Silver Standard Resources Inc.
TSX : SSO
NASDAQ : SSRI

Silver Standard Resources Inc.

September 07, 2005 09:00 ET

Silver Standard Extends Strike Length of the Breccia Ridge Zone at Pitarrilla Silver Project in Mexico

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Sept. 7, 2005) - Silver Standard Resources Inc. (TSX:SSO)(NASDAQ:SSRI) is pleased to report that ongoing drilling at its wholly-owned Pitarrilla project in Mexico has been successful in substantially extending the strike length of the Breccia Ridge/South Ridge Zone, defining the Javelina Creek Zone and intersecting a fifth silver zone. The wholly-owned property is located approximately 150 kilometers (90 miles) north of Durango City in the state of Durango and is easily accessible by road.

Highlights from the ongoing program include:

- Diamond drill hole PD-30 at Breccia Ridge which intersected:

- 275 feet averaging 3.8 ounces of silver per ton (83.8 meters averaging 130.2 grams of silver per tonne), 1.55% zinc and 0.58% lead, including 92.5 feet of 9.0 ounces of silver per ton (28.2 meters averaging 308.6 grams of silver per tonne), 1.03% zinc and 0.74% lead;

- Diamond drill hole PD-33 on South Ridge which intersected:

- 250 feet averaging 2.7 ounces of silver per ton (76.2 meters averaging 93.8 grams of silver per tonne);

- Reverse circulation hole BP-140 on South Ridge which intersected:

- 141.1 feet averaging 7.8 ounces of silver per ton (43 meters averaging 266.5 grams of silver per tonne), including 29.5 feet of 21.9 ounces of silver per ton (9.0 meters averaging 751.9 grams of silver per tonne); and,

- Reverse circulation hole BP-167 at the Saddle Zone, a new silver zone located approximately 500 meters north of Breccia Ridge, which intersected:

- 91.9 feet averaging 4.5 ounces of silver per ton (28.0 meters averaging 154.0 grams of silver per tonne).

Drilling between the previously designated Breccia Ridge and South Ridge zones intersected mineralization, linking the two zones and extending the total strike length to over 1,100 meters. The combined zone is open along strike and at depth.

The company has also completed infill drilling at the recently discovered Javelina Creek Zone. This zone of near-surface mineralization, which measures approximately 200 meters by 300 meters, is located about one kilometer northeast of the Breccia Ridge Zone.

With the newly discovered Saddle Zone intersected in hole BP-167, the Pitarrilla project now hosts five drill-defined zones of silver mineralization and includes the Cordon Colorado and Pena Dyke zones (for which resource estimates have been completed), Breccia Ridge/South Ridge, Javelina Creek, and Saddle zones.

Exploration work for the remainder of 2005 will be concentrated on extension and infill drilling of the Breccia Ridge/South Ridge Zone, further drilling at the Saddle Zone, and detailed examination of other areas nearby where anomalous values in silver and gold have been identified.

Silver Standard reported the discovery of silver mineralization at Pitarrilla in late 2003. Last fall, following 129 reverse circulation drill holes at the Cordon Colorado and Pena Dyke zones, the company reported indicated silver resources totaling 16.5 million tonnes grading 113.5 grams of silver per tonne (60.2 million ounces of silver) and inferred silver resources of 4.8 million tonnes grading 85.1 grams of silver per tonne (13.1 million ounces of silver). Engineering studies and metallurgical testwork are ongoing.

Kenneth C. McNaughton, M.A.Sc., P.Eng., vice president, exploration, Silver Standard Resources Inc., is the qualified person responsible for the exploration program at Pitarrilla.

Silver Standard Resources Inc. is a well-financed silver resource company with $29.7 million in cash, and 1.95 million ounces of physical silver, marketable securities and other investments valued at $21.9 million at August 31, 2005. The company continues to seek resource growth through acquisitions and exploration and development of its own projects.

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. The TSX has neither approved nor disapproved of the information contained herein. The statements that are not historical facts are forward-looking statements involving known and unknown risks and uncertainties which could cause actual results to vary considerably from these statements. The risks and uncertainties include those described in Silver Standard's SEC Form 20F as amended.

Cautionary note to U.S. investors concerning disclosure of estimates of mineral resources and contained ounces of silver: The terms "indicated resource" and "inferred 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 under the guidelines set out in the Canadian Institute of Mining, Metallurgy and Petroleum (the "CIM") Standards on Mineral Resources and Mineral Reserves, adopted by the CIM Council on August 20, 2000 as may be amended from time to time by the CIM. 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 indicated category will ever be converted into reserves. "Inferred resources" have a great amount of uncertainty as to their existence, and great uncertainty as to their economic and legal 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 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 resource exists, or is economically or legally mineable.

