Silver Standard
Resources Inc.: Snowfield Drilling Concludes for 2010, Gold Zone Still Open
VANCOUVER, BRITISH COLUMBIA, Oct 14, 2010 (Marketwire via COMTEX
News Network) -- Silver Standard Resources Inc. (TSX:SSO)(NASDAQ:SSRI) is
pleased to report that all results from 17,976 meters of diamond drilling at
the Snowfield Project have now been received. The 2010 program was successful
in expanding known mineralization to the south and southeast. Most of the
newly defined mineralization is in areas previously classified as waste in
the Preliminary Assessment announced in September 2010 (see news release
dated September 13, 2010). The wholly-owned Snowfield Project is located 65
kilometers north of the town of Stewart in British Columbia, Canada.
The last four holes outstanding from the 2010 program (MZ-116
through MZ-119) were all drilled in the southeast extension of
copper-dominant mineralization. Table 1 includes the results from these four
holes as well as previously reported holes that together define the zone. A
highlight of the new holes included:
-- MZ-116 intersected 83 meters from surface averaging 1.45 grams of gold
per tonne and 0.44% copper. The hole ended in mineralization.
Previously reported holes included:
-- MZ-90 intersected 285 meters averaging 0.46 grams of gold per tonne and
0.28% copper; and,
-- MZ-111 intersected 109 meters from surface averaging 0.72 grams of gold
per tonne and 0.50% copper, including 48 meters averaging 1.09 grams of
gold per tonne and 0.91% copper.
The copper grades encountered in the southeast extension are
generally much higher than those reported in the Snowfield Zone mineral
resource update contained in the September 2010 Preliminary Assessment for
the combined Snowfield and Brucejack Projects. In the mineral resource
update, measured and indicated mineral resources totaled 1,095.3 million
tonnes averaging 0.63 grams of gold per tonne and 0.11% copper, and inferred
mineral resources of 847.2 million tonnes averaging 0.40 grams of gold per
tonne and 0.07% copper. See the Technical Report and Preliminary Assessment
of the Snowfield-Brucejack Project effective September 10, 2010 and the news
release dated September 13, 2010. This mineral resource update does not
include results from the 2010 program.
The 2010 Snowfield Project exploration program was part of a
completed 51,100 meter program of infill and step-out drilling on the
combined Snowfield and Brucejack Projects. A new resource estimate that
includes the 2010 drill results is anticipated in the first half of 2011.
The locations of this season's drilling relative to the
previously defined mineralization can be found in the Project section of our
web site under "Snowfield".
Kenneth C. McNaughton, M.A.Sc.,
P.Eng., Senior Vice President, Exploration, Silver Standard Resources Inc.,
is the Qualified Person responsible for Silver Standard's exploration
programs.
Silver Standard Resources Inc. is a silver mining company that
seeks growth through discovery, the development of its project pipeline, and
accretive acquisition opportunities.
Forward Looking Statements: Certain statements in this news
release are forward-looking statements within the meaning of the Private
Securities Litigation Reform Act of 1995 and forward-looking information
within the meaning of Canadian securities laws (collectively,
"forward-looking statements"). Forward-looking statements are
statements that are not historical facts and that are subject to a variety of
risks and uncertainties which could cause actual events or results to differ
materially from those reflected in the forward-looking statements.
Forward-looking statements include, without limitation, the estimation of
mineral reserves and resources, the timing and amount of estimated future
production, costs of production, and costs and timing of development of new
deposits. Such risks and uncertainties include, but are not limited to, the
timing to complete drilling programs at the Company's exploration projects;
differences in U.S. and Canadian practices for reporting mineral resources
and reserves; risks and uncertainties relating to the interpretation of drill
results and the geology, grade and continuity of our mineral deposits; the
Company's ability to raise sufficient capital to fund development; changes in
economic conditions or financial markets; uncertainty of production and cost
estimates; the Company's history of losses and expectation of future losses;
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, Australia, Canada,
Chile, Mexico, Peru, the United States and other jurisdictions in which the
Company may carry on business; technological and operational difficulties or
inability to obtain permits or land use agreements 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 most recent Form 20-F and other filings with the Securities and
Exchange Commission. The Company does not intend, and does not assume any
obligation, to update any forward-looking statements, other than as required
by applicable law.
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.)
Table 1: Selected Snowfield Zone Drill Results(1) - October 2010
----------------------------------------------------------------------------
Gold Grade
Hole From To Interval (grams/ Copper
Number (meters) (meters) (meters) tonne) Grade(%) Comments
----------------------------------------------------------------------------
MZ-90(2) 85.0 370.0 285.0 0.46 0.28 Eastern Step-out
----------------------------------------------------------------------------
incl. 241.0 272.5 31.5 0.67 0.77
----------------------------------------------------------------------------
MZ-104(2) 153.0 222.0 69.0 0.48 0.27 Eastern Step-out
----------------------------------------------------------------------------
MZ-105(2) 1.5 114.0 112.5 0.35 0.30 Eastern Step-out
----------------------------------------------------------------------------
incl. 22.5 57.0 34.5 0.66 0.46
----------------------------------------------------------------------------
MZ-111(2) 26.5 135.5 109.0 0.72 0.50 Eastern Step-out
----------------------------------------------------------------------------
incl. 82.0 129.5 47.5 1.09 0.91
----------------------------------------------------------------------------
171.5 248.0 76.5 0.18 0.15
----------------------------------------------------------------------------
MZ-116(3) 2.4 85.0 82.6 1.45 0.44 Eastern Step-out
----------------------------------------------------------------------------
170.5 306.6 136.1 0.17 0.19 End of hole
----------------------------------------------------------------------------
MZ-117 1.4 145.5 144.1 0.41 0.16 Eastern Step-out
----------------------------------------------------------------------------
206.0 240.5 34.5 0.44 0.13
----------------------------------------------------------------------------
MZ-118 2.5 34.0 31.5 0.22 0.12 Eastern Step-out
----------------------------------------------------------------------------
94.0 113.5 19.5 0.29 0.15
----------------------------------------------------------------------------
137.5 172.0 34.5 0.49 0.09
----------------------------------------------------------------------------
MZ-119 19.0 45.5 26.5 0.13 0.12 Eastern Step-out
----------------------------------------------------------------------------
70.0 156.0 86.0 0.05 0.15
----------------------------------------------------------------------------
197.0 284.0 87.0 0.33 0.18
----------------------------------------------------------------------------
(1) True thickness to be determined. (2)Previously reported. (3)Ended in
mineralization. Kenneth C. McNaughton, M.A.Sc., P.Eng., and Senior Vice
President, Exploration, Silver Standard Resources Inc., is the Qualified
Person (QP) responsible for the Snowfield Project exploration program and
has verified and supervised the preparation of the data in the table above.
All samples were submitted for preparation and analysis by ALS Chemex at its
facilities in Terrace, 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 ICP-AES 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 10 samples was
blank, one in 20 was a standard sample, and differing one in 20 samples was
a field duplicate one-quarter core assayed at ALS Chemex in Vancouver, B.C.
SOURCE: Silver Standard Resources Inc.
Silver Standard Resources Inc.
Paul LaFontaine
Director, Investor Relations
N.A. toll-free: (888) 338-0046 or Direct: (604) 484-8212
(604) 689-3847(FAX)
invest@silverstandard.com
www.silverstandard.com