SILVER FIELDS ANNOUNCES PRIVATE PLACEMENT

Silver Fields Resources Inc. announces the Company will be offering a non-brokered private placement of 12,000,000 units, to raise proceeds of $600,000. The private placement will consist of 6,000,000 non-flow through units priced at $0.05 per unit and 6,000,0000 flow-through units priced at $0.05 per unit, as more particularly described below.

NON-FLOW THROUGH UNITS

Each non-flow through unit consists of one non-flow through common share in the capital of the Company and one share purchase warrant entitling the holder to acquire one non-flow through common share of the Company, exercisable for a period of 24 months following the closing date of the private placement. The exercise price of each of the share purchase warrants will be $0.10 during the first 12 months of the term of the warrants, or at an exercise price of $0.15 during the last 12 months of the term of the warrants.

FLOW THROUGH UNITS

Each flow-through unit consists of one flow through common share in the capital of the Company and one share purchase warrant entitling the holder to acquire one non-flow through common share of the Company, exercisable for a period of 24 months following the closing date of the private placement. The exercise price of each of the share purchase warrants will be $0.10 during the first 12 months of the term of the warrants, or at an exercise price of $0.15 during the last 12 months of the term of the warrants.

The Company shall rely on the “Accredited Investor Exemption” (B.C., Alberta, Ontario) and the “Friends and Relatives Exemption” (B.C.), and therefore will not be preparing an offering document.

The gross proceeds of the offering will be used in part for general working capital and the flow through portion of the private placement will be used for qualified Canadian Exploration Expenditures, including the planned drill program on the Company’s Keremeos Silver Project.

The Company will pay a finder’s fee in connection with the private placement of 10% cash, plus 10% Agent’s Warrants where permitted by the TSX Venture Exchange. The exercise price of each of the Agent’s Warrants will be $0.10 during the first 12 months of the term of the warrants, or at an exercise price of $0.15 during the last 12 months of the term of the Warrants.

The Private Placement is subject to the approval of the TSX Venture Exchange.

Statements about the Company’s future expectations and all other statements in this press release other than historical facts are “forward looking statements”. The Company intends that such forward-looking statements be subject to the safe harbours created thereby. Since these statements involve risks and uncertainties and are subject to change at any time. The Company’s actual results may differ materially from the expected results.

We seek Safe Harbor.

2011

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