South American Silver's December 2011 Corporate Presentation. Learn about the Malku Khota silver, indium and gallium project in Bolivia and the Escalones copper, gold, silver project in Chile.

1. Growing and advancing one of the world’s largest
undeveloped silver and indium resources.
VALUE.GROWTH.VISION
Corporate Presentation
December 2011
TSX: SAC, US OTC: SOHAF
www.soamsilver.com

2. Cautionary Notes
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. Investors are advised to review the Company’s Annual Information
Form filed at www.sedar.com for a detailed discussion of investment risks. 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.
Cautionary note regarding reserve and resource estimates
The material in this presentation has been prepared in accordance with the requirements of the securities laws in effect in
Canada, which differ from the requirements of U.S. securities laws. Unless otherwise indicated, all resource and reserve
estimates included in this presentation have been prepared in accordance with National Instrument 43-101 Standards of
Disclosure for Mineral Projects (―NI 43-101‖) and the Canadian Institute of Mining and Metallurgy Classification System. NI 43-101
is a rule developed by the Canadian Securities Administrators which establishes standards for all public disclosure an issuer
makes of scientific and technical information concerning mineral projects. Canadian standards, including NI 43-101, differ
significantly from the requirements of the United States Securities and Exchange Commission (―SEC‖), and resource and reserve
information contained herein may not be comparable to similar information disclosed by U.S. companies. In particular, and without
limiting the generality of the foregoing, the term ―resource‖ does not equate to the term ―reserves‖. Investors should also
understand that ―inferred mineral resources‖ have a great amount of uncertainty as to their existence and great uncertainty as to
their economic and legal feasibility. It cannot be assumed that all or any part of an ―inferred mineral resource‖ will ever be
upgraded to a higher category. The estimation of quantities of resources and reserves is complex, based on significant subjective
assumptions and forward-looking information, including assumptions that arise from the evaluation of geological, geophysical,
engineering and economic data for a given ore body. This data could change over time as a result of numerous factors, including
new information gained from development activities, evolving production history and a reassessment of the viability of production
under different economic conditions.
Changes in data and/or assumptions could cause reserve estimates to substantially change from period to period. No assurance
can be given that the indicated level of mineral will be produced. Actual production could differ from expected production and an
adverse change in mineral prices could make a reserve uneconomic to mine. Variations could also occur in actual ore grades and
recovery rates from estimates.

3. Investment Highlights
3
• Experienced management team with track record of successful project development
and value creation
• Two large-scale deposits in South America
Malku Khota: one of the world‘s largest silver-indium-gallium resources
o 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 yrs
o NI 43-101-qualified Indicated resource of 230.3 million ozs silver, 1,481
tonnes of indium and 1,082 tonnes of gallium and an Inferred resource of
140 million ozs silver, 935 tonnes indium and 1,001 tonnes gallium.
Escalones: high potential copper-gold-silver deposit with an Inferrred resource
of 3.8 billion lbs of copper and 610,000 oz of gold
• Well defined business plan to drive shareholder value
• Leveraged to silver over 4 oz of silver and 45 lbs of copper per share (8 oz silver
equivalent)
• Attractive investment value relative to peers at low value per oz
• Anticipated low cost silver production at approximately $2.94/oz
• Strong focus on community relations to proactively facilitate mutually beneficial
relationships
South American Silver Corp.

4. World-Class Deposits
4
Two large-scale assets in South America
Malku Khota, silver-indium project, Bolivia
(100%)
• Pre-Feasibility process in H1 2012 &
Feasibility start in H2 2012
• Bulk mineable open-pit, sediment hosted
deposit
• Low capital and operating costs as a heap
leach or milling operation
• Resource expansion potential with only 4 km
of 50 sq km
property drill tested
• Potential to be one of the top producing silver
and indium mines
1) Ag Eq calculated using total contained metal for silver ($22/oz) and gold
($1200/oz)
2) Cu Eq calculated using total contained metal for copper ($3/lb), lead
($0.90/lb), zinc ($0.90/lb), and molybdenum ($16/lb)
Silver
(Moz)
Indium
(tonnes)
Gallium
(tonnes)
Ag Eq
(Moz)
M&I 230 1,481 1,082 354
Inferred 140 935 1,001 240

5. World-Class Deposits
5
Two large-scale assets in South America
1) Ag Eq calculated using total contained metal for silver ($22/oz) and gold
($1200/oz)
2) Cu Eq calculated using total contained metal for copper ($3/lb), lead
($0.90/lb), zinc ($0.90/lb), and molybdenum ($16/lb)
Escalones, copper-gold-silver project,
Chile (100%)
• Inferred Resource of 3.8 billion lbs of Cu, 56.9
million lbs of Mo, 610,000 ozs of Au and 16.8
million ozs of Ag
• Phase II exploration program underway to
include up to 7,000 meters of follow-up drilling,
with step-out testing of the known mineralized
zones and testing of new targets based on
geochemistry and geophysics
• Located within a world-renowned copper
district near the world‘s largest underground
copper mine, El Teniente
In Situ Grade
Tonnes Copper Gold Silver Moly Cu Eq
Millions % g/t g/t ppm %
420.6 0.41 0.05 1.24 61.39 0.49
Total Contained Metal
Copper Gold Silver Moly Cu Eq
Mlbs Ozs Moz Mlbs Mlbs
Inferred 3,835 610,000 16.8 56.9 4,503

