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Drill Contract Signed for Medicine and Silver Queen Projects

June 30, 2008

RENO, NV, June 30 /PRNewswire-FirstCall/ — Silver Reserve has entered into a contract with Christiansen Drilling, Inc. of Ely, Nevada.

The Company plans to carry out up to 50,000 feet of drilling on the Medicine Project under this contract. The objective is to expand on the 350,000 tons of drill indicated resource with an average grade of 2.5 ounce silver, 5% lead, 8% zinc and 12% barite. The indicated resource was not drilled off beyond 100 feet of depth and is believed to extend deeper into the sulphide zone. The mineralized zone extends beyond the area drilled, into claims controlled by the Company. The operator at the time of drilling was looking for leachable material and dropped the property when recovery grade and silver price proved it uneconomical. The opportunity is present for expansion of the resource into a substantial open pit mine. Drilling will commence in July, 2008 following completion of the first drill program on the Silver Queen Project.

The Company plans to carry out 20,000 feet of drilling on the Silver Queen Project to trace the extension along strikes and down dip from the Mohawk and Silver Queen mines. A newly discovered surface anomaly with significant silver, lead and zinc grades and measuring 600 feet wide by 1000 feet long is a primary drill target for a new discovery on this claim group. The initial drill program of 7,000 feet has commenced. 4000 feet will be drilled to test the anomaly and 3000 feet will be drilled to test the vein extension down dip and along strike from the Mohawk Mine where historical ore reserve reports show 532,900 ounces of silver with lead and zinc credits are unmined.

Silver Reserve is an exploration stage mining company. The Company has a portfolio of 15 silver and base metal projects in the State of Nevada, USA. The properties are located in the counties of Esmeralda, Mineral, Nye, Lyon, Humboldt and Elko. Silver Reserve also owns a 250 ton per day mill facility at Mina, Nevada. A year long evaluation of the Projects has identified the Medicine and Silver Queen Projects with the potential for the earliest development of sizable resources. The Company will concentrate its efforts on these two Projects.

FORWARD-LOOKING STATEMENTS: This news release contains certain “forward-looking statements” within the meaning of U.S. securities laws. Forward-looking statements are frequently characterized by words such as “plan,”"expect,”"project,”"intend,”"believe,”"anticipate,”"estimate” and other similar words or statements to the effect that certain events or conditions “may”, “have” or “will” occur. This release also contains statements based upon historical records pertaining to our mineral claims that have not been verified by the Company. The term, “resource” is not a term that is recognized by SEC guidelines and does not rise to the level of certainty required by SEC guidelines. Forward-looking statements or references to historical records are based on the material in our possession, opinions and estimates of management at the date the statements are made, and are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those stated or projected in the this press release. The Company undertakes no obligation to update forward-looking statements or historical information. The reader is cautioned not to place undue reliance on forward-looking statements.

Silver Reserve Corp.

CONTACT: Mason Douglas, President, (866) 448-1073,info@silverreservecorp.com; or visit our Web Site athttp://www.silverreservecorp.com/




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