Silverstone Resources Corp. ("Silverstone") reports sales of 403,000 ounces of silver in the first quarter of 2008.� Silverstone has forecast fiscal 2008 silver sales of 2,155,000 ounces. �Sales for the quarter were slightly below forecast due to timing of shipments.� Silverstone purchased Q1 - 2008 production at an average cost of US$3.98 per ounce. The cost of silver is fixed at less than US$4.00 per ounce through 2010.
|
Q1 - 2008 (A) |
Fiscal Year
2008 (F) |
|
Ag (oz) |
Ag (oz) |
|
|
|
Cozamin |
306,000 |
1,300,000 |
Neves-Corvo Copper |
� 97,000 |
540,000 |
Neves-Corvo Zinc |
0 |
90,000 |
Aljustrel Zinc |
0 |
225,000 |
|
|
|
Total |
403,000 |
2,155,000 |
�������������� Note: Results for the three months ended March 31, 2008 will be reported in May 2008.
Silver Sales Forecast (1)
|
2009 (F) |
2010 (F) |
|
Ag (oz) |
Ag (oz) |
|
|
|
Cozamin |
1,500,000 |
1,500,000 |
Neves-Corvo Copper |
540,000 |
540,000 |
Neves-Corvo Zinc |
260,000 |
260,000 |
Aljustrel Zinc |
875,000 |
1,200,000 |
|
|
|
Total |
3,175,000 |
3,500,000 |
- Silver sales forecasts are based on 2007 actual metallurgical recoveries of silver to concentrates at the various operations combined with forecast grades and production and existing smelter contracts for the different concentrates.
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 or Mark Patchett, Telephone: (604) 637-8151 / Facsimile: (604) 688-2180
Email: ctomanik@silverstonecorp.com or mpatchett@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.