ECU Silver Closes $12 Million Private Placement of Special Warrants

Toronto, Ontario - (Marketwire - December 9, 2009) - Not for dissemination in the United States or through U.S. newswire services

ECU Silver Mining Inc. (TSX: ECU) ("ECU") is pleased to report that it has closed its previously announced private placement of special warrants for total gross proceeds of approximately $12.2 million.

The size of the offering was increased due to the strong market support for the offering. A total of 16,946,000 special warrants were issued at a price of $0.72 per special warrant. Each special warrant entitles its holder to acquire upon exercise one unit, with each unit being comprised of one common share of ECU and one-half of a common share purchase warrant. Each full purchase warrant will entitle its holder to acquire one common share at a price of $0.90 at any time on or before December 9, 2011.

Casimir Capital L.P., an investment bank based in New York City, acted as financial advisor to ECU in connection with this private placement.

About ECU

ECU Silver Mining Inc. is focused on the exploration, development and mining of gold, silver and base metals at its Velardena District Properties in Durango, Mexico. ECU holds a NI 43-101 compliant mineral resource of 40 million silver equivalent ounces in the measured and indicated category and 391 million silver equivalent ounces in the inferred category. ECU also owns two mills with a combined capacity of 820 tonnes per day. ECU's mission is to become a pre-eminent silver and gold producer through the development of its existing and potential mineral resources at Velardena.

Cautionary Statements

The securities offered have not been registered under the United States Securities Act of 1933, as amended, and may not be offered or sold in the United States or to, or for the benefit of U.S. persons except in certain transactions exempt from the registration requirements of such Act. This news release shall not constitute an offer to sell nor the solicitation of an offer to buy, nor shall there be any sale of the securities, in any state in which such offer, solicitation or sale would be unlawful.

This press release contains forward-looking statements. Such statements include, without limitation, statements regarding the future results of operations, performance and achievements of ECU, including potential financings and potential property acquisitions, the timing, content, cost and results of proposed work programs, the discovery and delineation of mineral deposits/resources/reserves, geological interpretations, proposed production rates, potential mineral recovery processes and rates, proposed business and financing plans, business trends and future operating revenues. Although ECU believes that such statements are reasonable, it can give no assurance that such expectations will prove to be correct. Forward-looking statements are typically identified by words such as: believe, expect, anticipate, intend, estimate, postulate and similar expressions, or are those, which, by their nature, refer to future events. ECU cautions investors that any forward-looking statements by ECU are not guarantees of future results or performance, and that actual results may differ materially from those in forward looking statements as a result of various factors, including, but not limited to, variations in the nature, quality and quantity of any mineral deposits that may be located, significant downward variations in the market price of any minerals produced, and ECU's inability to obtain any necessary permits, consents or authorizations required for its activities, to produce minerals from its properties successfully or profitably, to continue its projected growth, to raise the necessary capital or to be fully able to implement its business strategies. All of the ECU's public disclosure filings may be accessed via www.sedar.com and readers are urged to review these materials, including the technical reports filed with respect to ECU's mineral properties.

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