Silver Mines
LSE : SVLP

February 10, 2010 05:01 ET

Drilling Report

SILVER MINES LIMITED 
10th February, 2010

Webbs Silver Project - Multiple Targets Generated From IP Geophysics

* IP Geophysics generates multiple new drilling targets
* Individual Chargeable Zones are twice the intensity and size of other targets already drilled
* Individual Chargeable Zones extend to depth and are continuous for hundreds of metres along strike
* Interpretation suggests that parallel mineralised structures exist to the east and west of main Webbs Silver mineralised envelope
* Interpretation suggests that Webbs Silver has potential to host multiple parallel silver lodes, significantly increasing potential of the project

Silver Mines Limited (ASX:SVL, PLUS:SVLP) is pleased to announce very positive results from the recently completed induced polarisation (IP) survey 
on our 100% owned Webbs Silver Project. The results highlight a number of very distinct 'chargeable' zones parallel to the known main lode structure (Map 1). 
The location, size, continuity, depth extent and shape of the new anomalies suggest that there is a high likelihood of multiple mineralised structures 
parallel to the main Webbs Silver mineralised zone, both to the east and west. 

The IP chargeability parameter relates directly to the amount of metallic minerals in the earth and these anomalous results point to areas that are 
likely to contain anomalous amounts of sulphide minerals such as zinc, lead and silver that may be related to economic accumulations of these metals.

IP geophysics has been used very successfully by SVL on the Webbs Silver Project for identifying silver mineralisation. To date, each of four previously 
identified chargeable zones which have been drilled, have encountered high grade silver mineralisation. The best of these is the Webbs Silver South 
Prospect which was originally identified in the 1960s using IP. This prospect has an inferred resource of almost five million ounces of silver.

Selected targets will be drilled in the March drilling program, which has now been increased to a 5,000m RC and 1,000m diamond program to allow for 
these very exciting new targets to be tested.

The Company sees the latest results as supporting the view that Webbs has the potential to host a significant silver resource both within and adjacent 
to the historic lodes. The Company is very excited about the new targets and the potential of the project.

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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