Silvermet Inc.
TSX VENTURE : SYI

Silvermet Inc.

November 20, 2006 11:00 ET

Silvermet Initiates Drill Program to Test Five Zinc Targets at Tufanbeyli Property Turkey

TORONTO, ONTARIO--(CCNMatthews - Nov. 20, 2006) - Silvermet Inc., (TSX VENTURE:SYI) announces today further details on the continuation of its 2006 drill program on the Tufanbeyli Zinc Project in Turkey. A reverse circulation ("RC") drilling rig was mobilized to the site commenced drilling on November 5. The drill program will continue through the fall and winter 2006-07, weather permitting.

Five target areas (Belbasi, Katarasi, Teknecik, Camlik, and Akcal) have been selected to test coincidental geological, geochemical and geophysical anomalies. Induced polarization surveys were conducted in October 2006 along a 5-kilometre trend of zinc mineralization on surface and over underground occurrences. The target areas and the zinc trends are shown on the attached plan of the area.

The drill is currently set-up at Belbasi where reportedly an approximate 100,000 tonnes of high grade (+20%) zinc material was mined from stratabound zinc oxide-carbonate mineralization that transitions to sulphide mineralization at a depth of 60 to 70 metres below surface.

Four RC holes have been completed to date with a 45-metre intersection of mineralization in one of the holes. Visual grade estimates are unreliable in zinc carbonate-oxide mineralization. Assays are pending.

Teknecik and Katarasi are on-trend north of Belbasi and show significant zinc values in surface trenches (8.2% zinc over 7 metres at Katarasi and 10.3% zinc over 9.5 metres at Teknecik). These showings and the underground workings at Belbasi are in the same limestone unit which marks a 3 kilometre long north-south trend.

At Akcal, where the summer drilling tested bedded oxide without positive results, additional holes will be drilled to test new geophysical targets and to extend the rim of the pit and its extension at depth and along strike to the north and south. Reportedly, an approximate 110,000 tonnes of plus 20 percent zinc material was mined from the historic small pits and shallow underground workings.

Camlik, which is on trend 5 kilometres north of Akcal, will be drilled during the program provided that winter road conditions allow access, otherwise it will be tested next spring.

Silvermet is in an earn-in, joint venture with Anatolia Minerals Development Limited (TSX:ANO). Anatolia acquired the mineral rights to the area and entered into the agreement with Silvermet whereby Silvermet will earn a 70% interest in the project after spending US$5.0 million and completing a feasibility study. Anatolia has large technical offices in Ankara, Turkey and conducts exploration programs for several major companies using their experienced staff of Turkish geologists and engineers. Silvermet is manager of the project and Anatolia conducts the field program at Tufanbeyli, under contract using their personnel and contractors as required.

The property is located 450 kilometres southeast of Ankara and covers an area of approximately 29,245 hectares (29.2 sq. kilometres.). The zinc mineralization is hosted in Paleozoic (Devonian) carbonate sedimentary rocks and is considered to be a typical Mississippi Valley-type deposit. The original zinc sulphide mineralization has been oxidized to form zinc oxides and zinc carbonates.

Peter T. George, P.Geo, is the Qualified Person for this project.

The information in this release may contain forward-looking information under applicable securities laws. This forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause actual results to differ materially from those implied by the forward-looking information. Factors that may cause actual results to vary material include, but are not limited to, fluctuations in commodity prices, inaccurate assumptions concerning the exploration for and development of mineral deposits, political instability, currency fluctuations, unanticipated operational or technical difficulties, changes in laws or regulations, the risks of obtaining necessary licenses and permits, changes in general economic conditions or conditions in the financial markets and the inability to raise additional financing. Readers are cautioned not to place undue reliance on this forward-looking information. Silvermet does not assume the obligation to revise or update this forward-looking information after the date of this document or to revise them to reflect the occurrence of future unanticipated events, except as may be required under applicable securities laws.

Please note: There is a map available on CCNMatthews' website at the following link: http://www.ccnmatthews.com/docs/zinc1120.pdf

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

Contact Information

  • Silvermet Inc.
    Clifford H. Frame P.Eng
    Chairman
    (416) 203-8336
    Website: www.silvermet.ca