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SilverCrest Main Zone Expansion Drilling
11.2 metres (36.73 feet) grading 3.47 gpt Gold - 167.1 gpt Silver
Santa Elena Project, Mexico
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TSX-V: SVL
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For
Immediate Release
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VANCOUVER, B.C. June 5, 2008 -
SilverCrest Mines Inc. (the "Company") is pleased to report
results for the next series of core holes at its Santa Elena Project
located in northern Mexico.
The drill program is currently drilling hole
SE08-92. The nine core holes reported below (see
attached drill plan for hole locations) are part of the current program
to expand the reported NI 43-101 Indicated and Inferred resources (see news
release dated January 15, 2008) for the project. The most notable intercepts
of this series of holes were encountered in hole SE08-80 which
intercepted 11.2 metres (36.73 feet) grading 3.47 gpt gold and 167.1 gpt
silver and hole SE08-79 with 15.9 metres (52.15 feet) grading 1.63 gpt gold
and 161.0 gpt silver. The detailed results are shown below.
*Conversions are based on a
ratio of 1:50 Au:Ag and assume 100% metal recovery. All numbers are
rounded.
Hole SE08-81 and SE08-82 are
located in the eastern extension on the Main Zone and represent high level
epithermal mineralization in stockwork veining with narrowing higher grade
mineralization near the surface. The stockwork zone is approximately 30 metres
wide and anomalous in Au, Ag, Ba, and Sb which are generally indicative of
the upper portions of an epithermal system. The downward extension of these
intercepts is noted in hole SE08-80 which encountered 11.2 metres of 3.47
gpt Au and 167.1 gpt Ag. Hole SE08-83 was lost due to down hole problems
and will be re-drilled.
Overall, the results for the expansion
drilling continue to show strong, continuous mineralization over
significant widths (11 to 16 metres) as drilling moves east and to depth.
Average width of the Main Zone in the eastern area is approximately 15
metres which is consistent with the rest of the deposit. Silver grades
continue to increase to the east and to depth. The Main Zone still remains
open to the east and to depth and will be further tested with the remaining
holes of the Phase II drill program. A new resource estimate is
underway with results expected in the second quarter of 2008.
Holes SE08-76, SE08-77 and
SE08-78 are considered "wild cat" holes and are outside the area
of the current resources of the Main Zone. These holes were completed in
the Ara�a Target area with results showing broad anomalous barium and
antimony with only trace gold and silver. The Company believes that the
alteration and mineralization in this area is high level epithermal in
nature and therefore above the zone of gold and silver mineralization.
Previously unreported hole
number SE08-69 showed an intercept of 2.2 metres in the Main Zone at
a depth of 415.8 to 418.0 metres grading 1.4% zinc and 34 gpt silver. This
intercept suggests that the Main Zone in this area is exhibiting typical
epithermal zonation characteristics with increasing base metals and decreasing
gold and silver values to depth.
The Company's current NI 43-101 compliant
resource is based on 40 drill holes and the on-going drill program is
currently drilling hole SE08-92. Including the holes reported above,
the Company has provided results for 84 holes. Detailed results for the
drilling, surface and underground sampling related to the resource
calculation can be found in numerous press releases filed on SEDAR
(sedar.com) or on the Company's web site (www.silvercrestmines.com).
The most recent resource
estimate for Santa Elena is shown in the table below:
Santa Elena
Silver and Gold Resources
1 Conforms to NI 43-101, 43101CP and current CIM
definitions for resources. All numbers are rounded. Measured resources
included in Indicated. 2 Cutoff grade is 30 gpt
Ag equivalent (0.5 gpt Au equivalent). 3
Conversion of gold to silver based on 60:1 silver to gold ratio, assumes
100% metal recovery.
All samples were analyzed at
ALS-Chemex Labs in Hermosillo, Mexico and North Vancouver, BC, Canada. N.
Eric Fier, CPG, P.Eng. and Chief Operating Officer for SilverCrest Mines
Inc. and Qualified Person for this news release has reviewed and
approved its contents.
The Santa Elena Project is located
approximately 150 kilometres northeast of Hermosillo, Sonora, Mexico and is
easily accessible with excellent local infrastructure. The Company has the
right to acquire a 100% interest in the property.
SilverCrest Mines Inc. is a
"Silver Focused" exploration and development company with a
portfolio of high grade silver deposits and exploration properties located
in Mexico and El Salvador. This property portfolio, which includes reported
indicated and inferred silver resources and substantial exploration
potential, provides an important base from which SilverCrest can develop
its corporate objective of becoming a significant silver asset based
company. The Company's immediate initiative is to acquire and develop
substantial silver resources and ultimately to operate high grade silver
mines throughout North, Central and South America.
This news release contains forward-looking
statements, which address future events and conditions, which are subject
to various risks and uncertainties. The Company's actual results, programs
and financial position could differ materially from those anticipated in
such forward-looking statements as a result of numerous factors, some of
which may be beyond the Company's control. These factors include: the
availability of funds; the timing and content of work programs; results of
exploration activities and development of mineral properties, the
interpretation of drilling results and other geological data, the
uncertainties of resource and reserve estimations, receipt and security of
mineral property titles; project cost overruns or unanticipated costs and
expenses, fluctuations in metal prices; currency fluctuations; and general
market and industry conditions.
Forward-looking statements are based on
the expectations and opinions of the Company's management on the date the
statements are made. The assumptions used in the preparation of such statements,
although considered reasonable at the time of preparation, may prove to be
imprecise and, as such, undue reliance should not be placed on
forward-looking statements.
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