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VANCOUVER, BRITISH COLUMBIA--(Marketwire - May 20, 2010) - Prospero Silver Corp. (TSX VENTURE:PSL) ("Prospero" or the "Company") is pleased to announce the initiation of a diamond drilling program at its Baborigame gold/silver project in southwestern Chihuahua state. Prospero has acquired the rights to a large cohesive claim position of 8,450 hectares on this historic mine camp. Drill targets for this phase will include testing of the as yet unexplored largest vein in the district (the Diente de Oso vein) as well as drilling under old mine stopes on the Los Angeles, Encerradora north, and Cebollas veins.

The Baborigame mining camp is believed to be similar in stratigraphic position to other active mines in the Sierra Madre Occidental such as Cienega and Bacis. High grade mineralization was mined at Baborigame in the early 20^th century from numerous veins, with historic production from at least two small stamp mills. The most important of these veins was the Los Angeles vein where in the 1980´s an American group developed a 200 long meter ramp to access the previously mined Los Angeles vein. This development is currently flooded and Prospero plans de-watering to complete sampling of the vein.

Since acquiring the option in November 2008, Prospero has mapped and sampled several veins and located extensive small scale workings along outcropping multiple vein systems in the district. Notable amongst defined targets is the large Diente de Oso vein which is approximately 10 kms long, up to 15 meters wide, and has not been drilled in the past due to lack of road access and post-mineral volcanic cover.

Prospero has drill ready targets for Diente de Oso, Los Angeles, Encerradora and Cebollas veins.

This site is located near the small town of Baborigame, a centre for the forestry business, has good road access; ample water and grid power 2 kms away.

Peter Christopher, PhD, P. Eng is the Qualified Person, in accordance with NI 43-101 of the Canadian Securities Administrators, and is responsible for the technical content of this press release.

About Prospero Silver Corp.:

Prospero is a Canadian resource company with the majority of its staff based in Mexico and who work for its wholly owned subsidiary Minera Fumarola, SA de CV (Fumarola). Prospero's objective is to quickly evaluate the properties currently optioned and focus on bringing one into early production. Priority will be given to high grade gold projects.

Cautionary Statement:

This news release contains forward-looking statements that are not historical facts. Forward-looking statements involve risks, uncertainties and other factors that could cause actual results, performance, prospects and opportunities to differ materially from those expressed or implied by such forward-looking statements, including statements regarding future exploration plans. Factors that could cause actual results to differ materially from these forward-looking statements include, but are not limited to, variations in the nature, quality and quantity of any mineral deposits that may be located, the Company's inability to obtain any necessary permits, consents or authorizations required for its planned activities, and the Company's inability to raise the necessary capital or to be fully able to implement its business strategies. The reader is referred to the Company's public disclosure record which is available on SEDAR ([ www.sedar.com ]), including the risk factors discussed in Prospero's November 27, 2009 prospectus. Although Prospero believes that the assumptions and factors used in preparing the forward-looking statements are reasonable, undue reliance should not be placed on these statements, which only apply as of the date of this news release, and no assurance can be given that such events will occur in the disclosed time frames or at all. Except as required by securities laws and the policies of the TSX Venture Exchange, Prospero disclaims any intention or obligation to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.

Neither 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.