6. Share Capitalization1
6
TSX:SAC, US OTC:SOHAF
Issued &
Outstanding Fully Diluted1Warrants3
Options2
101.9M 118.4M5.5M11.0M
• ~$160 million Market Capitalization (4)
• Average 3 mo. trading volume 150,000 shares/day
• $28 million in cash(1)
Major Shareholders
•Zamin --19%
•Private investors--18%
•Management5 -- 8%
Institutional Ownership
•Sprott Asset Management
•Front Street
•US Global
(1) As of Nov 17, 2011, (2) Weighted avg .exercise
price $0.99 CAD (3) Weighted avg. exercise price
$0.97 (4) As of Dec 5, 2011 (5) direct ownership only

7. 0
1000
2000
3000
4000
5000
6000
0
50
100
150
200
250
300
350
400
450
MillionPoundsofCopperEquivalent
MillionOuncesofSilverEquivalent/
TonnesofIndiumandGallium(combined)
In & Ga Inferred Resource
In & Ga M&I Resource
Ag Eq Inferred Resource
Ag Eq M&I Resource
Cu Eq M&I Resource
Cu Eq Inferred Resource
Adding Value Through Resource Growth
7
1) Ag Eq calculated using total contained metal for silver ($22/oz) and gold
($1200/oz)
2) Cu Eq calculated using total contained metal for copper ($3/lb), lead
($0.90/lb), zinc ($0.90/lb), and molybdenum ($16/lb)
Ag Moz In+Ga tonnes
13500
12000
10500
9000
7500
6000
4500
3000
1500
Cu Mlbs
IPO

8. 0
50
100
150
200
250
300
350
400
450
500
Alexco Silvercrest US Gold Sulliden MAG Silver Orko Golden
Minerals
Sabina Tahoe
Resources
So.American
Silver
Bear Creek
Comparative Silver Resources in the Americas
8
Source: Canaccord Report resource numbers as of January 11, 2011
Note: All companies have projects in South and/or North America
Second largest development stage silver resource
MillionsofSilverOunces
Yukon
(Canada)
Mexico
El Salvador
Mexico Mexico
Peru
Peru Mexico Mexico Nunavut
(Canada)
Guatemala Bolivia
Chile
Peru
Additional value
of Indium and Gallium
Inferred Resources
M&I Resources
South
American
Silver

9. $0.00
$2.00
$4.00
$6.00
$8.00
$10.00
$12.00
$14.00
$16.00
$18.00
$20.00
Enterprise Value per Silver Resource Oz
9
By project development stage
Source: Canaccord & Intierra as of June 9, 2011,
Note: All companies have projects in South and/or North America
Development Stage
Average ~$3/oz
Advanced Development
Stage Average ~$6/oz
EV of >$0.80 base on 230.3 million M&I oz Ag
Producer
Average
~$20/oz

10. Development Stage Value Curve
10
Potential value growth with project advancement
Increased value
through resource
expansion
Early Stage
Exploration &
Development
Advanced
Development
Stage (Reserves)
Production
Average Enterprise Value per Oz of Silver by Stage
Resource
Definition
PEA
PFS
FS
Permits
Construct
Discovery
$3/oz
$6/oz
$20/oz
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.
IncreasingMarketValue
Take-Over offers or
Partnerships
common at this
stage
Production
Increasing value with project advancement
Escalones
Project
Malku Khota
Project

11. Total Resource Ag Equivalent using (Ag +Au only at $25/oz and $1000/oz values)
Source: Canaccord Report July, 2011 and Intierra, July, 2011
Share prices as of Sept 7 2011,
Note: All companies have projects in South and/or North America
US Silver
Alexco
Aurcana
Bear Creek
Esperanza Int'l Minerals
Silvermex Sulliden
Troy
MAG
Coeur d'Alene
Endeavour
First Majestic
Great Panther
Hecla
Hochschild
Pan American Silver
Silver Standard
Arian
Castle
Extorre
Golden Predator
Silver Bull
Silver Quest
South American Silver
Malku Khota
Current Value
Tahoe
10
100
1000
$50 $500 $5,000
TotalResourceSize(Moz's)
Enterprise Value (US$ Millions)
Current Silver Company Market Valuations
by Resource Size & Development Stage
11
Size of circle represents market valuation premium in EV/oz
500
$2,000
MK MK MK
Total Resource Ag Equivalent using (Ag +Au only at $25/oz and $1000/oz values)
Source: Canaccord Report July, 2011 and Intierra, July, 2011
Share prices as of Sept 7 2011,
Note: All companies have projects in South and/or North America
Developers Adv. Developers Producers
$1,000
US Gold
$100 $200 $300
2011
PEA
2012
PFS/FS Production
MK Value at Avg Valuation
for each development stage

