www.santacruzsilver.com January 2014 TSXV: SCZ

FSE: 1SZ

Mexico's next Mid-Tier Silver Producer

DISCLAIMER The information provided in this presentation is not intended to be a comprehensive review of all matters and developments concerning the Company. It should be read in conjunction

with all other disclosure documents of the Company. The information contained herein is not a substitute for detailed investigation or analysis. No securities commission or regulatory

authority has reviewed the accuracy or adequacy of the information presented.

FORWARD-LOOKING STATEMENTS This presentation contains “forward-looking statements” within the meaning of Canadian securities legislation and the United States Securities Litigation Reform Act of 1995. Such

forward-looking statements concern the Company’s anticipated results and developments in the Company’s operations and financial condition in future periods, planned exploration

and development of its properties, plans related to its business and other matters that may occur in the future. Forward-looking statements are statements that are not historical facts

and are generally, but not always, identified by words such as the following: expects, plans, anticipates, believes, intends, estimates, projects, assumes, potential and similar

expressions, and include reference to events or conditions that will, would, may, could or should occur. These statements relate to analyses and other information that are based on

expectations of future performance, including silver, gold, lead, zinc and copper production and planned work programs, cash flow forecasts, projected capital and operating costs, and

metal price assumptions. Statements concerning mineral resource estimates may also constitute forward-looking statements to the extent that they involve estimates of the

mineralization that will be encountered if the property is developed. Forward-looking statements are subject to a variety of known and unknown risks, uncertainties and other factors

which could cause actual events or results to differ from those expressed or implied by the forward-looking statements, including, without limitation: risks related to precious and base

metal price fluctuations; risks related to fluctuations in the currency markets (particularly the Mexican peso, Canadian dollar and United States dollar); risks related to the inherently

dangerous activity of mining, including conditions or events beyond our control, and operating or technical difficulties in mineral exploration, development and mining activities;

uncertainty in the Company’s ability to raise financing and fund the exploration and development of its mineral properties; uncertainty as to actual capital costs, operating costs,

production and economic returns, and uncertainty that development activities will result in profitable mining operations; risks related to reserves and mineral resource figures being

estimates based on interpretations and assumptions which may result in less mineral production under actual conditions than is currently estimated and to diminishing quantities or

grades of mineral reserves as properties are mined; risks related to governmental regulations and obtaining necessary licenses and permits; risks related to the business being subject

to environmental laws and regulations which may increase costs of doing business and restrict our operations; risks related to mineral properties being subject to prior unregistered

agreements, transfers, or claims and other defects in title; risks relating to inadequate insurance or inability to obtain insurance; risks related to potential litigation; risk related to the

global economy; risks related to environmental laws; risks related to the Company’s status as a foreign private issuer; risks related to all of the Company’s properties being located in

Mexico including political, economic, social and regulatory instability and all country risks related to Mexico. Should one or more of these risks and uncertainties materialize, or should

underlying assumptions prove incorrect, actual results may vary materially from those described in the forward-looking statements. The Company’s forward-looking statements are

based on beliefs, expectations and opinions of management on the date the statements are made. For the reasons set forth above, actual results may vary from those implied or

projected by forward-looking statements and therefore investors should not place undue reliance on such statements. All monetary figures are expressed in United States dollars

unless otherwise specified.

Technical Reports for the Rosario and San Felipe projects were prepared by Gustavson Associates, LLC in Lakewood Colorado, independent consultants to Santacruz Silver Mining

Ltd. The qualified persons who prepared and supervised these reports under National Instrument (NI 43-101) Standards of Disclosure for Mineral Projects, are Donald E. Hulse P.E.,

