Silver Standard
Resources Inc.-Snowfield and Brucejack Gold Resources: M&I-23.80 Million
Ounces, Inferred-14.91 Million Ounces
VANCOUVER, BRITISH COLUMBIA, Dec 1, 2009 (Marketwire via COMTEX
News Network) -- Silver Standard Resources Inc. (TSX:SSO)(NASDAQ:SSRI) is
pleased to report a significant increase in gold resources at the Snowfield
and Brucejack gold-silver-copper projects in northern British Columbia. For
the combined Snowfield Zone and the Brucejack Area, Measured and Indicated
gold resources increased to 23.80 million ounces and Inferred gold resources
increased to 14.91 million ounces using a cut-off grade of 0.35 grams of
gold-equivalent per tonne. The property is located 65 kilometers north of the
town of Stewart.
At the Snowfield Zone, Measured and Indicated gold resources are
19.77 million ounces and Inferred resources are 10.05 million ounces. This
zone also hosts significant copper and molybdenum with Measured and Indicated
resources of 2.3 billion pounds of copper and 174.8 million pounds of
molybdenum, and Inferred resources of 1.5 billion pounds of copper and 169.5
million pounds of molybdenum.
The Brucejack Area to date comprises six modeled deposits
including four deposits previously reported in the Sulphurets resource.
Measured and Indicated precious metals resources for the Brucejack Area
increased to 4.04 million ounces of gold and 65.4 million ounces of silver
and Inferred resources are 4.87 million ounces of gold and 71.5 million
ounces of silver. The previous Sulphurets resource was focused on the higher
grade underground mining potential while the current resource expands those
parameters to include surface bulk mining opportunities in light of higher
precious metals prices.
The Snowfield Zone resources were estimated from 134 drill holes
completed by Silver Standard totaling 56,133 meters in length. Grade capping
levels were derived for each resource domain from examination of probability
and capping graphs. Bulk density values were derived from a total of 446
measurements and applied per lithological unit. The Snowfield Zone mineral
resource estimate is contained within a volume of 880 million m cubed.
The Brucejack Area resources were estimated from 359 historical
surface drill holes, 439 historical underground drill holes, and 34 drill
holes completed by Silver Standard, for a total length of 96,150 meters.
Grade capping levels were derived for each resource domain from examination
of probability and capping graphs. A bulk density value for resource
estimation of 2.75 t/m cubed was derived from historical records and 313
measurements taken by Silver Standard. The Brucejack mineral resource
estimate is contained within a volume of 239 million m cubed.
The following tables summarize the Snowfield Zone and Brucejack
Area resources totals combined as well as separately. The mineral resource
estimates contained in this news release were prepared by Eugene Puritch,
P.Eng., F.H. Brown, M.Sc. (Eng.), CPG PrSciNat, and Antoine Yassa, P.Geo., of
P&E Mining Consultants Inc. ("P&E") of Brampton, Ontario,
independent qualified persons, as defined by National Instrument 43-101.
Table 1: Snowfield & Brucejack Projects Combined Resource Summary -
December 2009(1)
(Based on a cut-off grade of 0.35 grams of gold-equivalent/tonne)
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Contained(1)
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Tonnes Gold Silver Gold Silver
Category (millions) (g/t) (g/t) (oz in millions) (oz in millions)
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Measured 146.8 1.02 6.7 4.79 31.5
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Indicated 835.5 0.71 3.2 19.01 84.8
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M+I 982.2 0.75 3.7 23.80 116.3
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Inferred(2) 1,146.9 0.40 3.1 14.91 115.2
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(1) Mineral resources for the December 2009 estimate are defined within an
optimized pit that incorporates project metal recoveries, estimated
operating costs and metals price assumptions. Parameters used in the
estimate include metals prices (and respective recoveries) of
US$800/oz. gold (75%), US$12.00/oz. silver (73%), US$2.50/lb. copper
(85%) and US$10/lb. molybdenum (60%). The pit optimization utilized the
following cost parameters: Mining US$1.75/tonne, Processing
US$6.00/tonne and G&A US$0.80/tonne along with pit slopes of 50
degrees. Contained metal may differ due to rounding. Mineral resources
which are not mineral reserves do not have demonstrated economic
viability. The estimate of mineral resources may be materially affected
by environmental, permitting, legal, marketing, or other relevant
issues. The mineral resources in this news release were estimated using
the Canadian Institute of Mining, Metallurgy and Petroleum (CIM), CIM
Standards on Mineral Resources and Reserves, Definitions and Guidelines
prepared by the CIM Standing Committee on Reserve Definitions and
adopted by CIM Council December 11, 2005.