12. Positive Silver Fundamentals
12
A paradigm shift for silver?
• Major shift in supply/demand dynamic over past several years
• Silver still well below inflation adjusted highs of $140/oz ($50 in 1980)
• Silver is a ―hybrid‖ precious and industrial metal due to its scarcity and unique
properties including superior electrical and thermal conductivity, malleability,
reflectance, and catalytic/biologic reactivity
• Price increases driven by 40% increase in investment demand and 21% increase in
industrial demand for a total increase of 17% in 2010
• Total annual mine production growth only 2.5% last year with reduced contribution of
by-product silver from copper and gold production
• Projected new mine supply anticipated to be consumed by new industrial demand
through at least 2015
• Chinese imports up 4x since 2009 with change from net sellers of more than 100 M oz
of silver in 2005 to net buyers of more than 120 M oz in 2010
• Few major new deposit discoveries and growing time lag from time of discovery
to metal production
Source: 1) GFMS World Silver Survey 2011
2) BMO Capital Markets Global Mining Research April 2011

13. 0
200
400
600
800
1000
1200
MillionOunces
World Silver Demand
Industrial Applications
Photography
Jewelry and Silverware
Investment and Coins
Silver Supply/Demand Fundamentals
13
• Dramatically increased demand growth driven by strong investment demand plus
increased industrial consumption(1)
• Demand growth expected to continue to outstrip production growth(2)
Source: 1) GFMS World Silver Survey 2011
2) BMO Capital Markets Global Mining Research April 2011
+17% total
demand
growth
+40%
investment
demand
+21%
industrial
demand
+2.5%
mine
production
+8% total
supply
growth
0
200
400
600
800
1000
1200
MillionOunces
World Silver Supply
Mine production
Secondary Supply and Scrap
Government Sales

14. Growing Demand for Silver in Technology
14
Breakdown of key technology/industrial uses for silver
Source: CPM Silver Yearbook 2010
Not for reproduction without written CPM Group consent
MillionsofSilverOz
0
100
200
300
400
500
77 79 81 83 85 87 89 91 93 95 97 99 01 03 05 07 09 11p
Photovoltaic
Catalysts, alloys, solders and biocides
Electronics

15. Silver Primary & By-Product Production(1)
15
• 70% of silver is by-product production from base metals and gold
• By-product silver production is largely silver price inelastic
• Reduced by-product silver production anticipated going forward from base metals(2)
Source: 1) GFMS World Silver Survey 2005-2011
2) BMO Capital Markets Global Mining Research April 2011
0
5
10
15
20
25
0
50
100
150
200
250
300
2003 2004 2005 2006 2007 2008 2009 2010
SilverPrice(US$)
MillionsofOuncesofSilver
Lead/Zinc
Primary
Copper
Gold
Silver Price

16. Indium & Gallium – Two Key Strategic Metals
16
Rapidly growing market for high-tech uses
Uses
• Indium-tin oxide (ITO) a key component of flat panel displays (FPDs) and touch screens
• High-efficiency CIGS (copper, indium, gallium, selenide) photo-voltaic thin-film solar
panels, and LED lighting
• Fiber optics, specialized and transparent semiconductors
Supply
• Global indium use growing rapidly and could surpass available supply from by-product
zinc refining at current price range
• One of the most scarce strategic metals due to low recycling and few primary producers
*
* Image from http://gotpowered.com

17. Indium & Gallium Fundamentals
17
Compelling supply/demand dynamics
Indium and Gallium Supply/Demand dynamics
• Indium 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
• China is largest producer and consumer of indium and has imposed export quotas
and tariffs like on other key high-technology specialty metals
• Indium market estimated to see 15-20% annual growth with most indium produced
as by product of zinc refining growing at 1-3% annually
• Current indium and gallium price ~$900-1000/kg up from global economic lows
during 2008-2009 of $400-500/kg
• Gallium market estimated to be a conservative 15% annual growth rate which could
increase significantly with more rapid growth in LED lighting and photovoltaics
Malku Khota annual indium and gallium production
• Malku Khota projected to be one of the world‘s largest indium & gallium producers
(80 tonnes and 15 tonnes per year)
• Potential to represent 10% or more of global mine supply of indium and over 5% of
global supply for gallium
• Opportunities for project financing from off-take agreements for indium & gallium
Sources: (1) US Dept. of Energy Critical Materials Strategy, Dec.
2010. (2)United Nations Environment Programme (UNEP) Special
Report on Strategic Metals ,May 2011 .