SME-RM, Patrick F. Daniels, SME-PM, and M. Claiborne Newton III Ph.D, C.P.G. of ECSI LLC in Blacksburg Virginia. Under NI 43-101 the Qualified Person who review and approved

the technical information on this presentation is Mr. Donald Hulse, who is an independent consultant for Santacruz Silver Mining Ltd. The Gavilanes project resource estimation was

completed by Gary Giroux, P.Eng. of Giroux Consultants and utilized a geological model completed by Hans Smit, P.Geo and Fletcher Bourke, P.Geo. The geological model has six

domains; Guadalupe vein (GP), GP envelope, Descubridora vein (DS), DS envelope, San Nicloas (SN) envelope and stockwork Zone. Assays for each vein, envelope and stockwork

zone were examined and a top cap was applied to each variable within each domain. Uniform 2.5 m composites were formed for the vein envelopes and stockwork zone while 0.5 m

composites were formed for the two vein domains. Variography was completed for the GP vein, GP envelope and the stockwork zone. Grades for all variables were interpolated into

blocks 2.5 x 5 x 5 m using Ordinary Kriging. For blocks with multiple domains present, a weighted average was determined for the mineralized portion. A specific gravity was

established for each domain based on 216 measurements of drill core. Estimated blocks were classified as Indicated or Inferred based on geologic and grade continuity.

Emerging growth Mexican mid-tier silver producer, listed on TSX.V Exchange, “SCZ”.

Experienced management team with proven track record of building mines and exploration discoveries in

Mexico.

High grade, low capex and advanced Projects profile.

3 High grade polymetallic properties 100% owned in Mexico, all with significant exploration potential.

Rosario (Charcas, San Luis Potosi state)

San Felipe (San Felipe, Sonora state), which is held pursuant an option agreement.

Gavilanes (San Dimas, Durango state)

Company Overview

Project Mining District / State Status / Production Targeted Timeline

Rosario Charcas, San Luis Potosí In Production, aiming to reach 500 tpd capacity during

Q2 2014

San Felipe San Felipe Hermosillo

Sonora

Proceeding to PEA during Q1 2014

Production target in 2015

Gavilanes San Dimas Durango Maiden Resource Estimate completed

Production target by 2016/2017

Production time line goal by project:

3

Company Highlights

Building Mexico’s next mid-tier silver producer. Rosario Mine continues to ramp-up production.* Rosario to achieve 500 tpd full capacity during Q2 2014.

San Felipe expected PEA during Q1 2014. (Phase I @ 750 tpd, Phase II @ 1,250 tpd, Phase III @ 2,000 tpd)

Gavilanes project Maiden Resource Estimate Report completed based on executed drilling

campaigns. For 2014, Santacruz is focused on ramping up Rosario Mine to full production capacity and to

advance San Felipe to production by 2015.**

4

* The production decision was not based on a feasibility study of mineral reserves demonstrating economic and technical viability. Accordingly, there is increased uncertainty and economic and technical

risks of failure associated with this production decision. Production and economic variables may vary considerably, due to the absence of a complete and detailed analysis as would be included in a

feasibility study. The risks associated with this decision are set forth in the "Risk Factors" section of the Company's most recent Annual Information Form, filed on SEDAR.

**This potential or target range of silver equivalent is conceptual in nature and is based upon the continuation of the visible mineralization from the areas where drilling has occurred. There has been

insufficient exploration to determine whether the conceptual amount of mineralization (other than the existing NI43-101 resources in respect of the Rosario and San Felipe properties) can be delineated as

mineral resources in accordance with NI 43-101. It is uncertain whether further exploration will result in the conceptual amount being delineated as a mineral resource.

Francisco Ramos- COO and Director Mining and Metallurgical Engineer with a Masters degree from University of Guanajuato. With more than 30 years of experience in the mining industry. Mr. Ramos has built 8 mines in Mexico.

Arturo Préstamo – President and CEO Graduate of the University of Monterrey with a Masters in Business degree from EGADE University and a Masters in Finance degree from IPADE Business University. +9 years of executive and operational experience in Mexico's mining industry.

Board of Directors and Management

Dante Rodriguez-VP Explorations Geological Engineer with +25 years of experience with Luismin (now Goldcorp), being part of significant discoveries on Tayoltita and San Martin mines (Gold and Silver world class deposits).

Craig A. Angus -Director Founder of Nevsun Resources Ltd., a Canadian based, African focused gold producer. In addition, he founded and is Chairman of Sunridge Gold Corp.,and also founded Potash North Resource Corp.

James A. Hutton – Director Designed and executed in excess of $1,400,000,000 in flow-through share resource financings for the Canadian energy and mining sectors. Founded the Canada Dominion Resources Group of flow-through limited partnerships. Marc Prefontaine - Director Geologist with +25 years experience. Former President and CEO of Grayd Resource Corporation.

