South American Silver Corp. October 2011 corporate presentation. Contains information about the company's silver-indium-gallium project in Bolivia and copper-silver-gold project in Chile.

1. VALUE.GROWTH.VISION
Growing and advancing one of the world’s largest
undeveloped silver and indium resources.
Corporate Presentation TSX: SAC, US OTC: SOHAF
October 2011 www.soamsilver.com

2. Cautionary Notes
Forward-looking statements
Certain statements contained herein constitute “forward-looking statements.” Forward-looking statements look into the future and
provide an opinion as to the effect of certain events and trends on the business. Forward-looking statements may include words
such as “plans,” “intends,” anticipates,” “should,” “estimates,” “expects,” “believes,” “indicates,” “targeting,” “suggests,” “potential,”
and similar expressions. These forward-looking statements are based on current expectations and entail various risks and
uncertainties. Actual results may materially differ from expectations, if known and unknown risks or uncertainties affect our
business, or if our estimates or assumptions prove inaccurate. Investors are advised to review the Company’s Annual Information
Form filed at www.sedar.com for a detailed discussion of investment risks. The Company assumes no obligation to update or
revise any forward-looking statement, whether as a result of new information, future events or any other reason.
Cautionary note regarding reserve and resource estimates
The material in this presentation has been prepared in accordance with the requirements of the securities laws in effect in
Canada, which differ from the requirements of U.S. securities laws. Unless otherwise indicated, all resource and reserve
estimates included in this presentation have been prepared in accordance with National Instrument 43-101 Standards of
Disclosure for Mineral Projects (―NI 43-101‖) and the Canadian Institute of Mining and Metallurgy Classification System. NI 43-101
is a rule developed by the Canadian Securities Administrators which establishes standards for all public disclosure an issuer
makes of scientific and technical information concerning mineral projects. Canadian standards, including NI 43-101, differ
significantly from the requirements of the United States Securities and Exchange Commission (―SEC‖), and resource and reserve
information contained herein may not be comparable to similar information disclosed by U.S. companies. In particular, and without
limiting the generality of the foregoing, the term ―resource‖ does not equate to the term ―reserves‖. Investors should also
understand that ―inferred mineral resources‖ have a great amount of uncertainty as to their existence and great uncertainty as to
their economic and legal feasibility. It cannot be assumed that all or any part of an ―inferred mineral resource‖ will ever be
upgraded to a higher category. The estimation of quantities of resources and reserves is complex, based on significant subjective
assumptions and forward-looking information, including assumptions that arise from the evaluation of geological, geophysical,
engineering and economic data for a given ore body. This data could change over time as a result of numerous factors, including
new information gained from development activities, evolving production history and a reassessment of the viability of production
under different economic conditions.
Changes in data and/or assumptions could cause reserve estimates to substantially change from period to period. No assurance
can be given that the indicated level of mineral will be produced. Actual production could differ from expected production and an
adverse change in mineral prices could make a reserve uneconomic to mine. Variations could also occur in actual ore grades and
recovery rates from estimates.
2

3. Investment Highlights
South American Silver Corp.
• Experienced management team with track record of successful project
development and value creation
• Two large-scale deposits in South America
• Malku Khota: one of the world‘s largest silver-indium-gallium resources
• Escalones: high potential copper-silver-gold deposit
• Updated 2011 PEA study doubles estimated production to 13.2 M oz silver, 80
tonnes of indium and 15 tonnes of gallium per year, for first 5 yrs
• Measured and Indicated resources expanded 60% to 230 M oz silver
• Well defined business plan to drive shareholder value
• Leveraged to silver nearly 4 oz of silver per share (6 oz silver equivalent)
• Attractive investment value relative to peers at low value per oz
• Exposure to the high-tech indium and gallium market
• Potential value from new copper-silver-gold resource
• Strong focus on community relations
• Well financed into feasibility
3

