South American Silver is a growth-focused exploration and development company focused on advancing its large undeveloped silver and indium resources in South America. It has two major projects - the Malku Khota project in Bolivia, which hosts one of the world's largest silver-indium resources, and the Escalones project in Chile, which has high potential for copper and gold. South American Silver is well financed and has an experienced management team focused on advancing the projects through feasibility studies and permitting to unlock shareholder value.

1. A Growth Focused Exploration & Development Company
Growing and advancing one of the world’s largest
undeveloped silver and indium resources.
Corporate Presentation TSX: SAC, US OTC: SOHAF
Q1 2011
Value. Growth. Vision
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 Value. Growth. Vision
US OTC:SOHAF

3. Investment Highlights
South American Silver Corp.
•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 resources
• Escalones: high potential copper-gold deposit
•Well defined business plan to drive shareholder value
•Leveraged to silver with over $40 of silver value per $1 invested
•Attractive investment value relative to peers at low value per oz
•Exposure to the high-tech indium market
•Potential value from new copper-gold resource
•Strong focus on community relations
•Well financed into feasibility
TSX:SAC Value. Growth. Vision
US OTC:SOHAF

4. World-Class Deposits
Two large-scale assets in South America
•Malku Khota, Bolivia, silver-indium project
• 100% ownership
• Bulk mineable open-pit, sediment hosted deposit
• Low capital and operating costs and as a heap leach or heap
leach/milling operation
• Resource expansion potential with only 4 km of 50 sq km
property drill tested
• PEA and resource update in end of Q1-2011
• Pre-Feasibility process to start in 2011 & Feasibility in 2012 Malku Khota
• Potential to be one of the top producing silver and indium mines
• Funded into Feasibility
•Escalones, Chile, copper-gold project
• 100% controlled, large scale target in world-class mining district
Escalones
near El Teniente
• Exploration program and geophysics to start Q1-2011
• Potential significant copper, gold, silver deposit
TSX:SAC Value. Growth. Vision
US OTC:SOHAF

5. Share Capitalization2
TSX:SAC, US OTC:SOHAF
Issued & Options Warrants Fully Diluted1
Outstanding
97.8M 8.4M 8.6M 114.8M
• ~$200 million Market Capitalization Major Shareholders
•Zamin—19.7%
•Average trading volume 500,000 shares/day
•Private Swiss investors--19%
•Well financed with +$30 million estimated in •SAC Management1 --15%
cash at year end1
Institutional Ownership
•Potential NYSE-AMEX listing to increase •Sprott Asset Management
visibility and liquidity
•Front Street
•K2 funds
•Kudu Partners
(1) As of November 8, 2010 with proposed $28 million financing
(1) On a fully diluted basis •U.S. Global Investors
(2) As of December 16, 2010
Value. Growth. Vision

6. Zamin Group - Strategic Investment
A Key Regional Player
•Well funded regional player in South American resources industry
with major projects in Brazil, Uruguay, Bolivia, and Chile
•Strategic 19.7% investment positions SAC in strong financial and
operational position to advance projects to feasibility
•Track record of successfully facilitating South American project
development through relationships with national and state
governments in the region
•Portfolio of South American projects with strong government
support in permitting, rail and port infrastructure
•Bamin Project-Brazil
•Valintine Project-Uruguay
•Acquiring assets in Bolivia over past year
TSX:SAC Value. Growth. Vision
US OTC:SOHAF

7. Comparative Resources in the Americas
Second largest development stage silver resource
500
450
Millions of Silver Ounces
400
350
300
250
200
150
100
50
0
Alexco Sulliden US Gold Golden Silvercrest MAG Silver Orko ECU Sabina Tahoe So.American Bear Creek
Minerals Mexico Resources Silver
Yukon Peru Mexico Mexico Mexico Mexico
Argentina El. Salvador Nunavut Peru
Guatemala Bolivia
Chile
Source: Canaccord Report as of January 11, 2011
Note: All companies have projects in South and/or North America
Value. Growth. Vision