Robert (Rob) McMorran-CFO Founder of Malaspina Consultants Inc., an accounting service provider to junior resource companies. Mr. McMorran is a chartered accountant and has +25 years of experience in dealing with financial, reporting and administration of public companies. He was CFO of the highly successful Canada Dominion Resources Group family of flow-through limited partnerships from 1998-2006.

5

Stock Information TSXV: SCZ

www.santacruzsilver.com

Share Capital Structure

(Jan 2014)

Outstanding Shares 91,330,984

Warrants 2,403,202

Stock Options 6,606,666

Fully Diluted 100,340,852

Market Capitalization $90 Million

31%

31%

38%

Share Distribution (approximate)

Institutional (31%) Retail (31%) Inside Holders (38%)

6

N

Charcas

Town

12Km

5Km

Rosario Property Location

180 Km North of San Luis Potosí, State Capital of

San Luis Potosí on highway 57.

180Km.

Charcas

Mine

17Km

Capital City of

San Luis Potosí, S.L.P.

Grupo

Mexico +450 years of

continuous

operations

(4,000 t/d mill)

San Xavier

Rosario

Mine

Rosario

Mine

Charcas municipality, one of Mexico’s most recognized mining districts.

Rosario Mine is nearby Grupo Mexico's (formerly Asarco) historical and

current producing mine.

7

Rosario Mine Overview/Resources

*This potential or target range of silver equivalent is conceptual in nature and is based upon the continuation of the visible mineralization from the areas where drilling has occurred. There has been insufficient exploration to determine whether the conceptual amount of mineralization (other than the existing NI43-101 resources in respect of the Rosario and San Felipe properties) can be delineated as mineral resources in accordance with NI 43-101. It is uncertain whether further exploration will result in the conceptual amount being delineated as a mineral resource.

1) The production decision was not based on a feasibility study of mineral reserves demonstrating economic and technical viability. Accordingly, there is increased uncertainty and economic and technical risks of failure associated with this production decision. Production and economic variables may vary considerably, due to the absence of a complete and detailed analysis as would be included in a feasibility study. The risks associated with this decision are set forth in the "Risk Factors" section of the Company's most recent Annual Information Form, filed on SEDAR.

** See the report entitled “NI 43-101 Technical Report on Resources, Rosario Mine, San Luis Potosí, Mexico” dated December 19, 2012 and filed SEDAR on December 28, 2012.

Note: Mineral resources which are not mineral reserves do not have demonstrated economic viability. The quantity and grade of inferred resources reported herein are uncertain in

nature and exploration completed to date is insufficient to define these mineral resources as indicated or measured. There is no guarantee that further exploration will result in the

inferred mineral resources being upgraded to an indicated or measured mineral resource category.

*AgEq is the silver equivalent in ppm used to calculate the cutoff. The silver equivalent was calculated with the following equitation;

AgEq= (Ag *Pag/31.1035)+(Pb* PPb *22.05)+(Zn*Pzn *22.05)+(Au*Pau/31.1035)

(Pag)

Total Mineral Resource for Rosario I and II Veins

Rosario Veins I and II Measured Plus Indicated Resources

Cutoff Tonnage Tickness Silver

Equivalent Gold SIlver Lead Zinc

Gpt K tonne M Gpt K-oz Gpt Oz Gpt K-oz Pct Lbsx1000 Pct lbsx1000

75 981 2.01 325 10,236.2 0.898 28,320 175.7 5,543.0 1.17 25,383 2.90 62,687

Cutoff Tonnag

e

Ticknes

s

Silver

Equivalent Gold SIlver Lead Zinc

Gpt K tonne M Gpt K-oz Gpt Oz Gpt K-oz Pct Lbsx100

0 Pct

Lbsx100

0

75 386 1.72 203 2,522.8 0.810 10,053 90.6 1,125.5 0.73 6,206 2.10 17,874

Rosario Veins I and II Inferred Resources

8

Production: Ramping up production to achieve 500 tpd full capacity1

Ownership : 100%

Estimated Mine life: Today +6 years @ 500 t/d average

9/21

Rosario Mill in Production

9

LEVEL 1

CENTRAL

RAMP

NORTHWEST

ACCESS

STOPE LEVEL 1

+ 200 Mts.

