Huldra Silver Provides an Update on the Current Underground Diamond Drilling Program and Mining Progress at the Treasure Mountain Mine, British Columbia, Canada

VANCOUVER, BRITISH COLUMBIA--(Marketwired - May 16, 2013) - Huldra Silver Inc. ("Huldra" or the "Company") (TSX VENTURE:HDA) is pleased to provide an update of the current underground drilling program and mining progress at the Treasure Mountain Mine, British Columbia, Canada.

Preliminary* assay results have been received for the first 5 holes of the underground drill program. Highlights include:

• 825.5 g/t Ag; 6.74% Pb and 9.43% Zn over 1.12m true width in Hole TMUD13-1.
• 202 g/t Ag; 0.41% Pb and 13.07% Zn over 1.02m true width in Hole TMUD13-2.
• 593.2 g/t Ag; 5.21% Pb and 1.23% Zn over 1m true width in Hole TMUD13-4.
• 356 g/t Ag; 4.64% Pb and 21% Zn over 0.61m true width in Hole TMUD13-5.

A table summarising the significant results of the first 5 holes is presented below.

Samples were analysed ALS Chemex at their Vancouver laboratory. ALS Chemex Vancouver is an ISO 9001:2000 certified lab. Samples were prepared by crushing to 70% less than 2mm, riffle splitting off up to 250g and then pulverising the split to better than 85% passing 75 microns. A 0.25g sample was then digested using a 4-acid digest and the solution was analysed by multi-element ICP-AES. Ag, Pb and Zn overlimits were analysed using the ME-OG62 method. Ag overlimits >1500 g/t Ag were analysed by 30g fire assay with gravimetric finish.

*The results are preliminary in nature as all reference materials and blanks submitted with the drill core have passed QA/QC verification. However, some duplicate tests did not fall within tolerance. Affected certificates have been returned to ALS Chemex for investigation and the results published here provide only an indication of the probable grade for the intercepts.

Since the underground drill program began in late March, 2013, a total of 1923m of HQ sized diamond drill core from 21 drill holes has been completed. The total length of the drill program is expected to be 4,700m spread over 54 holes. The preliminary results from the first 5 holes are located approximately 60 - 80 metres west of Stope 1 and 120 - 140 metres west of the area currently being mined between Level 1 and the surface. Drill holes TMUD13-1 and TMUD13-2 have identified mineralisation between Level 1 and Level 2, whereas Hole TMUD13-4 has identified mineralisation 20m below Level 2 at the western edge of the target area. Drill hole TMUD13-8, which tests for mineralisation 40m below Level 2 was extended and intercepted vein material which lies into the hangingwall of the Level 3 main haulage drift. The 0.44m intercept (not converted to true width) is a mix of siderite and massive galena. Assays are pending. A diagram of the underground drill program is available on the Company website at www.huldrasilver.com.

Mining continues, with Stope 2 currently in production. To date, the Company has mined the stope over 65m in length, with a vertical height of 12m and a width of 1.7m. Stope 2 is the third stope to be mined from the uppermost level of the mine. Preliminary* composite assay results have been received for the first four lifts of the stope and are presented in the table below.

Samples were analysed ALS Chemex at their Vancouver laboratory. ALS Chemex Vancouver is an ISO 9001:2000 certified lab. Samples were prepared by crushing to 70% less than 2mm, riffle splitting off up to 250g and then pulverising the split to better than 85% passing 75 microns. A 0.25g sample was then digested using a 4-acid digest and the solution was analysed by multi-element ICP-AES. Ag, Pb and Zn overlimits were analysed using the ME-OG62 method. Ag overlimits >1500 g/t Ag were further analysed by 30g fire assay with gravimetric finish. The sample notation is to be read as: S2-"L*"-"A" where: S2 refers to Stope 2, "L*" refers to the Lift being sampled, -"A"- refers to the particular chip line within the lift. Sampling occurred on 3m spacings where possible, however not all areas of the lifts could be sampled at 3m intervals.

*The results are preliminary in nature as all reference materials and blanks submitted with the chip samples have passed QA/QC verification. However, some duplicate tests did not fall within tolerance. Affected certificates have been returned to ALS Chemex for investigation and the results published here provide only an indication of the probable grade for the samples.

The rehabilitation of the historical raises on Levels 4 is complete with assays of up to 1680 g/t Ag over 0.28m true width identified in Raise 14. The mineralization is associated with a dyke and is potentially a separate structure from the "C" vein. Mineralisation is of the same style exhibited elsewhere within the Treasure Mountain Mine - being a narrow vein, steeply dipping structure where the main sulphide minerals being argentiferous galena and sphalerite. The mineralisation identified during the sampling lies on the hangingwall side of the dyke contact.

The results presented in the table below are preliminary in nature as all reference materials and blanks submitted with the chip samples have passed QA/QC verification. However, some duplicate tests did not fall within tolerance. Affected certificates have been returned to ALS Chemex for investigation and the results published here provide only an indication of the probable grade for the samples.

Samples were analysed ALS Chemex at their Vancouver laboratory. ALS Chemex Vancouver is an ISO 9001:2000 certified lab. Samples were prepared by crushing to 70% less than 2mm, riffle splitting off up to 250g and then pulverising the split to better than 85% passing 75 microns. A 0.25g sample was then digested using a 4-acid digest and the solution was analysed by multi-element ICP-AES. Ag, Pb and Zn overlimits were analysed using the ME-OG62 method. Ag overlimits >1500 g/t Ag were further analysed by 30g fire assay with gravimetric finish.

Information in this news release, related to the underground diamond drill program, has been approved by Mark Williams, P. Geo. Information in this news release related to mining activities has been approved by Al Beaton, P. Eng and Mine Manager. For more information about the Company's Treasure Mountain Property, see the technical report entitled "Technical Report, Project Update, Treasure Mountain Property" dated June 7, 2012, available under Huldra's profile on SEDAR at www.sedar.com.

About Huldra

Huldra Silver is a fully integrated silver mining, exploration and development company. The Company is currently mining at its Treasure Mountain Project, located three hours east of Vancouver, B.C, utilizing it's offsite mill for processing mill feed at the Company's property outside of Merritt, B.C. The Company is also actively assessing other opportunities for acquisition and development.

On behalf of the Board of Directors

Ryan Sharp, MBA, President, CEO & Director