Huldra Silver Provides Progress Update on Treasure Mountain and the Merritt Mill

VANCOUVER, BRITISH COLUMBIA--(Marketwire - July 23, 2012) - Huldra Silver Inc. (HDA.V) (the "Company" or "Huldra") today provides a progress update on the mining operations at its 100% owned Treasure Mountain Property and an update on the construction of its 200 tonne per day mill in Merritt, BC.

The second stope at the eastern end of Level 1 of the mine, with a length of 65 metres, a height of 55 metres and an anticipated mining width of 1.5 to 1.8 metres has been mined to a height of 15 metres and is anticipated to be complete before the end of August. 36 locations from the first, third and sixth lifts have been sampled. All samples were delivered by truck to Acme Analytical Laboratories' facility in Vancouver, BC for analysis and will be published once received.

Engineering work is being completed for the design of the crown pillar removal and backfilling of the first two stopes. Once this work is complete, the first two developed stopes will be drawn down and the remaining mill feed will be transported to the mill site. This will allow for the mining of a third developed stope between the first two stopes. The third stope has a length of 65 metres and a height of 55 metres. The estimated tonnage of mill feed from the three stopes is 55,000 tonnes.

Commissioning of the 200 tonne per day mill in Merritt is scheduled to begin on August 7, 2012. During the mill commissioning the tailings pond and civil works will be completed. All construction is scheduled to be substantially complete before the end of August. Stockpiled mill feed from development work done in 1988 will be used in the commissioning process before the 10,000 tonne bulk sample is processed. Once the bulk sample is complete the Company expects to continue to process mill feed from the current stopes and other mill feed from recently completed development work. There are currently over 100 of engineers, contractors, management and employees working on the mill completion project.

About Huldra

Huldra is currently working on plans to put its Treasure Mountain Mine, located three hours east of Vancouver, BC, into development, subject to permitting and financing, utilizing a mill being constructed at the Company's mill property outside of Merritt, BC. The Company is also actively assessing other opportunities for acquisition and development.

The Company also wishes to confirm that it has not undertaken any preliminary feasibility study or preliminary economic assessment with respect to the Property and does not intend to undertake such a study or assessment prior to making a production decision. The Company cautions readers that such production may not be economically feasible and that there are significant risks associated with making a production decision without a valid, current, economic analysis.

Technical information in this news release has been reviewed and approved by Al Beaton, P. Eng, a Qualified Person as defined in NI 43-101. For more information see the Company's technical report entitled "Technical Report, Project Update, Treasure Mountain Property" dated June 7, 2012, available on SEDAR at www.sedar.com.

On behalf of the Board of Directors

Ryan Sharp, MBA, President, CEO & Director

Disclaimer for Forward-Looking Information

This press release contains projections and forward-looking information that involve various risks and uncertainties regarding future events related to the Company's proposed exploration plans and its plans to put the Treasure Mountain Property into production. Such forward-looking information can include statements based on current expectations involving a number of risks and uncertainties and are not guarantees of future performance of the Company, such as the Company's ability to finance its planned exploration; the Company's ability to source the necessary infrastructure to effect its exploration plans; current economic conditions and the state of mineral exploration and mineral prices in general. These risks and uncertainties could cause actual results and the Company's plans and objectives to differ materially from those expressed in the forward-looking information. The Company can offer no assurance that its exploration and development plans will be completed in the time expected or at all. These and all subsequent written and oral forward-looking information are based on estimates and opinions of management on the dates they are made and expressly qualified in their entirety by this notice. Except as required by law, the Company assumes no obligation to update forward-looking information should circumstances or management's estimates or opinions change.

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