Caracara Silver Intersects 87 g Silver and 3.4% Combined Lead and Zinc Across 2.2 Metres at Princesa Project in Peru

Caracara Silver Inc., (TSX VENTURE:CSV) ("Caracara" or the "Company") is pleased
to announce that the first hole completed on the Princesa silver-lead-zinc
project located 850 kilometres south east of Lima, in Puno Department, Peru, has
intersected 2.2 m grading 87.8 grams silver per tonne, 1.6% lead and 1.75% zinc
in hole PRIN12-01. This intersection was within a wider 9.2 metre section
assaying 47.4 grams silver per tonne, 1.47% lead and 1.1% zinc. 


PRIN12-01 was drilled to verify and test for mineralization between holes PRIN
61 and PRIN 62, which were drilled by a previous company in 2007. 


A second hole, PRIN12-02 was collared to test the Princesa zone below historic
hole PRIN 62 and intersected a 33.7 metres envelope of low grade mineralization,
including a higher grading intersection of 3 metres assaying at 32.5 grams
silver per tonne, 0.9% lead and 0.74% zinc. 


A list of the complete drill results is included in the table below.



----------------------------------------------------------------------------
                                Intersection                                
Hole         From (m)   To (m)       (m) (1)                  Grade         
----------------------------------------------------------------------------
                                              Silver (g/t) Lead (%) Zinc (%)
----------------------------------------------------------------------------
                                                                            
----------------------------------------------------------------------------
PRIN12-01          48       49             1        124.09     0.73     0.33
----------------------------------------------------------------------------
                 63.8       73           9.2          47.4     1.47      1.1
----------------------------------------------------------------------------
including                                2.2          87.8      1.6     1.75
----------------------------------------------------------------------------
                                                                            
----------------------------------------------------------------------------
PRIN12-02       171.3    171.8           0.5          40.6     5.07     0.78
----------------------------------------------------------------------------
                180.8    181.4           0.6            61     2.85     1.36
----------------------------------------------------------------------------
                191.2    194.2             3          32.5      0.9     0.74
----------------------------------------------------------------------------
(1)  Intervals represent the down hole core intersection and, until more    
     data is available on the geometry of the mineralized zone, are not     
     considered true widths                                                 



This program is part of a drill campaign designed to explore the Princesa
mineralized structure along 2.5 km of strike and to a depth to 250 meters.  


To view the map associated with this press release, please visit the following
link: http://media3.marketwire.com/docs/CaracaraMap100112.jpg. 


Permitting and Regulatory Update 

On June 6, 2012, a national decree was published which brought into law
amendments to the procedures required for the granting of mineral exploration
permits in Peru. This new decree requires a consultation with the Ministry of
Culture to determine if native people live in the proposed exploration work
areas and that no work can begin until this consultation led by government
personnel has been completed. 


On August 15, 2012 the Ministry of Environment and Mines ("MINEM"), although
having issued to Solex Del Peru, Caracara's Peruvian subsidiary, a valid permit
to explore in March 2012, noted that Caracara must comply by the new decree
issued in June. 


After carefully reviewing the issued permit and the timing of the new decree for
consultation with the Ministry of Culture, management determined that in order
to fully comply with all Peruvian laws, drilling be halted until the
consultation process has been completed.  


In September management in Peru met with the Peruvian authorities and it was
determined that there are no native communities in our working areas.
Additionally, Caracara's Peruvian subsidiary company has valid community
agreements with all of the communities in our operating areas. 


As a result of the consultation with the Ministry of Culture and MINEM, Caracara
has met most of the obligations of the new decree affecting exploration
permitting in Peru and anticipates resuming drilling at Princesa in October.


Quality Control-Quality Assurance Program 

All samples have been assayed by CIMM PERU, an association between the Mining
and Metallurgical Research Center of Chile (CIMM) and Certifications of Peru
(CERPER). CIMM is ISO 9001:2008 certified. 


Field samples consisting of 3-5 kg of core were crushed to 90% passing through a
1.70 mm screen and a 250 gram split is pulverized to 85% passing through a
75-micron mesh. Assays are completed for 35 elements via a multi acid digestion
ICP OES. Gold, silver, lead and zinc are reanalyzed once the original results
exceed the limit of detection by gravimetric assay for gold and multi acid ASS
for silver, zinc and lead. 


The Quality Control and Quality Assurance program includes the insertion of two
standards, two blanks and one duplicate sample in every batch of 25 samples.


Qualified Person 

Mr. Alain Vachon, Geol. Eng, 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.


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. 


Neither the 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 and has in no way
passed upon the merits of the qualifying transaction and has neither approved
nor disapproved of the contents of this press release.
Caracara Silver Inc. (TSXV:CSV)
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