Silver
Standard Resources Inc.: More High-Grade Silver Intersected at Maverick
Springs
VANCOUVER, BRITISH
COLUMBIA, Dec 11, 2008 (Marketwire via COMTEX News Network) -- Silver
Standard Resources Inc. (TSX:SSO)(NASDAQ:SSRI), as operator of the Maverick
Springs joint venture, is pleased to report successful follow-up diamond
drilling from the 2006 program in which MR-166 intersected 140 feet grading
7.65 ounces of silver per ton, including 40 feet grading 25.2 ounces of
silver per ton, and hole 167 intersected 140 feet grading 11.1 ounces of
silver per ton, including 15 feet grading 89.4 ounces of silver per ton.
Highlights of the 2008
diamond drilling program included:
- MR-182 which intersected 180 feet grading 8.1 ounces of silver
per ton and 0.009 ounces of gold per ton, including 115 feet grading 12.4
ounces of silver per ton and 0.010 ounces of gold per ton, and 25 feet
grading 51.6 ounces of silver per ton and 0.012 ounces of gold per ton;
- MR-181 which intersected 155 feet of 1.9 ounces of silver per
ton and 0.007 ounces of gold per ton;
- MR-183 which intersected 95 feet grading 2.8 ounces of silver
per ton and 0.022 ounces of gold per ton, including 55 feet grading 4.3
ounces of silver per ton and 0.032 ounces of gold per ton.
Maverick Springs is located in northeastern Nevada,
approximately halfway between Elko and Ely, at the southeast end of the
Carlin Trend belt of gold-silver deposits. Access is by a 40-kilometer
(25-mile) gravel road from Ruby Valley.
The silver-gold mineralization occurs as a Carlin-type,
sediment/carbonate-hosted disseminated deposit measuring about 2,400 meters
in length, with a width of 760 meters and a thickness of approximately 60
meters. Mineralization is open to the south and north-northwest.
Silver Standard's partner in the joint venture property is
Allied Nevada Gold Corp., which holds the rights to the gold resources.
Silver Standard holds the rights to the silver resources, which consist of
69.6 million ounces of indicated silver resources and 85.6 million ounces of
inferred silver resources. This resource does not include the results of the
2006 and 2008 drill programs.
Max Holtby, B.SC., P.Geo., senior geologist, Silver Standard
Resources Inc., is the qualified person responsible for the exploration
program at Maverick Springs.
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 Argentina or
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 of 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.
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, the availability of drill rigs, and the ability to
permit, finance and develop a mine on the property. 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. The forward-looking statements
contained in this document constitute management's current estimates as of
the date of this release with respect to the matters covered herein. The
companies 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 the managements on the date the statements are
made, and the companies do not assume any obligation to update
forward-looking statements if circumstances or managements' beliefs,
expectations or opinions should change. For these reasons, investors should
not place undue reliance on forward-looking statements.
Selected Maverick Springs Diamond Drill Results - December 2008
From To Interval(i) Silver Gold
(feet) (feet) (feet) (oz./ton) (oz./ton)
MR-181 114488E 675.0 830.0 155.0 1.9 0.007
581955N incl. 685.0 695.0 10.0 6.9 0.006
incl. 705.0 715.0 10.0 4.8 0.010
MR-182 114482E 745.0 925.0 180.0 8.1 0.009
581969N incl. 745.0 860.0 115.0 12.4 0.010
incl. 780.0 805.0 25.0 51.6 0.012
MR-183 114590E 645.0 740.0 95.0 2.8 0.022
582434N 685.0 740.0 55.0 4.3 0.032
705.0 730.0 25.0 6.1 0.038
MR-184 114393E 725.0 765.0 40.0 3.0 0.011
582552N incl. 750.0 760.0 10.0 10.6 0.030
885.0 905.0 20.0 4.1 0.001
MR-185 114934E 675.0 700.0 25.0 4.2 0.011
582657N incl. 680.0 690.0 10.0 7.9 0.012
725.0 745.0 20.0 1.7 0.016
(i) True thickness to be determined. Max H. Holtby, B.Sc., P. Geo., and
senior geologist, Silver Standard Resources Inc., is the Qualified
Person (QP) responsible for the Maverick Springs exploration program
and has verified the data in the table above. All samples were
submitted for preparation and analysis by ALS Chemex at its facilities
in Reno, Nevada, and Vancouver, B.C. All samples were analyzed using
four acid digestion with ICP finish. Samples over 100 ppm silver were
reanalyzed by 30g fire assay with a gravimetric finish. Gold was
analyzed by 30g fire assay with an AA finish. One in 20 samples were
blind duplicate assayed at ALS Chemex in Vancouver, B.C.
(Source: Silver Standard Resources Inc.)
SOURCE: Silver Standard Resources Inc.
Silver Standard Resources Inc.
Robert A. Quartermain
President
(604) 689-3846
(604) 689-3847 (FAX)
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