Caracara Silver Inc. Announces Start of Field Programs on Princesa-Pilunani Silver Projects, Peru

Caracara Silver Inc. (TSX VENTURE:CSV) ("Caracara" or the "Company") is pleased
to announce the start of a regional scale geophysical program on its
Princesa-Pilunani project located 850 kilometres south-east of Lima, in southern
Peru. 


The Company has engaged Valdor Geofisica del Peru to conduct an Induced
Polarization geophysical survey totalling a minimum of 60 line kilometres over
Caracara's properties. This field program is under way and is expected to be
completed by the end of November. 


The current field program will also include mapping, trenching and sampling in
order to define areas of mineralization on surface prior to testing with
drilling, anticipated to begin in the late second quarter of 2012. 


Caracara's projects are divided into three work areas known as Princesa,
Pilunani and Potoni and total 24,600 hectares of land in 34 concessions. The map
below outlines the three concession working areas. 


On the main Princesa project, more than 6,889 metres of core has been relogged
in order to better understand controls on mineralization and deposit geology.
Princesa was the subject of an exploration program from 2004-2007 which included
mapping and surface sampling, IP surveys and 64 diamond drill holes. The
Princesa project hosts NI 43-101 complaint inferred resources totalling 4.6
million tonnes grading 90.88 grams silver per tonne and 1.69% zinc and 1.61%
lead. Princesa remains open at depth and along strike. The Princesa Technical
Report can be found on the Company's website www.caracarasilver.com and on
www.sedar.com (Independent 43-101 Technical Report, Princesa Project, DEPARTMENT
OF PUNO, PERU. Authored by SERVICES GEOLOGIQUES, A. Vachon, 35 Du Parc des
Erables, Laprairie, QC, J5R 5J2, dated January 15th, 2011.


Community Relations 

Caracara has implemented a community relations program and maintains excellent
relations with all the communities in its operating area. The Company is working
to conclude a working agreement with each of the communities and expects to have
these agreements completed sometime in the fourth quarter of this year.


Other Business 

The Company's board of directors has approved the grant of stock options to
directors, officers, employees and consultants of the Company to acquire an
aggregate of 2,900,000 common shares. Each option granted to directors,
officers, employees and consultants can be exercised to acquire one common share
at a price of $0.50 per share over a five year period. The option grants remain
subject to vesting restrictions of one-quarter on each of the grant date, 6
month, 12 month and 18 month anniversaries from the date of the option grant.


Qualified Person 

Mr. Alain Vachon, P.Geo, Caracara Silver's Vice President Exploration and the
Company's Qualified Person as defined by National Instrument 43-101, has
reviewed and approved the contents of this press release.


About the Company 

Caracara Silver Inc. is focused on acquiring, exploring and developing silver,
zinc and lead resources to meet the world's growing demand. The Company holds 34
concessions totalling 24,600 hectares in Southern Peru and is actively exploring
its holdings in Peru and assessing new projects. 


Caracara has 50,821,167 shares issued and outstanding and trades on the Toronto
Stock Exchange Venture under symbol: CSV.


THE TSX VENTURE EXCHANGE DOES NOT ACCEPT RESPONSIBILITY FOR THE ACCURACY OR
ADEQUACY OF THIS RELEASE.


This news release may contain forward-looking statements that are based on
Caracara Silver Inc.'s expectations, estimates and projections regarding its
business and the economic environment in which it operates. These statements are
not guarantees of future performance and involve risks and uncertainties that
are difficult to control or predict. Therefore, actual outcomes and results may
differ materially from those expressed in these forward-looking statements and
readers should not place undue reliance on such statements. Statements speak
only as of the date on which they are made, and Caracara Silver Inc. undertakes
no obligation to update them publicly to reflect new information or the
occurrence of future events or circumstances, unless otherwise required to do so
by law. 


To view the image associated with this release, please visit the following link:
http://media3.marketwire.com/docs/CaracaraSilver_map.pdf.

Caracara Silver Inc. (TSXV:CSV)
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