8. Enterprise Value in the Americas
Undervalued relative to peers
$7.00
$6.00 Average EV/oz of companies with
>200Moz silver resource: >$2.65/oz
$5.00
$4.00
Average EV/oz for development stage silver
$3.00 companies: >$1.70/oz
$2.00
$1.00
$0.00
So.American Bear Creek
Silver
Silvercrest Sabina Orko ECU Golden
Minerals
MAG Silver Tahoe
Resources
Sulliden US Gold Alexco *
Source: Canaccord Report January 17, 2011
Share prices as of January 14, 2011,
Note: All companies have projects in South and/or North America
*EV/oz truncated to $10 . Alexco excluded from early stage average EV/oz AgEq $18/oz
Value. Growth. Vision

9. Development Stage Value Curve
Potential value growth with project advancement
Enterprise Value per Oz of Silver by Stage
Increased value with
project advancement $ /oz
Increased value
through resource Construct
expansion
Permits
FS
PFS $
PEA
Resource
Definition
$
Discovery
Early Stage Advanced Production
Exploration & Development Stage
Development (Reserves)
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.
Value. Growth. Vision

10. Silver Supply/Demand
Surging investment demand plus improving industrial consumption
suggests continued demand growth with flat total supply
Total Global Silver Supply Total Global Silver Demand
& ETFs
& ETF
Source: GFMS World Silver Survey 2010
Value. Growth. Vision

11. Silver Fundamentals Positive
For continued higher prices
•One of the only precious metals not yet to hit all-time nominal highs
from the 1980’s ($35s/oz and $50/oz 1980)
•Bullish supply/demand outlook
•Silver equities generally show a 3-5x leverage to silver price moves
due to profit margins
•Continued increase in investment and industrial demand for silver
•Annual mine production vs total demand remains in short-fall
•Few new major deposit discoveries
•Projected new production by analysts have failed to have
been realized
TSX:SAC Value. Growth. Vision
US OTC:SOHAF

12. Indium—a key strategic metal
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 thin film solar panels (CIGS Photo-Voltaics), 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
TSX:SAC Value. Growth. Vision
US OTC:SOHAF

13. Indium Fundamentals
Compelling supply/demand dynamics
Indium Supply/Demand dynamics
• Indium highlighted in UN and US DOE studies as critical technology metal at risk
for potential shortage along with several other key rare earth metals
• China is largest producer and consumer of indium and has imposed export quotas
and tariffs like other key high-technology specialty metals
• Zinc market growing at 1-3% annually with indium market estimated at 15-20%
growth
• Current price ~$600/kg with five-year prices from $400/kg to over $1000/kg
Malku Khota Annual Indium Production
• Malku Khota projected to be one of the worlds largest indium producers
• Potential to represent 10% or more of global mine supply
TSX:SAC Value. Growth. Vision
US OTC:SOHAF

14. Indium Demand
Growing demand in high-tech markets
2500
End-use Market Demand (tonnes)
Solar Energy 2010 total indium
LED Lighting production
2000
LCD Flat Panels
1500
1000
500
0
2010 2011E 2012E 2013E 2014E 2015E 2016E
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 Value. Growth. Vision
the US Department of Energy Critical Minerals Strategy Report

15. Indium Fundamentals
Zinc Production vs. Indium Demand (U.S.)
140 2000
U.S. Indium Demand (tonnes)
Zinc Production (thousand tonnes)
1800
120
Indium 1600
100 1400
Zinc Production
80 1200
1000
60 800
40 600
400
20
200
0 0
1970
1972
1974
1976
1978
1980
1982
1984
1986
1988
1990
1992
1994
1996
1998
2000
2002
2004
2006
2008
Source: U.S Department of Energy: Critical Materials Strategy, December 2010;
Zinc Production USGS Materials Flow of Zinc in the US. 1850-1990, USGS Minerals Value. Growth. Vision
Yearbook 1994-2008

