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1. A Growth Focused Exploration & Development CompanyGrowing and advancing one of the world’s largest undeveloped silver and indium resources.TSX: SAC, US OTC: SOHAFCorporate PresentationQ2 2011www.soamsilver.com

2. Forward Looking StatementsCertain 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:SACUS OTC:SOHAF

3. Investment HighlightsSouth American Silver Corp.Experienced management team with track record of successful project development and value creation

4. Two large-scale deposits in South America

5. Malku Khota: one of the world’s largest silver-indium resources

6. Escalones: high potential copper-gold deposit

7. 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 years

8. Measured and Indicated resources expanded 60% to 230 M oz silver

9. Well definedbusiness plan to drive shareholder value

10. Leveraged to silver with over $30of silver value per $1 invested

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

12. Exposure to the high-tech indium and gallium market

13. Potential value from new copper-gold resource

14. Strong focus on community relations

15. Well financed into feasibilityTSX:SACUS OTC:SOHAF1

16. World-Class DepositsTwo large-scale assets in South America Malku Khota, silver-indium project, Bolivia (100%)Bulk mineable open-pit, sediment hosted deposit

17. Low capital and operating costs as a heap leach or milling operation

18. Update resource increases M&I 60% to 230 M oz silver

19. Pre-Feasibility process to start in 2011 & Feasibility in 2012

20. Resource expansion potential with only 4 km of 50 sq km property drill testedPotential to be one of the top producing silver and indium mines

21. Funded into FeasibilityEscalones, copper-gold project, Chile (100%)Large scale target in world-class mining district near El Teniente

22. Exploration program and geophysics underway

23. Resource definition program in 2011

24. Potential significant copper, gold, silver deposit Malku KhotaEscalones2

25. Share Capitalization2TSX:SAC, US OTC:SOHAFIssued & OutstandingWarrantsOptionsFully Diluted198.7M114.8M8.0M8.1MMajor Shareholders Zamin—19.7%

26. Private Swiss investors--19%

27. Management1 --15%Institutional OwnershipSprott Asset Management

28. Front Street

29. K2 funds

30. Kudu Partners

31. ~$300 million Market Capitalization (1)

32. Average trading volume 500,000 shares/day

33. Well financed with +$30 million in cash at year end2

34. Potential NYSE-AMEX listing to increase visibility and liquidityAs of November 8, 2010 with proposed $28 million financing(1(1) On a fully diluted basis(2) As of March 31, 20113

35. Zamin Group - Strategic InvestmentA Key Regional PlayerWell funded regional player in South American resources industry with major projects in Brazil, Uruguay, Bolivia, and Chile

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

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

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

39. Bamin Project-Brazil

40. Valintine Project-Uruguay

41. Acquiring assets in Bolivia over past yearTSX:SACUS OTC:SOHAF4

42. Comparative Resources in the AmericasSecond largest development stage silver resource$1.71Millions of Silver Ounces & (Enterprise Value Per Oz)$0.72$11.30$3.37Millions of Silver Ounces$2.17$2.44$8.08$1.87$5.82$17.89$9.13$39.35MexicoEl. SalvadorPeruYukonPeruMexicoNunavutMexicoMexicoMexicoArgentinaBoliviaChileGuatemalaSource: CanaccordReport resource numbers as of January 11, 2011Based on Arpil 11, 2011 share priceNote: All companies have projects in South and/or North America5

43. Enterprise Value per Resource Oz By project development stageProducersAverage >$25/ozEV of $1.15 base on 230.3 million M&I oz AgAdvanced Development Stage Average >$9/ozDevelopment Stage Average >$4/ozProducing CompaniesSource: Canaccord Report January 17, 2011Share prices as of April 11, 2011,Note: All companies have projects in South and/or North America*EV/oz truncated to $256

44. Development Stage Value CurvePotential value growth with project advancementProductionAverage Enterprise Value per Oz of Silver by StageTake-Over offers or Partnerships common at this stage$25/ozConstructIncreased value through resource expansion Increasing Market ValuePermitsFS$9/ozPFSResourceDefinitionPEA$4/ozAdvancedDevelopment Stage (Reserves)Early StageExploration & DevelopmentProductionDiscoveryIncreasing value with project advancementSource: 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.7

