Silverstone Announces 130% Increase in Silver Reserves at Lundin Mining's Neves-Corvo Mine
22 May 2008 - 11:00PM
Marketwired
VANCOUVER, BRITISH COLUMBIA (TSX VENTURE: SST) is pleased to
announce updated 2007 year end Mineral Reserve and Mineral Resource
estimates for Lundin Mining Corp.'s (Lundin) Neves-Corvo mine
located in Portugal. A National Instrument 43-101 compliant
technical report has been prepared for Silverstone by Qualified
Person, Mr. Neil Burns P.Geo., Lundin's Corporate Resource
Geologist. This report titled "Resource and Reserve Update
Neves-Corvo, Portugal Prepared for Silverstone Resources Corp."
dated May 2008 will be filed on www.sedar.com within 45 days.
Silver contained in proven and probable reserves at Neves-Corvo
has increased by over 130% to 91.6 million ounces from 39.3 million
ounces in 2006. Silver contained in Measured plus Indicated
resource categories, which includes reserves, has increased by 67%
to 148.8 million ounces from 89.3 million in 2006. The 2006
resource and reserve estimates were detailed in the previous
technical report prepared by Wardell Armstrong International
Limited entitled "Technical Report on the Neves Corvo Mine,
Southern Portugal" dated October 10, 2007 and filed on
www.sedar.com.
The increases in resources and reserves at Neves-Corvo are
primarily a result of exploration success, improvements in
estimation methods and the lowering of cut-off grades. A large
portion of the increase results from the first time reporting of
Measured and Indicated resources and Proven and Probable reserves
for the Lombador South zinc orebody which has been the focus of an
extensive surface exploration program by Lundin.
Silverstone purchased all the silver production from Lundin's
Neves-Corvo producing mine in Portugal for life of mine.
The following tables set forth the Silverstone updated estimated
Proven and Probable Reserves and the Mineral Resources for the
Neves-Corvo Mine as of December 31, 2007.
Current Proven and Probable Reserves for the Neves-Corvo mine
are tabulated below:
Proven and Probable Mineral Reserves (1)
--------------------------------------------------------------------------
Reserves Tonnes Copper Zinc Silver Contained
Mine Zone Category (M) % % g/t Ounces (M)
--------------------------------------------------------------------------
Neves- Copper Proven 17.18 4.43 0.89 35 19.4
Corvo
--------------------------------------------------------------------------
Probable 0.53 2.81 0.15 59 1.1
--------------------------------------------------------------------------
Proven + 17.71 4.38 0.87 36 20.5
Probable
--------------------------------------------------------------------------
Neves- Zinc Proven 19.07 0.41 6.13 66 40.5
Corvo
--------------------------------------------------------------------------
Probable 14.44 0.40 7.32 66 30.6
--------------------------------------------------------------------------
Proven + 33.51 0.41 6.64 66 71.1
Probable
--------------------------------------------------------------------------
1. Reserves for the Neves-Corvo mine are estimated using cut off grades of
4.6% zinc and 1.6% copper. The reserves are calculated by the mine
engineers under the direction of Neil Burns P.Geo., Qualified Person for
the 2007 Reserve and Resources estimates.
The Measured, Indicated and Inferred mineral resources are
presented below and include the mineral reserves tabulated
above:
Measured and Indicated and Inferred Resources (2)
--------------------------------------------------------------------------
Tonnes Copper Zinc Silver Contained
Mine Zone Category (M) % % g/t Ounces (M)
--------------------------------------------------------------------------
Neves- Copper Measured 19.24 5.14 1.00 47 28.9
Corvo
--------------------------------------------------------------------------
Indicated 1.2 3.98 1.23 54 2.1
--------------------------------------------------------------------------
Measured & 20.44 5.07 1.01 47 31.0
Indicated
--------------------------------------------------------------------------
Inferred 3.3 3.37 0.82 37 3.9
--------------------------------------------------------------------------
Zinc Measured 38.66 0.48 5.70 64 79.5
--------------------------------------------------------------------------
Indicated 17.86 0.43 7.38 67 38.3
--------------------------------------------------------------------------
Measured & 56.5 0.46 6.23 65 117.8
Indicated
--------------------------------------------------------------------------
Inferred 20.5 0.45 4.61 53 34.9
--------------------------------------------------------------------------
2. Resources for the Neves-Corvo mine are reported above cut off grades of
3.0% zinc, and 1.0% copper. The resources are estimated by the mine
geologists under the direction of Neil Burns P.Geo., Qualified Person
for the 2007 Reserve and Resource estimates.
Mr. Hugh Willson, P.Geo., Vice-President, Exploration of
Silverstone, who is a "qualified person" under National Instrument
43-101, has reviewed and approved the technical aspects of this
news release.
ABOUT SILVERSTONE
Silverstone is a Canadian based public silver mining company
with 100% of its revenue from silver production. More information
is available online at: www.silverstonecorp.com.
This press release contains "forward-looking information" that
is based on Silverstone's current expectations, estimates,
forecasts and projections. This forward-looking information
includes, among other things, statements with respect to
Silverstone's mineral discoveries, plans, outlook and business
strategy. The words "may", "would", "could", "should", "will",
"likely", "expect", "anticipate", "intend", "estimate", "plan",
"forecast", "project" and "believe" or other similar words and
phrases are intended to identify forward-looking information.
Forward-looking information is subject to known and unknown
risks, uncertainties and other factors that may cause Silverstone's
actual results, level of activity, performance or achievements to
be materially different from those expressed or implied by such
forward-looking information. Such factors include, but are not
limited to: projected sales or production rates; uncertainties
related to drilling results; the ability to raise sufficient
capital to fund exploration; changes in economic conditions or
financial markets; changes in prices for costs; litigation,
legislative, environmental and other judicial, regulatory,
political and competitive developments; technological or
operational difficulties or inability to obtain permits encountered
in connection with exploration activities; and labor relations
matters.
This list is not exhaustive of the factors that may affect our
forward-looking information. These and other factors should be
considered carefully and readers should not place undue reliance on
such forward-looking information. Silverstone disclaims any
intention or obligation to update or revise forward-looking
information, whether as a result of new information, future events
or otherwise.
The TSX Venture Exchange has neither approved or disapproved of
the contents herein.
Contacts: Silverstone Resources Corp. Chris Tomanik (604)
637-8151 Email: ctomanik@silverstonecorp.com Silverstone Resources
Corp. Mark Patchett (604) 637-8151 (604) 688-2180 (FAX) Email:
mpatchett@silverstonecorp.com Website: www.silverstonecorp.com
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