500 Mts. CURRENT RESOURCE AREA

SERVICE RAMP PROJECTED

LEVEL 2

LEVEL 3

LEVEL 4

LEVEL 5

LEVEL 6

RAISE VENTILATION RAISE VENTILATION

ROSARIO I

ROSARIO II

Long Section Views (Rosario I & II Veins)

10

LEVEL 1

LEVEL 2

LEVEL 3

LEVEL 4

LEVEL 5

LEVEL 6

LEVEL 6

CENTRAL

RAMP NORTHWEST

ACCESS

STOPE LEVEL 1

500 Mts. CURRENT RESOURCE AREA

AREA TO EXPAND RESOURCE

2.5 KILOMETERS

+ 200 Mts.

ROSARIO I

ROSARIO II

Long Section Views (Rosario I & II Veins)

NOTE: Only the main veins (Rosario I and II) are included in the resource analysis; there is additional potential to increase resources and to confirm other zones.

Expressions of the Rosario I and II veins are extended for more than 2.5 Kilometers along strike.

The current resources represent approximately 500 meters of strike only.

Drilling has tested both veins to +200 meters depth.

11

San Felipe Property Location

Location Located 130 Kilometers North

East from Hermosillo City,

State Capital of Sonora.

Driving 80 Km North West to

Moctezuma town, turning north

60 Km arriving at San Felipe

de Jesus Town. Access is

paved to the property limit.

Hermosillo has an International

airport, with flights from major

Mexican and west coast United

States cities.

Estimated driving time from the

airport to San Felipe project

less than 2 hours.

Hermosillo

Moctezuma

S O N O R A

San Felipe Project

Capital City of Hermosillo

San Felipe Project

N

Santa Elena

El Gachi Nacosari

Cananea

Mulatos

La Herradura

San Francisco

12

PEA study expected during Q1 2014. (Phase I @ 750 tpd, Phase II @ 1,250 tpd, Phase III @ 2,000 tpd)

Resource update will be included in the PEA study during Q1 2014

Targeting production in 2015

San Felipe project, polymetallic veins of Ag, Zn, Pb and Cu, 7 main veins are clearly identified.

San Felipe Project Overview

Data supports mine-life extension

through open pit operations.

Mining method will be fan drilling

and long hole drilling.

Vein thicknesses average more than

3 meters.

Access and well developed

infrastructure.

Water, environmental and local ejido

permits on-hand.

1) The NI 43-101 technical report on the San Felipe project was prepared by Gustavson Associates, LLC on Aug 30, 2012 and updated on December 19, 2012. The updated report titled

“Updated NI 43-101 Technical Report on Resources San Felipe Project” the San Felipe Report was filed on SEDAR December 28, 2012. The report author is Donald E. Hulse, P.E., SME-

RM. 13

San Felipe Project Resources

Measured Plus Indicated Resources

Cutof

f

Tonnag

e

(x1000)

Ounces

Ag

(x1000)

Ag

gpt

AgEq

gpt

Cu

% Pb % Zinc %

AgEq

Oz

(x1000)

75 4,069 9,188 70.24 298.69 0.28 2.77 5.00 39,074

Inferred Resources

Cutof

f

Tonnag

e

(x1000)

Ounces

Ag

(x1000)

Ag

gpt

AgEq

gpt

Cu

% Pb % Zinc %

AgEq

Oz

(x1000)

75 1,495 2,149 44.70 236.08 0.20 2.68 3.92 11,347

*AgEq is the silver equivalent in ppm used to calculate the cutoff. The silver equivalent was calculated with the following

equitation;

AgEq= (Ag *Pag/31.1035)+(Pb* PPb *22.05)+(Cu*Pcu *22.05)+(Zn*Pzn *22.05)+(Au*Pau/31.1035)

(Pag)

* This potential or target range of silver equivalent is conceptual in nature and is based upon the continuation of the visible mineralization from the areas where drilling has occurred. There has

been insufficient exploration to determine whether the conceptual amount of mineralization (other than the existing NI43-101 resources in respect of the Rosario and San Felipe properties) can

be delineated as mineral resources in accordance with NI 43-101. It is uncertain whether further exploration will result in the conceptual amount being delineated as a mineral resource. 14

Local Geology (San Felipe)

Well defined vein system associated with Skarn mineralized areas.

