Silver
Standard Resources Inc.: Snowfield Measured & Indicated Gold Resources
Grow to 3.1 Million Ounces
VANCOUVER, BRITISH
COLUMBIA, Mar 11, 2008 (MARKET WIRE via COMTEX News Network) -- Silver
Standard Resources Inc. (TSX: SSO)(NASDAQ: SSRI) is pleased to report a
significant increase in gold resources at the Snowfield gold project in
northern British Columbia. The increased resource is now comprised of
measured and indicated gold resources totalling 3.1 million ounces, an
increase of 724,300 ounces from the initial Snowfield resource announced in
2006, and inferred gold resources of 466,200 ounces. The property is located
40 kilometers north of the town of Stewart and 15 kilometers southeast of
Barrick's high-grade gold-silver mine at Eskay Creek.
The following block model resource estimate is based on 56
diamond drill holes completed in 2006-2007 and two re-sampled historical
holes totalling 15,164 meters, as well as 13 trenches totalling 114 meters of
surface chip sampling, at a cut-off grade of 0.5 grams of gold per tonne. The
estimate was prepared by Doug Blanchflower, P.Geo., an independent qualified person,
as defined by Canada's National Instrument 43-101.
Snowfield Gold Resource Summary - March 2008
(Based on a cut-off grade of 0.5 grams of gold/tonne)
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Tonnes Gold Grade Gold Grade Contained Gold
Category (in thousands) (in g/tonne) (in oz/ton) (in ounces)
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Measured 1,449.8 2.18 0.063 101,500
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Indicated 77,122.0 1.20 0.034 2,975,600
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Inferred 14,350.0 1.01 0.029 466,200
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Plans for 2008
Silver Standard plans to follow-up the 2007 program with a
four-drill, 20,000-meter program in 2008. Much of this will be focused on the
recently identified Mitchell East Zone where hole MZ-1 intersected 259 meters
of 0.71 grams of gold per tonne (850 feet of 0.02 ounces of gold per ton) and
0.14% copper. The hole ended in mineralization with the bottom 31 meters
grading 1.38 grams of gold per tonne (102 feet of 0.04 ounces of gold per
ton) and 0.31% copper.
MZ-1 was collared approximately 550 meters east of Seabridge
Gold's Mitchell Deposit and has been interpreted as a potential continuation
of that zone. Seabridge recently reported that the Mitchell Deposit hosts
16.3 million ounces of indicated gold resources and 13.3 million ounces of
inferred gold resources based on a cut-off grade of 0.50 gram/tonne
gold-equivalent.
Gold-copper mineralization at Snowfield occurs in a zone of
pyritic quartz-sericite-chlorite schists that likely represent Jurassic-age
intermediate volcanic rocks. Kenneth C. McNaughton, M.A.SC., P.Eng., vice president, exploration, Silver
Standard Resources Inc., is the qualified person responsible for the
exploration program at Snowfield. (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 Argentina or Canada,
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 of 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.
The TSX has neither approved nor disapproved of the information
contained herein.
Contacts:
Silver Standard Resources Inc.
Robert A. Quartermain
President
(604) 689-3846
(604) 689-3847 (FAX)
Silver Standard Resources Inc.
Paul LaFontaine
Director, Investor Relations
N.A. Toll Free: 1-888-338-0046 or Direct: (604) 484-8212
Email: invest@silverstandard.com
Website: www.silverstandard.com
SOURCE: Silver Standard Resources Inc.
mailto:invest@silverstandard.com
http://www.silverstandard.com