South American Silver Q2, 2011 Corporate Presentation

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 Q2 2011 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. 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 nearly 4 oz of silver per share

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:SAC US OTC:SOHAF 1

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

22. Exploration program and geophysics underway

23. Resource definition program in 2011

24. Potential significant copper, gold, silver deposit Malku Khota Escalones *AgEq=total contained metal 2

26. Private Swiss investors--19%

28. Front Street

29. K2 funds

30. Kudu Partners

31. Orell Capital Management

32. ~$300 million Market Capitalization (1)

33. Average trading volume 500,000 shares/day

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

35. 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, 2011 3

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

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

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

40. Bamin Project-Brazil

41. Valintine Project-Uruguay

42. Acquiring assets in Bolivia over past yearTSX:SAC US OTC:SOHAF 4

43. Comparative Resources in the Americas Second largest development stage silver resource $1.71 Millions of Silver Ounces & (Enterprise Value Per Oz) $0.72 $11.30 $3.37 Millions of Silver Ounces $2.17 $2.44 $8.08 $1.87 $5.82 $17.89 $9.13 $39.35 Mexico El. Salvador Peru Yukon Peru Mexico Nunavut Mexico Mexico Mexico Argentina Bolivia Chile Guatemala Source: CanaccordReport resource numbers as of January 11, 2011 Based on Arpil 11, 2011 share price Note: All companies have projects in South and/or North America 5

44. Enterprise Value per Resource Oz By project development stage Producers Average >$25/oz EV of $0.81 base on 230.3 million M&I oz Ag Advanced Development Stage Average >$9/oz Development Stage Average >$4/oz Producing Companies Source: Canaccord & Intierra as of April 11, 2011, Note: All companies have projects in South and/or North America *EV/oz truncated to $25 6

45. Development Stage Value Curve Potential value growth with project advancement Production Average Enterprise Value per Oz of Silver by Stage Take-Over offers or Partnerships common at this stage $25/oz Construct Increased value through resource expansion Increasing Market Value Permits FS $9/oz PFS Resource Definition PEA $4/oz Advanced Development Stage (Reserves) Early Stage Exploration & Development Production Discovery Increasing value with project advancement 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. 7

46. Current Silver Company Valuations by Stage Circle size represents EV/oz 500 EARLY DEVELOPER STAGE ADVANCED DEVELOPER STAGE PRODUCER STAGE $2,000 Source: Canaccord Report January 17, 2011 Intierra, February 8, 2011 Share prices as of March 28 2011, Note: All companies have projects in South and/or North America 8

47. Silver Supply/Demand Surging investment demand plus industrial consumption resulting in significant demand growth. Supply increase resulting from rising silver prices driving producer hedging and increased mine production of 2.5% to help satisfy increasing demand. Total Global SilverSupply Total Global SilverDemand Source: GFMS World Silver Survey 2011 9

49. Bullish supply/demand outlook with investment and industrial demand increase

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

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

52. 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

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

57. One of the most scarce strategic metals due to low recycling and few primary producersTSX:SAC US OTC:SOHAF 11

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

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

61. Current indium price ~$600/kg with five-year prices from $400/kg to over $1000/kg

63. Potential to represent 10% or more of global mine supply of indium and over 5% of global demand for gallium12

64. Indium & Gallium Demand Growing demand in high-tech markets 5 year projected demand growth End-use Market Demand (tonnes) 2010 total indium production level Growth 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 Report 13

65. Indium Fundamentals World indium demand vs price (1969-2013*) Indium Demand Indium Price/kg ($US) Source: Indium: Global Industry Markets and Outlook, 9th Edition 2010 (Roskill) *2011-2013 Data are estimates only 14

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

68. Gov’t bond rating upgraded by Moody’s & Fitch

69. Mining second largest economic sector representing 40% of GDP

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

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

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

73. Substantial resource industry investments in Bolivia

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

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

76. Repsol of Spain investing $1.6 billion to increase gas production in BoliviaTSX:SAC US OTC:SOHAF 15

78. Highly prospective & under-explored

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

80. Pan American Silver – San Vicente

81. Coeur D’Alene - San Bartolome

82. Sumitomo - San CristobalTSX:SAC US OTC:SOHAF 16

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

85. 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 indium1

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

87. 60% expansion of Measured and Indicated Resources2

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

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

90. Moving into Pre-Feasibility in 2011 and Feasibility in 2012on average for the first 5 years of production See March 31, 2011 News Release for detailed resource estimate Total contained metal 17

92. Accessible by road

93. Commercial power within 15km

94. Access to waterTSX:SAC US OTC:SOHAF 18

96. Indium: 7.55 g/t

97. 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 indium 19

98. 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 20

100. 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

101. 2011 program to target conversion from resources to reserves & expansion drilling

