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Silverstone Updates Silver Reserves And Resources At Lundin
Mining's Neves-Corvo And Aljustrel Mines
September
17, 2007
Silverstone
Resources Corp ("Silverstone") is pleased to
announce that it has completed its updated technical reports on Lundin Mining's
Neves-Corvo and Aljustrel mines located in Portugal. The National Instrument
43-101 compliant technical reports were prepared by Wardell Armstrong
International, for Silverstone titled Technical Report on the Neves-Corvo
Mine, Southern Portugal dated August 2007, and Technical Report on the
Aljustrel Mine, Southern Portugal dated September 2007. These reports
will be filed on www.sedar.com
shortly.
The
following tables set forth the Silverstone updated estimated Proven and
Probable Reserves and the Mineral Resources for the Neves-Corvo and Aljustrel
Mines as of December 31, 2006.
Current
Proven and Probable Reserves for the Neves-Corvo and Aljustrel mines are
tabulated below:
Proven
and Probable Mineral Reserves (1, 2)
|
Mine
|
Zone
|
Reserves Category
|
Tonnes (M)
|
Copper %
|
Zinc %
|
Silver g/t
|
Contained Ounces
(M)
|
|
Neves-Corvo
|
Copper
|
Proven
|
6.23
|
5.17
|
1.15
|
36.3
|
7.3
|
|
|
|
Probable
|
11.01
|
4.74
|
0.68
|
28.8
|
10.2
|
|
|
|
Proven + Probable
|
17.24
|
4.89
|
0.85
|
31.5
|
17.5
|
|
Neves-Corvo
|
Zinc
|
Proven
|
0.14
|
0.29
|
6.36
|
35.8
|
0.2
|
|
|
|
Probable
|
10.78
|
0.43
|
7.89
|
62.3
|
21.6
|
|
|
|
Proven + Probable
|
10.92
|
0.43
|
7.87
|
62.0
|
21.8
|
|
Aljustrel
|
Zinc
|
Proven
|
0
|
0
|
0
|
0
|
0
|
|
|
|
Probable
|
14.4
|
0.27
|
5.49
|
62.6
|
29.0
|
|
|
|
Proven + Probable
|
14.4
|
0.27
|
5.49
|
62.6
|
29.0
|
|
Aljustrel
|
Copper
|
Proven
|
0
|
0
|
0
|
0
|
0
|
|
|
|
Probable
|
1.6
|
2.16
|
0.97
|
14.3
|
0.7
|
|
|
|
Proven + Probable
|
1.6
|
2.16
|
0.97
|
14.3
|
0.7
|
1.
Reserves for the Neves-Corvo mine are estimated using cut off
grades of 5.58% zinc and 1.91% copper. Resources are estimated using cut off
grades of 3.3% zinc, and 2.0% copper. The reserves and resources are
calculated by the mine's geologists and audited by Wardell Armstrong
International (WAI). The Qualified Person for the 2006 Reserve and
resources estimates is WAI personnel Mark L. Owen, Associate Director and
Principal Geologist, assisted by David Chilcott,Associate tof WAI, and
Senior Mining Engineer.
2.
The 2006 Aljustrel zinc Mineral Reserves and Resources are
estimated using cut-off grades of 4.5% zinc, 4.0% zinc and 4.0% zinc for the
Feitais, Moinho, and Estacao deposits respectively. The copper mineral
reserves are estimated using a 1.5% copper cut-off. The reserves and
resources were calculated by the mine's geologists and audited by Wardell
Armstrong International (WAI). The Qualified Person for the 2006 reserves and
resources is Mark L. Owen, Associate Director and Principal Geologist,
assisted by David Chilcott, Associate to WAI, and Senior Mining Engineer.
