Silver Standard Reports Final Assays from Australian Property; Includes 16.1 Ounces of Silver per Ton Over 75.5 Feet.Business Editors VANCOUVER, British Columbia--(BUSINESS WIRE)--June 11, 2003 Silver Standard Resources Inc. is pleased to report final assays from the last 12 holes in a 19,000 meter program recently completed at its wholly-owned Bowdens silver project located in New South Wales New South Wales, state (1991 pop. 5,164,549), 309,443 sq mi (801,457 sq km), SE Australia. It is bounded on the E by the Pacific Ocean. Sydney is the capital. The other principal urban centers are Newcastle, Wagga Wagga, Lismore, Wollongong, and Broken Hill. , Australia. Similar to results from nearby holes, assays from these holes confirm high-grade silver mineralization Mineralization The process by which the body uses minerals to build bone structure. Mentioned in: Rickets mineralization, n the bioprecipitation of an inorganic substance. over significant intervals at or near surface. Almost all of the holes drilled in the Main Zone North (BGR-304 through BGR-312) intersected excellent values, particularly BGR-312, which cut 16.1 ounces of silver per ton over 75.5 feet (553 grams of silver per tonne tonne measure of weight or mass; 1 tonne=1000 kg. See also ton. over 23 meters). BGR-308, located approximately 100 meters from BGR-312, intersected 2.9 ounces of silver per ton over 311.7 feet (101 grams of silver per tonne over 95 meters), including 11.9 ounces of silver per ton over 19.7 feet (407 grams of silver per tonne over 6 meters). The best values from the Bundarra North Zone were in BGR-314 which intersected 12.1 ounces of silver per ton over 16.4 feet (415 grams of silver per tonne over 5 meters) plus 2.98% lead and 4.33% zinc. In other holes, intervals of relatively high zinc values were recorded. For example BGR-314 intersected 1.0 ounces of silver per ton over 213.3 feet (36 grams of silver per tonne over 65 meters), plus 0.99% lead and 1.88% zinc. All of the silver assays reported to date in the current drilling program were undertaken by the atomic absorption (AA) method. In early metallurgical met·al·lur·gy n. 1. The science that deals with procedures used in extracting metals from their ores, purifying and alloying metals, and creating useful objects from metals. 2. testwork, the company's consultants had recommended the use of neutron activation Neutron activation is the process in which neutron radiation induces radioactivity in materials, and occurs when nuclei capture free neutrons, becoming heavier and entering excited states. analyses (NAA NAA Nomina Anatomica Avium. ) in order to obtain more accurate values above 2.4 ounces of silver per ton (80 grams of silver per tonne), and is now standard procedure for Bowdens drill samples. Since NAA take longer to process, Silver Standard has reported only AA data for this drilling program. The use of NAA in BGR-262 has increased the initial AA results from 3.1 ounces of silver per ton to 5.0 ounces of silver per ton over 111.5 feet (from 107 grams of silver per tonne to 171 grams of silver tonne over 34 meters). While not all high-grade silver values would likely increase by such a high margin (60%), the combination of more accurate assays, the continuity of drill holes with outstanding results over significant intervals in the Main Zone North (extending at least 250 meters into Main Zone South), and higher base metal values in Bundarra North can be expected to have a positive impact on the overall grade of the Bowdens deposit. A new resource calculation is under way. Previously, Silver Standard had reported measured and indicated resources of 39.8 million tons grading 1.51 ounces of silver per ton, 0.24% lead and 0.32% zinc plus inferred resources of 25.2 million tons grading 1.24 ounces of silver per ton, 0.20% lead and 0.30% zinc. In other developments, Silver Standard reports the signing of the formal option agreement with Vista Gold Corp. concerning the Maverick Maverick family name of two brothers, Bret and Bait; self-centered and untrustworthy gentlemen gamblers. [TV: Terrace, II, 80] See : Gambling Springs project in Nevada. The terms of the option agreement were summarized in a news release dated November 7, 2002 and Silver Standard agreed to pay Vista US$300,000 on closing and contribute US$1.2 million toward exploration programs, land holding costs and option payments over four years. Maverick Springs is a Carlin-type, silver-dominant precious metals Precious Metals Valuable metals such as gold, iridium, palladium, platinum, and silver. Notes: Investing in precious metals can be done either by purchasing the physical asset, or by purchasing futures contracts for the particular metal. prospect located near Elko. Further drilling is planned this year. The company also reports issuance of 5,000 common shares of the company as part of the purchase price for surface rights at the Shafter silver project in Texas. Under TSX Venture Exchange TSX Venture Exchange Originally called the Canadian Venture Exchange (CDNX), this was a result of the merger of the Vancouver and Alberta stock exchanges. The goal of TSX Venture Exchange is to provide venture companies with effective access to capital while protecting investors. rules, the hold period for these shares expires on September 13, 2003. The acquisition of surface rights at Silver Standard's core properties is part of the company's strategy to advance their development in a cost-effective and timely way. Silver Standard is a significant silver resource company with projects in Australia, Argentina, Chile, Mexico, the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. and Canada. The company's assets now include measured and indicated resources of 300.4 million ounces of silver and 1.1 million ounces of gold, plus inferred resources of 366.7 million ounces of silver and 