Major discoveries of gold and silver in 2006, have rewarded the team of senior mining professionals who have worked for a decade, determinedly developing, producing and now exploring the Velardeña property – a known- but under-exploited producer in Mexico’s silver belt. The team has established ECU as a producer of precious and base metals, and in 2006, commenced an exploration drilling program that uncovered major new discoveries. Expertise in the local geological model of mineralization led to the discovery of more than 30 new, mineral-rich veins, two metals-bearing skarns and two massive stockwork zones – all with superior assays and with two-thirds of the planned exploration drilling program still to complete. These discoveries were all subsequent to the publication of an independent resources audit that had already confirmed resources of world-class proportion.

Investment Higlights TRADING SYMBOLS:   TSX.V ECU NASDAQ PINK SHEET ECUXF SHARES OUTSTANDING: 205,495,242 FULLY DILUTED: 229,299,060 AVERAGE DAILY VOLUME: 600,000+ 52 WEEK LOW/HIGH: $0.36 - $3.65

ECU Silver Mining Inc. is a Canadian-based, mid-tier, producing mining company, listed on the TSX Venture Exchange under the symbol ECU and on the NASDAQ pink sheet under the symbol ECUXF. Actively engaged in gold, silver, lead and zinc exploration and exploitation since 1997, the Company has a cluster of seven mines in the historically prolific Velardeña mining district, Central Mexico, all easily accessible by road and with infrastructure in place.

ECU has three wholly-owned blocks – 33concessions on 1,873 hectares – in the Velardeña mining district which has historically produced 500,000 ounces of gold and 250 million ounces of silver. ECU’s main property includes four interconnected mines: Santa Juana, San Juanes, San Mateo and Terneras. The Company also controls the San Diego property, located approximately 10 kilometers to the northeast. It also has two wholly owned production facilities.

An independent audit of the mines by Toronto-based Broad Oak Associates, completed for the National Instrument (NI) 43-101 technical compliance report and reported June 30, 2006, puts indicated resources at 1.45 million tonnes and 17.4 million ounces of silver-equivalent, and inferred resources at 6.3 million tonnes, 81 million ounces of silver-equivalent. The numbers represent a year-over-year, 42% increase in indicated resources and 608% increase in inferred resources and also include an additional potential for 2.8 to 4.0M tonnes or 33 to 55 Million ounces of silver equivalent.

Subsequent to the above audit, in the second and third quarters of 2006, exploration drilling at the Company’s Santa Juana mine led to the discovery of more than 30 mineral-rich veins, two new mineralized skarns, a wide stockwork on Levels 17.5 and 18; and a second stockwork with 70 meters of horizontal continuity on Level 15 for a 5.25 meter-wide, sheeted-veins-type zone; drilling also confirmed 450 meters of vertical continuity for veins from Level 12 through Level 18 and beyond. Drilling at the San Mateo mine discovered 80 meters of continuity. All above discoveries showed superior-grade assays of gold and silver.

ECU’s planned, 50-hole, 15,000 meter exploration drilling program at the Velardeña property was 30% complete at end of Q3 2006. One of the primary objectives of the drilling program is to prove up inferred resources to the measured and indicated categories. An updated NI 43-101 technical compliance report being carried out by Micon International, was underway at the start of the fourth quarter, to reflect new discoveries as well as lead and zinc assays (not included in the NI 43-101 reported June 30, 2006). ECU anticipates frequent future updates as exploration drilling accelerates.

The Company is managed by an experienced team of Canadian and Mexican geologists and mining and metallurgical engineers. The team has been in place since ECU acquired its Velardeña properties almost a decade ago, and has hands-on experience in developing its potential. The directors of the Company bring together extensive mining- company-development- as well as international business, finance and legal expertise and experience.

ECU has gained expertise in mining narrow veins, a meter across or less, and proved sufficient resources to materially expand production from high-grade, narrow-vein structures. Historically the Company has mined veins measuring in width of 0.3 of a meter to 1 meter in thickness at its Valardena property. By contrast, recent exploration discoveries have uncovered sections expanding over 30 meters in width and have led to a focus on bulk-mining.

The shift from narrow-vein to wider stopes also represents a potential shift to exponentially higher quantity. Results from a recent test could suggest and possibly indicate that the Company may be able to mine exponentially more in terms of total tonnage output than previously thought, and vastly more than under its current method of mining narrow, higher grade veins, which would move the Company from being a mid-tier producer to a major producer of silver and gold through bulk mining.

ECU has two milling operations at Valardena: a wholly owned flotation mill in the Village of Velardena and a second mill acquired in November 2006, located less then 100 meters from the Company's on-site lab. The flotation mill produces 310 tonnes per day with 90% of current production coming from one sector of the Santa Juana mine and further expansion underway. The on-site mill will operate at approximately 80 tonnes per day and will initially be used to complete the processing of material stored in inventory, to recover and produce a gold-silver-pyrite concentrate. In the third quarter of 2006, the Company also completed its wholly owned pyrite circuit for recovery of partially processed gold and silver from tailings (grading 4-5 g/t gold) and of tailings from on-going daily production

NI 43 – 101 COMPLIANT TECHNICAL REPORT (Audit to May 16, 2006, reported June 30, 2006 – Broad Oak Associates, Toronto, Canada)

COMPARISON NI 43-101 2005-2006   TONNES Silver (Ag) Oz-eq*.   July 2005 June 2006 July 2005 June 2006 RESOURCES INDICATED 895,700 1,443,225 12,230,800 17,393,757 RESOURCES INFERRED 738,900 6,274,824 11,445,100 81,010,378 POTENTIAL 0.4 to 0.7M 2.8 to 4M 4.5 to 10M 33 to 55M * The contained silver equivalent is the calculated contained precious metals (gold and silver) in troy ounces. The gold values are multiplied by 55 to obtain their silver equivalent based on the ratio of the precious metal prices US$550 per ounce for gold and US$10.00 per ounce of silver and the fact that expected recoveries are similar for gold and silver.