Silver
Standard Provides Update on Exploration Program
VANCOUVER, BRITISH
COLUMBIA, Apr 27, 2010 (Marketwire via COMTEX News Network) -- Silver
Standard Resources Inc. (the "Company") (TSX:SSO)(NASDAQ:SSRI) is
pleased to provide an update on its 2010 planned exploration activities for
its wholly-owned projects.
Snowfield, British
Columbia
This season's
exploration program will include an 18,000-meter drill program primarily
focused on expanding the project's known gold resource, which was
substantially increased in December 2009. Snowfield currently hosts measured
and indicated gold resources of 19.77 million ounces and inferred gold
resources of 10.05 million ounces, along with resources in copper, silver,
and molybdenum (See the Company's NI 43-101 Technical Report dated January
14, 2010 filed on SEDAR). Geotechnical and large diameter drilling for
advanced metallurgical studies will also be included as part of the drill
program. Preliminary environmental and geotechnical investigations will be
completed at the proposed mill tailings locations. These areas are being
defined in a NI 43-101 compliant Preliminary Assessment, which is expected to
be completed this quarter. A strategic review of Snowfield is underway.
Brucejack, British
Columbia
On the Brucejack
Project, which borders the Snowfield Project to the south, a 24,000-meter
drill program is being planned. One goal of the drilling is the expansion of
the newly-discovered Bridge Zone, which interpretation suggests may have the
potential to be a gold-copper-molybdenum porphyry similar to the Snowfield
Project six kilometers to the north. Other drill targets include the
continued testing for expansion of the high-grade Galena Hill and West Zones,
and new areas which have been defined by surface sampling and mapping. In the
2009 drill program at Galena Hill, hole SU-12 intersected 1.5 meters of 16.9
kilograms of gold and 8.7 kilograms of silver per tonne (see news release
dated September 15, 2009). Brucejack currently hosts measured and indicated
resources of 4.04 million ounces of gold and 65.4 million ounces of silver
and inferred resources of 4.87 million ounces of gold and 71.5 million ounces
of silver (See the NI 43-101 Technical Report on the Company's Brucejack
Property dated January 14, 2010 and filed on SEDAR).
San Agustin, Mexico
San Agustin hosts indicated resources of 1.59 million ounces of
gold and 47.9 million ounces of silver and inferred resources of 1.06 million
ounces of gold and 37.0 million ounces of silver (Please refer to the
Company's NI 43-101 resource estimate filed on SEDAR on May 7, 2009). A
comprehensive geophysical program is underway to test for the source of the
known mineralization at depth which modeling suggests may be potentially
high-grade and breccia-hosted. A 6,000-meter drill program is planned in Q3
to follow up the results from the surveys and to test areas of known
mineralization. The Company has completed an internal study to evaluate the
heap leach potential for processing the oxide mineralization at San Agustin.
The results to date have been encouraging, and some of the planned drilling
will target expansion of the near surface oxides resources. Metallurgical
studies have been ongoing.
Berenguela, Peru
Preliminary geophysical surveys were conducted in 2009 to begin
testing at depth for the potential source of the silver-copper-zinc resource
at surface. This survey generated a number of geophysical anomalies that have
been followed up by an extensive program of detailed geophysical test work,
including deep penetrating IP, magnetic, and gravity surveys. This geophysical
work will be followed up with a 5,000-meter drill program scheduled to
commence at the end of May. A number of intrusive types and new areas of
silver-copper-zinc mineralization have been identified on surface. The source
of the surface mineralization is currently interpreted to be replacement
mantos and breccias either structurally hosted or associated along the
margins of felsic intrusives.
Challacollo, Chile
A geophysical program of airborne magnetic and EM surveys, as
well as targeted deep penetrating IP surveys and CSAMT ground surveys, is
planned to commence in July. Anomalies defined by this work will be followed
up with a 5,000-meter drill program in Q4. The silver mineralization defined
in the current project resource is structurally hosted in highly altered
felsic volcanics overlaying Cretaceous sediments. The geologic environment
underlying the known mineralization at Challacollo has been interpreted to
strongly resemble that of the Pitarrilla deposit in Mexico. The project also
has significant copper porphyry potential. As such, the proposed drill
program will target polymetallic sulphide mineralization associated with
felsic intrusive as well as copper porphyry mineralization.
Kenneth C. McNaughton, M.A.Sc.,
P.Eng., Vice President, Exploration, Silver Standard Resources Inc., is the
Qualified Person responsible for Silver Standard's exploration program.
Silver Standard Resources Inc. is a silver mining company that
intends to grow through exploration and the development of its project
pipeline.
Forward Looking Statements: Certain statements in this news
release are forward-looking statements within the meaning of the Private
Securities Litigation Reform Act of 1995 and forward-looking information within
the meaning of Canadian securities laws (collectively, "forward-looking
statements"). Forward-looking statements are statements that are not
historical facts and that are subject to a variety of risks and uncertainties
which could cause actual events or results to differ materially from those
reflected in the forward-looking statements. Such risks and uncertainties
include, but are not limited to, the timing to complete preliminary
assessments and drilling programs at the Company's exploration projects; differences
in U.S. and Canadian practices for reporting mineral resources and reserves;
risks and uncertainties relating to the interpretation of drill results and
the geology, grade and continuity of our mineral deposits; the Company's
ability to raise sufficient capital to fund development; changes in economic
conditions or financial markets; uncertainty of production and cost estimates
for the Pirquitas Mine; the Company's history of losses and expectation of
future losses; 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 Argentina,
Australia, Canada, Chile, Mexico, Peru, the United States and other jurisdictions
in which the Company may carry on business; 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. The Company
does not intend, and does not assume any obligation, to update any
forward-looking statements, other than as required by applicable law.
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.)
SOURCE: Silver Standard Resources Inc.
Silver Standard Resources Inc.
Paul LaFontaine
Director, Investor Relations
N.A. toll-free: (888) 338-0046 or Direct: (604) 484-8212
invest@silverstandard.com
www.silverstandard.com