18. 18
Indium Supply
Mine Production and Refining
Source: 1)Roskill ‗s Indium: Global Industry Markets and
Outlook ,2010
BLEU: Belgium, Luxembourg Economic Union
China, 45%
Peru, 9%Canada,
9%
Australia,
6%
USA, 4%
Mexico, 3%
Other
Countries,
23%
Indium Mine Production
China
Peru
Canada
Australia
USA
Mexico
Other
Countries
China, 52%
S.Korea,
13%
Canada, 8%
Japan, 8%
BLEU, 6%
Germany,
3%
Russia, 3%
Peru, 1%
Others, 6%
Indium Refining
China
S.Korea
Canada
Japan
BLEU
Germany
Russia
Peru
Others

19. 0
500
1000
1500
2000
2500
2010 2011E 2012E 2013E 2014E 2015E 2016E
Solar Energy
LED Lighting
LCD Flat Panels
Indium Demand Growth
19
Growing demand in high-tech markets
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 December 2010
End-useMarketDemand(tonnes)
2010 total
indium
production
level
5 year
projected
demand
growth

20. 0
200
400
600
800
1000
1200
1400
1600
1800
2000
0
500
1000
1500
2000
2500
Demand
Price
Indium Fundamentals
World indium demand vs price (1969-2011*)
Source: (1) Indium: Global Industry Markets and Outlook, 9th Edition 2010 (Roskill)
*2011-2013 Data are estimates (2) 2011-2015 Estimates US Dept. Of Energy
Critical Materials Strategy Dec. 2010. 16
IndiumDemand
IndiumPrice/kg($US)
X
Current Indium Price

21. Silver Mines in Bolivia
21
One of the world’s premier silver mining districts
• Historical district production of billions of
ounces of silver
• Highly prospective & under-explored
• Increase from 9th largest global silver
producer to 5th largest with completion of
three major silver mines in past four
years:
 Pan American Silver – San Vicente
 Coeur D‘Alene - San Bartolome
 Sumitomo - San Cristobal
TSX:SAC
US OTC:SOHAF

22. Opportunity in Bolivia
22
An emerging resource based economy
• Bolivian government encouraging private investment
• Member of Mercosur Regional trade organization with Brazil as largest trading partner
• Government bond ratings upgraded by Moody‘s & Fitch
• Mining second largest economic sector
• One of the world‘s premier silver districts with billions of ounces of silver production
• Planned $32 billion 5-7 year infrastructure build-out by Bolivian government for new rail and
road corridors and hydropower generation
• Three Major silver mines built within last four years by Pan American Silver, Coeur D‘Alene,
and Sumitomo
• Substantial resource industry investments in Bolivia
 Jindal Steel of India investing US$2.1 billion in giant El Mutun iron ore deposit
 Petrobras of Brazil—Latin America‘s largest publicly traded oil company – investing
US$1 billion of new capital into the Bolivian gas fields
 Repsol of Spain investing $1.6 billion to increase gas production in Bolivia
 Petrobras and Repsol have announced new exploration initiatives in Bolivia in early 2011
 Kores of South Korea set to invest $210 million to develop the Corocoro copper project
 Recently announced investments by Citic of China and LG/Posco of South Korea to
develop major lithium resources
TSX:SAC
US OTC:SOHAF

23. Malku Khota Project
23
One of the world’s largest silver-indium resources
1) Average for the first 5 years of production
2) See March 31, 2011 News Release for detailed resource estimate
3) Total contained metal using base case prices (Ag: $18/oz, In:
$500/kg, Ga: $500/kg, Cu: $3/lb, Pb: $0.90/lb, Zn: $0.90/lb USD
4) Economic cut-off grade comprised only of silver and indium
Silver
(Moz)
Indium
(tonnes)
Gallium
(tonnes)
Copper
(MLbs)
Lead
(MLbs)
Zinc
(MLbs)
AgEq3
(Moz)
M&I 230 1,481 1,082 120 453 247 354
Inferred 140 935 1,001 102 362 246 240
Malku Khota Project – 2011 Resource Estimate2
Enrichment starts at surfaceHost rock sandstone with disseminated
silver, indium, gallium, lead, zinc and copper
Average grade first five years:
• Silver: 42.2 g/t (58 g/t Ag Eq) 1
• Indium: 7.55 g/t
• Economic cut-off grade <15 g/t (at $18/oz Ag) 2

24. Malku Khota Project
24
Low projected capital and operating costs with established infrastructure
• 50 square km, 100% owned, road accessible project
• Low capital and operating costs on a per ounce basis
• Potential to be one of the top primary silver and indium producing mines at 13.2 Moz
silver per year and 80 tonnes of indium1
• Project base case annual cash flows and NPV‘s more than doubled
• Open pit, bulk mineable and very scalable
• Commercial electricity and natural gas nearby
1) Average for the first 5 years of production