4. World-Class Deposits
Two large-scale assets in South America
Malku Khota, silver-indium project, Bolivia (100%)
• Bulk mineable open-pit, sediment hosted deposit
• Low capital and operating costs as a heap leach or milling
operation
• Update resource increases M&I 60% to 230 M oz silver
Silver Indium Gallium AgEq
(Moz) (tonnes) (tonnes) (Moz)
M&I 230 1,481 1,082 354
Inferred 140 935 1,001 240
• Pre-Feasibility process started in 2011 & Feasibility in 2012
• Resource expansion potential with only 4 km of 50 sq km
property drill tested
• Potential to be one of the top producing silver and indium mines
• Funded into Feasibility
Escalones, copper-silver-gold project, Chile (100%)
• Large scale target in world-class mining district near El Teniente
• Exploration program and geophysics underway
• Resource definition program in 2011
• Potential significant copper, silver, gold deposit
*AgEq=total contained metal 4

5. Share Capitalization2
TSX:SAC, US OTC:SOHAF
Issued &
Outstanding Options Warrants Fully Diluted2
100.3M 10.6M 6.8M 117.9M
• ~$200 million Market Capitalization (1) Major Shareholders
• Average 3 mo. trading volume 350,000 shares/day •Zamin --19%
• Well financed with +$30 million in cash(2) •Private investors--18%
• Potential US listing to increase visibility and liquidity •Management3 -- 15%
Institutional Ownership
•Sprott Asset Management
•Front Street
•K2 funds
•Kudu Partners
(1) As of July 18, 2011, (2) As of June 30, 2011
(3) Fully diluted basis 5

6. Adding Value Through Resource Growth
400 8000
350 7000
Tonnes of Indium and Gallium (Combined)
Ag Inferred Resource
300 Ag M&I Resource 6000
Million Ounces of Silver
In & Ga Inferred Resource
250 5000
In & Ga M&I Resource
200 4000
150 3000
100 2000
50 1000
0
IPO 0
6

7. Comparative Silver Resources in the Americas
Second largest development stage silver resource
500
Additional value
450
of Indium and Gallium
Inferred Resources
400
Millions of Silver Ounces
M&I Resources
350
300
250
200
150
100
50
0
Alexco Silvercrest US Gold Golden Sulliden MAG Silver Orko ECU Sabina Tahoe South
So.American Bear Creek
Minerals Resources American
Silver
Silver
Yukon Mexico Mexico Mexico Peru Mexico Mexico Mexico Nunavut Guatemala Bolivia Peru
(Canada) El Salvador Peru (Canada) Chile
Source: Canaccord Report resource numbers as of January 11, 2011
Note: All companies have projects in South and/or North America
7

8. Enterprise Value per Silver Resource Oz
Producer
By project development stage Average
~$20/oz
$20.00
$18.00
$16.00
EV of >$0.80 base on 230.3 million M&I oz Ag
$14.00
Advanced Development
$12.00 Stage Average ~$6/oz
$10.00
Development Stage
$8.00
Average ~$3/oz
$6.00
$4.00
$2.00
$0.00
Source: Canaccord & Intierra as of June 9, 2011,
Note: All companies have projects in South and/or North America
8

9. Development Stage Value Curve
Potential value growth with project advancement
Average Enterprise Value per Oz of Silver by Stage
Production
Take-Over offers or
Partnerships
Construct $20/oz
Increasing Market Value
Increased value common at this
through resource stage
expansion Permits
FS
PFS
$6/oz
Resource PEA
Definition
$3/oz
Early Stage Advanced Production
Discovery Exploration & Development
Development Stage (Reserves)
Increasing value with project advancement
Source: Recent average enterprise value per ounce of silver at
various development stages for North and South American based
9
projects. Canaccord, Wellington West and Company reports.

10. Current Silver Company Market Valuations
by Resource Size & Development Stage
Size of circle represents market valuation premium in EV/oz
Developers Adv. Developers Producers
Silver Standard
Pan American Silver
1000
Total Resource Size (Moz's)
Bear Creek Coeur d'Alene
500 South American Silver
SAC SAC SAC
Sulliden Tahoe
Silver Bull First Majestic
Silvermex Hecla
Silver Quest Hochschild
MAG
100 US Gold
Aurcana Endeavour
Esperanza Int'l Minerals
US Silver
Arian Troy Extorre
Castle
Great Panther Alexco
Golden Predator
10
$50 $500 $1,000 $2,000 $5,000
Enterprise Value (US$ Millions)
Total Resource Ag Equivalent using (Ag +Au only at $25/oz and $1000/oz values)
Source: Canaccord Report July, 2011 and Intierra, July, 2011
Share prices as of Sept 7 2011, 10
Note: All companies have projects in South and/or North America

