate of 10% per annum.

“We would like to thank IIG for their continued confidence and support in our Company over the past eight years,” noted Michel Roy, President and Chief Executive Officer of ECU Silver Mining Inc.

The issuance of the Debenture is subject to approval of the TSX Venture Exchange.

ECU Silver Mining Inc. is a junior Gold, Silver, Zinc and Lead producer in the prolific mining district of Velardena, Mexico where historically over 500,000 ounces of gold and 250,000,000 ounces of silver have been mined. Full scale production began in May 2005 at the Company’s Santa Juana mine. To ensure the Company is positioned for continued growth and expansion, and to take full advantage of the current record setting metals prices, the Company has a fully operational infrastructure in place, several months of planned production available from the current stopes, and ongoing exploration programs.

Statements in the release that are “forward-looking statements” are based on current expectations and assumptions that are subject to risks and uncertainties. Actual results could differ materially. We undertake no duty to update any forward-looking statement to conform the statements to actual results or changes in our expectations.

Head Office Rouyn-Noranda Quebec, Canada J9Y 1G9 Tel: (819) 797-1210

Fax: (819) 797-1214

Corporate Office J. I. Jimenez 663 colonia Los Angeles Torreon, Coahuila, Mexico, 27000 Tel: (01152)-871-717-8633

Fax: (01152)-871-718-5025

Contacts: ECU Silver Mining Inc. Michel Roy President and CEO Cell: 011-52-871-727-1061 ecu@ecu.ca

www.ecu.ca