16. Key Metal Consumption vs Reserves
Remaining Years of Supply
300
Current Rate of Consumption
250
World at 1/2 the US Rate of Consumption
200
Years of Supply
150
100
SILVER
INDIUM
50
0
Value. Growth. Vision

17. Opportunity in Bolivia
An emerging resource based economy
• Bolivia experiencing its best economy in 30 years
• Member of Mercosur Regional trade organization with Brazil as largest trading partner
• One of the world’s premier silver districts with billions of ounces of historical 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
• Substantial resource industry investments in Bolivia
 Jindal Steel of India investing US$2.3 billion for 50% interest in 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
TSX:SAC Value. Growth. Vision
US OTC:SOHAF

18. Silver Mines in Bolivia
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 Vincente
 Coeur D’Alene - San Bartolome
 Sumitomo - San Cristobal
TSX:SAC Value. Growth. Vision
US OTC:SOHAF

19. Malku Khota Project, Bolivia
One of the world’s largest silver-indium resources
Indicated: 145 M oz of silver & 845 tonnes of indium
Inferred: 178 M oz of silver & 968 tonnes of indium
• 50 square km, 100% owned, road accessible project, long life open pit mine
• low capital and operating costs and high internal rate of return
• Ongoing drill campaign with recent higher grade discoveries
• Potential to be one of the top primary silver and indium producing mines
Q4 2010 Q1 2011 2H 2011 2012
Malku Completion of Updated resource Pre -feasibility Study Feasibility
resource update drill estimate underway
Khota program
Updated PEA with Permitting Process
increase throughput
TSX:SAC Value. Growth. Vision
US OTC:SOHAF

20. Established Infrastructure
Low projected capital and operating costs
• Open pit, bulk mineable
• Accessible by road
• Commercial power within 15km
• Access to water
TSX:SAC Value. Growth. Vision
US OTC:SOHAF

21. Mineralization
Open pit, bulk mineable deposit
Host rock sandstone with disseminated Enrichment starts at surface
silver, indium, gallium, lead, zinc and copper
Average grade first ten years:
• Silver: 38.6 g/t (60 g/t Ag Eq)
• Indium: 8.1 g/t
•Economic cut-off grade <10 g/t (at $15/oz Ag)
TSX:SAC Value. Growth. Vision
US OTC:SOHAF

22. Mineralization
Geological formations looking south from Limosna
Malku Khota
Aroifilla Fm
Wara Wara Sandstone
Sandstone
High Grade
Sandstone
1160 g/t Silver
TSX:SAC Value. Growth. Vision
US OTC:SOHAF

23. Malku Khota Drilling
Grade thickness map
• 75 drill holes in current resource with
updated resource for Q1-2011
• 2010 program focused on in-fill &
confirmatory drilling
• 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 Value. Growth. Vision
US OTC:SOHAF

24. 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
TSX:SAC Value. Growth. Vision
US OTC:SOHAF

25. Malku Khota Deposit
Only 4km of 50 sqkm property drill tested
• 2010 program focused
on in-fill and
confirmation drilling
for PEA Update
• Excellent potential to
expand resources
TSX:SAC Value. Growth. Vision
US OTC:SOHAF

26. Metallurgy Flow Sheet
Acid-Chloride Leach Open Pit Mining
• Similar process as used for SX-EW* Crushing
copper-oxide heap leach and by
zinc refineries for indium Heap Leach or
Milling with Acid
• Similar recoveries for silver/gold as Solution
for cyanide leach
• Production of high purity silver Silver, Gold and Copper
bars and indium ingots on site Recovery Further refining with
• Additional production of by- solvent extraction
Indium and Gallium (SX-EW ) process to
product metals including lead, Recovery metal dore or high
zinc, copper and gallium purity concentration
Lead Recovery
Zinc Recovery
* solvent extraction and electo-winning
TSX:SAC Value. Growth. Vision
US OTC:SOHAF

