Defiance Silver Corp. Closes First Tranche of Private Placement

April 17th, 2012

Defiance Silver Corp (TSXV: DEF) (the “Company”). Further to the Company’s news release of February 17, 2012, the Company is pleased to announce that it has completed a first tranche closing of its non-brokered private placement and issued 1,144,500 Units at a price of $0.50 per Unit for gross proceeds of $572,250. Each Unit is comprised of one common share and one-half of one share purchase warrant, each whole warrant entitling the holder to purchase one additional common share for a period of twelve months from the date of closing at price of $0.65 per share. The securities are subject to a four month hold period expiring August 18, 2012. No finder’s fees are payable in connection with the first tranche of the private placement.

The Company advises it will no longer be proceeding with the brokered portion of the private placement with Union Securities Ltd.

The proceeds of the private placement will be used by the Company to continue developing its projects in Zacatecas Silver Mining District in Zacatecas State, Mexico, including refurbishing the Santa Gabriela Mill and development of the San Acacio Mine, and for general working capital purposes.

On behalf of Defiance Silver Corp.

“Bruce Winfield”
President and CEO

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.