Huldra Silver Inc. Announces Filing of Application for a Permit Approving the Small Mine Plan for Treasure Mountain Mine

VANCOUVER, BRITISH COLUMBIA--(Marketwire - April 1, 2011) - Huldra Silver Inc. (TSX VENTURE:HDA) (the "Company" or "Huldra") is pleased to announce that it has made an application for a permit approving the Company's Small Mine Plan and Reclamation Program Pursuant to Section 10 of the British Columbia Mines Act for the development and operation of the Treasure Mountain Mine Project being developed by Huldra. The application allows for up to 75,000 tonnes a year of ore removal, however, the maximum the Company expects to remove is 60,000 tonnes per year.

In the area of current underground development at Treasure Mountain, a National Instrument 43-101 ("NI 43-101") compliant resource estimate in 2009 reported a total vein indicated resource, using a 10 oz/tonne Ag cut-off, of 33,000 tonnes grading 26.68 oz/tonne Ag, 4.16% Pb, and 3.8% Zn, and a total vein inferred resource, using a 10 oz/tonne Ag cut-off, of 120,000 tonnes grading 29.76 oz/tonne Ag, 2.79% Pb, and 4.36% Zn. A total of 2,750 metres of underground development on four levels was completed between 1987 and 1989 before the Treasure Mountain Project was shut down due to low silver prices prior to production.

The proposed mining method at Treasure Mountain will be utilize shrink stoppage and develop the levels in succession from the top of the mine to the lowest current level. Huldra currently has a 10,000 tonne bulk sample permit in place to begin underground mining prior to the acceptance of this permit application. Huldra will also be conducting further underground drilling for exploration and further resource definition. Historically, only 5,500 feet of underground drilling was conducted on the developed mine.

The Company will make a separate application for an amendment to the existing mill permit for its proposed milling site, as disclosed in its March 31, 2011 press release, at the completion of the due diligence and environmental testing related to that site. The process design and all metallurgical testing have been completed for a 200 tonnes per day milling operation. Huldra will be finalizing construction and design plans during the due diligence period. All necessary permits are already in place for transportation of raw ore from Treasure Mountain to the proposed mill site near Merritt, BC.

The Company has also made an application to amend its current Notice of Work for Treasure Mountain to increase the surface exploration drill program from 4,500m to 9,500m. Also included in the amendment is an allowance for geochemical testing on the property to follow up on some historical anomalies. There are 5 high priority targets that Huldra has outlined for the 2011 exploration year. The Company will provide further details regarding this program in a separate news release.

Details about the Company's Treasure Mountain Project can be found in its NI 43-101 technical report filed on SEDAR on July 21, 2009.

About Huldra

Huldra is currently working on plans to put its Treasure Mountain Project, located 3 hours east of Vancouver, BC, into development, subject to permitting and financing. The Company is also actively assessing other opportunities for acquisition and development. Technical information in this news release has been reviewed and approved by Erik Ostensoe, P.Geo., an independent qualifed person as defined in NI 43-101.

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 such : (i) the maximum ore per year the Company intends to recover from the Treasure Mountain project; (ii) proposed mining methods at Treasure Mountain; (iii) the Company's plans regarding further underground drilling and resource definitions; (iv) the Company's plans to apply for an amendment to the mill permit for its proposed mill site, and its construction and design plans related to same, and (v) the Company's targets for the 2011 exploration year. No assurance can be given that any of the events anticipated by the forward-looking statements will occur or, if they do occur, what benefits the Company will obtain from them. These forward-looking statements reflect management's current views and are based on certain expectations, estimates and assumptions which may prove to be incorrect. A number of risks and uncertainties could cause the Company's actual results to differ materially from those expressed or implied by the forward-looking statements, including: (1) a downturn in general economic conditions in North America and internationally, (2) the inherent uncertainties and speculative nature associated with silver exploration, (3) a decreased demand for silver, (4) and number of events or causes which may delay exploration and development of the Company's property interests, such as environmental liabilities, weather, mechanical failures, safety concerns and labour problmes, (5) the risk that the Company does not execute its business plan, (6) inability to finance operations and growth, (7) inability to obtain all necessary permitting and financing, and (8) other factors beyond the Company's control. 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.