1.1 million ounces of gold. Silver Standard is well financed and actively advancing its portfolio with drill programs now under way and new acquisitions under investigation. Cautionary note to U.S. investors concerning disclosure of estimates of indicated resources and inferred resources and contained ounces of silver: The terms "measured and indicated resource" and "inferred resource" used in this news release are Canadian mining terms as defined in accordance with National Instrument 43-101, Standards of Disclosure for Mineral Projects under the guidelines guidelines, n.pl a set of standards, criteria, or specifications to be used or followed in the performance of certain tasks. set out in the Canadian Institute of Mining, Metallurgy and Petroleum The Canadian Institute of Mining, Metallurgy and Petroleum (CIM) is a technical society of professionals in the Canadian minerals, metals, materials and energy industries. It was founded in 1898. In 2006, the organization had 12,000 national members. (the "CIM (1) (Computer-Integrated Manufacturing) Integrating office/accounting functions with automated factory systems. Point of sale, billing, machine tool scheduling and supply ordering are part of CIM. ") Standards on Mineral Resources Noun 1. mineral resources - natural resources in the form of minerals natural resource, natural resources - resources (actual and potential) supplied by nature 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 required under Canadian regulations, the U.S. Securities and Exchange Commission (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 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 minable. Disclosure of silver resources expressed in ounces in the measured and indicated resource categories and the inferred resource category in this news release is in compliance with National Instrument 43-101, but does not meet the requirements of Industry Guide 7 of the SEC, which will accept only the disclosure of tonnage TONNAGE, mar. law. The capacity of a ship or vessel. 2. The act of congress of March 2, 1799, s. 64, 1 Story's L. U. S. 630, directs that to ascertain the tonnage of any ship or vessel, the surveyor, &c. and grade estimates for non-reserve mineralization. To receive Silver Standard's news releases by e-mail, contact Paul LaFontaine, director, investor relations Investor relations The process by which the corporation communicates with its investors. at invest@silverstandard.com or call (888) 338-0046. The statements that are not historical facts are forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. 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.
Selected Bowdens Drill Results - May 2003 (b)
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Inter- Sil- Inter- Sil-
Hole North- East- From To val ver val ver Lead Zinc
No. ing ing (met- (met- (met- (in (feet) (in (in (in
res) res) res) g/t) oz/ %) %)
ton)
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Main Zone North
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BGR-
304 10575 15370 87 96 9 126 29.5 3.7 0.48 0.18
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112 151 39 71 128.0 2.1 0.36 0.31
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incl. 140 150 10 138 32.8 4.0 0.60 0.57
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167 243 76 82 249.3 2.4 0.23 0.21
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incl. 239 241 2 653 6.6 19.0 0.33 0.03
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BGR-
305 10550 15375 66 115 49 175 160.8 5.1 0.40 0.10
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incl. 82 90 8 499 26.2 14.5 0.78 0.18
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incl. 99 104 5 430 16.4 12.5 0.84 0.05
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144 216 72 94 236.2 2.7 0.48 0.31
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incl. 144 162 18 203 59.1 5.9 1.24 0.35
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BGR-
306 10525 15390 67 98 31 132 101.7 3.8 0.30 0.14
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incl. 71 75 4 561 13.1 16.4 0.45 0.06
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119 130 11 138 36.1 4.0 0.60 0.66
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incl. 123 126 3 361 9.8 10.5 1.26 1.37
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137 177 40 156 131.2 4.5 0.57 0.44
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incl. 154 157 3 1,371 9.8 40.0 3.15 0.81
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BGR-
307 10500 15375 77 115 38 192 124.7 5.6 0.57 0.25
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incl. 80 97 17 367 55.8 10.7 0.78 0.31
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incl. 87 92 5 885 16.4 25.8 1.65 0.61
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126 158 32 99 105.0 2.9 0.57 0.20
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incl. 127 130 3 220 9.8 6.4 1.93 0.21
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incl. 144 149 5 243 16.4 7.1 0.99 0.44
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BGR-
308 10475 15350 50 145 95 101 311.7 2.9 0.49 0.30
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incl. 89 94 5 392 16.4 11.4 1.07 0.29
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incl. 126 132 6 407 19.7 11.9 1.46 0.82
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BGR-
309 10475 15275 34 66 32 139 105.0 4.1 0.54 0.61
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incl. 41 48 7 440 23.0 12.8 0.81 0.52
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BGR-
310 10475 15275 38 63 25 114 82.0 3.3 0.57 0.76
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incl. 43 46 3 283 9.8 8.3 0.79 1.90
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incl. 54 60 6 229 19.7 6.7 0.92 0.83
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BGR-
311