11. Positive Silver Fundamentals
A paradigm shift for silver?
• Major shift in supply/demand dynamic over past several years
• Silver still well below inflation adjusted highs of $140/oz ($50 in 1980)
• Silver is a ―hybrid‖ precious and industrial metal due to its scarcity and unique
properties including superior electrical and thermal
conductivity, malleability, reflectance, and catalytic/biologic reactivity
• Price increases driven by 40% increase in investment demand and 21% increase in
industrial demand for a total increase of 17% in 2010
• Total annual mine production growth only 2.5% last year with reduced contribution of
by-product silver from copper and gold production
• Projected new mine supply anticipated to be consumed by new industrial demand
through at least 2015
• Chinese imports up 4x since 2009 with change from net sellers of more than 100 M oz
of silver in 2005 to net buyers of more than 120 M oz in 2010
• Few major new deposit discoveries and growing time lag from time of discovery
to metal production
Source: 1) GFMS World Silver Survey 2011
2) BMO Capital Markets Global Mining Research April 2011 11

12. Silver Supply/Demand Fundamentals
• Dramatically increased demand growth driven by strong investment demand plus
increased industrial consumption(1)
• Demand growth expected to continue to outstrip production growth(2)
World Silver Supply World Silver Demand +17% total
+8% total demand
supply 1200 Industrial Applications growth
1200 Mine production
growth Photography
Secondary Supply and Scrap Jewelry and Silverware +40%
1000 Government Sales 1000 Investment and Coins investment
demand
800 800
Million Ounces
Million Ounces
+2.5%
mine 600
600
production
400 400 +21%
industrial
demand
200 200
0 0
Source: 1) GFMS World Silver Survey 2011
2) BMO Capital Markets Global Mining Research April 2011 12

13. Growing World Investment Demand For Silver
300 World Silver Investment Demand
250
Investment Coins & Medals
Millions of Ounces
200
150
100
50
0
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010
Source: GFMS World Silver Survey 2011
13

14. Growing Demand for Silver in Technology
Breakdown of key technology/industrial uses for silver
500
Photovoltaic
400
Catalysts, alloys, solders and biocides
Millions of Silver Oz
300
Electronics
200
100
0
77 79 81 83 85 87 89 91 93 95 97 99 01 03 05 07 09 11p
Source: CPM Silver Yearbook 2010
Not for reproduction without written CPM Group consent
14

15. Thin Film/Thick Film Demand Growth
Growing demand in solar technology
20 50
Thin film cell production PV related silver consumption
Photovoltaic cell production (Gigawatts)
Thick film cell production
Silver fabrication (million ounces)
40
15
30
10
20
5
10
0 0
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010
Growth assumptions based on data from Displaybank in LCD TV Association ―LCD
TV Matters‖-Volume 3, Issue 2, February 2010 , Strategies Unlimited, August 2009
, Solarbuzz, Photon International, GFMS , Nanomarkets, and the US Department of 15
Energy Critical Minerals Strategy Report

16. Silver Primary & By-Product Production(1)
• 70% of silver is by-product production from base metals and gold
• By-product silver production is largely silver price inelastic
• Reduced by-product silver production anticipated going forward from base metals(2)
300 25
Lead/Zinc
Primary
Copper
250
Gold 20
Silver Price
Millions of Ounces of Silver
200
Silver Price (US$)
15
150
10
100
5
50
0 0
2003 2004 2005 2006 2007 2008 2009 2010
Source: 1) GFMS World Silver Survey 2005-2011
2) BMO Capital Markets Global Mining Research April 2011 16

17. Indium & Gallium – Two Key Strategic Metals
Rapidly growing market for high-tech uses
Uses
• Indium-tin oxide (ITO) a key component of flat panel displays (FPDs) and touch screens
• High-efficiency CIGS (copper, indium, gallium, selenide) photo-voltaic thin-film solar
panels, and LED lighting
• Fiber optics, specialized and transparent semiconductors
Supply
• Global indium use growing rapidly and could surpass available supply from by-product
zinc refining at current price range
• One of the most scarce strategic metals due to low recycling and few primary producers
TSX:SAC
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US OTC:SOHAF

