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Sprott Physical Silver Trust confirms final delivery of silver bullion purchases

SPROTT PHYSICAL SILVER TRUST

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PSLV 15.12 +0.33

TORONTO, Feb. 22, 2012 /CNW/ - Sprott Asset Management LP ("Sprott") is pleased to provide investors with an update on the status of the silver bullion purchased by the Sprott Physical Silver Trust (NYSE ARCA: PSLV) (TSX: PHS-U.TO - News) ("Trust") through the follow-on offering of Trust Units that was completed on January 23, 2012.

The Trust has now successfully received physical delivery of the silver bars purchased through the follow-on offering. The Trust's silver holdings now total approximately 32,878,296 silver ounces in bullion bar form. The silver bars are currently being processed into inventory by the custodian of the Trust. Once the inventory process has been completed, a list of all bars held by the Trust will be published on its website: www.sprottphysicalsilver.com.

Additional detail on the Trust can be found in the final prospectus available on EDGAR (http://www.sec.gov/) and SEDAR (www.sedar.com) or on the Trust's website at www.sprottphysicalsilver.com.

About Sprott Asset Management LP

Sprott Asset Management LP (www.sprott.com), a wholly owned subsidiary of Sprott Inc. (www.sprottinc.com) is a fund company dedicated to achieving superior returns for its investors over time. SAM manages assets primarily for institutions, endowments and high net worth individuals. Sprott Asset Management LP is the investment manager of the Sprott Funds. Commissions, trailing commissions, management fees and expenses all may be associated with mutual fund investments. Please read the prospectus before investing. Mutual Funds are not guaranteed, their values change frequently and past performance may not be repeated. The information contained herein does not constitute an offer or solicitation by anyone in the United States or in any other jurisdiction in which such an offer or solicitation is not authorized or to any person to whom it is unlawful to make such an offer or solicitation. Prospective investors should consult their financial advisor to determine if these Funds may be sold in their jurisdiction.

Contacts

Investor contact information:

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Email: [e-mail]

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