IMPACT Silver Shareholding Early Warning Notice Apr 26 2012

April 26th, 2012

This news release is disseminated further to (i) Defiance’s news release dated March 6, 2012 confirming the initial closing of Defiance’s acquisition of an interest in the Santa Gabriela mill and related mineral property interests in the Zacatecas area of Mexico from IMPACT Silver Corp. (“IMPACT”); and (ii) Defiance’s news release dated April 17, 2012 announcing the closing of the first tranche of its private placement. This news release is required by National Instrument 62-103 The Early Warning System and Related Take Over Bids and Insider Reporting Issues in connection with the filing of an early warning report (the “Early Warning Report”) regarding the issuance of common shares in the capital of Defiance to IMPACT. IMPACT received 2,680,500 shares of Defiance pursuant to the sale of the Santa Gabriela mill, and IMPACT subscribed for 184,500 units of the private placement, such that IMPACT currently holds 2,865,000 shares of Defiance representing 16.48% of Defiance’s issued and outstanding voting securities.

IMPACT has advised Defiance that there is no agreement, arrangement, commitment, or understanding with respect to the voting of any of the shares now held in Defiance. The shares were received as partial consideration pursuant to an option agreement to acquire certain assets, and pursuant to a private placement, and IMPACT may increase or decrease its share ownership depending on market and other conditions.

A copy of the Early Warning Report may be found on www.SEDAR.com

On behalf of Defiance Silver Corp.

Bruce Winfield
President and CEO

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

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