Silver
Standard Resources Inc.: San Luis Project Update and New Resource Estimate to
be Prepared
VANCOUVER, BRITISH
COLUMBIA, May 9, 2008 (Marketwire via COMTEX News Network) -- The San Luis Joint
Venture of Esperanza Silver Corporation (TSX VENTURE:EPZ)
and Silver Standard Resources Inc. (TSX:SSO)(NASDAQ:SSRI) reports that the
Joint Venture has received the necessary permits to begin surface drilling at
the San Luis Project. A drill is set to mobilize to site within the next 10
days. The first priority will be to drill test the BP Zone to follow up on
the discovery of possible porphyry-style silver and base metal mineralization
announced in November 2007. This will be followed by step-out drilling on the
Ayelen Vein and drilling on the newly discovered
Erika and Fernanda Veins. In addition, the final
permit necessary to begin exploration tunnelling on the Ayelen
Vein is expected to be received within the next month, with tunnelling
scheduled to begin in the third quarter of this year. Reconnaissance mapping
and prospecting of the 250 square kilometre property is continuing.
The Joint Venture also
reports that Esperanza has completed a review of the independently prepared
resource estimate provided to, and announced by, the Joint Venture in its
News Release dated November 15, 2007. The review has led Esperanza to the
conclusion that the estimate announced in that release may understate the
mineral resource contained in the San Luis Project. Silver Standard
subsequently commissioned an independent review, which also raised issues
with the resource estimate. The independent qualified person that prepared the
resource estimate confirms his resource estimate. To address these matters,
the Joint Venture intends to retain a different independent qualified person
to prepare a new resource estimate for the project. The new resource estimate
will incorporate all existing data, including additional drill results not
included in the previous resource estimate, and will be reported when
received.
The San Luis Property
is a high-grade gold and silver discovery owned by Esperanza (45%) and Silver
Standard (55%). Silver Standard became the operator in February 2007 and has
the option to earn an 80% interest by funding all activities to place the
property into production.
About Silver Standard
Silver Standard
Resources Inc. is a well-financed silver resource company that continues to
seek growth through exploration and development of its own silver projects.
About Esperanza
Esperanza is an
emerging producer focused on precious metals. Its properties include the San
Luis gold and silver joint venture in Peru
and the 100% owned Cerro Jumil gold project in Morelos State, Mexico
where a resource estimate is expected later in 2008. It is also actively
exploring 17 other exploration interests in Peru
and Mexico.
QUALIFIED PERSON:
Kenneth C McNaughton, M.A.Sc., P.Eng.,
vice president, exploration, Silver Standard Resources Inc., is the Qualified
Person (QP) under NI 43-101 responsible for the San Luis exploration program.
He has verified the data disclosed in this news release. Field work has been
conducted by joint-venture personnel under his supervision.
Cautionary note to
U.S. investors concerning disclosure of estimates of mineral resources: The
term "resource" refers to "measured resource",
"indicated resource" and "inferred resource", which are
Canadian geological and mining terms as defined in accordance with National
Instrument 43-101, Standards of Disclosure for Mineral Projects of the
Canadian Securities Administrators using the guidelines set out in the
Canadian Institute of Mining, Metallurgy and Petroleum (the "CIM")
Standards on Mineral Resources and Mineral Reserves, adopted by the CIM
Council as may be amended from time to time by the CIM. 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
resources" have a greater amount of uncertainty as to their existence,
and greater uncertainty as to their economic and legal 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 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
resource exists, or is economically or legally mineable.
SAFE HARBOR:
Some statements in this release are forward-looking in nature. The United
States Private Securities Litigation Reform Act of 1995 provides a "safe
harbor" for certain forward-looking statements. Such statements include
statements as to the potential of the San Luis property, the ability to
finance further exploration, to permit drilling and other exploration work,
the availability of drill rigs, and the ability to permit, finance and
develop a mine on the property. The forward-looking statements involve risks and
uncertainties and other factors that could cause actual results to differ
materially, including those relating to exploration and bringing properties
into production. Please refer to a discussion of some of these and other risk
factors in Silver Standard's Annual Information Form filed with the Canadian
securities regulators and both companies' Form 20-F filed with the U.S.
Securities and Exchange. The forward-looking statements contained in this
document constitute management's current estimates as of the date of this
release with respect to the matters covered herein. The companies expect that
these forward-looking statements will change as new information is received
and that actual results will vary, possibly in material ways. Forward-looking
statements are based on the beliefs, expectations and opinions of the
managements on the date the statements are made, and the companies do not
assume any obligation to update forward-looking statements if circumstances
or managements' beliefs, expectations or opinions should change. For these
reasons, investors should not place undue reliance on forward-looking
statements.
(Source: Silver
Standard Resources Inc.)
SOURCE: Silver
Standard Resources Inc.
Esperanza Silver Corporation
William Pincus
President and CEO
(303) 830-0988
(303) 830-9098 (FAX)
Website: www.esperanzasilver.com
Silver Standard Resources Inc.
Robert A. Quartermain
President
(604) 689-3846
Silver Standard Resources Inc.
Paul LaFontaine
Director, Investor Relations
(604) 484-8212 or N.A, Toll Free: 1-888-338-0046
Email: invest@silverstandard.com
Website: www.silverstandard.com