Grand Central Silver Mines, Inc. Names Lehman Brothers as Exclusive Financial Advisor

Business Wire, July 19, 2007

CARROLLTON, Texas -- Grand Central Silver Mines, Inc. (Pink Sheets:GSLM), a mineral resource company based in Carrollton, Texas with exploration properties throughout the Western United States, has engaged Lehman Brothers as its exclusive financial advisor to evaluate strategic alternatives for the Company's land holdings, including a potential sale of its Utah Properties.

"We are fortunate to have Lehman Brothers advise us as we try and capitalize on the opportunities that are occurring in the mining industry. We believe that the strategic location of some of our properties, coupled with the potential mineral content, should be of interest to many in and out of the industry," said new Grand Central President William S. Aldrich.

Grand Central owns and develops properties believed to contain commercially recoverable amounts of gold, silver, copper and other minerals. These properties are generally located in established mining districts with large, profitable production histories. The Company's holdings include four non contiguous patented mining claim exploration properties, some of which were past producers of gold, silver, and other metals (84 patented claims, 877 total acres). Grand Central also owns 162 acres of additional patented mining claims in five mining districts in Utah.

While Grand Central maintains an interest in a number of properties spanning Colorado, Idaho and Arizona, the Company has recently focused all geological testing on the Utah Properties, which include two 100% owned, non-contiguous parcels of land encompassing 187 acres in Salt Lake and Tooele Counties, Utah, as well as four state mineral leases representing 27 acres. The Utah Properties are located immediately adjacent to the Kennecott Bingham Canyon Copper Mine, the most productive copper-gold mine in the world. The Bingham Canyon Mine is operated by Kennecott Utah Copper Corporation, a subsidiary of Rio Tinto PLC (RTP), and is located approximately 20 miles southwest of Salt Lake City, Utah in the Oquirrh Mountains.

Grand Central has conducted exploration drilling and testing on the 114-acre property located southwest of the Bingham Canyon Mine and a limited amount of sampling and testing on the 73-acre property northwest of Bingham Canyon. Based on the drilling, rock sampling, geochemical analysis, geophysics and geologic mapping performed on the properties between 2001-2007, the Utah Properties are believed to contain significant gold and silver mineral potential.

Last September, concluding six years of exploration under the direction of a Licensed Geologist and Qualified Person pursuant to an exploration permit by the Utah Division of Oil, Gas and Mining, Grand Central announced the definition of significant gold/silver targets on its southwest property.

Since exploration commenced in 2001, surface and underground rock sampling and mapping, a partial extraction soil geochemical survey and detailed Three Dimensional Induced Polarization (3D IP) geophysics with ground magnetics have led to the definition of several outstanding exploration drill targets on the property, some of which are defined by outcrops of gold and silver mineralization. The work has been performed by eleven consulting geologists and geophysicists, seven with advanced degrees.

Phase I (2001-02):

* Initiated a rock chip geochemical sampling program, collecting and analyzing 344 underground samples from a tunnel underlying the property and 201 surface rock samples.

* Engaged ALS Chemex to prepare and analyze all samples in accordance with industry accepted sample preparation, analytical and security protocols.

* Plotted anomalous mineral zones after examining histograms of the analytical results, which indicated the potential for high grade gold, silver and base metal mineral deposits.

* Researched and collected technical data and maps of the Bingham district spanning from 1870 to the present to create a database to identify high potential exploration target areas.

Phase II (2005):

* Contracted a partial extraction geochemical survey, collecting 162 soil samples at spacings of 100 feet across a grid pattern; samples assayed at up to 150 ppb gold and 4.5 ppm silver.

* Performed rock sampling, geochemical analysis, a ground magnetic / 3D induced polarization survey on 100-foot spacings, and geologic mapping on the property, confirming the results from Phase I, indicating large mineralized zones and the potential for significant deposits of gold and silver and other metals.

Phase III (2006-07):

* Implemented a drill program by Lang Exploratory Drilling, drilling 13 reverse circulation rotary ("RCR") holes to depths of 1,705 feet in quartzites and carbonate rocks for a total of 17,265 feet.

* Collected an additional 143 rock channel samples after the drilling program with the samples assaying at up to 14.350 ppb (0.418 oz/ton) gold and 7160 ppm (208.8 oz/ton) silver. Geologic analysis has identified new Gold and Silver zones.

* All samples were analyzed by ALS Chemex.

* The results of the geochemical analysis indicate significant thickness of widespread anomalous gold mineralization.