(a) 10475 15300 57 63 6 131 19.7 3.8 0.31 0.64
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69 83 14 206 45.9 6.0 1.03 0.80
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BGR-
312 10550 15340 75 98 23 553 75.5 16.1 0.87 0.21
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incl. 77 87 10 1,079 32.8 31.5 1.34 0.25
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incl. 77 80 3 2,207 9.8 64.4 2.37 0.24
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104 113 9 190 29.5 5.5 0.38 0.11
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144 192 48 67 157.5 2.0 0.29 0.21
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incl. 181 191 10 128 32.8 3.7 0.57 0.34
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Bundarra North Zone
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BGR-
313
(a) 10475 14975 46 73 27 36 88.6 1.0 1.16 0.33
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128 181 53 39 173.9 1.1 0.37 0.80
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incl. 161 175 14 78 45.9 2.3 0.47 1.18
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BGR-
314 10450 14975 19 38 19 12 62.3 0.3 0.35 0.63
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49 75 26 9 85.3 0.3 0.25 0.50
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134 139 5 415 16.4 12.1 2.98 4.33
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139 193 54 19 177.2 0.6 0.39 0.65
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BGR-
315 10475 14950 34 39 5 147 16.4 4.3 0.72 0.76
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54 119 65 36 213.3 1.0 0.99 1.88
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incl. 78 82 4 85 13.1 2.5 1.80 3.00
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incl. 108 115 7 107 23.0 3.1 1.56 4.11
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(a) Holes ending in mineralization. (b) Ian J. Pringle, PhD, Geology, and manager, Silver Standard Australia Pty Limited, is the Qualified Person (QP) responsible for the Bowdens exploration program and has verified the data in the table above. Sample preparation of the reverse circulation percussion percussion /per·cus·sion/ (per-kush´un) the act of striking a part with short, sharp blows as an aid in diagnosing the condition of the underlying parts by the sound obtained. (BGR BGR Bundesanstalt für Geowissenschaften und Rohstoffe (in Federal Republic of Germany) BGR Bulgaria (ISO Country code) BGR Blue Green Red (uncommon variant of RGB) holes) drill chips (sampled at one-meter intervals) was done at ALS Als (äls), Ger. Alsen, island, 121 sq mi (313 sq km), Sønderjylland co., S Denmark, in the Lille Bælt, separated from the mainland by the narrow Alensund. Chemex's Orange facility. Assays were undertaken at ALS Chemex's Brisbane laboratory by ore grade Ore grade is a measure that describes the concentration of a valuable natural material (such as metals or minerals) in its surrounding ore. Ore grade is used to assess the economic feasibility of a mining operation: the cost of extracting a natural material from its ore is directly digestion digestion Process of dissolving and chemically converting food for absorption by cells. In the mouth, food is chewed, mixed with saliva, which begins to break down starches, and kneaded by the tongue into a ball for swallowing. method OG-46 (predigestion predigestion /pre·di·ges·tion/ (-di-jes´chun) partial artificial digestion of food before its ingestion. predigestion, n in nitric acid nitric acid, chemical compound, HNO3, colorless, highly corrosive, poisonous liquid that gives off choking red or yellow fumes in moist air. It is miscible with water in all proportions. , evaporated evaporated reduced in volume by evaporation; concentrated to a denser form. residue residue n. in a will, the assets of the estate of a person who has died with a will (died testate) which are left after all specific gifts have been made. Typical language: "I leave the rest, residue and remainder [or just residue] of my estate to my grandchildren. leached in strong hydrochloric acid hydrochloric acid: see hydrogen chloride. hydrochloric acid or muriatic acid Solution in water of hydrogen chloride (HCl), a gaseous inorganic compound. and ammonium acetate Ammonium acetate is a chemical compound with the formula NH4C2H3O2. It is a white solid, which can be derived from the reaction of ammonia and acetic acid. It is available commercially, and depending on grade, can be rather inexpensive. with addition of a complexing agent, sodium thiosulphate Thi`o`sul´phate n. 1. (Chem.) A salt of thiosulphuric acid; - formerly called hyposulphite ltname>. ). Elemental elemental emanating from or pertaining to elements. elemental diet see elemental diet. concentrations were measured by AAS with a gravimetric gravimetric /grav·i·met·ric/ (grav?i-me´trik) pertaining to measurement by weight; performed by weight, as a gravimetric method of drug assay. grav·i·met·ric adj. 1. finish. The ALS Chemex QC protocol requires that each batch of 50 samples analysed include a reagent reagent /re·a·gent/ (re-a´jent) a substance used to produce a chemical reaction so as to detect, measure, produce, etc., other substances. re·a·gent n. blank, three replicate rep·li·cate v. 1. To duplicate, copy, reproduce, or repeat. 2. To reproduce or make an exact copy or copies of genetic material, a cell, or an organism. n. A repetition of an experiment or a procedure. determinations and two standard materials. Samples exhibiting anomalous a·nom·a·lous adj. 1. Deviating from the normal or common order, form, or rule. 2. Equivocal, as in classification or nature. values (high or low) are routinely reanalysed using either the original pulp or a second split. The TSX Venture Exchange has neither approved nor disapproved of the information contained herein. |
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