SAMEX President's Letter to Shareholders-"Onward to Our Goals"; 2010 Annual Report, Annual General Meeting

SAMEX Mining Corp. (TSX VENTURE:SXG)(OTCBB:SMXMF) - 

To Our Shareholders,

The early part of this past year was focused on preparing drill programs for
several gold projects located within our extensive land holdings at the Los
Zorros district. We grew eager with anticipation as we progressed with defining
targets, building roads and drill pads, all the while broadening our
understanding of the geologic, alteration, and geochemical complexities of the
area. 


As is often the case in the industry, our work-plan ideas were bigger and more
costly than our cash on hand. Therefore we tailored our initial drilling
programs to our available working capital and then strived to attract additional
funding. In this we succeeded, when late in the year we completed a large
financing and secured nearly CDN$9 million in private placement funding. We were
able to achieve a private placement above the market price, which substantially
reduced dilution and worked to protect our long-standing shareholders, whose
long-term commitment to SAMEX we value greatly. Now we are in a very strong
position to advance our large exploration agenda on a more vigorous and
continuous basis.


On a side note, one of the biggest challenges we continue to face, and it is a
sector wide issue, is the shortage of capable, highly trained exploration
personnel. The very long cyclical bear market in commodities that we survived
has resulted in a dearth of available geologists. However, the ample working
capital that SAMEX now possesses puts us in an excellent competitive position to
attract the right professionals for our projects and we are in the process of
doing so. 


Due to our successful funding late in the year we were able to budget for a very
sophisticated state-of-the-art geophysical survey at Los Zorros utilizing "Titan
24 deep-earth-imaging" technology. This proprietary type of survey is
considerably more expensive per line kilometer than the regular IP-geophysics we
have utilized on other projects in the past. However the survey results are
demonstrating that we made the right decision. Although we contracted the
program in late 2010 the survey was not initiated until the first quarter of
2011 due to high demands on the service company and their proprietary equipment.
The wait was well worth it and we expect to expand the geophysics program in
2011.


We view the opportunity to utilize some of the most sophisticated exploration
techniques in conjunction with core drilling and the patient application of
tried and true geology practices as the most assured path to discovery success.
As many of you know, we long ago set the bar for our corporate success very high
(i.e. discovery of multi-million ounce gold deposits), and now there are
indications that we are closer than ever to attaining it.


Last but not least, we are pleased to see continued strength in the metals
markets, and steady progress in our vision for gold and silver to be brought
back into their more historic monetary roles as honest weights and measures. We
remain grateful for the service that the Gold Anti-Trust Action Committee (GATA)
has rendered to our sector and expect to see even greater victories ahead. On a
corporate level, Management has taken advantage of our understanding of the
markets in order to protect our working capital from the current environment of
monetary debasement and converted a large portion of excess working capital into
gold and silver physical bullion holdings which has already, and should continue
to, protect our purchasing power for future operations.


Above all, I would like to express continuing gratitude to our loyal
shareholders for their interest and support, and a huge thank you to our
employees and consultants for their diligent and faithful service this past
year-we could not have flourished without you. It goes without saying that
mineral exploration is a challenging endeavor and full of risk, but that is
countered with outsized potential, which we are close to achieving ...... stay
tuned!


Jeffrey Dahl, President

Annual General Meeting - The SAMEX Annual General Meeting will be held at the
Sandman Hotel, Studio Room I, 32720 Simon Avenue, Abbotsford, British Columbia
on Tuesday, June 7, 2011 at 2:30 P.M. The meeting information circular and the
Company's 2010 Annual Report and audited financial statements have been filed
with regulatory agencies and are available for viewing at www.SEDAR.com or the
SAMEX website at www.samex.com.


This News Release includes certain "forward looking statements". Without
limitation, statements regarding potential mineralization and resources,
exploration results, and future plans and objectives of the Company are
forward-looking statements that involve various risks. Actual results could
differ materially from those projected as a result of the following factors,
among others: risks inherent in mineral exploration; risks associated with
development, construction and mining operations; the uncertainty of future
profitability and uncertainty of access to additional capital.
Samex Mining Corp. (TSXV:SXG)
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