102. Mineralization begins at surface

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

104. New discovery of higher grade zones and down dip expansion of surface mineralization21

105. 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 OPEN OPEN TSX:SAC US OTC:SOHAF 22

107. Excellent potential to expand resourcesWara Wara Area Sucre Area Concession Boundary Limosna Area Continuation of favourable sedimentary host rocks TSX:SAC US OTC:SOHAF 23

109. Ore crushed in preparation for leaching

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

111. Metal recovery in several steps:

112. Acid recovery

113. Silver-gold-copper cementation

114. Indium-gallium precipitation

115. Lead and zinc sulfides

116. Downstream processing to metal productsCrushing Leaching Metal Recovery & Processing Silver, Gold, Copper Indium ingots Lead and Zinc concentrates TSX:SAC US OTC:SOHAF 24

117. 2011 Economic Assessment Metal Prices ($US) Mid Case Recent Base Case Mining Rate Life of Mine Ore Mined (LOM)3 Average Silver Grade 2 Average Indium Grade2 Ag Eq grade 40,000 tpd 15 years 200M tonnes 42.2 g/t 7.55 g/t 58 g/t $35/oz $650/kg $730/kg Silver : $18/oz Indium : $500/kg Gallium: $500/kg $25/oz $570/kg $570/kg LOM Annual First 5 years Total Recovered Metals Silver (oz) Indium (tonnes) Lead (lbs) Zinc (lbs) Copper (lbs) Gallium (kgs) 158 M 1,184 191M 135 M 88 M 212,962 13.2 M 80.7 12.48M 4.42M 5.64M 15,184 10.5 M 78.9 M 12.7 M 9 M 5.87 M 14,198 Base Case Mid Case Recent First 5 years cash flow Net cash flow NPV (5% discount rate)1 Internal Rate of Return Payback period (years) $185M/yr $1,261M $704M 37.7% 27 months $287M/yr $2,528M $1482M 63% 19 months $430M/yr $4,298M $2571M 92.9% 15 months In US dollars, March 2011, PEA First 5 years of production (average) LOM = Life of Mine 25

119. Global Silver Industry Cash Cost Curve Anticipated low-cost silver production Cumulative Percentile of Silver Mine Production Cost Malku Khota 13.25 Mozs/yr (1) ~ $2.94/oz (2) Total Cash Cost Per Ounce of Silver Industry AverageCash Cost $5.27/oz Source: GFMS World Silver Survey 2011 Average first 5 years of production Silver cash costs after credits ($US)/oz 27

120. Advancing to Production Development Timeline The project is at the PEA stage and may change substantially in terms of size and cost as further exploration, engineering and metallurgical testing are completed 2013-14 2012 2011 Pre-Feasibility Studies Feasibility Study Projected Mine Development TSX:SAC US OTC:SOHAF 28

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

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

124. Additional significant gold, silver and molybdenum credits

125. Exploration program underway

126. Resource estimate targeted for 2nd half of 2011TSX:SAC US OTC:SOHAF 29

128. 500m in the porphyrySAC property Gas pipeline Access Road TSX:SAC US OTC:SOHAF 30

130. Strong historic resultsTSX:SAC US OTC:SOHAF 31

132. Large scale porphyry target intercept of 176 m @ 0.6% copper with additional gold, silver and molybdenumAlto Bajo TSX:SAC US OTC:SOHAF 32

134. Full-time community relations team working in region

135. Objectives to facilitate economic development in communities

136. 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, CA 33

138. Updated resource estimate & PEA more than doubles annual production to 13.2 M oz of silver, 80.7 tonnes of indium and 15 tonnes of gallium per year*

139. 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

140. Cash flows, project valuations and rates of return significantly expanded over previous studies

141. Pre-Feasibility work beginning in second half of 2011

142. Feasibility work to begin in 2012

143. Escalones, copper and gold porphyry project, Chile

144. Exploration and Geophysics program underway

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

146. Potential for significant deposit of copper, gold and silver*Average first five years of production 34

147. 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 nearly$40 of silver value per $1 invested Average value of silver <$8 of silver per $1 invested* Source: Canaccord as of January 17, 2011, Share prices updated April 11, 2011 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 35

149. Track record of discovery and successful project development

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

151. Leveraged to silver with nearly 4 oz of silver per share

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

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

154. Potential new value from copper resource definition and expansion

155. Continued investor outreach to broaden market awareness of Company

156. Potential near-term NYSE-AMEX listing in the U.S.TSX:SAC US OTC:SOHAF 36

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

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

165. 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