Silver
Standard Updates Pitarrilla Drilling in Mexico
VANCOUVER, BRITISH
COLUMBIA, Aug 28, 2007 (CCNMatthews via COMTEX News Network) --
Silver Standard
Resources Inc. (TSX:SSO)(NASDAQ:SSRI) is pleased to report two drill holes of
interest in ongoing diamond drilling at the wholly-owned Pitarrilla
silver-base metal project in Durango, Mexico. The two vertical holes were
collared in the 600 meter
by 350 meter
Breccia Ridge Zone.
Hole PD-226 was
collared 100 meters
west of PD-152 (see news release dated August 15, 2006 at www.silverstandard.com). PD-226 intersected 725.1 feet averaging 3.6 ounces of silver
per ton (221.0 meters
averaging 124.6 grams
of silver per tonne), 1.19% zinc and 0.84% lead, and included 35.1 feet averaging 20.8 ounces of silver
per ton (10.7 meters
averaging 712.4 grams
of silver per tonne), 5.34% zinc, 6.08% lead and 4.43% copper. This latter
interval corresponds to PD-152's 51.5 feet averaging 49.8 ounces of silver
per ton (15.7 meters
averaging 1,706.1
grams of silver), 6.92% zinc, 6.00% lead and 5.57%
copper within a longer intercept of 534.8 feet of 6.7 ounces of silver
ton (163.0 meters
of 230.1 grams
of silver per tonne).
These high-grade
intersections illustrate the tenor of mineralization that will be accessed by
Silver Standard's US$12.5 million underground exploration and tunneling
program expected to commence in the fourth quarter of 2007.
The second hole of
interest is PD-221, a
hole drilled 240 meters
to the north of PD-152 at the northern perimeter of the Breccia Ridge Zone. PD-221
intersected 1,676.2
feet averaging 3.1 ounces of silver
per ton (510.9 meters
averaging 105.2 grams
of silver per tonne), 1.20% zinc and 0.53% lead. Within the intersection is
an interval of 40.0 feet
averaging 19.8 ounces
of silver per ton (12.2
meters averaging 680.5 grams of silver),
3.83% zinc and 2.86% lead. Hole PD-221 is a step-out hole on the northeast
edge of the zone and demonstrates the strength of the mineralized system at
Pitarrilla that is currently being tested by six drills now turning onsite. For
additional information, see "Notes" following the table summary
that follows.
In the most recent
resource update for Pitarrilla that was released on April 10, 2007, measured
and indicated silver resources totaled 350.5 million ounces and inferred
resources totaled 193.6 million ounces. The next resource update is
anticipated in the fourth quarter of 2007. Kenneth C. McNaughton, M.A.Sc., P.Eng., vice president, exploration, Silver Standard Resources
Inc., is the qualified person responsible for exploration at the Pitarrilla
project.
In addition to the six
drills at Pitarrilla, Silver Standard has two drills working at the Snowfield
project in northern British Columbia, two drills at the San Luis joint
venture in Peru, two drills at Diablillos in Argentina, and one more at
Pirquitas. Significant results from all programs will be released as
received.
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Selected Pitarrilla Intervals - August 2007
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���������������������������������������������������������������������� Sil-
�������������������� ��������������������������������������������������ver
����������������������������� Inte-��� Sil-��������������������������� Gra-
�������� Collar� From���� To� rval���� ver�������������� Cop-�� Inte-�� de
Hole������ Loca- (met-� (met- (met-� Grade� Zinc� Lead�� per��� rval� (oz./
No.������� tion�� ers)�� ers)� ers)�� (g/t)�� (%)�� (%)�� (%)� (feet)� ton)
--------------------------------------------------------------------------
PD-221� 503956E 289.2� 800.1 510.9�� 105.2� 1.20� 0.53���� - 1,676.2�� 3.1
--------------------------------------------------------------------------
������ 2811370N 624.8� 696.0� 71.2�� 281.6� 1.72� 1.30���� -�� 233.6�� 8.2
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��������� incl. 683.8� 696.0� 12.2� �680.5� 3.83� 2.86���� -��� 40.0� 19.8
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PD-226� 503911E 200.2� 421.2 221.0�� 124.6� 1.19� 0.84�������� 725.1�� 3.6
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������ 2811103N 404.4� 415.1� 10.7�� 712.4� 5.34� 6.08� 4.43��� 35.1� 20.8
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��������������� 516.3� 581.3� 65.0�� 162.6� 1.87� 1.21���� -�� 213.3�� 4.7
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��������� incl. 520.3� 542.2� 21.9�� 315.6� 3.33� 2.13���� -��� 71.9�� 9.2
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PD-152
(i)�� 2811370N 251.5� 414.5 163.0�� 230.1���� -���� -���� -�� 534.8�� 6.7
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������ 2811155N 399.8� 410.0� 10.2 2,416.7� 8.62� 8.84� 7.73��� 33.5� 70.5
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��������� incl. 399.8� 403.5�� 3.7 2,615.8� 8.21� 1.84 14.06��� 12.3� 76.3
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����������� and 405.6� 410.0�� 4.4 2,983.9 11.34 18.58� 4.02��� 14.4� 87.0
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Notes to table: All
holes vertical. True thickness to be determined. PD-152 was previously
reported on August 15, 2006. All samples were submitted for preparation and
analysis by ALS Chemex at its facilities in Chihuahua, Mexico (preparation)
and in Vancouver, B.C. (analysis). All samples were analyzed using aqua regia
digestion with ICP finish. 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. One in 20 samples were
blind duplicate assayed at ALS Chemex in Vancouver, B.C.
Cautionary note to U.S. investors concerning disclosure of
estimates of mineral resources and contained ounces of silver: The terms
"measured resource", "indicated resource" and
"inferred 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 under 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
indicated category will ever be converted into reserves. "Inferred
resources" have a great amount of uncertainty as to their existence, and
great 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.
Disclosure of silver resources expressed in ounces in the
mineral resource categories in this news release are in compliance with
National Instrument 43-101, but does not meet the requirements of Industry
Guide 7, Description of Property by Issuers Engaged or to be Engaged in
Significant Mining Operations, of the SEC, which will accept only the
disclosure of tonnage and grade estimates for non-reserve mineralization.
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 jurisdictions in which
the company operates, 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.
SSRI-PT
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
Email: invest@silverstandard.com
Website: www.silverstandard.com