27. Summary of PEA 2009
Updated PEA with expanded throughput for Q1 2011
Pincock, Allan and Holt Revenue Distribution for 2009 Base Case
Heap Leach Operation – 20,000 Tonnes per Day
Silver
Recovery: Silver 80%, Indium 70%
2
Annual Production: 6.4 M oz Silver
2 Indium
37,200 kgs Indium 12%
Cash Cost: $3.75 / oz Ag Lead/Copper/Zinc
18%
Mine Life: 36 Years
2009 2010 Recent 70%
Base Avg’s High
Silver Price/oz $13.30 $15.00 $20.00
Indium Price/kg $530 $550 $1,000 Base Case Silver Price: US$13.30/oz
2
Net Annual Cash Flow : $74M/yr $86M/yr $135M/yr Base Case Indium Price: US$530/kg
Net Total Cash Flow: $1.2B $1.5B $2.7B
Pre-Tax NPV: >$300M >$500M >$1,000M
Years to Payback: 1.4 years 1.2 years <1 year
(1) In US dollars, March 2009, PEA by Pincock Allan and Holt. Updated study
utilizing higher production levels and new cost estimates anticipated Q1-2011
(2) First ten years of production Value. Growth. Vision

28. Near Term Mine Development Projects
SAC one of largest near-term producers at 20,000 tpd
Barrick Pascua Lama
25
Bear Creek Corani
So American Silver Malku Khota
Value. Growth. Vision
Pan American Navidad
Fresnillo Plc El Saucito
Bear Creek Santa Ana
development projects anticipated in the next 2-4 years
Gold Resource El Aguila
• Annual estimated potential silver production of new
Andean Resources Cerro Negro
Alexco Resource Corp Keno Hill
Fortuna Silver SanJose
Wildcat Silver Corp Hardshell
Minmetals, Jiangxi Copper Galeno
Oxiana Martabe
Yukon Zinc Corp. Wolverine
Gabriel Resources Rosia Montana
Augusta Resource Rosemont
Antofagasta plc Esperanza
Silvermex Resources Rosario
Vale Salobo
Greystar Resources Angostura
Intrepid Mines Casposo
Jinchuan Group Bahuerachi
Source: CPM Silver Yearbook 2010
China Minmetals Dugald River
Chariot Resources Marcona
Norsemont Mining Constancia
Cobar Consilidated Wonawinta
Antofagasta plc Caracoles
8
6
4
2
0
12
10
Millions of Ounces

29. Global Silver Industry Cash Cost Curve
Anticipated low-cost silver production
Cumulative Percentile of Silver Mine Production Cost
16
Malku Khota
Total Cash Cost Per Ounce of Silver
6.4 Mozs/yr 12
~ $3.75/oz
8
Industry Average 4
Cash Cost
$5.25/oz
0
4-
8-
100% 90% 80% 70% 60% 50% 40% 30% 20% 10% 0%
Source: GFMS World Silver Survey 2010 Value. Growth. Vision

30. Escalones-Copper-Gold project, Chile
High potential, large-scale target
• 70 square km,100%
controlled, road accessible,
large scale system
• Located in world-class copper
mining district near El
Teniente
• Historic drilling shows >1%
copper grades at surface and
untested porphyry system
grading 0.6% copper
• Additional significant gold,
silver and molybdenum credits
• Exploration drill program
targeted for Q1 2011
• Resource estimate targeted
for 2nd half of 2011
TSX:SAC Value. Growth. Vision
US OTC:SOHAF

31. Drill Results Grad Thickness Map
Large-scale porphyry system
• Open in all directions
• Strong historic results
TSX:SAC Value. Growth. Vision
US OTC:SOHAF

32. Escalones
Geological cross-section
• Enriched zones with
high grades at
surface at over >1%
copper with
significant gold and
molybdenum
• Large scale porphyry
target intercept of
176 m @ 0.6%
copper with
additional gold, silver
and molybdenum
TSX:SAC Value. Growth. Vision
US OTC:SOHAF

