SILVER LAKE DECREASES OFFERING TO $13.7-MILLION

Silver Lake decreases offering to $13.7-million
Ticker Symbol: C:SKZ

Silver Lake decreases offering to $13.7-million

Silver Lake Resources Inc (2) (C:SKZ)
Shares Issued 24,972,501
Last Close 5/6/2011 $0.80
Friday May 06 2011 – News Release

Mr. Balbir Johal reports

SILVER LAKE RE-PRICES PRIVATE PLACEMENT

Silver Lake Resources Inc. is revising its private placement as previously announced on April 6, 2011, to now consist of up to 13 million non-flow-through units at a price of 65 cents per unit. Each unit shall consist of one common share of Silver Lake and one-half of one share purchase warrant, with each whole warrant exercisable to acquire one additional common share at a revised price of 80 cents for a period of five years from closing, with early acceleration in the event that the company’s common shares trade at $1.30 for 10 consecutive trading days; and up to seven million flow-through units at a revised price of 75 cents per FT unit. Each FT unit shall consist of one flow-through common share of Silver Lake and one-half of one share purchase warrant on the same terms as the warrants issued as part of the non-flow through units.

Silver Lake will pay a finders’ fees to various persons on the gross proceeds of the private placement as permitted by the policies of the exchange. Completion of the private placement and the company’s proposed acquisition of Pacific Canada Potash Ltd. remain subject to the approval of the TSX Venture Exchange.

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