25. Malku Khota Drilling
25
Grade thickness map
• 115 drill holes in current resource with
updated resource Q1-2011
• 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
• 2011 program to target conversion from
resources to reserves & expansion drilling
• Mineralization begins at surface
• Deposit open along trend and down dip
with excellent potential for expansion
• New discovery of higher grade zones and
down dip expansion of surface
mineralization
TSX:SAC
US OTC:SOHAF
Mineralized
Sandstones
OPEN
OPEN
OPEN

26. Malku Khota Mineralization
26
• Broad zones of continuous sediment hosted mineralization
• Open at depth and along trend
LMD048: 286 meters grading 76 g/t AgEq Grade thickness values of over 21,500 g-m AgEq
TSX:SAC
US OTC:SOHAF
OPEN
OPEN

27. Production Processes
27
From ore to metal
• Large scale shovel and truck open pit mine
• Oxide ore crushed in preparation for direct
leaching
• Acid-chloride leaching captures silver, indium,
copper, lead, zinc, gallium and gold
• Metal recovery in several steps:
• Acid recovery
• Silver-gold-copper cementation
• Indium-gallium precipitation
• Lead and zinc sulfides
• Downstream processing to metal products
TSX:SAC
US OTC:SOHAF
Crushing
Leaching
Metal Recovery
& Processing
Open Pit Mining
Silver, Gold,
Copper
Indium &
Gallium ingots
Lead & Zinc
concentrates

28. 2011 Economic Assessment1
28
(1) In US dollars, March 2011, PEA
(2) LOM = Life of Mine
(3) First 5 years of production (avg)
Metal Prices ($US)4
Base Case
Silver : $18/oz
Indium : $500/kg
Gallium: $500/kg
$25/oz
$570/kg
$570/kg
Mining Rate
Life of Mine
Ore Mined (LOM)2
Average Silver Grade 3
Average Indium Grade3
Ag Eq grade
158 M
1,184
191 M
135 M
88 M
212,962
10.5 M
78.9
12.7 M
9 M
5.87 M
14,198
Mid Case
Base Case
$185 M/yr
$1,261 M
$704 M
37.7%
27 months
$287 M/yr
$2,528 M
$1482 M
63%
19 months
Mid Case
Total
LOM
Annual
40,000 tpd
15 years
200 M tonnes
42.4 g/t
7.55 g/t
58 g/t
First
5 years
Recent
$430 M/yr
$4,298 M
$2571 M
92.9%
15 months
Recent
$35/oz
$650/kg
$730/kg
13.2 M
80.7
12.48 M
4.42 M
5.64 M
15,184
71%
15%
6%
5% 3%
Share of Gross Revenue
(at base case prices)
Silver
Indium &
Gallium
Copper
Lead
Zinc
First 5 years cash flow
Net cash flow
NPV (5% discount rate)1
Internal Rate of Return
Payback period (years)
Recovered Metals
Silver (oz)
Indium (tonnes)
Lead (lbs)
Zinc (lbs)
Copper (lbs)
Gallium (kgs)
(4) Base Case = 3 yr avg as of May 2011
Mid Case = 2 yr avg as of May 2011
Recent Case = 1 yr avg as of May 2011

29. Malku Khota PEA Update Projected Production Levels
29
Source: March 2011 Malku Khota PEA
Values in US$
0
2
4
6
8
10
12
14
16
18
20
22
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15
Production-SilverEquivalentOunces(Million)
Production Year
Copper
Zinc
Lead
Indium & Gallium
Silver
Annual Average
13-20 Moz Silver Equivalent Production first 11 years

30. 0.0
5.0
10.0
15.0
20.0
25.0
30.0
35.0
40.0
Actual/AnticipatedAnnualAgProduction(Moz)Primary Silver Project Annual Production Rates
30
Source: CPM Silver Yearbook 2011
*Based on mine production of 13.2 Moz /year for first five years
Malku Khota one of largest emerging producers at over 13 Moz/yr
Producing Mine
Development Stage Project
BHPBilliton
Fresnillo
BarrickGoldCorp.
SumitomoCorp.
PanAmericanSilver
IndustriasPenoles
GoldcorpInc.
SouthAmericanSilverCorp.
SabinaGold&Silver
PolymetalMNPO
Hochschild
BearCreekMining
Etibank
YamanaGold
CiaDeMinasBuenavertura
Hochschild
Hecla
SilverStandardResources
SilverStandardResources
PanAmericanSilver
Coeurd'Alene
TahoeResources

31. Global Silver Industry Cash Cost Curve
31
Anticipated low-cost silver production
Cumulative Percentile of Silver Mine Production Cost
TotalCashCostPerOunceofSilver
Industry Average
Cash Cost
$5.27/oz
Malku Khota
13.2 Mozs/yr (1)
~ $2.94/oz (2)
Source: GFMS World Silver Survey 2011
(1) Average first 5 years of production
(2) Silver cash costs after credits ($US)/oz
Lowest 25%
Percentile Cash
Costs