Geological potential open at depth on all seven strucutres.

Mesothermal deposit at San Felipe, and Contact type of deposit at Las Lamas and Santa Rosa.

La Ventana

2.5 Km Outcrop

15

Drilling result selected*

HFLL-10 HFLL-8

HFLL-9

HFLL-3

HFLL-5

HFLL-4

HFLL-6

HFLL-7

HFLL-2

HFLL-1

SCLL-01

SCLL-02 SCLL-04,05

SCLL-06

SCLL-07-08

3,305,400 3,305,400

3,305,200 3,305,200

3,305,000 3,305,000

3,304,800 3,304,800

566,8

0

0

566,8

0

0

567,0

0

0

567,0

0

0

567,2

0

0

567,2

0

0

567,4

0

0

567,4

0

0

567,6

0

0

567,6

0

0

0 100 200m

Graphic Scale 85

°

78

°

MINA LAS

LAMAS 730

SCLL-

16,17

SCLL-

22,23

SCLL-26,

27

ANDESITE

RHYODACITE

ALLUVIUM

VEIN

DDH 2013

DDH PROGRAM 2013

HISTORIC H0LES

L E G E N D

SCLL-09

SCLL-10

SCLL-11

SCLL-13

SCLL-14

SCLL-15

SCLL-

20,21

SCLL-

24,25

SCLL-

18,19

SCLL-28,

29

SCLL-30,

31

16 DDH 2,435m

Las Lamas DDH Program

16

A g P b Z n C u

g/ t % % %

SCLL-01 1.75 419.42 119 0.47 9.39 0.21

SCLL-02 1.45 307.56 84 0.3 6.92 0.18

SCLL-03 4.72 434.6 110 0.28 10.07 0.3

SCLL-04 2.41 822.6 324 0.93 14.99 0.45

SCLL-05 6.46 720.82 212 0.55 15.83 0.44

D rillT rue

Width

A g Eq

g/ t

*Full drill results and discussion thereof are set out in the news release dated July 11, 2013

567,6

00

567,8

00

568,0

00

567,4

00

0 100 200m

Graphic Scale

HFLV-20,22 HFLV-72

HFLV-4 HFLV-13

HFLV-15 HFLV-36

HFLV-66 HFLV-12

HFLV-60

HFLV-52

HFLV-5 HFLV-

6

HFLV-

44

HFLV-

62

HFLV-37-

37,39

HFLV-57

HFLV-32

HFLV-

74

HFLV-

48

HFLV-

26 HFLV-

26

HFLV-65

HFLV-

35

HFLV-

54 HFLV-

45

HFLV-

29

HFLV-42

HFLV-

46 HFLV-49

HFLV-3

HFLV-2

80

°

65

°

88

°

65

°

88

° 80

° 75

°

74

° 70

°

80

°

L E G E N D

567,6

0

0

567,8

0

0

568,0

0

0

567,4

0

0

3,306,000

3,306,200

3,306,400

3,306,600

3,306,000

3,306,200

3,306,400

3,306,600

ANDESITE

RHYODACITE

ALLUVIUM

VEIN

ALTERATION

DDH 2013

DDH PROGRAM

2013

HISTORIC H0LES

SCLV-02

SCLV-03 SCLV-05

SCLV-04

SCLV-01

SCLV-06 SCLV-07,

08 SCLV-09,10

SCLV-11,12

SCLV-13,

14

Width Au Ag Cu Pb Zn

mts.

SCLV-01 250.90 257.95 7.05 0.02 142.00 1.53 8.04 13.01

156.40 158.55 2.15 0.01 29.00 0.29 2.88 3.10

SCLV-02 215.20 220.00 4.80 0.01 176.00 0.72 6.91 8.14

257.95 265.45 7.50 0.00 27.00 0.18 1.58 2.18

SCLV-03 118.10 120.75 2.65 0.00 9.00 0.01 0.15 2.13

SCLV-04 105.80 110.30 4.50 0.02 215.00 1.13 4.93 11.05

SCLV-05 150.00 158.50 8.50 0.01 83.00 0.17 1.92 11.28

ALS CHEMEX LAB ASSAYS

DDH ID From Toppm %

6 DDH 1,235.95m

La Ventana DDH Program

17

Drilling result selected*

*Full drill results and discussion thereof are set out in the news release dated July 11, 2013

El Gachi Option (Complement to San Felipe)

San Felipe Project1

Capital City of

Hermosillo

Hermosillo

Moctezuma

S O N O R A

San Felipe Project

N

Santa Elena

El Gachi Nacosari

Cananea

Mulatos

La Herradura

San Francisco 30 Km

(Paved Road)

El Gachi

Historical producing mine operated by Anaconda and Peñoles in the 60's and 70's, respectively.

