SNS Silver Corp.

SNS Silver Corp.

February 05, 2010 09:15 ET

SNS Silver Continues to Hit Mineralization at Emerald Lake Gold Project

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Feb. 5, 2010) - SNS Silver Corporation ("SNS" or the "Company") (TSX VENTURE:SNS) is pleased to provide an update of the progress on its Emerald Lake Gold Project. The results have been received from the multi-phase geophysical survey completed as a precursor to the drilling program, and the preliminary interpretation of the data has been completed, a more detailed review continues. To date the company has completed 11 drill holes of a planned 17 hole drilling program, and is about to collar the 12th. Most of the holes have been mineralized and the 7th and 8th holes look particularly encouraging. The Sampling facility is now operational and sampling for assays will be starting this week. Results should be received before the end of February.

Historical records of Noramco Mining Corp. indicate that, in 1986, the Emerald Lake gold property was reported to have hosted a global geological resource of 617,000 ounces gold, contained within 2.4 million tonnes (grading 0.26 ounce per ton). The resource is considered historical in nature and as such is based on prior data and reports prepared by previous operators, not defined as required by NI 43-101. The work necessary to reclassify the resource is in process and this drilling program is a major part of it.

The current drill program is phase one of a much larger drilling program for the project. The important objectives are to confirm the presence of gold mineralization and to expand the known area of that mineralization with a longer term goal of updating historic resource to modern 43-101 standards. To date, additional mineralization, not included in the historic resource has been encountered to the east and below the former mine workings suggesting that the resource can be substantially expanded.

Additional drilling has and will take place into target areas identified by the recent geophysical survey. This activity could result in a discovery of new distinct mineralization.

Ground Geophysical Surveys

The ground based geophysics consisted of three distinct components: a magnetic survey, an IP or Induced Polarization survey, and a EM or Electromagnetic survey. The survey, performed by JVX Ltd. of Richmond, ON, was over 1,100 metres of strike length of the Banded Iron Formation which hosts the gold mineralization. The current mine area is just a little over 1000 feet of strike length along that same structure. Therefore this survey is providing new drill targets over an area 5 times as large as the current mine in the immediate vicinity of that mine and over the same type of geology. The potential for expansion of the resource as well as new discoveries is substantial.

The preliminary results of the survey have provided a number significant target anomalies, to drill test. The first three targets have been drilled and those results when received will be forwarded to JVX for inclusion in their final interpretation. By having data on the type of mineralization causing the geophysical anomalies, the geophysicists can do a far better job determining the size and extent of those structures as well as predicting far more accurately which ones may be mineralized.

JVX Ltd. has extensive experience both performing and interpreting data from these types of surveys. SNS is very pleased to have JVX as part of the exploration team at Emerald Lake.

SNS is also pleased to have Ray Lashbrook join the exploration team as well. Mr. Lashbrook has 38 years experience in mineral exploration, mine engineering and geology. He was part of Noramco's exploration and development team during the dewatering and underground drilling performed in the 1980s at Emerald Lake. Mr. Lashbrook has extensive additional experience over the past 20 plus years working on projects in Ontario, Quebec, Nevada, Arizona and Mexico carrying out geological, geophysical and geochemical exploration for precious and base metal deposits. Mr. Lashbrook is a director of Claim Lake Nickel Inc., and has been a director of other junior exploration companies.

Drilling Progress

As stated in the January 21st, 2010 news release the first three holes were completed and all have intersected mineralization. The next 5 holes have also been completed within the known historic mine area and all of those likewise encountered extensive mineralization. According to the geological team, the 7th and 8th holes were particularly strongly mineralized.

Additional Drilling and Assays

The core is in the process of being split and will begin to be shipped to the assay lab by the end of this week. According to data provided to SNS by the assay lab, the drill results should start arriving by the end of February. Based on the assay results, the geologists will determine where the final Phase One holes will be drilled. The Internationally certified Laboratory group ALS Chemex will be providing analytical services for the project. All assaying for gold will be by fire assay, with AA finish. High grade results will be subject to additional verification assays to ensure validity of the results. In addition mutli-element scans will be completed to detect the presence of other valuable metals such as silver, platinum, palladium, and tellurium, among other elements. A program of Quality Control/Quality Assurance consisting of blanks, standards and replicates will be employed by SNS in addition to the Lab's own internal controls to insure accuracy or results.

Currently the drill is being moved to a site 300 feet east of the known mineralization. Two holes will be drilled from this pad at two different dip angles. Once these two holes are completed the drill will be moved another 300 feet along strike to the east and two more holes drilled. These four holes are to test the potential extension of the mineralized zone and could result in an up to 60% increase in the area of the known mineralization. This is based purely on the ratio of the potential expansion distance relative to the size for the historic mineralization.

President and CEO, David Greenway commented on the results to date, "SNS continues to demonstrate the potential for serious expansion of the resource at Emerald lake with continual wide mineralized intersections. The presence of visible gold in the core is always particularly exciting. Our mandate has always been to demonstrate the spectacular discovery potential on this project and we are achieving that objective in what is only our first of a multi-phase campaign."

Historic Information on the Emerald Lake Project

Historical information on the Emerald Lake project, derived from the records of Noramco Mining Corp., indicate that in 1986, the property is reported to have hosted a global geological resource of 617,000 ounces gold, contained within 2.4 million tonnes (grading 0.26 ounce per ton). The resource is considered historical in nature and as such is based on prior data and reports prepared by previous operators, not defined as required by NI 43-101. The work necessary to reclassify the resource has not been completed and the resource estimates therefore, cannot be treated as NI 43-101-defined resources verified by a qualified person. This resource should not be relied upon, and there can be no assurance that any of the resources, in whole or in part, will ever become economically viable.

The deepest intercept recorded on the property cut 84 feet of 14 grams per tonne gold below 1,000 feet vertically, with many other high-grade drill intersections (0.25 ounce to 0.35 ounce per ton) located between the 600-foot elevation and the lowest elevation level at 1,000 feet.

The property is developed by five levels off of a vertical shaft to 750 feet, and two levels off of an inclined winze to 1,000 feet. All of the past production took place above 700 foot elevation. Ramp development reaches to about 800 feet vertically providing good access to evaluate the high-grade areas.

Only a 1,600-foot length of a four-mile structure has been extensively explored, and with high-grade known below the 1,000-foot level at the east end of the developed areas.

The strategic plan moving forward will be to confirm, delineate and expand the mineral resource by initiating a surface drill program followed by dewatering and rehabilitation of the existing ramp that will allow for underground drilling. SNS will then commence an extensive program to test the unexplored targets of the Emerald Lake property.

We Seek Safe Harbor.

SNS Silver Corporation (TSX VENTURE:SNS) is an exploration mining company, whose assets include a number of near term production projects in geopolitically secure Idaho, USA. The 100% owned Crescent Mine consists of 24 patented mining claims over approximately 350 acres. These adjacent properties operated independently to produce nearly 400 million ozs of silver historically and their recent merger is expected to enhance exploration opportunities on their once disputed boundary.

This press release contains certain "Forward-Looking Statements" within the meaning of Section 21E of the United States Security Exchange Act of 1934, and involves a number of risks and uncertainties. Important factors that could cause actual results to differ materially from the Company's expectations are disclosed in the Company's documents filed from time to time with the TSX Venture Exchange and the British Columbia Securities Commission. All statements, other than of historical fact, included herein are forward-looking statements that involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements.

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