(2) The quantity and grade of reported inferred resources in this
estimation are uncertain in nature and there has been insufficient
exploration to define these inferred resources as an indicated or
measured mineral resource and it is uncertain if further exploration
will result in upgrading them to an indicated or measured mineral
resource category.
Table 2: Snowfield Zone Resource Summary - December 2009(1)
(Based on a cut-off grade of 0.35 grams of gold-equivalent/tonne)
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Contained(1)
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Gold Silver
Tonnes Gold Silver Copper Moly(3) (oz in (oz in
Category (millions) (g/t) (g/t) (%) (ppm) millions) millions)
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Measured 136.9 0.94 1.7 0.11 99 4.14 7.7
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Indicated 724.8 0.67 1.9 0.12 91 15.63 43.2
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M+I 861.7 0.71 1.8 0.12 92 19.77 50.9
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Inferred(2) 948.9 0.33 1.4 0.07 81 10.05 43.7
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(1) and (2) See footnotes to Table 1. (3) "Moly" refers to molybdenum.
Using a higher cut-off grade sensitivity of 0.5 grams of gold
per tonne, gold resources for the Snowfield Zone are comprised of Measured
and Indicated gold resources totalling 19.64 million ounces and Inferred gold
resources of 7.67 million ounces.
Table 3: Snowfield Zone Resource Sensitivity - December 2009(1)
(Based on a cut-off grade of 0.50 grams of gold-equivalent/tonne)
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Contained(1)
-------------------
Gold Silver
Tonnes Gold Silver Copper Moly(3) (oz in (oz in
Category (millions) (g/t) (g/t) (%) (ppm) millions) millions)
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Measured 136.8 0.94 1.7 0.11 99 4.14 7.7
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Indicated 710.3 0.68 1.9 0.12 91 15.51 42.6
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M+I 847.1 0.72 1.8 0.12 92 19.64 50.3
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Inferred(2) 639.7 0.37 1.5 0.08 89 7.67 31.3
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(1) and (2) See footnotes to Table 1. (3) "Moly" refers to molybdenum.
Using a higher cut-off grade sensitivity of 1.0 gram of gold per
tonne, gold resources for the Snowfield Zone are comprised of Measured and
Indicated gold resources totaling 13.51 million ounces and Inferred gold
resources of 0.59 million ounces.
Table 4: Snowfield Zone Resource Sensitivity - December 2009(1)
(Based on a cut-off grade of 1.0 grams of gold-equivalent/tonne)
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Contained(1)
-------------------
Gold Silver
Tonnes Gold Silver Copper Moly(3) (oz in (oz in
Category (millions) (g/t) (g/t) (%) (ppm) millions) millions)
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Measured 97.9 1.10 1.8 0.12 104 3.45 5.8
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Indicated 371.9 0.84 2.1 0.15 90 10.06 24.5
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M+I 469.8 0.89 2.0 0.14 93 13.51 30.3
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Inferred(2) 25.8 0.71 2.0 0.12 100 0.59 1.7
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(1) and (2) See footnotes to Table 1. (3) "Moly" refers to molybdenum.
