Western Silver Corporation
TSX : WTC
AMEX : WTZ

Western Silver Corporation

February 03, 2006 08:00 ET

Western Silver Phase 16B Drilling Extends Penasco Mineralzation to the West

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Feb. 3, 2006) - Western Silver Corporation (TSX:WTC)(AMEX:WTZ) -

Hole W-338 mineralized for 420 meter interval averaging 0.91 g/t gold and 55 g/t silver

Western Silver Corporation today announced that assay results from Phase 16B drilling have extended the mineralized zone at Penasco by at least 150 meters to the southwest. One hole, WC-338, drilled at -60 degrees from east to west, was mineralized from 162 meters to 806 meters with a 420 meter interval (beginning at 386 meters) averaging 0.91 g/t gold, 55 g/t silver, 0.60% lead and 1.00% zinc.

Another hole, WC-334, drilled due north at -50 degrees from a point 50 meters east and 300 meters south of the WC-338 collar intersected 478 meters of mineralization beginning at a depth of 154 meters averaging 1.87 g/t gold, 31 g/t silver, 0.21% lead and 0.63% zinc. The area west and south of these holes is currently being grid drilled with four rigs and has the potential to significantly increase the size of the mineral resource at Penasco.

In total 12 holes were drilled totaling 8,146 meters. Nine of the twelve holes are located at Penasco, with two holes drilled at La Palma and one in the Azul breccia.

Two holes drilled adjacent to WC-334 at Penasco (WC-339 and WC-340) also contain strong mineralization. WC-340, drilled due north at -50 degrees from a point 100 meters north of WC-334, contains 362 meters beginning at 94 meters averaging 0.93 g/t gold, 72 g/t silver, 0.65% lead and 1.73% zinc. Included within this zone is a 10 meter interval from 352 to 362 meters averaging 8.47 g/t gold, 637 g/t silver, 0.72% lead and 7.24% zinc.

Holes WC-332, WC-335, WC-336 and WC-341 are infill holes in southern and eastern Penasco that contain thick mineralized intervals with gold values from 0.70 g/t to 1.01 g/t. Hole WC-331 was drilled due west at -60 degrees from a site 300 meters north of WC-338. The hole contains a thick section of low-grade mineralization and intersected the western breccia contact at a downhole depth of 763.6 meters. It is possible that additional drilling west of WC-331 to intersect the breccia contact at shallower levels will encounter higher grades.

Two holes at La Palma (WC-333 and WC-337) and one hole in the Azul breccia (WC-342) contain low-grade mineralization.

Assay results for holes WC-331 through WC-342 are reported in this release. Assays for three additional holes (WC-343, WC-344 and WC-345) were delayed over the Christmas break and will be reported with Phase 17 results. An updated map with hole locations may be found on Western Silver's website at www.westernsilvercorp.com.

Phase 17 drilling resumed in mid-January. Five rigs are currently operating in the Penasco area with primary focus on drilling off the southwestern zone. Phase one drilling has also commenced on the adjacent Noche Buena prospect with one rig. An updated Penasco resource calculation incorporating Phase 15 and 16 drill holes is in progress.

Dr. Thomas Patton is the qualified person responsible for the preparation of this release in accordance with NI-43-101.

Western Silver Corporation is a publicly-traded mineral exploration company focused on discovering and developing silver properties in the Americas. The Company has 100% control of one of the world's largest open pittable silver-gold-zinc-lead deposits at Penasquito, central Mexico, an area with excellent infrastructure and low political risk. An independent feasibility study has concluded that Penasquito has robust economics, significant expansion possibilities and upside, and should be developed immediately. Western Silver also has an interest in the world-class San Nicolas zinc-copper project in Mexico with Teck Cominco and owns the Carmacks Copper Project in the Yukon.

On behalf of the board,

F. Dale Corman, Chairman and C.E.O.

Statements contained in this news release that are not historical fact, such as statements regarding the economic prospects of the Company's projects, the Company's future plans or future revenues, timing of development or potential expansion or improvements, are forward-looking statements as that term is defined in the Private Securities Litigation Reform Act of 1995. Such forward-looking statements are subject to risks and uncertainties which could cause actual results to differ materially from estimated results. Such risks and uncertainties include, but are not limited to, the Company's ability to raise sufficient capital to fund development, changes in general economic conditions or financial markets, changes in prices for the Company's mineral products or increases in input costs, litigation, legislative, environmental and other judicial, regulatory, political and competitive developments in Mexico or Canada, technological and operational difficulties or inability to obtain permits encountered in connection with our exploration and development activities, labor relations matters, and changing foreign exchange rates, all of which are described more fully in the Company's filings with the Securities and Exchange Commission.