32. Escalones Copper-Gold-Silver project, Chile
32
High potential, large-scale target
TSX:SAC
US OTC:SOHAF
Inferred Copper
(%)
Gold
(g/t)
Silver
(g/t)
Moly
(ppm)
Cu Eq
(%)
Copper
(Mlbs)
Gold
(Ozs)
Silver
(Mozs)
Moly
(MLbs)
Cu Eq
(MLbs)Tonnes
420 M 0.41 0.05 1.24 61.39 0.49 3,835 610,000 16.8 56.9 4,503
• 70 square km, road accessible, large
scale system in well established
mining district
• Located near one of the worlds
largest underground copper mines at
El Teniente
• Inferred Resource of 3.8 billion lbs of
copper, 56.9 million lbs of
molybdenum, 610,000 ozs of gold
and 16.8 million ozs of silver
• Phase II exploration program
underway

33. Escalones Project Logistics
33
Ownership: 100% through lease
Location: 35km E of El Teniente
Elevation: 3800m
• 70 square kilometer property
• Road accessible located 100 km
southeast of Santiago
• Gas pipeline across property
Excellent existing infrastructure
SAC property
Gas pipeline
Access Road
31
TSX:SAC
US OTC:SOHAF

34. Drill Results Grade Thickness Map
34
Large-scale copper-gold-silver system
• Open to expansion down dip
and laterally
• 30 diamond drill holes
(12,666 meters) and 43
channel and road cuts
(>2,100 meters) with >10,934
assay values collected
through 2011
• Limited testing of porphyry
system with most holes in
replacement /skarn style
mineralization
TSX:SAC
US OTC:SOHAF 32
CuEq GT AuEq GT
Copper (%) x Thickness (m) Gold (g/t) x Thickness (m)
0 – 10 CuEq% GT
10 – 50 CuEq% GT
50 – 100 CuEq% GT
100 – 200 CuEq% GT
>= 200 CuEq% GT
0 – 17 AuEq GT
17 – 85 AuEq GT
85 – 171 AuEq GT
171 – 342 AuEq GT
>= 342 AuEq GT
Metal Prices
Copper - $1/lb
Gold - $1000/oz
Silver - $15/oz
Moly - $15/lb

35. Escalones
35
Geological cross-section
• Enriched zones with high grades of replacement style mineralization starting at surface
at over >1% copper with significant gold and silver
• Large scale porphyry target with intercept of 176 m @ 0.6% copper with additional
credits from gold, silver, and molybdenum
TSX:SAC
US OTC:SOHAF
Alto
Bajo

36. Mercator Minerals
Copper Mountain
Imperial Metals
Capstone Mining
Quadra FNX
Augusta Resource
Candente Copper
Copper Fox
Minera Andes
Nevada Copper
Taseko Mines
Hana Mining
Lumina Copper
NGEx Resources
Northern Dynasty
Panoro Minerals
Redhawk
Western Copper
1000
10000
100000
$50 $500
TotalResourceSize(MlbsCu)
Enterprise Value (US$ Millions)
36
Current Copper Company Market Valuations
by Resource Size & Development Stage
Size of circle represents market valuation premium in EV/lb
Developers Adv. Developers Producers
Escalones
Current Stage
$100
2.5cents/lbAvg Value 5cents/lb 15cents/lb
ESC
PFS/FS
ESC
Production
Escalones Value at Avg Valuation
for each development stage
ESC
$300 $1000 $2000

37. Community Relations
37
A key to successful project development
• Recent key addition to community relations team:
• Jim Mallory, VP Operations and Social Responsibility – 35 years industry experience
previously with Silver Standard, NovaGold, & Barrick (Placer Dome)
• Objectives to facilitate economic development in communities as part of project
exploration, development and construction activities
• Project construction will see workforce of over 1,000 with mine workforce of over 400 or
more
TSX:SAC
US OTC:SOHAF

38. Project Milestones
38
Value drivers over the next 6-12 months
• Malku Khota, silver-indium-gallium project, Bolivia
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*
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
Cash flows, project valuations and rates of return significantly expanded over
previous studies
Pre-Feasibility work has started H2 2011 for completion in H1 2012
• Major camp expansion to support up to 6+ drills
• Feasibility work to begin in H2 2012
• Escalones, copper-gold-silver porphyry project, Chile
Phase I exploration and geophysics program
Initial resource estimate by end of 2011
Phase II drill program underway
• Resource update Q2 2012
*Average first five years of production

39. 0
10
20
30
40
50
60
70
Silver ETF Sulliden US Gold Tahoe
Resources
MAG Silver Silvercrest Sabina Orko Silver
Standard
Bear Creek Golden
Minerals
So.American
Silver
South American
Silver Corp.
Leveraged to Silver
39
Value of silver per dollar invested
SAC has some of the best leverage to silver of any development
stage company with nearly $65 of silver value per $1 invested
Source: Canaccord as of January 17, 2011, Share prices updated October 18, 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
Silver value per $1 invested
Average value of silver ~$15 of silver per $1 invested*
Additional value
of Indium and Gallium

