South American Silver Corp. is a growth focused mineral exploration company creating value through the exploration and development of the Malku Khota Silver-Indium project in Bolivia, one of the world's largest undeveloped Silver and Indium deposits, and the large-scale Escalones Copper-Gold project in Chile.

1. A Growth Focused Exploration & Development Company Growing and advancing one of the world’s largest undeveloped silver and indium resources. TSX: SAC, US OTC: SOHAF Corporate Presentation December 2010 www.soamsilver.com

2. 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. 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. TSX:SAC US OTC:SOHAF

4. Two large-scale deposits in South America

5. Well definedbusiness plan to drive shareholder value

6. Leveraged to silver with over $40 of silver value per $1 invested

7. Exposure to the high-tech indium market

8. Potential value from new copper-gold resource

9. Attractive investment value relative to peers at low value per oz

10. Strong focus on community relations to mitigate execution risk

11. Well financed into feasibilityTSX:SAC US OTC:SOHAF

13. One of the world’s largest silver and indium resources

14. Potential to be one of the top producing silver and indium mines

15. Funded into Feasibility

16. Escalones, Chile, copper-gold project

17. Located in premier copper mining district

18. Near term resource definition drill program

19. Potential for several billion pounds of copper and significant gold and silver creditsMalku Khota Escalones TSX:SAC US OTC:SOHAF

21. Private Swiss investors--19%

23. Front Street

24. K2 funds

25. Kudu Partners

26. +$200 million Market Capitalization

27. Average trading volume 550,000 shares/day

28. Well financed with $30 million estimated in cash at year end1

29. Potential NYSE-AMEX listing to increase visibility and liquidityAs of November 8, 2010 with proposed $28 million financing (1)On a fully diluted basis (2) As of December 16, 2010

31. Strategic 19.7% investment positions SAC in strong financial and operational position to advance projects to feasibility

32. Track record of successfully facilitating South American project development through relationships with national and state governments in the region

33. Portfolio of South American projects with strong government support in permitting, rail and port infrastructure

34. Bamin Project-Brazil

35. Valintine Project-Uruguay

36. Acquiring assets in Bolivia over past yearTSX:SAC US OTC:SOHAF

37. Comparative Resources in the Americas Second largest development stage silver resource Millions of Silver Ounces Mexico Mexico El. Salvador Mexico Nunavut Peru Mexico Peru Mexico Yukon Peru Mexico Bolivia Chile Guatemala Source: CanaccordReport as of October 2010 Note: All companies have projects in South and/or North America

38. Enterprise Value in the Americas Undervalued relative to peers Average EV/oz of companies with >200Moz silver resource: $2.80/oz Average EV/oz for development stage silver companies: >$1.85/oz * Source: Canaccord Report October, 2010 Share prices as of December1, 2010 Note: All companies have projects in South and/or North America *EV/oz truncated to $10 . Alexco excluded from early stage average EV/oz AgEq $18/oz

39. Development Stage Value Curve Tremendous value growth with project advancement Increased Enterprise Value per Oz by Stage Project Advancement = resource confidence + risk reduction + value multiplier with transition to Feasibility (reserves) And transition to production Increased value with project advancement $ /oz Increased value through resource expansion Construct Permits FS PFS $ PEA Resource Definition $ Discovery Production Early Stage Exploration & Development Advanced Development Stage (Reserves) Source: Recent average enterprise value per ounce of silver at various development stages for North and South American based projects. Canaccord, Wellington West and Company reports.

40. Silver Supply/Demand Surging investment demand plus improving industrial consumption suggests continued demand growth with flat total supply Total Global SilverSupply Total Global SilverDemand & ETFs & ETF Source: GFMS World Silver Survey 2010

42. Bullish supply/demand outlook

43. Continued increase in investment and industrial demand for silver

44. Annual mine production vs total demand remains in short-fall

45. Few new major deposit discoveries

46. Projected new production by analysts have failed to have been realized TSX:SAC US OTC:SOHAF

48. High-efficiency thin film solar panels (CIGS Photo-Voltaics), and LED lighting

50. One of the most scarce strategic metals due to low recycling and few primary producersTSX:SAC US OTC:SOHAF

52. One of the most scarce strategic metals

53. As few as 5 years of indium remain with anticipated demand increase

54. Low supply and high demand could force prices much higher to bring new supply to market Charts Source: Displaybank in LCD TV Association “LCD TV Matters”-Volume 3, Issue 2, February 2010 , Strategies Unlimited, August 2009 , Solarbuzz, Photon International, GFMS , Nanomarkets

55. Indium Fundamentals Zinc Production vs. Indium Production Demand Price History

57. Member of Mercosur Regional trade organization with Brazil as largest trading partner

58. One of the world’s premier silver districts with billions of ouncesof historical production

59. Planned $32 billion 5-7 year infrastructure build-out by Bolivian government for new rail and road corridors and hydropower generation

