Silver Standard Resources Inc.
TSX : SSO
NASDAQ : SSRI

Silver Standard Resources Inc.

September 14, 2009 05:00 ET

Silver Standard Resources Inc.: Drilling Expands Snowfield Zone

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Sept. 14, 2009) - Silver Standard Resources Inc. (TSX:SSO)(NASDAQ:SSRI) is pleased to report that diamond drilling at its wholly-owned Snowfield Project continues to deliver wide intersections of gold-copper mineralization in the Snowfield Zone and expand its dimensions. The property is located 65 kilometers north of the town of Stewart and 15 kilometers southeast of Barrick's high-grade gold-silver mine at Eskay Creek.

The Snowfield Zone is the subject of an infill and exploration drilling program with four drills onsite and a minimum of 20,000 meters planned in this area of the property. The primary goals are to upgrade previously reported inferred gold resources and to better define the extent of the mineralization discovered to date. Another three drills, to complete a minimum of 8,000 meters, are focused on the Brucejack area to the south.

Of the latest 10 Snowfield Zone holes reported here, most were collared on the periphery of previously-defined, higher grade mineralization. However, MZ-41, which expands the zone 100 meters to the northwest, intersected 502 meters averaging 0.94 grams of gold per tonne (1,647 feet averaging 0.027 ounces of gold per ton) and 0.20% copper and included 120 meters averaging 1.14 grams of gold per tonne (394 feet averaging 0.033 ounces of gold per ton) and 0.24% copper.

Holes MZ-42, MZ-48 and MZ-49, drilled on section 100 meters east of the most recent resource envelope, all intersected gold-copper mineralization and expanded the zone.

The most recent resource update for the Snowfield Zone (see news release dated February 3, 2009) reported measured and indicated resources totaling 4.4 million ounces of gold and inferred resources of 14.3 million ounces of gold based on a cut-off grade of 0.5 grams of gold-equivalent/tonne.



Selected Snowfield Drill Results(i) - September 2009

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Hole No. From To Interval Gold Copper
(meters) (meters) (meters) (g/tonne) (%)
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MZ-41 25.9 528.1 502.2 0.94 0.20
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Incl. 257.0 377.0 120.0 1.14 0.24
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MZ-42 283.5 321.1 37.6 0.59 0.04
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MZ-43 41.1 137.9 96.8 0.51 0.06
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176.3 567.3 391.0 0.77 0.14
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MZ-45 (1) 3.1 697.4 694.3 0.66 0.15
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Incl. 3.1 132.5 129.4 1.01 0.17
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MZ-46 8.0 95.0 87.0 0.60 0.06
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174.0 458.0 284.0 0.96 0.19
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MZ-47 1.5 68.5 67.0 0.62 0.14
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137.7 542.0 404.5 0.61 0.14
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MZ-48 494.0 596.0 102.0 0.53 0.14
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MZ-49 162.5 315.5 153.0 0.50 0.05
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MZ-50 4.6 417.0 412.4 0.52 0.10
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(i) True thickness to be determined. (1)) Ended in mineralization. Kenneth C. McNaughton, M.A.Sc., P.Eng., and vice president, exploration, Silver Standard Resources Inc., is the Qualified Person (QP) responsible for the Snowfield exploration program and has verified the data in the table above. All samples were submitted for preparation and analysis by ALS Chemex at its facilities in Vancouver, B.C. All samples were analyzed using aqua regia digestion with ICPfinish. 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 were 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 Snowfield Project.

Silver Standard Resources Inc. is a significant silver and gold resource company making the transition from explorer to producer as well as seeking growth through exploration and development of its own projects. (Source: Silver Standard Resources Inc.)

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, future plans or future revenues, timing of development or potential expansion or improvements, are forward-looking statements as that term is defined in 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, 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 Mexico, 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 filings with the Securities and Exchange Commission.

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.

The TSX has neither approved nor disapproved of the information contained herein.

Contact Information

  • Silver Standard Resources Inc.
    Robert A. Quartermain
    President
    (604) 689-3846
    or
    Silver Standard Resources Inc.
    Paul LaFontaine
    Director, Investor Relations
    N.A. Toll Free: 1-888-338-0046 or Direct: (604) 484-8212
    invest@silverstandard.com
    www.silverstandard.com