18. Indium & Gallium Fundamentals
Compelling supply/demand dynamics
Indium and Gallium Supply/Demand dynamics
• Indium and gallium highlighted in UN and US DOE studies as a critical technology
metals in potential shortage, along with several key rare earth metals, due to rapidly
increasing growth, low recycling rates and low primary production
• China is largest producer and consumer of indium and has imposed export quotas
and tariffs like on other key high-technology specialty metals
• Indium market estimated to see 15-20% annual growth with most indium produced
as by product of zinc refining growing at 1-3% annually
• Current indium and gallium price ~$900-1000/kg up from global economic lows
during 2008-2009 of $400-500/kg
• Gallium market estimated to be a conservative 15% annual growth rate which could
increase significantly with more rapid growth in LED lighting and photovoltaics
Malku Khota annual indium and gallium production
• Malku Khota projected to be one of the world‘s largest indium & gallium producers
(80 tonnes and 15 tonnes per year)
• Potential to represent 10% or more of global mine supply of indium and over 5% of
global supply for gallium
• Opportunities for project financing from off-take agreements for indium & gallium
Sources: (1) US Dept. of Energy Critical Materials Strategy, Dec.
2010. (2)United Nations Environment Programme (UNEP) Special 18
Report on Strategic Metals ,May 2011 .

19. Criticality Index for Clean Energy/Technology Development
Showing Forecast Supply Shortages of Most Important Metals
Short Term (0-5 Years) Long Term (5-15 Years)
high
high
4 Dy 4 Nd Dy
to clean energy
to clean energy
Ce La In Nd Tb In
Importance
Importance
Ga Ga Eu Y Tb
3 Te Eu Y 3 Li Te
Ce Co
Li Co Pr
2 2 La Pr
Sm Sm
low
low
1 1
1 2 3 4 1 2 3 4
low Supply Risk high low Supply Risk high
Important Near Critical Critical
Sources: (1) US Dept. of Energy Critical Materials Strategy,
Dec. 2010. 19

20. Indium Supply
Mine Production and Refining
Indium Mine Production Indium Refining
Peru, 1%
Russia, 3%
Others, 6%
Germany, 3
%
China China
Peru S.Korea
Other
Countries, 23 BLEU, 6% Canada
% Canada
China, 45% Japan, 8% Japan
Mexico, 3% Australia China, 52%
BLEU
USA, 4% USA
Canada, 8%
Germany
Mexico
S.Korea, 13 Russia
Other %
Peru, 9% Countries Peru
Australia, 6%
Others
Canada, 9%
Source: 1)Roskill ‗s Indium: Global Industry Markets and
Outlook ,2010 20
BLEU: Belgium, Luxembourg Economic Union

21. Indium Demand Growth
Growing demand in high-tech markets
2500
End-use Market Demand (tonnes)
Solar Energy
LED Lighting 5 year
2000
LCD Flat Panels projected
demand
growth
1500
1000
2010 total
indium
500 production
level
0
2010 2011E 2012E 2013E 2014E 2015E 2016E
Growth assumptions based on data from Displaybank in LCD TV Association ―LCD
TV Matters‖-Volume 3, Issue 2, February 2010 , Strategies Unlimited, August 2009
, Solarbuzz, Photon International, GFMS , Nanomarkets, and the US Department of 21
Energy Critical Minerals Strategy Report December 2010

22. Indium Fundamentals
World indium demand vs price (1969-2011*)
2500 2000
1800
Indium Price/kg ($US)
2000 1600
Demand
Indium Demand
1400
Price
1500 1200
Current Indium Price
X 1000
1000 800
600
500 400
200
0 0
Source: (1) Indium: Global Industry Markets and Outlook, 9th Edition 2010 (Roskill)
*2011-2013 Data are estimates (2) 2011-2015 Estimates US Dept. Of Energy
Critical Materials Strategy Dec. 2010. 16

23. Silver Mines in Bolivia
One of the world’s premier silver mining districts
• Historical district production of billions of
ounces of silver
• Highly prospective & under-explored
• Increase from 9th largest global silver
producer to 5th largest with completion of
three major silver mines in past four
years:
 Pan American Silver – San Vicente
 Coeur D‘Alene - San Bartolome
 Sumitomo - San Cristobal
TSX:SAC
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US OTC:SOHAF