45. Current Silver Company Valuations by StageCircle size represents EV/oz500EARLY DEVELOPER STAGEADVANCED DEVELOPER STAGEPRODUCER STAGE$2,000Source: Canaccord Report January 17, 2011Intierra, February 8, 2011Share prices as of March 28 2011,Note: All companies have projects in South and/or North America8

46. Silver Supply/DemandSurging investment demand plus improving industrial consumption suggests continued demand growth with flat total supplyTotal Global SilverSupplyTotal Global SilverDemand& ETFsSource: GFMS World Silver Survey 20109

47. Indium & Gallium—two key strategic metalsRapidly growing market for high-tech uses UsesIndium-tin oxide (ITO) a key component of flat panel displays (FPDs) and touch screens

48. High-efficiency CIGS (copper, indium, gallium, selenide) photo-voltaic thin-film solar panels, and LED lighting

49. Fiber optics, specialized and transparent semiconductorsSupplyGlobal indium use growing rapidly and could surpass available supply from by-product zinc refining at current price range

50. One of the most scarce strategic metals due to low recycling and few primary producersTSX:SACUS OTC:SOHAF10

51. Indium & Gallium FundamentalsCompelling supply/demand dynamicsIndium and Gallium Supply/Demand dynamicsIndium 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

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

53. Zinc market growing at 1-3% annually with indium market estimated to be 15-20% annual growth

54. Current indium price ~$600/kg with five-year prices from $400/kg to over $1000/kgMalku Khota annual indium and gallium productionMalku Khota projected to be one of the world’s largest indium producers

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

56. Additonally, global primary production of gallium is 78 tonnes, Malku Khota is estimated to produce 15 tonnes per year, for the first 5 years.Source: U.S. Geological Survey, Mineral Commodity Summaries, January 2010 11

57. Indium & Gallium DemandGrowing demand in high-tech markets5 year projected demand growth End-use Market Demand (tonnes)2010 total indium production levelGrowth 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 Energy Critical Minerals Strategy Report12

58. Indium FundamentalsWorld indium demand vs price (1969-2013*)Indium DemandIndium Price/kg ($US)Source: Indium: Global Industry Markets and Outlook, 9th Edition 2010 (Roskill)*2011-2013 Data are estimates only13

59. Opportunity in BoliviaAn emerging resource based economy Bolivia experiencing its besteconomy in 30 years

60. 40% of GDP represented by mining industry

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

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

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

64. Three Major silver mines built within last four years by Pan American Silver, Coeur D’Alene, and Sumitomo

65. Substantial resource industry investments in Bolivia

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

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

68. Repsol of Spain investing $1.6 billion to increase gas production in BoliviaTSX:SACUS OTC:SOHAF14

69. Silver Mines in BoliviaOne of the world’s premier silver mining districtsHistorical district production of billions of ounces of silver

70. Highly prospective & under-explored

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

72. Pan American Silver – San Vicente

73. Coeur D’Alene - San Bartolome

74. Sumitomo - San CristobalTSX:SACUS OTC:SOHAF15

75. Malku Khota ProjectOne of the world’s largest silver-indium resources50 square km, 100% owned, road accessible project

76. Low capital and operating costs on a per ounce basis

77. Potential to be one of the top primary silver and indium producing mines at 13.2 M oz silver per year and 80 tonnes of indium*

78. Project base case annual Cash flows and NPV’s more than doubled

79. 60% expansion of Measured and Indicated Resources

80. Pit model 80% M&I resources for conversion to reserves with PFS

81. Excellent resource expansion potential with just 4 km tested of trend

82. Moving into Pre-Feasibility in 2011 and Feasibility in 2012on average for the first 5 years of productionSee March 31, 2011 News Release for detailed resource estimate Total contained metal16

