Huldra Silver Inc.
TSX VENTURE : HDA

Huldra Silver Inc.

September 24, 2010 09:00 ET

Huldra Silver Inc. Exploration and Development Update and Announcement of Warrant Exercise

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Sept. 24, 2010) - Huldra Silver Inc. (the "Company" or "Huldra Silver") (TSX VENTURE:HDA) is Pleased to Give an Update on Current Exploration and Development Work at Treasure Mountain.

  • Target Drilling Inc. of Kamloops, BC has completed 11 of 13 planned HQ core holes on the east zone of the Treasure Mountain property, 800 metres east of the main mine, to test, at shallow depth beneath the surface exposures, for a near surface deposit that may be amenable to a small "open pit" operation as part of a permitted 10,000 tonne bulk sample. This work is a follow up on rock chip samples taken as part of a trenching program in August. (See news release dated August 25, 2010 "HULDRA SILVER INC. SAMPLES UP TO 9221g/t Ag or 268.91 oz/t Ag AT TREASURE MOUNTAIN").

  • Eleven additional rock chip samples were taken on September 12, 2010 by independent Qualified Person, Erik Ostensoe, P.Geo. These samples were taken approximately 190m and 270m east of the current drill area and submitted to the Eco Tech Laboratory in Kamloops, B.C., a full service, ISO 9001:2008 accredited, analytical laboratory for analysis. The Company is planning on drill testing this area as part of its current campaign after completing the drill work on the east zone.

  • Portal reconstruction and a vent raise have been completed on Level 1 of the main mine area, where an NI 43-101 compliant resource estimate in 2009 reported a total vein indicated resource, using a 10oz/tonne Ag cut-off, of 33,000 tonnes grading 26.68oz/tonne Ag, 4.16%Pb, and 3.8% Zn and a total vein inferred resource, using a 10oz/tonne Ag cut-off, of 120,000 tonnes grading 29.76oz/tonne Ag, 2.79%Pb, and 4.36% Zn. An underground inspection has been conducted and we will use this information to implement our mine planning and design.

  • Most of the background environmental monitoring for this year has been completed, with the exception of the final two months of water testing, in preparation for re-submitting an application for a full mining permit in early 2011. All of the work is being conducted in consultation with the British Columbia Ministries of Mines and the Environment.

Details of the Company's Treasure Mountain property can be found in its NI 43-101 Technical Report filed on SEDAR on July 21, 2009.

The Company also wishes to report that it received $171,000 from the exercise of 570,000 warrants, that were exercised into 570,000 common shares at an exercise price of $0.30 per share.

Technical information in this news release has been reviewed and approved by Erik Ostensoe, P. Geo., the Company's independent Qualified Person as defined by NI 43-101. Huldra Silver is currently working on plans to put the Treasure Mountain Project, located 3 hours east of Vancouver, BC, into development subject to permitting and financing. The Treasure Mountain Project is 100% owned by Huldra Silver Inc. and the claim holdings consist of 51 mineral tenures comprising 21 legacy claims, 100 cell units and one Crown Grant for a total of approximately 2,850 hectares (7,000 acres).

The Company is also actively assessing other opportunities for acquisition and development.

On behalf of the Board of Directors

Ryan Sharp, MBA, President, CEO & Director

Disclaimer for Forward-Looking Information

Certain statements in this release are forward-looking statements, which reflect the expectations of management regarding the Company's overall business development objectives and plans. Forward-looking statements consist of statements that are not purely historical, including any statements regarding beliefs, plans, expectations or intentions regarding the future, and include discussion of the Company's planned work to be undertaken as a result of the Company's receipt of the Mines Act Permit, and that the Company intends to put the Treasure Mountain Project into development. Such statements are subject to risks and uncertainties that may cause actual results, performance or developments to differ materially from those contained in the statements. No assurance can be given that any of the events anticipated by the forward-looking statements will occur or, if they do occur, what benefits the Company will obtain from them. These forward-looking statements reflect management's current views and are based on certain expectations, estimates and assumptions which may prove to be incorrect. A number of risks and uncertainties could cause the Company's actual results to differ materially from those expressed or implied by the forward-looking statements, including: (1) a downturn in general economic conditions in North America and internationally, (2) the inherent uncertainties and speculative nature associated with silver exploration, (3) a decreased demand for silver, (4) any number of events or causes which may delay exploration and development of the Company's property interests, such as environmental liabilities, weather, mechanical failures, safety concerns and labour problems, (5) the risk that the Company does not execute its business plan, (6) inability to finance operations and growth, (7) inability to obtain all necessary permitting and financing, and (8) other factors beyond the Company's control. These forward-looking statements are made as of the date of this news release and the Company assumes no obligation to update these forward-looking statements, or to update the reasons why actual results differed from those projected in the forward-looking statements, except in accordance with applicable securities laws. Additional information about the Company and these and other assumptions, risks and uncertainties is available in the Company's public filings with Canadian securities regulators, available on SEDAR at www.sedar.com.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.

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