24. Opportunity in Bolivia
An emerging resource based economy
• Bolivian government encouraging private investment
• Member of Mercosur Regional trade organization with Brazil as largest trading partner
• Government bond ratings upgraded by Moody‘s & Fitch
• Mining second largest economic sector
• One of the world‘s premier silver districts with billions of ounces of silver production
• Planned $32 billion 5-7 year infrastructure build-out by Bolivian government for new rail and
road corridors and hydropower generation
• Three Major silver mines built within last four years by Pan American Silver, Coeur
D‘Alene, and Sumitomo
• Substantial resource industry investments in Bolivia
 Jindal Steel of India investing US$2.1 billion in giant El Mutun iron ore deposit
 Petrobras of Brazil—Latin America‘s largest publicly traded oil company – investing
US$1 billion of new capital into the Bolivian gas fields
 Repsol of Spain investing $1.6 billion to increase gas production in Bolivia
 Petrobras and Repsol have announced new exploration initiatives in Bolivia in early 2011
 Recently announced investments by Chinese and South Korean companies to develop
lithium resources
TSX:SAC
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US OTC:SOHAF

25. Malku Khota Project
One of the world’s largest silver-indium resources
Malku Khota Project – 2011 Resource Estimate
Silver Indium Gallium Copper Lead Zinc AgEq3
(Moz) (tonnes) (tonnes) (MLbs) (MLbs) (MLbs) (Moz)
M&I 230 1,481 1,082 120 453 247 354
Inferred 140 935 1,001 102 362 246 240
1) Average for the first 5 years of production
2) See March 31, 2011 News Release for detailed resource estimate 25
3) Total contained metal

26. Malku Khota Project
Low projected capital and operating costs with established infrastructure
• 50 square km, 100% owned, road accessible project
• Low capital and operating costs on a per ounce basis
• Potential to be one of the top primary silver and indium producing mines at 13.2 Moz
silver per year and 80 tonnes of indium1
• Project base case annual cash flows and NPV‘s more than doubled
• Open pit, bulk mineable and very scalable
• Commercial electricity and natural gas nearby
1) Average for the first 5 years of production
26

27. Mineralization
Open pit, bulk mineable silver-indium deposit
Host rock sandstone with disseminated Enrichment starts at surface
silver, indium, gallium, lead, zinc and copper
Average grade first five years:
• Silver: 42.2 g/t (58 g/t Ag Eq) 1
• Indium: 7.55 g/t
• Economic cut-off grade <15 g/t (at $18/oz Ag) 2
(1) AgEq comprised of all contained metals
(2) Economic cut-off grade comprised only of silver and
indium
27

28. Malku Khota Drilling
Grade thickness map
• 115 drill holes in current resource with OPEN
updated resource Q1-2011
• Updated resource results increase total
M&I oz to 230 Moz Ag (a 60% increase in
M&I oz) plus an additional 140 M inferred Mineralized
Ag oz Sandstones
• 2011 program to target conversion from
resources to reserves & expansion drilling
OPEN
• Mineralization begins at surface
• Deposit open along trend and down dip
with excellent potential for expansion
• New discovery of higher grade zones and
down dip expansion of surface
mineralization
OPEN
TSX:SAC
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29. Malku Khota Mineralization
• Broad zones of continuous sediment hosted mineralization
• Open at depth and along trend
LMD048: 286 meters grading 76 g/t AgEq Grade thickness values of over 21,500 g-m AgEq
OPEN
OPEN
TSX:SAC
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30. Production Processes
From ore to metal
Open Pit Mining
• Large scale shovel and truck open pit mining
operation Crushing
• Ore crushed in preparation for leaching
• Acid-chloride leaching captures Leaching
silver, indium, copper, lead, zinc, gallium and gold
• Metal recovery in several steps:
• Acid recovery Metal Recovery
• Silver-gold-copper cementation & Processing
• Indium-gallium precipitation
• Lead and zinc sulfides Silver, Gold,
Copper
• Downstream processing to metal products
Indium &
Gallium ingots
Lead & Zinc
concentrates
TSX:SAC
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31. 2011 Economic Assessment Metal Prices ($US)
Base Case Mid Case Recent
Mining Rate 40,000 tpd
Silver : $18/oz $25/oz $35/oz
Life of Mine 15 years $650/kg
Indium : $500/kg $570/kg
Ore Mined (LOM)3 200 M tonnes Gallium: $500/kg $570/kg $730/kg
Average Silver Grade 2 42.4 g/t
Average Indium Grade2 7.55 g/t
Ag Eq grade 58 g/t Share of Gross Revenue
First LOM (at base case prices)
Recovered Metals Total 5 years Annual
Silver (oz) 158 M 13.2 M 10.5 M
Indium (tonnes) 1,184 80.7 78.9 5% 3% Silver
Lead (lbs) 191 M 12.48 M 12.7 M 6%
Zinc (lbs) 135 M 4.42 M 9M
Copper (lbs)
Indium &
88 M 5.64 M 5.87 M
Gallium (kgs) Gallium
212,962 15,184 14,198 15%
Copper
Base Case Mid Case Recent
First 5 years cash flow $185 M/yr $287 M/yr $430 M/yr 71%
Net cash flow $1,261 M $2,528 M $4,298 M Lead
NPV (5% discount rate)1 $704 M $1482 M $2571 M
Internal Rate of Return 37.7% 63% 92.9%
Payback period (years) 27 months 19 months
Zinc
15 months
(1) In US dollars, March 2011, PEA
(2) First 5 years of production (average) 31
(3) LOM = Life of Mine

