SilverCrest Mines Inc.

SilverCrest Mines Inc.

January 09, 2008 08:00 ET

SilverCrest Continues to Intercept High Grade Gold and Silver at the Santa Elena Project, Mexico

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Jan. 9, 2008) - SilverCrest Mines Inc. (the "Company") (TSX VENTURE:SVL) is pleased to report results for the next series of core holes of an "expanded" Phase II drill program at its Santa Elena Project located in northern Mexico. The Santa Elena Project is located approximately 150 kilometres northeast of Hermosillo, Sonora, Mexico and is easily accessible with excellent local infrastructure. The Company has the right to acquire a 100% interest in the property.

The drill program is currently drilling hole SE07-67. These 10 core holes reported below (see attached drill plan for hole locations) are part of the current program to in-fill and expand the newly reported NI 43-101 Indicated and Inferred resources (see news release dated November 15, 2007) for the project. The most notable intercepts of this series of holes were encountered in hole SE07-56 which intercepted 36 metres (118.1 feet) grading 2.46 gpt gold and 49.33 gpt silver (197.18 gpt or 5.75 opt silver and silver equivalent) and hole SE07-54 with 19.7 metres (35.1 feet) grading 5.29 gpt gold and 106.7 gpt silver (525 gpt or 15.6 opt silver and silver equivalent). The detailed results are shown below and the hole locations are shown on the attached figure.

To view the map accompanying this release please click on the following link:

Weighted Average Grades
Inter- Inter- Au Ag
Drill From To val val Au Ag gpt gpt
Hole (m) (m) (m) (ft) gpt gpt equiv(i) equiv(i) Note
SE07-50 10.0 16.0 6.0 19.7 0.36 29.06 0.85 50.96 Footwall
SE07-51 8.2 16.0 7.8 25.6 0.30 35.88 0.91 54.39 Footwall
SE07-53 7.6 23.9 16.3 53.3 2.60 73.41 3.83 229.77 In-fill
SE07-54 19.0 29.7 10.7 35.1 5.29 106.75 7.08 424.57 In-fill
SE07-55 15.8 22.3 6.6 21.5 5.14 226.43 8.92 535.00 In-fill
SE07-56 25.0 61.0 36.0 118.1 2.46 49.28 3.29 197.18 In-fill
SE07-57 23.0 30.6 7.6 24.9 0.89 31.54 1.42 85.03 In-fill
SE07-58 28.5 32.3 3.8 12.5 1.58 49.33 2.40 144.23 In-fill

(i) Conversions are based on a ratio of 1:60 Au:Ag and assume 100% metal
recovery. All numbers are rounded.

The in-fill holes show excellent widths and grades and continue to define the high grade zone within the potentially open pit resource. The results of these holes also begin to establish a basis for potential underground resources.

Holes 50 and 51 were drilled in the Footwall Zone immediately adjacent to the Santa Elena Main Zone. The Footwall Zone consists mainly of quartz stockwork in shears and structures that are generally perpendicular to the Main Zone. This drilling intercepted mineralization with an estimated true width of 14 metres with an average grading approximately 85 gpt (2.5 opt) silver equivalent. The Footwall Zone appears to have a strike length of 400m with a down dip length of 30 to 50 metres. Holes number SE07-49 and SE07-52 were drilled beyond significant mineralization within Footwall Zone and reported minor silver and gold values. All samples were analyzed at ALS-Chemex Labs in Hermosillo, Mexico and North Vancouver, BC, Canada.

The most recent resource estimate for Santa Elena is shown in the table below:

Santa Elena Silver and Gold Resources
Resource Ag Au
Property Category(1) Tonnes gpt gpt Tons
Santa Indicated 7,378,300 74.20 1.81 8,133,200
Elena(2) Inferred 2,608,000 73.06 1.37 2,874,800

Contained Contained Contained
Resource Ag Au Silver Gold Silver Equiv.
Property Category(1) opt opt Ounces Ounces Ounces(3)
Santa Indicated 2.16 0.053 17,600,900 428,700 43,327,100
Elena(2) Inferred 2.13 0.040 6,125,700 114,800 13,016,700

(1) Conforms to NI 43-101, 43101CP and current CIM definitions for
resources. All numbers are rounded. Measured resources included in

(2) Cutoff grade is 30 gpt Ag equivalent (0.5 gpt Au equivalent).

(3) Conversion of gold to silver based on 60:1 silver to gold ratio,
assumes 100% metal recovery.

Detailed results for the drilling, surface and underground sampling related to the resource calculation can be found in numerous press releases filed on SEDAR ( or on the Company's web site (

The Main Zone still remains open to the east and to depth and will be further tested with the remaining holes of the Phase II drill program. A program of 33 line kilometres of Induced Polarization and magnetic geophysics has been completed and has defined potential extensions of the Main Zone and as well as parallel zones that have been partially identified at surface. The program results confirm the approximate 1,200 metre strike length of the Main Zone and suggest that several parallel zones are present with geophysical signatures similar to the Santa Elena Main Zone.

J. Scott Drever, President, stated; "We have re-commenced drilling the Main Zone and will test some of the newly identified geophysical targets as part of this current drill program. We anticipate doing an up-dated independent resource estimation as soon as we complete the Main Zone drilling and expect to include a further 30 to 40 drill holes in the resource up-date. Meanwhile we are finalizing the technical and economic parameters of our pre-feasibility study and are proceeding with the preparation of an Environmental Impact Study and various permitting applications for a potential open pit, heap leach operation."

N. Eric Fier, CPG, P.Eng. and Chief Operating Officer for SilverCrest Mines Inc. and Qualified Person for this news release has reviewed and approved its contents.

SilverCrest Mines Inc. is a "Silver Focused" exploration and development company with a portfolio of high grade silver deposits and exploration properties located in Mexico and El Salvador. This property portfolio, which includes reported indicated and inferred silver resources and substantial exploration potential, provides an important base from which SilverCrest can develop its corporate objective of becoming a significant silver asset based company. The Company's immediate initiative is to acquire and develop substantial silver resources and ultimately to operate high grade silver mines throughout North, Central and South America.

This news release contains forward-looking statements, which address future events and conditions, which are subject to various risks and uncertainties. The Company's actual results, programs and financial position could differ materially from those anticipated in such forward-looking statements as a result of numerous factors, some of which may be beyond the Company's control. These factors include: the availability of funds; the timing and content of work programs; results of exploration activities and development of mineral properties, the interpretation of drilling results and other geological data, the uncertainties of resource and reserve estimations, receipt and security of mineral property titles; project cost overruns or unanticipated costs and expenses, fluctuations in metal prices; currency fluctuations; and general market and industry conditions.

Forward-looking statements are based on the expectations and opinions of the Company's management on the date the statements are made. The assumptions used in the preparation of such statements, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, undue reliance should not be placed on forward-looking statements.

On Behalf of the Board of Directors of SilverCrest Mines Inc.

J. Scott Drever, President

The TSX-Venture Exchange has not reviewed and does not accept responsibility for the accuracy or adequacy of this release.

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