Disclosure of silver resources expressed in ounces in the mineral resource category in this news release is in compliance with National Instrument 43-101, but does not meet the requirements of Industry Guide 7, Description of Property by Issuers Engaged or to be Engaged in Significant Mining Operations, of the SEC, which will accept only the disclosure of tonnage and grade estimates for non-reserve mineralization.



Selected Pitarrilla Drill Results - September 2005(i)

Sil-
Hole Dip/ Inter- Silver Inter- ver
No. Location Azimuth From To val Grade val Grade
(in (in
(in (in (in grams/ (in oz./
(UTM) meters) meters) meters) tonne) feet) ton)
Breccia Ridge/South Ridge Zones
PD-28
(1) 503780E 50 0.0 88.8 88.8 58.3 291.2 1.7
2811179N degrees/
246
degrees
incl. 53.3 71.6 18.3 94.9 60.0 2.8
and 125.0 216.4 91.4 99.4 300.0 2.9
incl. 179.3 199.7 20.3 225.3 66.7 6.6
and 216.4 285.0 68.6 31.7 225.0 0.9
PD-29 503732E 50 73.3 93.0 19.7 49.5 64.5 1.4
2811255N degrees/
245
degrees
PD-30 503793E 65 103.6 129.5 26.0 55.8 85.2 1.6
2811251N degrees/
247.5
degrees
and 146.3 230.1 83.8 130.2 275.0 3.8
incl. 162.3 190.5 28.2 308.6 92.5 9.0
and 333.8 336.8 3.0 920.3 10.0 26.8
PD-31 503864E 50 33.3 64.0 30.8 44.9 100.9 1.3
2810948N degrees/
244.5
degrees
137.6 164.3 26.7 49.7 87.7 1.4
PD-32 503964E 50 111.3 153.9 42.7 77.7 140.0 2.3
2811036N degrees/
244
degrees
284.0 306.3 22.3 40.2 73.3 1.2
PD-33 504063E 65 15.2 24.1 8.9 94.2 29.1 2.7
2810729N degrees/
246
degrees
157.0 233.2 76.2 93.8 250.0 2.7
PD-34 504169E 60 29.8 74.8 45.0 149.1 147.7 4.3
2810569N degrees/
245
degrees
86.9 98.0 11.1 53.6 36.5 1.6
PD-35 503720E 50 112.8 144.8 32.0 23.0 105.0 0.7
2811403N degrees/
240
degrees
193.6 224.1 30.5 27.8 100.1 0.8
PD-36 503988E 50 103.6 120.1 16.5 36.3 54.1 1.1
2810910N degrees/
245
degrees
254.2 266.4 12.2 43.4 40.0 1.3
PD-37 504147E 50 68.9 72.6 3.7 221.6 12.0 6.5
2810280N degrees/
51
degrees
127.9 144.8 16.9 139.1 55.3 4.1
295.9 305.8 9.9 40.9 32.5 1.2
BP-140 504108E 60 0.0 43.0 43.0 266.5 141.1 7.8
2810638N degrees/
245
degrees
incl. 11.0 20.0 9.0 751.9 29.5 21.9
BP-141 504194E 50 No significant mineralization
2810566N degrees/
65
degrees
BP-142 504166E 60 25.0 66.0 41.0 163.0 134.5 4.8
2810570N degrees/
245
degrees

Saddle Zone
BP-167 503957E 50 18.0 46.0 28.0 154.0 91.9 4.5
2811894N degrees/
270
degrees