40. Why South American Silver?
40
Investment highlights
• World-class scale projects with excellent expansion potential
• Track record of discovery and successful project development
• Growing shareholder value through resource expansion and advancing projects up
the development value curve toward feasibility
• Leveraged to silver with over 4 oz of silver and 45 lbs of copper per share (8 oz
silver equivalent)
• Attractive investment value relative to peers at low value per oz
• Exposure to rapidly growing indium and gallium high-technology market
• New copper-gold-silver resource and expansion at Escalones
• Continued investor outreach to broaden market awareness of Company
TSX:SAC
US OTC:SOHAF 37

41. 41
TSX: SAC
OTC: SOHAF
Phone: 604.681.6926
1.855.681.6926
www.soamsilver.com
Greg Johnson
President & CEO
TSX:SAC
US OTC:SOHAF

42. 42
Total Contained Metal - All Projects
Ag
Moz
Au
Ozs
Ag Eq1
Moz
In
tonnes
Ga
tonnes
In + Ga
tonnes
Cu
Mlbs
Pb
Mlbs
Zn
Mlbs
Mo
Mlbs
Cu Eq2
Mlbs
M&I 230.3 230.3 1,481 1,082 2,563 120 453 247 330
Inferred 173.6 610,000 206.9 935 1,001 1,936 3,937 362 246 56.9 4,423
ESCALONES
Approx. 0.02% Cu Cutoff In Situ Grade Total Contained Metal
Resource Tonnes Cu Au Ag Mo Cu Eq Cu Au Ag Mo Cu Eq
Category Millions % g/t g/t ppm % Mlbs Ozs Moz Mlbs Mlbs
Inferred 420.6 0.41 0.05 1.24 61.39 0.49 3,835 610,000 16.8 56.9 4,503
MALKU KHOTA
Approx. 10 g/t
Ag Cutoff In Situ Grade Total Contained Metal
Resource Tonnes Ag In Ga Cu Pb Zn Ag Eq Ag In Ga Cu Pb Zn Ag Eq
Category Millions g/t g/t g/t % % % g/t Moz tonnes tonnes Mlbs Mlbs Mlbs Moz
Measured 31 33.4 6.1 4.5 0.02 0.07 0.02 49.00 33.32 188 139 13.9 49 16 48.55
Indicated 224 27.3 5.8 4.3 0.02 0.07 0.05 43.20 196.96 1,293 943 106.4 405 231 311.45
Total M&I 255 28.1 5.8 4.3 0.02 0.07 0.04 43.77 230.28 1,481 1,082 120.3 453 247 358.80
Inferred 230 18.9 4.1 4.3 0.02 0.07 0.05 33.04 140.03 935 1,001 102.0 362 246 244.36
Resource Summary
1) The resource cut-off grade of 10 g/t silver equivalent is based only on the values of silver at $16/oz and indium at $550/kg.
2) The silver equivalent calculation uses base case metal pricing ( Ag at $18/oz, In at $500/kg , Ga at $500/kg, Cu at $3/lb, Pb at $0.90/lb,and Zn at $0.90 .
4) An economic cut-off grade of 0.2% copper equivalent represents a metal price of approximately $2.50/lb copper.
5) Copper Equivalent (Cu Eq %) calculations use $3.00/lb Cu, $1200/oz Au, $22/oz Ag, and $16/lb Mo and have not been adjusted for metallurgical recoveries
5) Ag Eq is calculated using total silver and gold contained metals at $1200/oz Au and $22/oz Ag
6) Cu Eq is calculated using total Cu, Pb, Zn, and Mo contained metals at $3/lb (Cu), $0.90/lb (Pb), $0.90/lb (Zn) and $16/lb (Mo).

43. Malku Khota NPV and Cash Flow
43
$0
$100
$200
$300
$400
$500
$600
$0
$500
$1,000
$1,500
$2,000
$2,500
$3,000
$3,500
$4,000
$15 $20 $25 $30 $35 $40 $45 $50
AverageNetCashFlow
1st5years(US$M)
NPV@5%DiscountRate(US$M)
Ag Price ($/oz)
Net Present Value
Average Net Cash
Flow
Source: March 2011 Malku Khota PEA
Values in US$

44. 6.5
8.4
10.5 11.1
12.3
15.6 16.2
17
19.3
23.2 23.4 23.5
0
5
10
15
20
25
2011EP/CFSilver Producer Price to Cash Flow Multiples (P/CF)1
44
Source: BMO Capital Markets Global Mining Research Report, April 3,
2011 (share prices as of March 31 2011)
(1) At $30/oz of silver (2) Using PEA base, mid and recent case prices
(3) First 5 year average (4) Using avg. P/CF of 15.6x at $30/oz Ag
Malku Khota PEA Projected Cash Flows
Price Ag/oz2 $18/oz $25/oz $35/oz
CF/yr3 $185 M $287 M $430 M
Valuation at
Avg. P/CF4 $2,886 M $4,477.2 M $6,708 M

