SilverCrest Commences Phase II Drilling at La Joya;
Phase II Surface Samples Grade up to 1,079 GPT Silver
Equiv.*
VANCOUVER,
BC � Nov. 30, 2011 � SilverCrest Mines Inc.
(the �Company�) is pleased to announce that it has begun its Phase II drilling program at the La Joya property located in Durango State, Mexico. This program will consist of approximately 80 core and
reverse circulation drill holes and will utilize at least three drill rigs. The Company has also completed surface channel sampling in the Phase
II proposed drill hole
area along and adjacent to the Main Mineralized Trend with results showing surface intervals with grades up to 594 gpt Ag,
5.49 % Cu, and 0.25 gpt gold (1,079 gpt
Ag equivalent*). Please see table below and Click
Here to view attached maps.
�We are excited with the success we have had so far at the La Joya property and expect the Phase II program to test the extents of mineralization identified to date. Our aggressive
and systematic approach
to this drill program will
focus on further testing
of the continuity and grade of mineralization, potentially expanding the current target area and testing several additional targets. The surface sampling
results in the Phase II area are excellent and
show the potential to significantly
expand the current Phase
I drill-defined area�, said
N. Eric Fier, CPG, P.Eng. and COO for SilverCrest.
The Phase II program is budgeted
at $3.0 million and will
include approximately
60 core holes (10,000 metres) and 20 RVC holes
(5,000 metres) for a planned
total of an estimated 15,000 metres.
This phase of drilling is
expected to be completed by mid-2012 with subsequent compilation and further
resource reporting in
the second half of 2012. One of the objectives of
the program is to fully
test the extent of the Main Mineralized
Trend which is estimated to be 2.5 kilometres long and approximately
300 - 500 metres wide. Also, three separate target areas, El Coloradito, Esperanza and Santo Nino will be drilled
to test additional mineralization
previously identified
by historic work (Click
Here to see attached maps and News
release date Nov. 14, 2011 for historic drill results in these areas).
Recently, the Company collected an additional 43
surface channel samples
(SA11- 138 to 180) from exposed
outcrops within the southern portion of the Main Mineralized
Trend in preparation for Phase II drilling. The most significant, selected results are as follows;
Sample #
|
Width (m)
|
Ag
gpt
|
Cu
%
|
Au
gpt
|
Ag
equiv.gpt*
|
SA11-140
|
1.0
|
385.0
|
1.54
|
0.07
|
521.2
|
SA11-144
|
2.0
|
390.0
|
1.35
|
0.03
|
507.2
|
SA11-150
|
2.0
|
652.0
|
2.77
|
0.51
|
918.1
|
SA11-151
|
3.0
|
299.0
|
0.82
|
0.51
|
397.5
|
SA11-153
|
2.0
|
163.0
|
1.84
|
0.05
|
323.3
|
SA11-154
|
2.0
|
196.0
|
2.08
|
0.22
|
386.9
|
SA11-155
|
3.0
|
250.0
|
1.42
|
0.22
|
384.4
|
SA11-157
|
2.5
|
218.0
|
1.60
|
0.25
|
369.1
|
SA11-161
|
2.0
|
368.0
|
2.75
|
0.31
|
621.7
|
SA11-167
|
2.0
|
203.0
|
1.26
|
0.24
|
324.6
|
SA11-168
|
2.0
|
594.0
|
5.49
|
0.25
|
1,079.9
|
SA11-170
|
2.0
|
377.0
|
3.40
|
0.17
|
678.5
|
SA11-172
|
2.0
|
173.0
|
1.02
|
0.22
|
272.7
|
SA11-174
|
1.5
|
219.0
|
2.18
|
0.25
|
420.2
|
Wt. Ave. High Grade
|
2.0
|
315.1
|
2.05
|
0.25
|
505.0
|
*Cutoff of 15 gpt Ag equivalent, Ag equivalent (Ag
eq.) is based on 100% metallurgical recovery, combination of Ag,
Cu, Au only and price
ratios of 86:1- Cu:Ag and 55:1- Ag:Au. Metals prices used to determine ratios were US$
24/oz for Ag; US$ 3/lb for Cu and US$ 1350/oz for Au. All numbers are rounded.
All sample analysis was completed by ALS Chemex in Zacatecas, Mexico and North
Vancouver, Canada.
Weighted average grade
of all 43 channel samples
including those reported in the above table is 129.3 gpt Ag, 1.15 % Cu,
0.2 gpt Au, or 239.2 gpt
Ag eq*. All 43 samples graded greater than 30 gpt Ag eq.* with the weighted Ag eq. excluding values of 0.39
% Pb, 0.58 % Zn, 0.013% Mo and 0.037% W (tungsten).
Results of select samples
graded up to 4.5% Pb over 1 metre,
5.5 % Zn over 1.5 metres, 0.16% Mo over 2 metres, and 0.31% W over 2 metres.
All 43 channel samples collected are representative
of surface exposures of disseminated
bornite-tetrahedrite sulfide
horizons, mantos and stockwork
zones along approximate
true thicknesses of mineralization. Some samples are continuous channels representing longer mineralized lengths, i.e., a
road cut channel sample from SA11- 176 to 178 is 9 metres grading 13.6 gpt Ag, 0.48%
Cu, 0.32 gpt Au or 73.1 gpt
Ag eq.*.
The Company is currently completing a NI
43-101 Technical Report on La Joya
that will include initial resource
estimation for the Phase I drilling area utilizing the validated historical and Company database. This report is anticipated in December,
2011.
