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El Tigre Silver Corp. Announces Closing of First Tranche of Private Placement

El Tigre Silver Corp. ("El Tigre" or the "Company") (TSX
VENTURE:ELS)(OTCQX:EGRTF)(FRANKFURT:5RT) is pleased to announce that it has
closed the first tranche of its previously announced non-brokered private
placement (the "Private Placement") of 3,908,000 units of the Company ("Units")
at a price of $0.25 per Unit for aggregate cash proceeds of $977,000. Each Unit
will be comprised of one common share and one-half of a common share purchase
warrant (each whole warrant, a "Warrant"). Each whole Warrant will entitle the
holder to acquire an additional common share of the Company for a period of 24
months from the date of issue at a price of $0.38, provided that, if over a
period of 20 consecutive trading days after the expiry of the hold period on the
warrants, the daily volume weighted average trading price of the common shares
of the Company on the TSX Venture Exchange (or such other stock exchange on
which such shares are listed) is greater than $0.50, then at the Company's
discretion, it may, within 10 days of such 20 day period, accelerate the expiry
date of the Warrants to a date 30 days after the date of the notice. An 8% cash
finders' fee and warrants equal to 8% of the Units issued was payable on a
certain portion of the offering.

The Company will be continuing with the second tranche of the Private Placement
on the same terms and conditions announced in its September 17, 2012 news
release, subject to regulatory approval. The Company anticipates closing the
second tranche of the Private Placement within the allowable time frame provide
by the policies of the TSX Venture Exchange.

The proceeds will be used to continue exploration on the El Tigre Property
(defined below) and for general working capital purposes.

This Private Placement is subject to regulatory approval, and the common shares,
together with the shares issued on the exercise of the Warrants, will be
restricted from trading for a period of four months and a day from the date of
issuance of the Units, being February 20, 2013, in compliance with securities
legislation and TSX Venture Exchange policies.

This news release does not constitute an offer to sell or the solicitation of an
offer to buy, nor shall there be any sale of these securities, in any
jurisdiction in which such offer, solicitation or sale would be unlawful prior
to registration or qualification under the securities laws of such jurisdiction.
The securities have not been and will not be registered under the United States
Securities Act of 1933, as amended (the "U.S. Securities Act"), or any state
securities laws and may not be offered or sold within the United States or to,
or for the account or benefit of, "U.S. persons," as such term is defined in
Regulation S under the U.S. Securities Act, unless an exemption from such
registration is available.

About El Tigre

The Company, through its subsidiaries, holds the rights to 100% of nine mineral
concessions, eight comprising 431 square kilometres located in north-eastern
Sonora, Mexico (the "El Tigre Property"). El Tigre also holds one additional 32
hectare claim separate from the El Tigre Property. El Tigre is developing a plan
for near term silver and gold production from a tailings recovery project. The
tailings are a result of 35 years of production at the original El Tigre mine.
The company's objective from this project would be to provide revenue for future
drilling programs, develop infrastructure for future mining and develop in-house
production experience. A technical report has been prepared for the El Tigre
Property and can be found on the Company's profile on SEDAR at www.sedar.com and
on the Company's website at www.eltigresilvercorp.com.

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