Silver
Standard Resources Inc.: Drilling Expands Snowfield Zone
VANCOUVER, BRITISH
COLUMBIA, Sep 14, 2009 (Marketwire via COMTEX News Network) -- Silver
Standard Resources Inc. (TSX:SSO)(NASDAQ:SSRI) is pleased to report that diamond
drilling at its wholly-owned Snowfield Project continues to deliver wide
intersections of gold-copper mineralization in the Snowfield Zone and expand
its dimensions. The property is located 65 kilometers north of the town of
Stewart and 15 kilometers southeast of Barrick's high-grade gold-silver mine
at Eskay Creek.
The Snowfield Zone is the subject of an infill and exploration
drilling program with four drills onsite and a minimum of 20,000 meters
planned in this area of the property. The primary goals are to upgrade
previously reported inferred gold resources and to better define the extent
of the mineralization discovered to date. Another three drills, to complete a
minimum of 8,000 meters, are focused on the Brucejack area to the south.
Of the latest 10 Snowfield Zone holes reported here, most were
collared on the periphery of previously-defined, higher grade mineralization.
However, MZ-41, which expands the zone 100 meters to the northwest,
intersected 502 meters averaging 0.94 grams of gold per tonne (1,647 feet
averaging 0.027 ounces of gold per ton) and 0.20% copper and included 120 meters
averaging 1.14 grams of gold per tonne (394 feet averaging 0.033 ounces of
gold per ton) and 0.24% copper.
Holes MZ-42, MZ-48 and MZ-49, drilled on section 100 meters east
of the most recent resource envelope, all intersected gold-copper mineralization
and expanded the zone.
The most recent resource update for the Snowfield Zone (see news
release dated February 3, 2009) reported measured and indicated resources
totaling 4.4 million ounces of gold and inferred resources of 14.3 million
ounces of gold based on a cut-off grade of 0.5 grams of
gold-equivalent/tonne.
Selected Snowfield Drill Results(i) - September 2009
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Hole No. From To Interval Gold Copper
(meters) (meters) (meters) (g/tonne) (%)
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MZ-41 25.9 528.1 502.2 0.94 0.20
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Incl. 257.0 377.0 120.0 1.14 0.24
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MZ-42 283.5 321.1 37.6 0.59 0.04
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MZ-43 41.1 137.9 96.8 0.51 0.06
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176.3 567.3 391.0 0.77 0.14
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MZ-45 (1) 3.1 697.4 694.3 0.66 0.15
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Incl. 3.1 132.5 129.4 1.01 0.17
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MZ-46 8.0 95.0 87.0 0.60 0.06
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174.0 458.0 284.0 0.96 0.19
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MZ-47 1.5 68.5 67.0 0.62 0.14
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137.7 542.0 404.5 0.61 0.14
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MZ-48 494.0 596.0 102.0 0.53 0.14
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MZ-49 162.5 315.5 153.0 0.50 0.05
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MZ-50 4.6 417.0 412.4 0.52 0.10
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(i) True thickness to be determined. (1)) Ended in
mineralization. Kenneth C. McNaughton, M.A.Sc.,
P.Eng., and vice president, exploration, Silver Standard Resources Inc., is
the Qualified Person (QP) responsible for the Snowfield exploration program
and has verified the data in the table above. All samples were submitted for
preparation and analysis by ALS Chemex at its facilities in Vancouver, B.C.
All samples were analyzed using aqua regia digestion with ICPfinish. Samples
over 100 ppm silver were reanalyzed using four acid digestion with an ore
grade AA finish. Samples over 1,000 ppm silver were fire assayed with a
gravimetric finish. Samples with over 10 ppm gold were fire assayed with a
gravimetric finish. One in 20 samples were blind duplicate assayed at ALS
Chemex in Vancouver, B.C.
Kenneth C. McNaughton, M.A.Sc.,
P.Eng., vice president, exploration, Silver Standard Resources Inc., is the
qualified person responsible for the Snowfield Project.
Silver Standard Resources Inc. is a significant silver and gold
resource company making the transition from explorer to producer as well as
seeking growth through exploration and development of its own projects.
(Source: Silver Standard Resources Inc.)
To receive Silver Standard's news releases by e-mail, contact
Paul LaFontaine, director, investor relations at invest@silverstandard.com or call
(888) 338-0046.
Statements contained in this news release that are not
historical fact, such as statements regarding the economic prospects of the
company's projects, future plans or future revenues, timing of development or
potential expansion or improvements, are forward-looking statements as that
term is defined in the Private Securities Litigation Reform Act of 1995. Such
forward looking statements are subject to risks and uncertainties which could
cause actual results to differ materially from estimated results. Such risks
and uncertainties include, but are not limited to, the company's ability to
raise sufficient capital to fund development, changes in economic conditions
or financial markets, changes in prices for the company's mineral products or
increases in input costs, litigation, legislative, environmental and other
judicial, regulatory, political and competitive developments in Mexico,
technological and operational difficulties or inability to obtain permits
encountered in connection with exploration and development activities, labour
relations matters, and changing foreign exchange rates, all of which are
described more fully in the company's filings with the Securities and
Exchange Commission.
Cautionary note to U.S. investors: The terms "measured
mineral resource", "indicated mineral resource", and
"inferred mineral resource" used in this news release are Canadian
geological and mining terms as defined in accordance with National Instrument
43-101, Standards of Disclosure for Mineral Projects ("NI 43-101")
under the guidelines set out in the Canadian Institute of Mining, Metallurgy
and Petroleum (the "CIM") Standards on Mineral Resources and
Mineral Reserves. We advise U.S. investors that while such terms are
recognized and permitted under Canadian regulations, the SEC does not
recognize them. U.S. investors are cautioned not to assume that any part or
all of the mineral deposits in the measured and indicated categories will
ever be converted into reserves. "Inferred mineral resources" in
particular have a great amount of uncertainty as to their economic feasibility.
It cannot be assumed that all or any part of an inferred mineral resource
will ever be upgraded to a higher category. Under Canadian rules estimates of
inferred mineral resources may not generally form the basis of feasibility or
other economic studies. U.S. investors are cautioned not to assume that any
part or all of an inferred mineral resource exists, or is economically or
legally mineable. Disclosure of contained metal expressed in ounces is in
compliance with NI 43-101, but does not meet the requirements of Industry
Guide 7 of the SEC, which will only accept the disclosure of tonnage and
grade estimates for non-reserve mineralization.
SOURCE: Silver Standard Resources Inc.
Silver Standard Resources Inc.
Robert A. Quartermain
President
(604) 689-3846
Silver Standard Resources Inc.
Paul LaFontaine
Director, Investor Relations
N.A. Toll Free: 1-888-338-0046 or Direct: (604) 484-8212
invest@silverstandard.com
www.silverstandard.com