Silver Mines
LSE : SVLP

October 16, 2009 04:30 ET

Drilling Report

                                                                                                  

16th October, 2009

Drilling Begins at Webbs Silver Project.

Silver Mines Limited is pleased to announce that drilling has begun at the 100% owned Webbs Silver
Project in northern NSW. The program will consist of 1,500 to 2,000m of reverse circulation (RC)
drilling designed to extend the known inferred resource to the south of the existing drilling at
the Webbs Silver South Prospect as well as to test anomalies identified through surface geophysics
(Map 1) completed earlier this year.

The surface geophysics anomalies consist of coincident electromagnetic (EM) conductivity and
induced polarisation (IP) chargeability anomalies. SVL has had excellent success to date in
identifying mineralisation through these types of anomalies and anticipates intersecting more near
surface mineralisation with these holes. The program is planned to take 2-3 weeks.


Results will be released as soon as they come to hand over the next few weeks.


Please direct any queries regarding the content of this report to Charles Straw (CEO) on +61 2
9436 0533 or cstraw@silverminesltd.com.au.

The information in this report that relates to Exploration Results is based on information
compiled by Charles Straw, consulting geologist and General Manager, who is a Member of The
Australasian Institute of Mining and Metallurgy. Charles Straw has sufficient experience which is
relevant to the style of mineralisation and type of deposit under consideration and to the
activity which he is undertaking to qualify as a Competent Person as defined in the 2004 Edition
of the 'Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore
Reserves'. Charles Straw consents to the inclusion in the report of the matters based on his
information in the form and context in which it appears.

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