Silver
Standard and Esperanza Announce Further High-Grade Results at San Luis
VANCOUVER, BRITISH
COLUMBIA, Sep 18, 2007 (MARKET WIRE via COMTEX News Network) --
Silver Standard
Resources Inc. (TSX: SSO)(NASDAQ: SSRI) and Esperanza Silver Corporation (TSX
VENTURE: EPZ) are pleased to announce more results of ongoing diamond
drilling at the San Luis high-grade gold and silver joint venture property in
central Peru.
Infill drilling on the
Ayelen Vein continues to confirm high-grade gold and silver mineralization
and to define the mineralization before the commencement of an underground
exploration program, which is planned to begin later this year, subject to
receipt of permits. Significant drill results from the current program
include:
- in drill hole
A-SL-098, an angled hole drilled close to drill holes A-SL-016 and A-SL-018
(both of which intersected very high-grade values), a 26.2-foot interval
averaging 2.05 ounces
per ton gold and 27.2
ounces per ton silver (8.0 meters averaging 70.3 grams per tonne
gold and 932.0 grams
per tonne silver).
- in drill hole
A-SL-087, an angled hole drilled beneath hole SL-06-085 toward the north end
of the vein system, a 67.6-foot interval averaging 0.21 ounces per ton
gold and 9.0 ounces
per ton silver (20.6
meters averaging 7.2 grams per tonne
gold and 309.1 grams
per tonne silver).
High-grade mineralization
within the Ayelen vein has been identified over 650 meters of strike
length and exploration is continuing to define the structure to the south. The
high-grade mineralization has been found for a depth of up to 225 meters, from below
the top of the ridge down to the 4,350 meter level. Recent infill drill
results for the Ayelen Vein are summarized below:
San Luis Project - Selected Diamond Core Drill Results - September 2007
AYELEN VEIN
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������������������������������������������������������������� Gold� Silver
������������� From������ To Interval�� Gold� Silver Interval� (oz/���� (oz/
Drill Hole (meters) (meters) (meters)� (g/t)�� (g/t)�� (feet)� ton)��� ton)
--------------------------------------------------------------------------
A-SL-085����� 35.3���� 41.8����� 6.5��� 5.2�� 174.5���� 21.3� 0.15���� 5.1
--------------------------------------------------------------------------
A-SL-087����� 42.6���� 47.9����� 5.3��� 5.5�� 178.5���� 17.4� 0.16���� 7.9
--------------------------------------------------------------------------
������������� 70.3���� 90.9���� 20.6��� 7.2�� 309.1���� 67.6� 0.21���� 9.0
--------------------------------------------------------------------------
A-SL-088����� 53.8���� 60.4����� 6.6�� 11.2�� 316.8���� 21.7� 0.33���� 9.2
--------------------------------------------------------------------------
������������ 103.2��� 107.5��� ��4.3��� 7.6�� 231.0���� 14.1� 0.22���� 6.7
--------------------------------------------------------------------------
A-SL-089����� 78.5���� 82.6����� 4.1��� 2.3�� 126.6���� 13.5� 0.07���� 3.7
--------------------------------------------------------------------------
A-SL-093���� 148.9��� 152.7����� 3.8��� 3.3�� 155.0���� 12.5� 0.10���� 4.5
--------------------------------------------------------------------------
A-SL-094���� 183.9��� 188.6����� 4.7�� 1.16�� 116.0���� 15.4� 0.03���� 3.4
--------------------------------------------------------------------------
A-SL-095���� 118.8��� 119.6����� 0.8�� 8.64�� 130.0����� 2.6� 0.25���� 3.8
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A-SL-098����� 70.4���� 78.4����� 8.0�� 70.3�� 932.0���� 26.2� 2.05��� 27.2
--------------------------------------------------------------------------
A-SL-100���� 116.4��� 119.2����� 2.8�� 1.23��� 46.1����� 9.2� 0.04���� 1.3
--------------------------------------------------------------------------
A-SL-101���� 101.4��� 102.9����� 1.5�� 1.09��� 41.5����� 4.9� 0.03���� 1.2
--------------------------------------------------------------------------
A-SL-102���� 240.5��� 250.6���� 10.1��� 6.5�� 240.2���� 33.1� 0.19���� 7.0
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Intervals refer to core length rather than true thickness which is to be
determined.
Work is continuing on
mapping, rock sampling and prospecting new areas of the property to locate
the sources of the stream sediment anomalies previously identified on the
joint venture's 250 sq. km (96 sq. mile) block. In addition, studies will be
undertaken on the other known veins to establish specific drill-target areas.
Joint Venture
Interests
Silver Standard holds
a 55% interest in the San Luis joint venture and Esperanza 45%. Silver
Standard has elected to increase its interest in the joint venture to 70% by
funding costs required to complete a feasibility study. Thereafter, Silver
Standard has the right to increase its interest to 80% by funding the
property through to production.
About Esperanza
Esperanza is an
exploration company focused on precious metals and is founded on the
experience and success of its management and field teams in discovering ore
bodies. Its properties include the San Luis high-grade gold and silver
discovery in central Peru and the 100%-owned Cerro Jumil bulk-tonnage gold
project in Morelos State, Mexico. It has other exploration interests in Peru,
Mexico and Bolivia. The company's objective is to take properties up to the
resource definition stage and then find partners to take them into
production.
About Silver Standard
Silver Standard is a
well-financed silver resource company that continues to seek growth through
exploration and development of its own silver projects. Silver Standard also
has an approximate 14% equity ownership of Esperanza and participated in this
year's equity offering and increased its percentage interest. (SSRI-SL)
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, including sampling, analytical and test data. Field work has
been conducted by joint venture personnel under his supervision. All samples
were submitted to ALS Chemex in Lima, Peru for analysis.
For silver, initial
analysis was completed using four-acid digestion with an ICP finish. For
samples over 200 ppm silver, re-analysis was completed using four-acid
digestion with an AA finish. For samples over 1 kg silver, re-analysis was
completed using fire assay with a gravimetric finish.
For gold, initial
analysis of 30 gram
samples was completed using fire assay with an AA finish. For samples over 10 grams gold,
re-analysis of 30 gram
samples was completed using fire assay with a gravimetric finish.
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,
and the availability of drill rigs. 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 Commission. The forward-looking statements
contained in this document constitute managements' current estimates as of
the date of this release with respect to the matters covered herein. Silver
Standard and Esperanza 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 management on the date the statements
are made, and the companies do not assume any obligation to update
forward-looking statements if circumstances or management's beliefs,
expectations or opinions should change. For these reasons, investors should not
place undue reliance on forward-looking statements.
The TSX and the TSX
Venture Exchange do not accept responsibility for the adequacy or accuracy of
this news release.
Contacts:
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
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.
http://www.esperanzasilver.com
mailto:invest@silverstandard.com
http://www.silverstandard.com