60. Three Major silver mines built within last four years

61. Substantial resource industry investments in Bolivia

62. Jindal Steel of India investing US$2.3 billion for 50% interest in El Mutun iron ore deposit

63. Petrobras of Brazil—Latin America’s largest publicly traded oil company – investing US$1 billion of new capital into the Bolivian gas fields

64. Repsol of Spain investing $1.6 billion to increase gas production in BoliviaTSX:SAC US OTC:SOHAF

66. Highly prospective under-explored

67. Increase from 9th largest global silver producer to 5th largest with completion of three major silver mines in past four years:

68. Pan American Silver – San Vincente

69. Coeur D’Alene - San Bartolome

70. Sumitomo - San CristobalTSX:SAC US OTC:SOHAF

72. low capital and operating costs and high internal rate of return

73. Ongoing drill campaign with recent higher grade discoveries

74. Potential to be one of the top primary silver and indium producing minesTSX:SAC US OTC:SOHAF

76. Accessible by road

77. Commercial power within 15km

78. Access to waterTSX:SAC US OTC:SOHAF

80. Indium: 8.1 g/t

81. Economic cut-off grade <10 g/t(at $15/oz Ag)TSX:SAC US OTC:SOHAF

82. Mineralization High Grade Sandstone1160 g/t Silver Geological formations looking south from Limosna Malku Khota Sandstone Aroifilla Fm WaraWara Sandstone TSX:SAC US OTC:SOHAF

84. 2010 program focused on in-fill & confirmatory drilling

85. 2011 program to target conversion from resources to reserves & expansion drilling

86. Mineralization begins at surface

87. Deposit open along trend and down dip with higher grade zones current focus

88. New discovery of higher grade zones and down dip expansion of surface mineralizationTSX:SAC US OTC:SOHAF

89. New Exploration Results Discovery of broad continuous mineralization horizon LMD048: 286 meters grading 76 g/t Ag Eq Grade thickness values of over 21,500 g-m AgEq TSX:SAC US OTC:SOHAF

91. 2011 program to target conversion from resources to reserves and expansion drillingTSX:SAC US OTC:SOHAF

93. Similar recoveries to cyanide leach

94. Production of high purity silver bars and indium ingots on site

95. Additional production of by-product metals including lead, zinc, copper and galliumHeap Leach or Milling with Acid Solution Silver, Gold and Copper Recovery Indium and Gallium Recovery Lead Recovery Zinc Recovery Further refining with solvent extraction (SX-EW ) process to metal doreor high purity concentration TSX:SAC US OTC:SOHAF

96. Summary of PEA 2009 Updated PEA with expanded throughput for Q1 2011 Pincock, Allan and Holt Heap Leach Operation – 20,000 Tonnes per Day Base Case Silver Price: US$13.30/oz Base Case Indium Price: US$530/kg In US dollars, March 2009, PEA by Pincock Allan and Holt. Updated study utilizing higher production levels and new cost estimates anticipated Q1-2011 First ten years of production

98. Global Silver Industry Cash Cost Curve Anticipated low-cost silver production Cumulative Percentile of Silver Mine Production Cost Malku Khota 6.4 Mozs/yr ~ $3.75/oz Total Cash Cost Per Ounce of Silver Industry AverageCash Cost $5.25/oz Source: GFMS World Silver Survey 2010

100. Located in world-class copper mining district near El Teniente

101. Historic drilling shows >1% copper grades at surface and untested porphyry system grading 0.6% copper

102. Additional significant gold, silver and molybdenum credits

103. Resource definition program targeted for Q1 2011

104. Resource estimate targeted for 2nd half of 2011TSX:SAC US OTC:SOHAF

106. Strong historic resultsTSX:SAC US OTC:SOHAF

108. Large scale porphyry target intercept of 176 m @ 0.6% copper with additional gold, silver and molybdenumTSX:SAC US OTC:SOHAF

110. Assistance of BSR* to develop proactive community relations strategy

111. Two full-time indigenous community relations officers working in region

112. Objectives to facilitate economic development in communities*Business for Social Responsibility, San Francisco, CA

114. Drill campaign underway with additional drills being mobilized

115. Updated resource estimate targeted Q1 2011

116. Updated Preliminary Economic Assessment at higher throughput Q1-2011

117. Pre-feasibility targeted for 2011 and feasibility for 2012

118. Escalones Copper and Gold porphyry project, Chile

119. Planning work underway for initial drill campaign Q1 2011

120. Target for initial resource estimate in 2nd half of 2011

121. Potential for several billion pounds of copper with additional gold and silver creditsTSX:SAC US OTC:SOHAF

122. Leveraged to Silver Value of silver per dollar invested Silver value per $1 invested SAC has some of the best leverage to silver of any development stage company with over $40 of silver value per $1 invested Average value of silver <$8 of silver per $1 invested* Source: Canaccord as of October, 2010, Share prices updated December 1, 2010 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 Value only shown for silver with no contribution from other metals