32. Malku Khota PEA Update Projected Production Levels
22
Production - Silver Equivalent Ounces
Copper
20 Zinc
18 Lead
16
Indium & Gallium
(Million)
14
Silver
12
10
8
6
4
2
0
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15
Production Year
Source: March 2011 Malku Khota PEA
Values in US$ 32

33. Malku Khota NPV and Cash Flow
$4,000 $600
Net Present Value
$3,500
$500
NPV @ 5% Discount Rate (US$M)
$3,000 Average Net Cash
Average Net Cash Flow
Flow
1st 5 years (US$M)
$400
$2,500
$2,000 $300
$1,500
$200
$1,000
$100
$500
$0 $0
$15 $20 $25 $30 $35 $40 $45 $50
Ag Price ($/oz)
Source: March 2011 Malku Khota PEA
Values in US$ 33

34. Silver Producer Price to Cash Flow Multiples (P/CF @ $30/oz)
25
Malku Khota 23.2 23.4 23.5
PEA Projected Cash Flows
20 $18/oz $25/oz $35/oz 19.3
$185M $287M $430M 17
16.2
15.6
15
2011E P/CF
12.3
11.1
10.5
10
8.4
6.5
5
0
Source: BMO Capital Markets Global Mining Research
Report, April 3, 2011 (share prices as of March 31 2011) 34

35. Actual/Anticipated Annual Ag Production (Moz)
0.0
5.0
10.0
15.0
20.0
25.0
30.0
35.0
40.0
Coeur d'Alene
Pan American Silver
Source: CPM Silver Yearbook 2011
Silver Standard Resources
Producers
Developers
Silver Standard Resources
Malku Khota
Hecla
Hochschild
*Based on mine production of 13.2 Moz /year for first five years
Cia De Minas Buenavertura
Yamana Gold
Etibank
35
Bear Creek Mining
Hochschild
Polymetal MNPO
Sabina Gold & Silver
South American Silver Corp.
Goldcorp Inc.
Industrias Penoles
Pan American Silver
Tahoe Resources
Sumitomo Corp.
Barrick Gold Corp.
Primary Silver Project Annual Production Rates
Fresnillo
Malku Khota one of largest emerging producers at over 13 Moz/yr
BHP Billiton

36. Global Silver Industry Cash Cost Curve
Anticipated low-cost silver production
Cumulative Percentile of Silver Mine Production Cost
Lowest 25%
Total Cash Cost Per Ounce of Silver
Percentile Cash
Costs
Malku Khota
13.2 Mozs/yr (1)
~ $2.94/oz (2)
Industry Average
Cash Cost
$5.27/oz
Source: GFMS World Silver Survey 2011
(1) Average first 5 years of production
(2) Silver cash costs after credits ($US)/oz
36