Land package; 48,057 hectares

Manto and vein mineralized system

Drilled by Hochschild with encouraging results

High grade material from El Gachi was shipped to

San Felipe in the 80s'.

Distance between San Felipe and El Gachi project is 30 km

on paved road.

1) See the San Felipe Report. 18

Gavilanes Property Location

Located in the San Dimas, Durango Mining District. 110 Km west from Durango City, and 23 Km North East

from Tayoltita mine. Access to the property is by driving 90 Km south on highway 40, arriving at Estacion

Coyotes, turning west 100 Km up to San Miguel de Cruces, 23km of dirt road takes you to the Gavilanes

project.

Gavilanes Project

N

Tayoltita

Minas de Bacis

Durango

Capital

Gavilanes

Project

Primero

Basis

La Sorpresa

Topia

Cienega

19

The San Dimas mining district is one of Mexico’s great

epithermal silver belts.

Gavilanes Project Resources

Gavilanes will restart exploration by Q2 2014.

Mining claims covering a total area of 8,832 hectares

Gavilanes is located between Minas de Basis and Tayoltita on the same mineralized trend.*

Epithermal low sulphidation polymetallic mineralization containing high grades of Ag and Au

(surface samples >1100 g/t Ag and >4 g/t Au).*

7 veins clearly identified with only 3 drilled to date (GSA, Descubridora, and San Nicolas).*

Stockwork area called El Hundido has been clearly identified by diamond drilling.*

* The resource estimation was completed by Gary Giroux, P.Eng. of Giroux Consultants and utilized a geological model completed by Hans Smit, P.Geo and Fletcher Bourke, P.Geo. The geological

model has six domains; Guadalupe vein (GP), GP envelope, Descubridora vein (DS), DS envelope, San Nicloas (SN) envelope and stockwork Zone. Assays for each vein, envelope and stockwork

zone were examined and a top cap was applied to each variable within each domain. Uniform 2.5 m composites were formed for the vein envelopes and stockwork zone while 0.5 m composites were

formed for the two vein domains. Variography was completed for the GP vein, GP envelope and the stockwork zone. Grades for all variables were interpolated into blocks 2.5 x 5 x 5 m using Ordinary

Kriging. For blocks with multiple domains present, a weighted average was determined for the mineralized portion. A specific gravity was established for each domain based on 216 measurements of

drill core. Estimated blocks were classified as Indicated or Inferred based on geologic and grade continuity.

Resource classed as Indicated within Mineralized

Solids Cut-off Tonnes > Cut-off Grade > Cut-off

AgEq

(g/t) (tonnes) Ag (g/t) Au (g/t) Cu (%) Pb (%) Zn (%) AgEQ (g/t) AgEq Oz

75 953,000 164.6 0.09 0.06 0.42 0.41 200.5 6,143,000

Resource classed as Inferred within Mineralized

Solids Cut-off Tonnes > Cut-off Grade > Cut-off

AgEq

(g/t) (tonnes) Ag (g/t) Au (g/t) Cu (%) Pb (%) Zn (%) AgEQ (g/t) AgEq Oz

75 5,399,000 124.6 0.12 0.09 0.40 0.34 163.0 28,294,000

20

7 strong veins identified so far, plus high grade

mineralized stockwork.

Major veins, are the La Cruz, La Tuna,

Providencia, El Muerto, Descubridora, San

Nicolas, and Guadalupe-Soledad-Aranzazú

(GSA) veins.

El Hundido stockwork

Structures together have nearly 5,000m of strike

length with average widths of about 1.5m.