83. Established InfrastructureLow projected capital and operating costsOpen pit, bulk mineable

84. Accessible by road

85. Commercial power within 15km

86. Access to waterTSX:SACUS OTC:SOHAF17

87. MineralizationOpen pit, bulk mineable deposit Host rock sandstone with disseminated silver, indium, gallium, lead, zinc and copperEnrichment starts at surface Average grade first five years: Silver: 42.2 g/t (58 g/t Ag Eq) 1

88. Indium: 7.55 g/t

89. Economic cut-off grade <15 g/t(at $18/oz Ag) 2AgEq comprised of all contained metals Economic cut-off grade comprised only of silver and indium18

90. MineralizationHigh Grade Sandstone1160 g/t SilverGeological formations looking south from LimosnaMalku KhotaSandstoneAroifilla FmWaraWaraSandstoneTSX:SACUS OTC:SOHAF19

91. Malku Khota DrillingGrade thickness map115 drill holes in current resource with updated resource Q1-2011

92. 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 Ag oz

93. 2011 program to target conversion from resources to reserves & expansion drilling

94. Mineralization begins at surface

95. Deposit open along trend and down dip with excellent potential for expansion

96. New discovery of higher grade zones and down dip expansion of surface mineralization20

97. New Exploration ResultsDiscovery of broad continuous mineralization horizonLMD048: 286 meters grading 76 g/t Ag Eq Grade thickness values of over 21,500 g-m AgEqOPENOPENTSX:SACUS OTC:SOHAF21

98. Malku Khota DepositOnly 4km of 50 sqkm property drill tested2010 program focused on in-fill and confirmation drilling for March 2011PEA Update

99. Excellent potential to expand resourcesWara Wara AreaSucre AreaLimosna AreaContinuation of favourable sedimentary host rocksTSX:SACUS OTC:SOHAF22

100. Production ProcessesFrom ore to metalOpen Pit MiningLarge scale shovel and truck open pit mining operation

101. Ore crushed in preparation for leaching

102. Acid-chloride leaching in captures silver, indium, copper, lead, zinc, gallium and gold

103. Metal recovery in several steps:

104. Acid recovery

105. Silver-gold-copper cementation

106. Indium-gallium precipitation

107. Lead and zinc sulfides

108. Downstream processing to metal productsCrushingLeachingMetal Recovery & ProcessingSilver, Gold, Copper DoreIndium ingotsLead and Zinc concentratesTSX:SACUS OTC:SOHAF23

109. Summary of PEA 2011Metal Prices ($US)Mid CaseRecentBase CaseMining RateLife of Mine Ore Mined (LOM)3Average Silver Grade 2Average Indium Grade2 Ag Eq grade40,000 tpd15 years200M tonnes42.2 g/t7.55 g/t58 g/t$35/oz$650/kg$730/kg$25/oz$570/kg$570/kgSilver: $18/ozIndium : $500/kgGallium: $500/kg LOM AnnualFirst 5 yearsTotalRecovered MetalsSilver (oz)Indium (tonnes)Lead (lbs)Zinc (lbs)Copper (lbs)Gallium (kgs)158 M1,184191M135 M88 M212,962 13.2 M80.7 12.48M4.42M5.64M15,18410.5 M78.9 M 12.7 M9 M5.87 M14,198Base CaseMid CaseRecentFirst 5 years cash flow Net cash flow (undiscounted)NPV (5% discount rate)1Internal Rate of ReturnPayback period (years)$185M/yr$1,261M$704M37.7%27 months$287M/yr$2,528M$1482M63%19 months$430M/yr$4,298M$2571M92.9%15 monthsIn US dollars, March 2011, PEAFirst 5 years of production (average)LOM = Life of Mine24

110. Near Term Mine Development ProjectsSAC one of largest near-term producers at 40,000 tpdAnnual estimated potential silver production of new development projects anticipated in the next 2-4 yearsBarrick 25Bear CreekMillions of OuncesAlexco Resource CorpFresnillo PlcPan AmericanGold ResourceAndean ResourcesWildcat Silver CorpBear CreekMinmetals, Jiangxi CopperFortuna SilverAugusta ResourceSilvermex ResourcesSouth American Silver*Greystar ResourcesYukon Zinc Corp.Antofagasta plcGabriel ResourcesCobarConsilidatedChina MinmetalsNorsemont MiningChariot ResourcesJinchuan GroupAntofagasta plcIntrepid MinesOxianaValeSource: CPM Silver Yearbook 2010*Data based on life of mine production rate of 10.5M oz/per yearProduction rate of 13.2 Moz /year for first five years25