37. Escalones Copper-Silver-Gold project, Chile
High potential, large-scale target
• 70 square km, road
accessible, large scale system
in well established mining
district
• Located near one of the worlds
largest underground copper
mines at El Teniente
• Historic drilling shows >1%
copper grades at surface and
untested porphyry system
grading 0.6% copper
• Additional significant
gold, silver and molybdenum
credits
• Exploration program underway
• Resource estimate targeted for
2nd half of 2011
TSX:SAC
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US OTC:SOHAF 30

38. Escalones Project Logistics
Excellent existing infrastructure
Ownership: 100% through lease SAC property
Location: 35km E of El Teniente Gas pipeline
Access Road
Elevation: 3800m
• 70 square kilometer property
• Road accessible located 100 km
southeast of Santiago
• Gas pipeline across property
• 30 Drill holes completed to date
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39. Drill Results Grade Thickness Map
Large-scale copper-silver-gold system
• Open to expansion down dip
and laterally
• Strong historic drill results
• Limited testing of porphyry
system with most holes in
replacement /skarn style
mineralization
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40. Escalones
Geological cross-section
• Enriched zones with high grades of replacement style mineralization starting at surface
at over >1% copper with significant silver, and gold
• Large scale porphyry target with intercept of 176 m @ 0.6% copper with additional
credits from silver, gold, and molybdenum
Alto
Bajo
TSX:SAC
US OTC:SOHAF 40

41. Community Relations
A key to successful project development
• Recent key additions to community relations team:
• Jim Mallory, VP Operations and Social Responsibility – 35 years industry experience
previously with Silver Standard, NovaGold, & Barrick (Placer Dome)
• Miguel Reynaga, Director of Community Relations - 16 years experience with
Newmont at their Inti-Raymi (Kori Kollo) Mine in Bolivia
• Objectives to facilitate economic development in communities as part of project
exploration, development and construction activities
• Project construction will see workforce of over 1,000 with mine workforce of over 400 or
more
*Business for Social Responsibility, San Francisco, CA
41

42. Project Milestones
Value drivers over the next 6-12 months
• Malku Khota, silver-indium-gallium project, Bolivia
Updated resource estimate & PEA more than doubles annual production to
13.2 M oz of silver, 80.7 tonnes of indium and 15 tonnes of gallium per year*
Updated resource results show 60% increase in M&I ounces to 230 M oz of
silver with an additional 140M oz inferred, and indium to 1,481 tonnes M&I
and 935 tonnes inferred
Cash flows, project valuations and rates of return significantly expanded over
previous studies
Pre-Feasibility work has started for the second half of 2011
• Major camp expansion to support up to 6-8 drills
• Feasibility work to begin in 2012
• Escalones, copper-silver-gold porphyry project, Chile
Exploration and Geophysics program underway
• Drill program to begin late in 2011
• Target for initial resource estimate by end of 2011
• Potential for significant deposit of copper, gold and silver
*Average first five years of production 42

43. Leveraged to Silver
Value of silver per dollar invested Additional value
of Indium and Gallium
Silver value per $1 invested
SAC has some of the best leverage to silver of any development
45
stage company with nearly $45 of silver value per $1 invested
40
35
30
25
Average value of silver <$16 of silver per $1 invested*
20
15
10
5
0
Source: Canaccord as of January 17, 2011, Share prices updated May 24, 2011
Note: all companies have projects in South and/or North America
Calculated using $25/oz Ag. Dollar value of silver per $1 invested = (silver
resource/shares outstanding) x $25/oz silver) divided by share price
43
Value only shown for silver with no contribution from other metals

44. Why South American Silver?
Investment highlights
• World-class scale projects with excellent expansion potential
• Track record of discovery and successful project development
• Growing shareholder value through resource expansion and advancing projects up
the development value curve toward feasibility
• Leveraged to silver with nearly 4 oz of silver per share (6 ozs Ag equivalent)
• Attractive investment value relative to peers at low value per oz
• Exposure to rapidly growing indium and gallium high-technology market
• Potential value from new copper-silver-gold resource definition and expansion at
Escalones
• Continued investor outreach to broaden market awareness of Company
• Potential for NYSE-AMEX listing in the U.S.
TSX:SAC
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US OTC:SOHAF 37