In addition to significant copper and molybdenum mineralization
accompanying the precious metals, the company has also identified rhenium
associated with the molybdenum and is undertaking further test work to
determine the rhenium content of the Snowfield Zone. Preliminary
metallurgical studies are being completed. Bulk samples have been received at
the Metallurgical Laboratory which will be used for an expanded
pre-feasibility-level metallurgical program.
Brucejack Area Resource Summary - December 2009(1)
(Based on a cut-off grade of 0.35 grams of gold-equivalent/tonne)
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Contained(1)
--------------------------------
Tonnes Gold Silver Gold Silver
Category (millions) (g/t) (g/t) (oz in millions) (oz in millions)
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Measured 9.9 2.06 75.0 0.66 23.8
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Indicated 110.7 0.95 11.7 3.38 41.6
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M+I 120.5 1.04 16.9 4.04 65.4
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Inferred(2) 198.0 0.76 11.2 4.87 71.5
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(1) and (2) See footnotes to Table 1.
Using a higher cut-off grade sensitivity of 1.0 gram of gold per
tonne, gold resources for the Brucejack Area are comprised of Measured and
Indicated gold resources totaling 2.68 million ounces and Inferred gold
resources of 2.67 million ounces.
Table 5: Brucejack Area Resource Sensitivity - December 2009(1)
(Based on a cut-off grade of 1.0 grams of gold-equivalent/tonne)
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Contained(1)
--------------------------------
Tonnes Gold Silver Gold Silver
Category (millions) (g/t) (g/t) (oz in millions) (oz in millions)
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Measured 8.0 2.43 89.4 0.62 22.9
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Indicated 38.1 1.68 20.4 2.06 25.0
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M+I 46.1 1.81 32.4 2.68 47.9
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Inferred(2) 67.0 1.24 19.4 2.67 41.8
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(1) and (2) See footnotes to Table 1.
NI 43-101 technical reports prepared by P&E for each of the
Snowfield Zone and Brucejack Area will be filed by the company on SEDAR
within 45 days of this news release.
All samples for the Snowfield Zone and Brucejack Area were
submitted for preparation by ALS Chemex at its facilities in Terrace, B.C and
analysis by ALS Chemex at its facilities in Vancouver, B.C. All samples were
analyzed using multi acid digestion with ICP finish. Samples over 100 ppm
silver were reanalyzed using four acid digestion with an ore grade AA finish.
Samples over 1,000 ppm silver were fire assayed with a gravimetric finish.
Samples with over 10 ppm gold were fire assayed with a gravimetric finish.
One in 20 samples was blind duplicate assayed at ALS Chemex in Vancouver,
B.C. Kenneth C. McNaughton, M.A.Sc.,
P.Eng., Vice President, Exploration, Silver Standard Resources Inc., is the
qualified person responsible for the exploration program at the Snowfield
Zone and Brucejack Area.
Silver Standard Resources Inc. is a significant silver and gold
resource company making the transition from explorer to producer as well as
growing through exploration and development of its own projects.
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, mineral reserve and resource estimates, future plans or
future revenues, timing of development or potential expansion or
improvements, are forward-looking statements as that term is defined in
Canadian Securities legislation and 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 including changes in the
development of a secondary market for Canadian asset backed commercial paper
restructured notes, 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 places where
the company does business, 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 Form
20-F and other filings with Canadian regulators and the Securities and Exchange
Commission. Our forward-looking statements are based on the beliefs,
expectations and opinions of management on the date the statements are made,
and we do not assume any obligation to update forward-looking statements if
circumstances or management's beliefs, expectations or opinions should
change, other than as required by applicable law. For the reasons set forth
above, you should not place undue reliance on forward-looking statements.
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 or 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.
SOURCE: Silver Standard Resources Inc.
Silver Standard Resources Inc.
Robert A. Quartermain
President
(604) 689-3846
Silver Standard Resources Inc.
Paul LaFontaine
Director, Investor Relations
N.A. toll-free: (888) 338-0046 or Direct: (604) 484-8212
invest@silverstandard.com
www.silverstandard.com