Silver Standard Resources Inc.

Silver Standard Resources Inc.

November 16, 2005 17:01 ET

Silver Standard Reports Best Results to Date from South Ridge Zone at Pitarrilla, Mexico Silver Project

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Nov. 16, 2005) - Silver Standard Resources Inc. (TSX:SSO)(NASDAQ:SSRI) is pleased to report two more lengthy mineralized intersections from ongoing drilling at the South Ridge Zone of the company's wholly-owned Pitarrilla silver project in Mexico. The project is located approximately 150 kilometers (90 miles) north of Durango City in the state of Durango.

Significant new diamond drill holes at South Ridge include:

- PD-53 which intersected 765.2 feet averaging 6.4 ounces of silver per ton (233.2 meters averaging 219.2 grams of silver per tonne), including 146.4 feet averaging 13.2 ounces of silver per ton (44.6 meters averaging 451.7 grams of silver per tonne). PD-53 was collared perpendicular to diamond drill holes PD-50, PD-38 and PD-47 (reported previously and summarized in the attached table) and was designed to test continuity of mineralization and geologic controls along the strike of the South Ridge Zone.

- PD-55 which intersected from surface 696.2 feet averaging 3.1 ounces of silver per ton (212.1 meters averaging 106.0 grams of silver per tonne), including 267.1 feet averaging 4.2 ounces of silver per ton (81.4 meters averaging 142.7 grams of silver per tonne). PD-55 was collared parallel to PD-50, PD-38 and PD-47 which collectively test a strike length of approximately 100 meters of the South Ridge Zone.

PD-53 and PD-55 both ended in mineralization and were abandoned due to ground conditions with grades appearing to improve with depth and to the south. Drilling in the South Ridge Zone continues to intersect a thick sequence of mineralized volcanic material (tuffs, breccias and rhyolitic intrusives) with a moderate dip to the southeast. With sufficient drilling to determine continuity of mineralization, the South Ridge Zone now measures approximately 300 meters by 400 meters. The zone is open along strike and downdip.

Engineering studies and metallurgical testwork are ongoing, updated resource estimates for Cordon Colorado, Pena Dyke and initial resource estimates for Javelina Creek and South Ridge are underway. Two diamond drill rigs are currently on site and further significant results will be reported as assays for completed holes are compiled.

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 $29.0 million in cash, and 1.95 million ounces of physical silver, marketable securities and other investments valued at $26.2 million at September 30, 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 or call (888) 338-0046. 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 Diamond Drilling Results - November 2005
South Ridge Zone
Silver Silver
Inter- Grade Inter- Grade
Hole Dip/ From To val grams/ val oz./
No. Location Azimuth meters meters meters tonne feet ton
(i) 504063E 65 15.2 25.9 10.7 109.0 35.0 3.2
2810729N degrees/
and 157.0 233.2 76.2 93.8 250.1 2.7
(i) 504169E 60 29.8 74.8 45.0 149.1 147.7 4.3
2810569N degrees/
and 86.9 98.0 11.1 53.6 36.5 1.6
(i) 504083E 45 3.5 207.6 204.1 142.6 669.7 4.2
2810627N degrees/
(i) 504175E 65 56.4 188.9 132.5 146.2 434.7 4.3
2810584N degrees/
(i) 504080E 45 0.0 199.6 199.6 102.9 655.2 3.0
2810641N degrees/
incl. 0.0 10.7 10.7 285.3 35.0 8.3
(i) 504199E 75 44.2 160.0 115.8 131.6 380.1 3.8
2810556N degrees/
incl. 45.7 99.1 53.4 177.9 175.1 5.2
PD-53 504148E 45 59.4 292.6 233.2 219.2 765.2 6.4
2810662N degrees/
incl. 242.3 286.9 44.6 451.7 146.4 13.2
PD-55 504097E 45 0.0 212.1 212.1 106.0 696.2 3.1
2810592N degrees/
incl. 130.8 212.1 81.4 142.7 267.1 4.2
(i) Previously reported drill results.

Notes: PD-53 and PD-55 ended in mineralization and were abandoned due to ground conditions. Intervals do not denote true thickness, which is to be determined. 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 and Chihuahua, 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.

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

Contact Information

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