EPZ Esperanza Resources Corp.

The San Luis Joint Venture of Esperanza Silver Corporation (TSX
VENTURE:EPZ)(PINK SHEETS:ESPZF) and Silver Standard Resources Inc.
(TSX:SSO)(NASDAQ:SSRI) reports that the Joint Venture has received the necessary
permits to begin surface drilling at the San Luis Project. A drill is set to
mobilize to site within the next 10 days. The first priority will be to drill
test the BP Zone to follow up on the discovery of possible porphyry-style silver
and base metal mineralization announced in November 2007. This will be followed
by step-out drilling on the Ayelen Vein and drilling on the newly discovered
Erika and Fernanda Veins. In addition, the final permit necessary to begin
exploration tunnelling on the Ayelen Vein is expected to be received within the
next month, with tunnelling scheduled to begin in the third quarter of this
year. Reconnaissance mapping and prospecting of the 250 square kilometre
property is continuing.


The Joint Venture also reports that Esperanza has completed a review of the
independently prepared resource estimate provided to, and announced by, the
Joint Venture in its News Release dated November 15, 2007. The review has led
Esperanza to the conclusion that the estimate announced in that release may
understate the mineral resource contained in the San Luis Project. Silver
Standard subsequently commissioned an independent review, which also raised
issues with the resource estimate. The independent qualified person that
prepared the resource estimate confirms his resource estimate. To address these
matters, the Joint Venture intends to retain a different independent qualified
person to prepare a new resource estimate for the project. The new resource
estimate will incorporate all existing data, including additional drill results
not included in the previous resource estimate, and will be reported when
received.


The San Luis Property is a high-grade gold and silver discovery owned by
Esperanza (45%) and Silver Standard (55%). Silver Standard became the operator
in February 2007 and has the option to earn an 80% interest by funding all
activities to place the property into production.


About Silver Standard

Silver Standard Resources Inc. is a well-financed silver resource company that
continues to seek growth through exploration and development of its own silver
projects.


About Esperanza

Esperanza is an emerging producer focused on precious metals. Its properties
include the San Luis gold and silver joint venture in Peru and the 100% owned
Cerro Jumil gold project in Morelos State, Mexico where a resource estimate is
expected later in 2008. It is also actively exploring 17 other exploration
interests in Peru and Mexico.


QUALIFIED PERSON:

Kenneth C McNaughton, M.A.Sc., P.Eng., vice president, exploration, Silver
Standard Resources Inc., is the Qualified Person (QP) under NI 43-101
responsible for the San Luis exploration program. He has verified the data
disclosed in this news release. Field work has been conducted by joint-venture
personnel under his supervision.


Cautionary note to U.S. investors concerning disclosure of estimates of mineral
resources: The term "resource" refers to "measured resource", "indicated
resource" and "inferred resource", which are Canadian geological and mining
terms as defined in accordance with National Instrument 43-101, Standards of
Disclosure for Mineral Projects of the Canadian Securities Administrators using
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 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
measured and indicated categories will ever be converted into reserves.


"Inferred resources" have a greater amount of uncertainty as to their existence,
and greater 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.


SAFE HARBOR: Some statements in this release are forward-looking in nature. The
United States Private Securities Litigation Reform Act of 1995 provides a "safe
harbor" for certain forward-looking statements. Such statements include
statements as to the potential of the San Luis property, the ability to finance
further exploration, to permit drilling and other exploration work, the
availability of drill rigs, and the ability to permit, finance and develop a
mine on the property. The forward-looking statements involve risks and
uncertainties and other factors that could cause actual results to differ
materially, including those relating to exploration and bringing properties into
production. Please refer to a discussion of some of these and other risk factors
in Silver Standard's Annual Information Form filed with the Canadian securities
regulators and both companies' Form 20-F filed with the U.S. Securities and
Exchange. The forward-looking statements contained in this document constitute
management's current estimates as of the date of this release with respect to
the matters covered herein. The companies expect that these forward-looking
statements will change as new information is received and that actual results
will vary, possibly in material ways. Forward-looking statements are based on
the beliefs, expectations and opinions of the managements on the date the
statements are made, and the companies do not assume any obligation to update
forward-looking statements if circumstances or managements' beliefs,
expectations or opinions should change. For these reasons, investors should not
place undue reliance on forward-looking statements.


(Source: Silver Standard Resources Inc.)

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