45. 45
TSX:SAC
US OTC:SOHAF
Relative Stock Performance
SAC vs key silver & gold indices 18 month chart

46. 46
TSX:SAC
US OTC:SOHAF
Relative performance of Gold/Silver and the
Producer/Development stage equity indices

47. Long Term Silver Ratios with Copper & Gold
47
Traditional benchmarks being challenged
Source: 1) Ian McAvity‘s Deliberations On World
Markets, May 4 2011
Silver showing
relative strength

48. Criticality Index for Clean Energy/Technology Development
48
Showing Forecast Supply Shortages of Most Important Metals
Sources: (1) US Dept. of Energy Critical Materials Strategy,
Dec. 2010.
Dy
Ga
Ce La
Te
In
Eu
Nd Tb
Y
Li Co Pr
Sm
Nd Dy
Ga
In
Li Te
Eu Y Tb
Ce Co
La Pr
Sm
Short Term (0-5 Years) Long Term (5-15 Years)
4
3
2
1
4
3
2
1
1 2 3 4
Importance
tocleanenergy
Importance
tocleanenergy
1 2 3 4
low
low
high
high
Supply Risk Supply Risklow lowhigh high
Important Near Critical Critical

49. Management & Directors
49
Greg Johnson (President/CEO & Director) has over 25 years mining
industry experience in corporate finance, project development and
exploration. A s a co-founder of NovaGold, he played a key role in
growing that company from $50 million in value to over $2 billion market
capitalization advancing 3 major projects through to Feasibility.
Phillip Brodie-Hall (Chief Operating Officer) has over 35 years experience
in engineering construction and project development. He has participated in
nearly every aspect of evaluation, feasibility studies and project
development in the mining industry.
William Filtness (Chief Financial Officer) is a Chartered Accountant with
over 20 years of financial experience in the mining industry.
James Mallory (Vice President of Operations & Social Responsibility)
has over 30 years of mining industry experience in large-scale mine
management, operations and construction for companies including Barrick
(Placer Dome), Silver Standard, and NovaGold.
Felipe Malbran (Vice President of Exploration) has over 25 years
experience in exploration management in South America including key
roles in the discovery of Malku Khota, Vizcachitas, and Escalones.
David Dreisinger (Vice President of Metallurgy) is Professor and Industrial
Research Chair in Hydrometallurgy at the University of British Columbia.
He is actively involved in developing and commercializing
hydrometallurgical process at a number of mines worldwide.
Andrew Clark (Manager of Project Implementation) has over 30 years
global industry experience in the development, design, management and
construction of industrial mining projects.
Richard Doran, (Vice President & Corporate Secretary) has extensive
industry experience including with General Minerals and as Marketing
Manager for Chevron Minerals.
Xavier Gonzales Yutronic (General Manager Compañía Minera Malku
Khota S.A.) has experience in management, finance, and community
relations in the mining industry including with Glencore, and Comsur S.A.
TSX:SAC
US OTC:SOHAF
Ralph Fitch (Executive Chairman) is an explorationist with over 40
years of global experience, a co-founder of South American Silver and
former Chief Geologist for Chevron Minerals credited with several
major discoveries in South America.
Antonio Canton (Director) is consultant and director to a number of
international companies in marketing, finance and real estate.
Tony Cau (Director) is COO at Zamin Ferrous. With over 30 years of
experience in the mining, construction and heavy manufacturing
industries, he has been involved in mine development and expansion
projects around the world for groups like BHP, SNC-Lavalin, and
Bateman Engineering.
Jeffrey Couch (Director) is the Managing Director and Head of
Investment & Corporate Banking, Europe and London for BMO
Capital Markets. He has held various financial and business
development positions and has extensive investment banking and
capital markets experience with groups such as Credit Suisse,
Citigroup, and Klienwort Benson.
Paul Haber (Director) is a Chartered Accountant and a Certified Public
Accountant, and previously CFO of a TSX-V company and Chairman
of the Audit Committee for South American Silver.
Peter Harris (Director) is a mining engineer with over 40 years of
industry experience including construction and operation of over 20
mines around the world with groups such as Barrick (Placer Dome)
and NovaGold.
William Murray (Director) is an engineer in the mining industry with
over 35 years of experience in construction management and project
evaluation with groups including Fluor Daniel, Denison Mines,
Optimum Project Services and Anglo American Corp.
John Watson (Director) is President of a TSX -V listed company and
Manager of a limited liability corporation in commercial real-estate.
Tina Woodside (Director) is the head of Gowlings’ corporate finance
department and practices corporate and securities law focused on
corporate finance, M&A and corporate governance matters.