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Inte- Inte-
From To rval rval Au Ag Pb Zn
Hole Zone (m) (m) (m) (ft) (g/t)(g/t) (%) (%)
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WC- Penasco W 46.00 88.00 42.00 137.76 0.19 32 0.23 0.43
331 (i)
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458.00 884.00 426.00 1397.28 0.22 18 0.17 0.41
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WC- Penasco S 78.00 94.00 16.00 52.48 0.48 99 2.20 0.32
332 (i)
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134.00 230.00 96.00 314.88 0.44 13 0.23 0.38
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246.00 356.00 110.00 360.80 1.01 22 0.08 0.71
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WC- La Palma 348.00 354.00 6.00 19.68 1.20 114 1.13 3.19
333
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416.00 478.00 62.00 203.36 0.17 19 0.16 0.60
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WC- Penasco SW 154.00 632.00 478.00 1567.84 1.87 31 0.21 0.63
334
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includes 340.00 506.00 166.00 544.48 3.74 39 0.09 0.73
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WC- Penasco SE 72.00 268.00 196.00 642.88 0.16 16 0.22 0.43
335
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292.00 788.82 496.82 1629.57 0.80 33 0.13 0.53
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WC- Penasco NE 98.00 696.00 598.00 1961.44 0.75 21 0.23 0.50
336
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WC- La Palma 212.00 372.00 160.00 524.80 0.21 22 0.26 0.63
337
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includes 316.00 332.00 16.00 52.48 0.50 64 0.73 1.15
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WC- Penasco W 162.00 220.00 58.00 190.24 0.60 10 0.22 0.34
338
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262.00 280.00 18.00 59.04 0.06 43 0.33 0.68
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308.00 332.00 24.00 78.72 0.28 15 0.19 0.37
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386.00 806.00 420.00 1377.60 0.91 55 0.60 1.00
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includes 426.00 478.00 52.00 170.56 2.13 119 1.47 2.13
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WC- Penasco SW 102.00 430.99 328.99 1079.09 0.36 34 0.37 0.76
339
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includes 170.00 228.00 58.00 190.24 0.60 63 0.71 1.70
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WC- Penasco SW 25.50 94.00 68.50 224.68 0.24 26 0.44 0.24
340 (i)
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94.00 456.00 362.00 1187.36 0.93 72 0.65 1.73
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includes 334.00 382.00 48.00 157.44 3.30 201 1.10 4.17
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includes 352.00 362.00 10.00 32.80 8.47 637 0.72 7.24
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WC- Penasco E 9.14 90.00 80.86 265.22 0.43 43 0.19 0.16
341 (i)
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90.00 376.00 286.00 938.08 0.46 35 0.49 0.98
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408.00 814.12 406.12 1332.07 0.70 44 0.47 1.20
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WC- Azul 514.00 680.00 166.00 544.48 0.13 19 0.30 0.52
342 breccia
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(i) oxide mineralization
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Core and RC samples were prepped and analyzed by ALS Chemex. Samples
were initially run using conventional ICP analysis with an aqua regia
digestion process. All samples were also analyzed for gold and silver
using a 30 gram fire assay with gravimetric finish. A series of
property specific standards and blanks are routinely submitted with
each batch of samples. Independent laboratory check assaying is also
routinely performed on randomly selected reject samples. Samples
containing more than 1% lead or zinc were analyzed using AA with aqua
regia digestion. Samples with greater than 5 g/t gold were rerun by
screen and fire assay at ALS Chemex using new 1000 gram pulps.



The Toronto Stock Exchange has not reviewed nor accepted responsibility for the adequacy or accuracy of the contents of this news release, which has been prepared by management.

Contact Information

  • Western Silver Corporation
    Tom Patton
    President and COO
    (604) 638-2504
    or
    Western Silver Corporation
    Gerald Prosalendis
    VP Corporate Development
    (604) 638-2495
    www.westernsilvercorp.com