45. TSX: SAC
OTC: SOHAF
Phone: 604.681.6926
1.855.681.6926
www.soamsilver.com
Greg Johnson
President & CEO
TSX:SAC
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46. Relative Stock Performance
SAC outperforming key silver & gold indices
• Trading liquidity increasing with average
volume of 350,000 shares/day
• SAC undervalued relative to peers at >$0.80
Enterprise Value/oz vs average of more than
$4/oz for early stage resources
TSX:SAC
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47. Zamin Group - Strategic Investment
A key regional player
• Well funded regional player in South American resources industry with major projects in
Brazil, Uruguay, Bolivia, and Chile
• Strategic 19% investment positions SAC in strong financial and operational position to
advance projects to feasibility
• Track record of successfully facilitating South American project development through
relationships with national and state governments in the region
• Portfolio of South American projects with strong government support in permitting, rail and
port infrastructure
• Bamin Project-Brazil
• Valintine Project-Uruguay
• Acquiring assets in Bolivia over past year
TSX:SAC
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48. Management & Directors Ralph Fitch (Executive Chairman) is an explorationist with over 40
years of global experience, a co-founder of South American Silver and
Greg Johnson (President/CEO & Director) has over 25 years mining former Chief Geologist for Chevron Minerals credited with several
industry experience in corporate finance, project development and major discoveries in South America.
exploration. A s a co-founder of NovaGold, he played a key role in Antonio Canton (Director) is consultant and director to a number of
growing that company from $50 million in value to over $2 billion market international companies in marketing, finance and real estate.
capitalization advancing 3 major projects through to Feasibility. Tony Cau (Director) is COO at Zamin Ferrous. With over 30 years of
William Filtness (Chief Financial Officer) is a Chartered Accountant with experience in the mining, construction and heavy manufacturing
over 20 years of financial experience in the mining industry. industries, he has been involved in mine development and expansion
Phillip Brodie-Hall (Vice President of Project Development) has over 35 projects around the world for groups like BHP, SNC-Lavalin, and
years experience in engineering construction and project development. He Bateman Engineering.
has participated in nearly every aspect of evaluation, feasibility studies and Jeffrey Couch (Director) is the Head of Business Development at
project development in the mining industry. ENRC and has held various financial advisory positions including for
James Mallory (Vice President of Operations & Social Responsibility) private equity groups such as Campbell Lutyens, was Director of
has over 30 years of mining industry experience in large-scale mine Metals & Mining Investment Banking for Credit Suisse, and a key
management, operations and construction for companies including Barrick member of the capital markets team for Citigroup European
(Placer Dome), Silver Standard, and NovaGold. Investment Bank.
Felipe Malbran (Vice President of Exploration) has over 25 years Paul Haber (Director) is a Chartered Accountant and a Certified Public
experience in exploration management in South America including key Accountant, and previously CFO of a TSX-V company and Chairman
roles in the discovery of Malku Khota, Vizcachitas, and Escalones. of the Audit Committee for South American Silver.
David Dreisinger (Vice President of Metallurgy) is Professor and Industrial Peter Harris (Director) is a mining engineer with over 40 years of
Research Chair in Hydrometallurgy at the University of British Columbia. industry experience including construction and operation of over 20
He is actively involved in developing and commercializing mines around the world with groups such as Barrick (Placer Dome)
hydrometallurgical process at a number of mines worldwide. and NovaGold.
Andrew Clark (Manager of Project Implementation) has over 30 years William Murray (Director) is an engineer in the mining industry with
global industry experience in the development, design, management and over 35 years of experience in construction management and project
construction of industrial mining projects. evaluation with groups including Fluor Daniel, Denison
Richard Doran, (Vice President & Corporate Secretary) has extensive Mines, Optimum Project Services and Anglo American Corp.
industry experience including with General Minerals and as Marketing John Watson (Director) is President of a TSX -V listed company and
Manager for Chevron Minerals. Manager of a limited liability corporation in commercial real-estate.
Xavier Gonzales Yutronic (General Manager Compañía Minera Malku Tina Woodside (Director) is the head of Gowlings’ corporate finance
Khota S.A.) has experience in management, finance, and community department and practices corporate and securities law focused on
relations in the mining industry including with Glencore, and Comsur S.A. corporate finance, M&A and corporate governance matters.
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