The
Measured, Indicated and Inferred mineral resources are presented below and
include the mineral reserves tabulated above:
Measured
and Indicated and Inferred Resources (1, 2)
|
Mine
|
Zone
|
Category
|
Tonnes (M)
|
Copper %
|
Zinc %
|
Silver g/t
|
Contained ounces (M)
|
|
Neves-Corvo
|
Copper
|
Measured
|
6.59
|
6.1
|
1.5
|
52.5
|
11.1
|
|
|
|
Indicated
|
12.83
|
5.3
|
0.8
|
47.1
|
19.4
|
|
|
|
Measured & Indicated
|
19.42
|
5.6
|
1.0
|
48.9
|
30.6
|
|
|
|
Inferred
|
3.00
|
4.5
|
0.8
|
72.9
|
7.0
|
|
|
|
|
|
|
|
|
|
|
|
Zinc
|
Measured
|
1.2
|
0.4
|
4.9
|
43.0
|
1.7
|
|
|
|
Indicated
|
29.4
|
0.6
|
6.2
|
60.3
|
57.1
|
|
|
|
Measured &
Indicated
|
30.7
|
0.6
|
6.2
|
59.6
|
58.8
|
|
|
|
Inferred
|
25.5
|
0.6
|
5.5
|
55.1
|
45.2
|
|
|
|
|
|
|
|
|
|
|
Aljustrel
|
Zinc
|
Measured
|
2.58
|
0.3
|
5.2
|
52.2
|
4.3
|
|
|
|
Indicated
|
21.00
|
0.2
|
5.7
|
61.8
|
41.8
|
|
|
|
Measured & Indicated
|
23.58
|
0.2
|
5.7
|
60.8
|
46.1
|
|
|
|
Inferred
|
9.32
|
0.3
|
5.3
|
51.2
|
15.3
|
|
|
|
|
|
|
|
|
|
|
|
Copper
|
Measured
|
0.26
|
1.8
|
1.3
|
20.3
|
0.2
|
|
|
|
Indicated
|
6.66
|
2.1
|
1.1
|
17.1
|
3.7
|
|
|
|
Measured & Indicated
|
6.92
|
2.1
|
1.1
|
17.2
|
3.9
|
|
|
|
Inferred
|
1.99
|
2.1
|
0.8
|
11.7
|
0.7
|
1.
Reserves for the Neves-Corvo mine are estimated using cut off
grades of 5.58% zinc and 1.91% copper. Resources are estimated using cut off
grades of 3.3% zinc, and 2.0% copper. The reserves and resources are
calculated by the mine's geologists and audited by Wardell Armstrong
International (WAI). The Qualified Person for the 2006 Reserve and
resources estimates is WAI personnel Mark L. Owen, Associate Director and
Principal Geologist, assisted by David Chilcott,Associate tof WAI, and
Senior Mining Engineer.
2.
The 2006 Aljustrel zinc Mineral Reserves and Resources are
estimated using cut-off grades of 4.5% zinc, 4.0% zinc and 4.0% zinc for the
Feitais, Moinho, and Estacao deposits respectively. The copper mineral
reserves are estimated using a 1.5% copper cut-off. The reserves and
resources were calculated by the mine's geologists and audited by Wardell
Armstrong International (WAI). The Qualified Person for the 2006 reserves and
resources is Mark L. Owen, Associate Director and Principal Geologist,
assisted by David Chilcott, Associate to WAI, and Senior Mining Engineer.
On June 5,
2007 Silverstone signed an agreement with Lundin Mining to purchase 100% of
the silver produced from the Neves-Corvo and Aljustrel mines (see the June 6
press release). Although certain third party consents remain outstanding,
Silverstone expects the proceeds from the silver sales to start on or before
September 28, 2007.
Silverstone
wishes to announce that it has entered into a stock option agreement granting
the right and option to purchase 50,000 shares of the Company at $1.43 per
share exercisable in whole or in part on or before September 14, 2012.
Mr. Hugh
Willson, P.Geo., Vice-President, Exploration of Silverstone, who is a
"qualified person" under National Instrument 43-101, has reviewed
and approved the technical aspects of this news release.
ABOUT
SILVERSTONE
Silverstone
is a Canadian based public silver mining company with 100% of its revenue
from silver production. More information is available online at: www.silverstonecorp.com
.
For further information about the Company, please
contact:
Chris Tomanik, Telephone: (604) 637-8151 / Facsimile: (604) 688-2180
Email: ctomanik@silverstonecorp.com
THE TSX VENTURE EXCHANGE HAS NEITHER APPROVED OR
DISAPPROVED OF THE CONTENTS HEREIN.
This press release contains "forward-looking
information" that is based on Silverstone's current expectations,
estimates, forecasts and projections. This forward-looking information
includes, among other things, statements with respect to Silverstone's
mineral discoveries, plans, outlook and business strategy. The words
"may", "would", "could", "should", "will",
"likely", "expect," "anticipate,"
"intend", "estimate", "plan",
"forecast", "project" and "believe" or other
similar words and phrases are intended to identify forward-looking
information.
Forward-looking
information is subject to known and unknown risks, uncertainties and other
factors that may cause Silverstone's actual results, level of activity,
performance or achievements to be materially different from those expressed
or implied by such forward-looking information. Such factors include,
but are not limited to: projected sales or production rates;
uncertainties related to drilling results; the ability to raise sufficient
capital to fund exploration; changes in economic conditions or financial
markets; changes in prices for costs; litigation, legislative, environmental
and other judicial, regulatory, political and competitive developments;
technological or operational difficulties or inability to obtain permits
encountered in connection with exploration activities; and labor relations
matters.
This list is
not exhaustive of the factors that may affect our forward-looking
information. These and other factors should be considered carefully and
readers should not place undue reliance on such forward-looking
information. Silverstone disclaims any intention or obligation to
update or revise forward-looking information, whether as a result of new
information, future events or otherwise.
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