South American Silver Announces 4 Billion Pound Copper Discovery in Chile

South American Silver Corp. (TSX: SAC.TO - News)(Pinksheets: SOHAF.PK - News) announces the first independent NI 43-101-qualified resource estimate for the Company's 100%-controlled Escalones copper-gold-silver project in central Chile.

Highlights:
--  Newly defined Inferred Resource of 420 million tonnes of mineralized  material containing 3.8 billion lbs of copper, 56.9 million lbs of    molybdenum, 610,000 ozs of gold and 16.8 million ozs of silver using a    0.2% Cu Equivalent(1) cut-off grade which represents approximately a $2.50/lb copper price (see table 1 below).
--  This is a copper-equivalent(1) content of 4.5 billion lbs of copper    grading 0.49% based on approximate 3-year average metal prices of    $3.00/lb copper, $1,200/oz gold, $22/oz silver and $16/lb molybdenum.

Afferro divests interest in the Putu Iron Ore Project for minimum US$115 million cash

/NOT FOR DISTRIBUTION IN THE UNITED STATES OR FOR DISSEMINATION TO US NEWS WIRE SERVICES./

Afferro Mining Inc. ("Afferro" or the "Company"), a TSX-V / AIM listed exploration and development company is pleased to announce that Afferro and its wholly owned subsidiary, Mano River Iron Ore Holdings Limited ("Mano"), have entered into a legally binding heads of terms agreement (the "Heads of Terms") with Lybica Holdings B.V. ("Lybica"), an affiliate of ZAO "Severstal Resources" ("Severstal"), for the sale of its 38.5% interest in the Putu iron ore project in Liberia ("Putu"). Lybica currently holds the remaining 61.5% interest in Putu.

Canadian Zinc Receives Environmental Approval

Review Board Approves Proposed Prairie Creek Mine

Canadian Zinc Corporation (TSX: CZN.TO - News)(OTCQB: CZICF.OB - News) ("the Company" or "Canadian Zinc") is pleased to announce that the Mackenzie Valley Environmental Impact Review Board has approved the proposed operation of the Prairie Creek Mine in the Northwest Territories.

The Mackenzie Valley Environmental Impact Review Board ("MVEIRB" or "Review Board") issued its Report of Environmental Assessment and Reasons for Decision for Canadian Zinc's proposed Prairie Creek Mine (the "EA Report") on December 8, 2011 and submitted the Report and Decision to the Honourable John Duncan, Federal Minister of Aboriginal Affairs and Northern Development.

The Review Board has concluded that the proposed development of the Prairie Creek Mine is not likely to have any significant adverse impacts on the environment or to be a cause for significant public concern. The Review Board has therefore concluded that an environmental impact review of this proposed development is not necessary and that the Prairie Creek Mine project should proceed to the regulatory phase for approvals.

Statement by European Goldfields Limited Regarding Share Price Movement

European Goldfields Limited (AIM: EGU / TSX: EGU) ("European Goldfields" or the "Company") acknowledges the Company's recent trading activity and announces that the Company has received preliminary and indicative approaches from third parties regarding potential corporate transactions.  No formal offers have been received and there can be no assurances that any transaction will result from any of these approaches.

The Company does not intend commenting further on these or other proposals unless a definitive agreement is reached with any third party or unless otherwise required by law.