124. Track record of discovery and successful project development

125. Growing shareholder value through resource expansion and advancing projects up the development value curve toward feasibility

126. Leveraged to silver with over$40 of silver value per $1 invested

127. Exposure to rapidly growing Indium high-technology market

128. Potential new value from copper resource definition and expansion

129. Attractive investment value relative to peers at low value per oz

130. Continued investor outreach to broaden market awareness of Company

131. Potential near-term NYSE-AMEX listing in the U.S.TSX:SAC US OTC:SOHAF

132. TSX: SAC OTC: SOHAF Phone: 604.681.6926 1.855.681.6926 www.soamsilver.com Greg Johnson President & CEO TSX:SAC US OTC:SOHAF

134. 100% owned, diversified portfolio of projects within well defined mining districts with existing road and nearby power infrastructure

135. Bulk mineable, sediment hosted silver and indium deposit with exceptional regional expansion potential and positive low cost, leach characteristics

136. Large scale, copper-gold project in resource definition/expansion phase

137. Well defined, near term business plan to drive value from early development stage to feasibility stage with multiple pathways to achieve additional increased shareholder value from production multiples and valuations

138. Leveraged to silver with over $40 of silver value per $1 invested

139. Exposure to the niche strategic metal sector with new and growing industrial applications for indium and compelling supply/demand dynamics with few primary suppliers

140. Attractive investment value relative to peers at low value per oz

141. Strong focus on approaches to mitigate execution risks while maximizing value creation such as an early, effective community relations programs and staged stakeholder engagement strategyTSX:SAC US OTC:SOHAF

143. SAC undervalued relative to peers at $0.50/oz vs average of more than $1.85/oz for early stage resources and $2.80/oz for >200Moz resourcesTSX:SAC US OTC:SOHAF

145. Silver has had a 95% correlation to movement in gold since 2005

146. Silver generally mirrors and amplifies the price moves in gold due to the smaller size of market, and lower relative above-ground supply

147. Silver equities generally show a 3-5x leverage to silver price moves due to profit marginsTSX:SAC US OTC:SOHAF

149. High-efficiency thin film solar panels (CIGS Photo-Voltaics), and LED lighting

151. China is largest producer and consumer of indium and has imposed export quotas and tariffs like other key high-technology specialty metals

152. Global indium use growing rapidly and could surpass available supply from by-product zinc refining at current price range

153. Zinc market growing at 1-3% annually with indium market estimated at 15-20% growth

154. World consumption estimated at 1,200 to 1,400 tonnes in 2010 up 2x from 2008 and up more than 10x from 1990

156. Malku Khota projected to be one of the worlds largest indium producers

157. Potential to represent 10% or more of global mine supply

158. Teck Resources is currently world’s largest producer of indium at ~50 tonnes/year TSX:SAC US OTC:SOHAF

159. Consumption from Recycling Percent 0%

160. Consumption vs Reserves Remaining Years of Supply Years of Supply 4/13

166. Board of Directors Strong industry and financial experience Ralph Fitch, Executive ChairmanGreg Johnson, President and CEO Antonio Canton, Director - Mr. Canton is an independent consultant for international companies in marketing, finance and real estate. He is a director of a number of Swiss companies and brings to the board extensive experience in accounting and finance. Peter Harris, Director - Mr. Harris is an engineer with over 40 years of mining industry experience including as Senior VP and Chief Operating Officer at Nova Gold Resources Inc., and Senior VP of Project Development at Placer Dome Inc. He has been involved in the construction and operation of over 20 different mines in North and South America, Africa, Australia and Papua New Guinea. William Murray, Director - Mr. Murray is an engineer in the mining industry with over 33 years of experience in construction management and project evaluation in North America and Africa. He currently serves as the executive chairman and director of Polymet Mining Corp. Mr. Murray has been involved in numerous successful projects while working at Fluor Daniel, Denison Mines, Optimum Project Services and Anglo American Corp. in South Africa. Paul Haber, Director - Mr. Haber is a Chartered Accountant and a Certified Public Accountant with a strong background in US/Canadian accounting and finance. Presently manages Haber & Co. Ltd. Has previously been Chief Financial Officer and Corporate Secretary of a TSX Venture listed company. John Watson, Director - Mr. Watson has been the President of a TSX Venture Exchange listed company since 2002. He is also the manager/member of a limited liability corporation that owns and manages commercial real-estate. Tina Woodside, Director - Ms. Woodside is currently the head of the corporate finance department in Gowlings’ Toronto office and a member of the firm’s National Executive Committee. Ms. Woodside practices corporate and securities law with particular emphasis on corporate finance, mergers and acquisitions and corporate governance matters. TSX:SAC US OTC:SOHAF