Javelina Creek Zone
BP-144 504666E 50 0.0 26.0 26.0 108.4 85.3 3.2
2811637N degrees/
120
degrees
81.0 88.0 7.0 96.1 23.0 2.8
BP-145 504598E 50 1.0 25.0 24.0 217.2 78.7 6.3
2811674N degrees/
120
degrees
45.0 90.0 45.0 149.0 147.6 4.3
BP-146 504389E 50 3.0 46.0 43.0 69.0 141.1 2.0
2811878N degrees/
305
degrees
58.0 86.0 28.0 75.3 91.9 2.2
BP-147 504331E 50 6.0 17.0 11.0 117.2 36.1 3.4
2811855N degrees/
270
degrees
86.0 89.0 3.0 55.5 9.8 1.6
BP-148 504262E 50 31.0 44.0 13.0 62.7 42.7 1.8
2811945N degrees/
305
degrees
52.0 70.0 18.0 76.6 59.1 2.2
74.0 85.0 11.0 66.5 36.1 1.9
BP-149 504408E 45 No significant mineralization
2811789N degrees/
115
degrees
BP-150 504424E 50 0.0 24.0 24.0 75.0 78.7 2.2
2811716N degrees/
300
degrees
BP-151 504560E 50 0.0 6.0 6.0 89.4 19.7 2.6
2811637N degrees/
330
degrees
32.0 35.0 3.0 118.3 9.8 3.4
59.0 68.0 9.0 38.3 29.5 1.1
BP-152 504633E 50 27.0 77.0 50.0 198.8 164.0 5.8
2811593N degrees/
330
degrees
BP-153 504624E 50 0.0 8.0 8.0 139.3 26.2 4.1
2811571N degrees/
150
degrees
BP-154 504303E 50 No significant mineralization
2811727N degrees/
125
degrees
BP-155 504427E 50 34.0 37.0 3.0 217.9 9.8 6.4
2811497N degrees/
120
degrees
48.0 52.0 4.0 78.8 13.1 2.3
BP-156 504483E 50 9.0 50.0 41.0 93.8 134.5 2.7
2811455N degrees/
120
degrees
BP-157 504531E 50 0.0 6.0 6.0 134.6 19.7 3.9
2811439N degrees/
120
degrees
14.0 24.0 10.0 51.8 32.8 1.5
BP-158 504457E 50 46.0 68.0 22.0 37.0 72.2 1.1
2811538N degrees/
120
degrees
83.0 88.0 5.0 51.9 16.4 1.5
BP-159 504516E 50 6.0 13.0 7.0 197.5 23.0 5.8
2811494N degrees/
120
degrees
BP-160 504590E 50 0.0 14.0 14.0 283.2 45.9 8.3
2811469N degrees/
120
degrees
BP-161 504663E 50 0.0 12.0 12.0 89.1 39.4 2.6
2811471N degrees/
120
degrees
35.0 45.0 10.0 46.4 32.8 1.4
75.0 80.0 5.0 92.5 16.4 2.7
BP-162 504725E 50 No significant mineralization
2811281N degrees/
160
degrees
BP-163 504820E 50 0.0 15.0 15.0 32.3 49.2 0.9
2811236N degrees/
160
degrees
BP-164 505024E 75 7.0 13.0 6.0 50.5 19.7 1.5
2811124N degrees/
150
degrees
BP-165 504786E 75 0.0 25.0 25.0 96.4 82.0 2.8
2811251N degrees/
150
degrees
incl. 6.0 20.0 14.0 117.1 45.9 3.4
BP-166 504991E 50 2.0 12.0 10.0 81.4 32.8 2.4
2812121N degrees/
270
degrees
33.0 45.0 12.0 273.4 39.4 8.0
BP-168 504574E 50 0.0 4.0 4.0 66.6 13.1 1.9
2811536N degrees/
300
degrees
BP-169 504623E 50 0.0 13.0 13.0 113.4 42.7 3.3
2811505N degrees/
300
degrees
0.0 5.0 5.0 203.8 16.4 5.9
63.0 68.0 5.0 81.9 16.4 2.4
BP-170 504679E 50 No significant mineralization
2811491N degrees/
300
degrees
BP-171 504628E 50 0.0 12.0 12.0 125.6 39.4 3.7
2811468N degrees/
120
degrees
68.0 88.0 20.0 59.4 65.6 1.7
BP-172 504594E 50 6.0 9.0 3.0 66.5 9.8 1.9
2811426N degrees/
120
degrees
BP-173 504230E -50 49.0 51.0 2.0 110.0 6.6 3.2
2811805N degrees/
120
degrees
BP-174 504120E -50 No significant mineralization
2811900N degrees/
120
degrees
BP-175 504290E -50 48.0 51.0 3.0 89.2 9.8 2.6
2811910N degrees/
300
degrees
67.0 69.0 2.0 165.5 6.6 4.8
85.0 89.0 4.0 115.1 13.1 3.4
BP-176 504480E -50 48.0 53.0 5.0 101.1 16.4 2.9
2811680N degrees/
300
degrees
64.0 84.0 20.0 88.2 65.6 2.6
97.0 102.0 5.0 95.8 16.4 2.8
BP-177 504562E -50 0.0 18.0 18.0 87.2 59.1 2.5
2811638N degrees/
40
degrees
48.0 57.0 9.0 152.1 29.5 4.4
67.0 83.0 16.0 53.1 52.5 1.5
(i) True thicknesses to be determined.
(1) Top of PD-28 previously reported.


Kenneth C. McNaughton, M.A.Sc., P.Eng., and vice president, exploration, Silver Standard Resources Inc., is the Qualified Person (QP) responsible for the Pitarrilla exploration program and has verified the data in the table above. All assays were submitted for preparation and analysis by ALS Chemex at its facilities in Guadalajara, Mexico (preparation) and Vancouver, B.C. (analysis). All samples were analyzed using three acid digestion with ICP finish. Samples over 100 grams were reanalyzed using four acid digestion with an ore grade AA finish. Samples over 1,000 grams were fire assayed with a gravimetric finish.

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: (888) 338-0046 or Direct: (604) 484-8212
    invest@silverstandard.com
    www.silver-standard.com