Milner Consolidated Silver Mines Ltd. Updates Its By-Laws

TINY, ONTARIO–(Marketwired – Jun 29, 2013) – Milner
Consolidated Silver Mines Ltd. (the “Company” or “Milner”) (TSX
VENTURE:MCA) has announced today that its Board of Directors has
adopted a new general By-Law No. 1-B (“2013 By-Law”) which updates
various sections to reflect current rules and practice. The
previous by-law was enacted in June of 1985.

The 2013 By-Law also
now includes an advance notice policy (the “Advance Notice Policy”)
requiring advance notice be given to Milner where nominations of
persons for election to the Board of Directors are made in
circumstances other than pursuant to the provisions of the Business
Corporations Act, Ontario (the “Act”).

Notably, the Advance
Notice Policy fixes deadlines by which holders of record or
beneficial holders of common shares of the Company must adhere to
when submitting director nominations to the Company prior to an
annual or special meeting of shareholders. It also sets forth the
information that a shareholder must include in the notice to the
Company.

In the case of an
annual meeting of shareholders, notice to the Company must be
provided not less than 40 days nor more than 65 days prior to the
date of the annual meeting. In the case of a special meeting of
shareholders (which is not also an annual meeting), notice to the
Company must be provided no later than the close of business on the
15
^thday following the day on which the first public
announcement of the date of the special meeting was made.

The 2013 By-Law,
which includes the Advance Notice Policy, is effective as of June
27, 2013, the date it was approved by the Board of Directors of
Milner. In accordance with the Act, the 2013 By-Law is subject to
confirmation by shareholders at the Annual Meeting, which will be
held on August 3, 2013. The 2013 By-Law is available under the
Company’s profile on SEDAR at
www.sedar.com.

About Milner Consolidated Silver Mines Ltd.

Milner is a junior
resource company, quoted for trading on the TSX Venture Exchange
under the symbol MCA. There are currently 7,438,506 shares issued
and outstanding in the Company.

“Neither TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in policies of the TSX

Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.”