111. Global Silver Industry Cash Cost CurveAnticipated low-cost silver productionCumulative Percentile of Silver Mine Production CostMalku Khota13.25 Mozs/yr (1) ~ $2.94/oz (2) Total Cash Cost Per Ounce of SilverIndustry AverageCash Cost$5.25/ozSource: GFMS World Silver Survey 2010Average first 5 years of productionSilver cash costs after credits ($US)/oz26

112. Advancing to ProductionDevelopment TimelineThe project is at the PEA stage and may change substantially in terms of size and costas further exploration, engineering and metallurgical testing are completed 2013-1420122011Pre-Feasibility StudiesFeasibility StudyProjectedMine DevelopmentTSX:SACUS OTC:SOHAF27

113. Escalones-Copper-Gold project, ChileHigh potential, large-scale target70 square km, road accessible, large scale system

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

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

116. Additional significant gold, silver and molybdenum credits

117. Exploration program underway

118. Resource estimate targeted for 2nd half of 2011TSX:SACUS OTC:SOHAF28

119. EscalonesExplorationOwnership: 100% through LeaseLocation: 35km E of El TenienteElevation: 3800m6,889 hectares Escalones porphyry prospect located 97 km southeast of Santiago in central Chile12,666m drilled in 30 DDH 10,159m in the skarn

120. 500m in the porphyrySAC propertyGas pipelineAccess RoadTSX:SACUS OTC:SOHAF29

121. Drill Results Grade Thickness MapLarge-scale porphyry systemOpen in all directions

122. Strong historic resultsTSX:SACUS OTC:SOHAF30

123. EscalonesGeological cross-sectionEnriched zones with high grades at surface at over >1% copper with significant gold and molybdenum

124. Large scale porphyry target intercept of 176 m @ 0.6% copper with additional gold, silver and molybdenumAltoBajoTSX:SACUS OTC:SOHAF31

125. Community RelationsA key to successful project developmentAssistance of BSR* to develop proactive community relations strategy

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

127. Objectives to facilitate economic development in communities

128. Project construction will require a peak construction workforce of over 1,000 with operational workforce of around 400, most of whom will be sourced from surrounding communities*Business for Social Responsibility, San Francisco, CA32

129. Project MilestonesValue drivers over the next 6-12 monthsMalku Khota Silver and Indium Project, Bolivia

130. Updated resource estimate & PEA doubles throughput to 40,000 tpd, increases annual production to 13.2 M oz of silver and 80.7 tonnes of indium per year*

131. 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

132. Pre-feasibility targeted to begin in Q2, 2011 and feasibility in 2012

133. Escalones Copper and Gold porphyry project, Chile

134. Exploration and Geophysics program underway

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

136. Potential for significant deposit of copper, gold and silver*Average first five years of production33

137. Leveraged to SilverValue of silver per dollar investedSilver value per $1 invested SAC has some of the best leverage to silver of any development stage company with over $30 of silver value per $1 investedAverage value of silver <$8 of silver per $1 invested*Source: Canaccord as of January 17, 2011, Share prices updated April 11, 2011Note: all companies have projects in South and/or North AmericaCalculated using $25/oz Ag. Dollar value of silver per $1 invested = (silver resource/shares outstanding) x $25/oz silver) divided by share priceValue only shown for silver with no contribution from other metals34