33. Community Relations
A key to successful project development
• Assistance of BSR* to develop proactive community relations strategy
• Two full-time indigenous community relations officers working in region
• Objectives to facilitate economic development in communities
*Business for Social Responsibility, San Francisco, CA Value. Growth. Vision

34. Project Milestones
Value drivers over the next 6-12 months
• Malku Khota Silver and Indium Project, Bolivia
 Drill campaign underway with additional drills being mobilized
 Updated resource estimate targeted Q1 2011
 Updated Preliminary Economic Assessment at higher throughput Q1-2011
 Pre-feasibility targeted for 2011 and feasibility for 2012
• Escalones Copper and Gold porphyry project, Chile
 Planning work underway for initial exploration program Q1 2011
 Target for initial resource estimate in 2nd half of 2011
 Potential for significant deposit of copper, gold and silver
TSX:SAC Value. Growth. Vision
US OTC:SOHAF

35. Leveraged to Silver
Value of silver per dollar invested
50
Silver value per $1 invested
45
SAC has some of the best leverage to silver of any development
40 stage company with over $40 of silver value per $1 invested
35
30
25
20
15
Average value of silver <$8 of silver per $1 invested*
10
5
0
Alexco Silver ETF US Gold Sulliden Tahoe MAG Silver Golden Sabina ECU Orko Silvercrest Bear Creek So.American
Resources Minerals Silver
Source: Canaccord as of January 17, 2011, Share prices updated January 14, 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
Value. Growth. Vision

36. Why South American Silver?
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 $40 of silver value per $1 invested
• Attractive investment value relative to peers at low value per oz
• Exposure to rapidly growing Indium high-technology market
• Potential new value from copper resource definition and expansion
• Continued investor outreach to broaden market awareness of Company
• Potential near-term NYSE-AMEX listing in the U.S.
TSX:SAC Value. Growth. Vision
US OTC:SOHAF

37. TSX: SAC
OTC: SOHAF
Phone: 604.681.6926
1.855.681.6926
www.soamsilver.com
Greg Johnson
President & CEO
TSX:SAC Value. Growth. Vision
US OTC:SOHAF

38. Relative Stock Performance
SAC outperforming key silver & gold indices
•Trading liquidity increasing with average volume of 550,000 shares/day
•SAC undervalued relative to peers at $0.50/oz vs average of more than
$1.70/oz for early stage resources and $2.65/oz for >200Moz resources
TSX:SAC Value. Growth. Vision
US OTC:SOHAF

39. Management Team
A track record of success
Ralph Fitch, Executive Chairman
 Co-founder of South American Silver, High Desert Gold, and General Minerals
 Key role in discovery of Collahuasi copper porphyry , Malku Khota, Vizcachitas, and Escalones deposits
Greg Johnson, President and CEO
 Co-founder of NovaGold, key role in growing company from $50 million to $2 billion market capitalization
 Recognized for discovery and advancement of the 40 M oz Donlin Creek gold deposit for NovaGold and Barrick
William Filtness, Chief Financial Officer
 Chartered Accountant with twenty plus years of financial experience, including Manager, Corporate Development at Aurizon Mines
Felipe Malbran, Vice President of Exploration
 Extensive experience in exploration management in Bolivia, Chile, Peru and Argentina
 Key role in discovery of Malku Khota, Vizcachitas, and Escalones deposits
Phillip Brodie-Hall, Vice President of Project Development
 Global 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 industries
David Dreisinger, Vice President of Metallurgy
 Professor and Industrial Research Chair in Hydrometallurgy at the University of British Columbia (UBC)
 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 secretary
 Former VP Investor Relations for General Minerals and Marketing Manager for Chevron Resources
Andrew Clark, Manager of Project Implementation
 Global 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., Sinchi Wayra
(Glencore) from 2005-2007, and Compañía Minera Malku Khota S.A. from October 2008 to date
TSX:SAC Value. Growth. Vision
US OTC:SOHAF

40. Board of Directors
Strong industry and financial experience
Ralph Fitch, Executive Chairman Greg 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 Value. Growth. Vision
US OTC:SOHAF