Samples from the various veins depicted run up

to, 1,100+ g/t Ag, 4 g/t Au, 9% lead, 5 % zinc

and 6% copper.*

Gavilanes Map Showing Veins, Dikes and Property Boundaries

* For full results see the Gavilanes Technical Report. 21

Local Geology (Gavilanes)

22

Historic

Mining

0.8m

799 Ag, 0.65 Au, 4% Pb, 3.6% Zn

1.9m

543 Ag, 0.8 Au, 9% Pb, 19% Zn

0.7m

722 Ag, 0.7 Au, 20% Pb, 0.4% Zn

11m

200 Ag, 1.5 Au, 13% Pb, 1.4% Cu, 0.2% Zn

10.2m

418 Ag, 0.2% Pb, 0.6% Zn

13.8m

196 Ag, 1% Pb, 1% Zn

83m

311 Ag, 0.14 Au, 0.1% Pb, 0.2% Zn

Samples

0-483 Ag, 0.7%Pb, 0.8% Zn

150m

Looking NNW

Peer Comparables Peer Comparable- Silver Producer Landscape

Source: Capital IQ, corporate disclosure and select street research as of January 6, 2014 23

0.8

1.0

1.0

1.1

1.5

1.8

1.9

1.9

2.0

5.2

6.4

6.3

9.0

9.9

15.6

16.8

19.0

19.6

22.7

40.6

Santacruz Silver

Revett Minerals

Excellon Resources

Alexco Resource

Silvercrest Mines

US Silver

Aurcana

Great Panther Silver

Scorpio Mining

Fortuna Silver

Endeavour Silver

Silvercorp

Silver Standard

Hecla

First Majestic

Tahoe

Coeur

Hochschild

Pan American

Fresnillo

Inte

rme

dia

te a

nd

Ju

nio

r P

rod

uce

rsS

en

ior

Pro

du

ce

rs

$26

$27

$43

$58

$68

$91

$99

$115

$214

$400

$413

$449

$629

$896

$1,233

$1,234

$1,330

$1,908

$9,483

Revett Minerals

US Silver

Aurcana

Scorpio Mining

Excellon Resources

Alexco Resource

Santacruz Silver

Great Panther Silver

Silvercrest Mines

Fortuna Silver

Endeavour Silver

Silvercorp

Silver Standard

Hochschild

Hecla

Coeur

First Majestic

Pan American

Fresnillo

Inte

rme

dia

te a

nd

Ju

nio

r P

rod

uce

rsS

en

ior

Pro

du

ce

rs

Market Capitalization (C$MM) Ag Production 2014E (Moz)

Selected Drill Samples

La Ventana

2.5 Km Outcrop

Continue ramp-up Rosario to 500 tpd during Q2 2014.*

Gavilanes will restart exploration during Q2 2014.

PEA for San Felipe Q1 2014 (Phase I @ 750 tpd, Phase II @ 1,250 tpd,

Phase III @ 2,000 tpd).

Increase silver equivalent resources in respect of its three properties.**

* The production decision was not based on a feasibility study of mineral reserves demonstrating economic and technical viabili ty. Accordingly, there is increased uncertainty and

economic and technical risks of failure associated with this production decision. Production and economic variables may vary considerably, due to the absence of a complete and

detailed analysis as would be included in a feasibility study. The risks associated with this decision are set forth in the "Risk Factors" section of the Company's most recent Annual

Information Form, filed on SEDAR.

**This potential or target range of silver equivalent is conceptual in nature and is based upon the continuation of the visible mineralization from the areas where drilling has occurred.

There has been insufficient exploration to determine whether the conceptual amount of mineralization (other than the existing NI43-101 resources in respect of the Rosario and San

Felipe properties) can be delineated as mineral resources in accordance with NI 43-101. It is uncertain whether further exploration will result in the conceptual amount being

delineated as a mineral resource.

Corporate Goals 2014

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Selected Drill Samples

Santacruz Silver Mining Ltd.

Suite 1125-595 Howe Street

Vancouver, BC, Canada V6C-2T5

Symbol: TSX-V: SCZ

Website: www.santacruzsilver.com

Phone: 604 569 1609

Fax: 604 569 1604

Email: Info@santacruzsilver.com

Arturo Préstamo Elizondo: President and CEO

Neil MacRae: Manager, Investor Relations

Contact Information

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