138. Why South American Silver?Investment highlightsWorld-class scale projects with excellent expansion potential

139. Track record of discovery and successful project development

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

141. Leveraged to silver with over $30 of silver value per $1 invested

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

143. Exposure to rapidly growing indium and gallium high-technology market

144. Potential new value from copper resource definition and expansion

145. Continued investor outreach to broaden market awareness of Company

146. Potential near-term NYSE-AMEX listing in the U.S.TSX:SACUS OTC:SOHAF35

147. TSX: SACOTC: SOHAFPhone: 604.681.69261.855.681.6926www.soamsilver.comGreg JohnsonPresident & CEOTSX:SACUS OTC:SOHAF36

148. Relative Stock PerformanceSAC outperforming key silver & gold indicesTrading liquidity increasing with average volume of 500,000 shares/day

149. SAC undervalued relative to peers at >$0.80 Enterprise Value/oz vs average of more than $4/oz for early stage resourcesTSX:SACUS OTC:SOHAF

150. Management TeamA track record of successRalph Fitch, Executive ChairmanCo-founder of South American Silver, High Desert Gold, and General Minerals

151. Key role in discovery of Collahuasi copper porphyry , Malku Khota, Vizcachitas, and Escalones deposits Greg Johnson, President and CEOCo-founder of NovaGold, key role in growing company from $50 million to $2 billion market capitalization

152. Recognized for discovery and advancement of the 40 M oz Donlin Creek gold deposit for NovaGold and BarrickWilliam Filtness, Chief Financial OfficerChartered Accountant with twenty plus years of financial experience, including Manager, Corporate Development at Aurizon MinesFelipe Malbran, Vice President of ExplorationExtensive experience in exploration management in Bolivia, Chile, Peru and Argentina

153. Key role in discovery of MalkuKhota, Vizcachitas, and Escalones depositsPhillip Brodie-Hall, Vice President of Project DevelopmentGlobal industry experience in engineering construction and project development experience covering nearly every aspect of evaluation, feasibility studies and project development in the mining and mineral processing industriesDavid Dreisinger,Vice President of MetallurgyProfessor and Industrial Research Chair in Hydrometallurgy at the University of British Columbia (UBC)

154. Actively involved in developing and commercializing hydrometallurgical process at a number of operating mines in Australia and Southeast Asia.Richard Doran, Vice President and corporate secretaryFormer VP Investor Relations for General Minerals and Marketing Manager for Chevron ResourcesAndrew Clark,Manager of Project ImplementationGlobal industry experience in the design and management of industrial, mining, materials handling, chemical and petrochical projects from feasibility studies through to commissioning and handover of completed facilities. Xavier Gonzales Yutronic,General Manager Compañía Minera Malku Khota S.A.Mining Industry experience in finance, accounting, logistics, human resources and community relations at Comsur S.A., SinchiWayra (Glencore) from 2005-2007, and CompañíaMinera Malku Khota S.A. from October 2008 to dateTSX:SACUS OTC:SOHAF

155. Board of DirectorsStrong industry and financial experienceRalph Fitch, Executive ChairmanGreg Johnson, President and CEOAntonio 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:SACUS OTC:SOHAF

156. Silver Fundamentals PositiveFor continued higher pricesOne of the only precious metals not yet to hit all-time nominal highs of ($50/oz) in 1980’s

157. Bullish supply/demand outlook

158. Continued increase in investment and industrial demand for silver

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

160. Silver bullion is now the more scarce precious metal than gold from investment supply perspective

161. US mint has sold only approximately three times more value in gold than in silver in 2010 coin sales, despite having to sell 131 times more gold for the market to stay in balance

162. Few new major deposit discoveries

163. Projected new production by analysts have failed to have been realizedTSX:SACUS OTC:SOHAF

164. Indium FundamentalsGlobal Zinc Production vs. U.S. Indium DemandU.S. Indium Demand (tonnes)Global Zinc Production (Millions of tonnes)Source: U.S Department of Energy: Critical Materials Strategy, December 2010; Global Zinc Production USGS Historical Statistics for Mineral and Material Commodities in the United States

165. Key Metal Consumption vs ReservesRemaining Years of Supply Years of SupplyINDIUMTSX:SACUS OTC:SOHAF

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South American Silver Corporate Presentation, Q2, 2011

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South American Silver Corporate Presentation, Q2, 2011