Work to date on the property
includes 51 historical
and 26 Company holes
drill holes totaling
20,502 metres, 180 surface samples,
mapping, and airborne
and ground geophysics which have defined a large near-surface bulk tonnage target as well as several adjacent targets.
Phase I drilling has outlined
a mineralized corridor that
is approximately 1,000m
long and a minimum of 500 metres
wide (see News Release dated Nov. 14, 2011).
The Company has the right to acquire
100% of the La Joya Property
which is located approximately 75 kilometres southeast of the
city of Durango, Mexico. The property is located in a productive mineralized region which currently supports several large scale mining operations including Grupo Mexico�s San Martin Mine, Industrias
Pe�oles� Sabinas Mine,
Pan American Silver�s La Colorada
Mine and First Majestic Silver�s
La Parrilla Silver
Mine. Please reference our website at www.silvercrestmines.com
for more information, photos, a video and figures
on La Joya.
The Qualified Person under
National Instrument (NI
43-101) Standards of Disclosure for Mineral Projects
for this News Release is
N. Eric Fier, CPG, P.Eng, and Chief
Operating Officer for SilverCrest
Mines Inc., who has reviewed
and approved its
contents.
SilverCrest Mines Inc. (TSX-V: SVL) is a Mexican precious metals producer with headquarters based in
Vancouver, BC. SilverCrest�s flagship
property is the 100%-owned Santa Elena Mine, which
is located 150km northeast of Hermosillo, near
Banamichi in the State of Sonora, M�xico. The mine is a
high-grade, epithermal gold and silver producer, with an estimated life of
mine cash cost of US$8 per ounce
of silver equivalent
(55:1 Ag:Au). SilverCrest
anticipates that the
2,500 tonnes per day facility
should recover approximately 4,805,000 ounces of silver and 179,000 ounces of gold over the 6.5 year
life of the open pit phase of the Santa Elena
Mine. A three year
Expansion Plan is underway
to significantly increase
metals production at
the Santa Elena Mine and exploration programs are rapidly
advancing the definition
of a potentially large polymetallic
deposit at the La Joya property in Durango
State.
FORWARD-LOOKING STATEMENTS
This presentation
contains �forward-looking
statements� within the meaning of Canadian securities
legislation and the United States Securites Litigation Reform Act of 1995. Such forward-looking statements concern the Company�s anticipated results and developments in
the Company�s operations
in future periods, planned
exploration and development of its properties, plans related to its business and other matters that may occur
in the future. These statements
relate to analyses and other information that are based on
expectations of future performance, including silver and gold production and planned
work programs. Statements
concerning reserves and
mineral resource estimates may also constitute forward-looking statements to
the extent that they involve estimates of the mineralization
that will be encountered if the property is developed and, in the case of mineral
reserves, such statements reflect the
conclusion based on certain assumptions
that the mineral deposit can be economically exploited.Forward-looking statements
are subject to a variety
of known and unknown risks, uncertainties and other factors which could cause actual events or results to differ from those expressed or implied by the forward-looking statements, including, without
limitation: risks related
to precious and base metal
price fluctuations; risks
related to fluctuations in the currency markets (particularly the Mexican
peso, Canadian dollar and United States dollar); risks
related to the inherently
dangerous activity of mining, including conditions
or events beyond our control, and operating or technical
difficulties in mineral
exploration, development and mining
activities; uncertainty
in the Company�s ability
to raise financing and fund the exploration and development
of its mineral properties; uncertainty as to
actual capital costs,
operating costs, production and economic returns, and uncertainty that development activities will result in profitable mining operations; risks related to reserves and mineral resource figures being estimates based on interpretations and assumptions
which may result in less mineral production under actual conditions than is currently estimated and to diminishing quantities or grades of mineral
reserves as properties
are mined; risks related to governmental regulations and obtaining necessary licenses and permits; risks related to the business being
subject to environmental
laws and regulations which may increase
costs of doing business
and restrict our operations; risks related to mineral properties being subject to prior unregistered agreements, transfers, or claims and other
defects in title; risks relating to inadequate insurance or inability to obtain insurance; risks related to potential litigation; risks related to the global economy;
risks related to environmental laws risks related to the Company�s status as a foreign private issuer; risks related to all of the Company�s
properties being located in Mexico and El Salvador, including
political, economic,
social and regulatory instability;
and risks related to officers and directors becoming associated with other natural resource companies which may give rise
to conflicts of interests.Should
one or more of these risks
and uncertainties materialize,
or should underlying assumptions prove incorrect, actual results may vary materially
from those described in the forward-looking
statements. The Company�s
forward-looking statements
are based on beliefs,
expectations and opinions of management on the date the statements
are made. For the reasons set forth above, investors should not place undue reliance on forward-looking statements.
The information provided in this news release
is not intended to be a comprehensive review of all matters and developments concerning the Company. It should be read in conjunction with all other disclosure documents of
the Company. The information contained
herein is not a
substitute for detailed investigation or analysis. No securities
commission or regulatory authority
has reviewed the accuracy
or adequacy of the information presented.
�J.
Scott Drever�
J. Scott Drever, President
For further information, please
contact:
Fred Cooper
570 Granville Street, Suite 501
Vancouver, BC V6C 3P1
Neither TSX Venture
Exchange nor its Regulation Services Provider (as that
term is defined in the policies of
the TSX Venture Exchange) accepts responsibility for the adequacy
or accuracy of this
release.
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