San
Agustin's Resources Increase Silver Standard's Exposure to Silver and Gold
VANCOUVER, BRITISH
COLUMBIA, Apr 6, 2009 (Marketwire via COMTEX News Network) -- Silver Standard
Resources Inc. (TSX:SSO)(NASDAQ:SSRI) is pleased to confirm significant gold
and silver resources at the San Agustin property in Durango, Mexico. The
resource is comprised of indicated gold resources totaling 1.59 million
ounces and silver resources of 47.9 million ounces; and inferred gold
resources totaling 1.06 million ounces and silver resources of 37.0 million
ounces.
The property is
located 85 kilometers north of Durango City and approximately 100 kilometers
south-southeast of Silver Standard's Pitarrilla Project in Durango, Mexico.
San Agustin Resource Summary - April 2009(1)
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Contained(1)
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Tonnes Gold Silver Zinc Lead Gold Silver
Category (millions) (g/t) (g/t) (%) (%) ('000 oz) ('000 oz)------------------------------------------------------------------------
Indicated 121.0 0.41 12.3 0.49 0.06 1,590 47,900
------------------------------------------------------------------------
Inferred 91.2 0.36 12.6 0.48 0.07 1,060 37,000
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(1) The cut-off grade is based on US$3.40 recovered metal values (RMV) in
oxide material and US$6.25 (RMV) in sulphide material and the following
metal prices and recoveries: gold (US$631.97/oz, 72%); silver (US$11.63,
74%); zinc (US$1.11/lb., 50%); and lead US$0.78/lb.; 62%).
The block model
resource estimate was completed by Dr. Gilles Arseneau, P. Geo., Chief
Geologist, of Wardrop, A Tetra Tech Company in Vancouver, B.C., and is based
on a geological interpretation supplied by Silver Standard to Wardrop. Dr.
Arseneau is an 'independent qualified person' for the purposes of National
Instrument 43-101 Standards of Disclosure for Mineral Projects of the
Canadian Securities Administrators and has verified the San Agustin data
disclosed in this release. The estimate is based on 87 reverse circulation
holes totaling 13,272 meters and 153 diamond drill holes totaling 36,032
meters.
Plans for 2009
In addition to the completion of an updated resource estimate,
Silver Standard is planning geophysical surveys, metallurgical studies and
additional drilling. The 100%-owned property has excellent exploration
potential for additional resources, both near surface and at depth.
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 San Agustin.
With the increase in resources at San Agustin, Silver Standard
continues to have the largest published silver resource of any publicly
traded silver company, now totalling:
Reserve and Resource Summary - April 2009
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Silver reserves (i)
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Proven and probable 195.1 million ounces
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Silver resources
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Measured 224.2 million ounces
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Indicated 826.5 million ounces
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Inferred 544.3 million ounces
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Gold resources
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Measured 1.7 million ounces
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Indicated 5.1 million ounces
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Inferred 16.3 million ounces
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(i) Reserves based on US$11.00/oz silver, $5.00/lb tin and $1.05/lb zinc.
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Silver Standard Resources Inc. is a significant silver and gold
resource company that seeks growth through exploration and development of its
own projects. (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 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 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.
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