Silver Standard and Pan American Silver Announce High Grade Drill Intercepts at Manantial Espejo in Argentina.Business Editors VANCOUVER, British Columbia--(BUSINESS WIRE)--Nov. 25, 2002 Silver Standard Resources Inc. (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on :SSRI SSRI selective serotonin reuptake inhibitor. SSRI n. Selective serotonin reuptake inhibitor; a class of drugs that inhibit the reuptake of serotonin in the central nervous system, used to treat depression and other ) (TSX TSX Toronto Stock Exchange (TSE before April, 2002) TSX Transfer from Stack Pointer to Index TSX True Space Extension VENTURE:SSO See single sign-on and CSO. SSO - single sign-on ) (Berlin:858840) and Pan American Silver Corp. (Nasdaq:PAAS) (TSX:PAA) are pleased to report high-grade drilling results from their jointly owned Manantial Espejo silver-gold property in the Santa Cruz province Santa Cruz Province may refer to
This year's work is estimated to cost approximately US$2.0 million and the current drill program has three primary objectives: (1) infill in·fill n. 1. The use of vacant land and property within a built-up area for further construction or development, especially as part of a neighborhood preservation or limited growth program. 2. drilling of the Maria vein where approximately 70 percent of total 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. resources have been outlined on the property to date; (2) defining the geometry of the Melissa vein where very high-grade silver-gold values have been intersected in earlier drilling programs; and (3) extension and exploration drilling of nearby vein targets on this large, well-mineralized property. Silver and gold 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. at Manantial Espejo occurs as sulfides in quartz veins and silicified si·lic·i·fy v. si·lic·i·fied, si·lic·i·fy·ing, si·lic·i·fies v.tr. To convert into or impregnate with silica. v.intr. To become converted into or impregnated with silica. stockworks that cut Tertiary tertiary (tûr`shēârē), in the Roman Catholic Church, member of a third order. The third orders are chiefly supplements of the friars—Franciscans (the most numerous), Dominicans, and Carmelites. volcaniclastic and intrusive rock intrusive rock Igneous rock formed from magma forced into older rocks at depths within the Earth's crust, which then slowly solidifies below the Earth's surface, though it may later be exposed by erosion. Igneous intrusions form a variety of rock types. See also extrusive rock. . This release covers results received from the first 2,336 meters of drilling in 16 holes. A map showing locations of current drilling can be found at the following links (www.silver-standard.com or www.panamericansilver.com). Assays are complete for 10 holes in the Maria vein area, which were designed to infill previous drilling to 25-meter spacings (from 50 meters) over a strike length of 700 meters. The best hole to date in this area in the current program (T-289 at Line 225W) contained an intercept intercept in mathematical terms the points at which a curve cuts the two axes of a graph. of 8.5 meters grading 14.3 grams of gold per tonne tonne measure of weight or mass; 1 tonne=1000 kg. See also ton. and 360.3 grams of silver per tonne (27.9 feet of 0.42 ounces of gold per ton and 10.5 ounces of silver per ton). These values confirm the continuity of the vein by comparing favorably fa·vor·a·ble adj. 1. Advantageous; helpful: favorable winds. 2. Encouraging; propitious: a favorable diagnosis. 3. in grade and thickness to results of drilling on adjacent sections. The Maria vein has been traced on surface for a strike length of at least 2,000 meters. Several wide, step-out holes are planned in the current program and will probe the vein's continuity at depth to the northwest where it has been defined by limited surface trenching but not by recent drilling. In addition, assays were received for six holes targeted at the adjacent Melissa vein, located about 700 meters due east of Maria, where previous drilling intersected bonanza-grade silver and gold values. In the current program, two holes were particularly notable: T-292 and T-297. T-292 intersected 3.4 meters grading 17.8 grams of gold per tonne and 1,531 grams of silver per tonne (11.1 feet grading 0.52 ounces of gold per ton and 44.7 ounces of silver per ton). T-297 was similarly well mineralized min·er·al·ize v. min·er·al·ized, min·er·al·iz·ing, min·er·al·iz·es v.tr. 1. To convert to a mineral substance; petrify. 2. To transform a metal into a mineral by oxidation. 3. with an intercept of 5.0 meters grading 8.3 grams of gold per tonne and 1,487 grams of silver per tonne (16.4 feet grading 0.24 ounces of gold per ton and 43.4 ounces of silver per ton). Sufficient drilling has now been completed on the silver-dominant Melissa vein to perform a resource calculation, adding this zone to three other vein systems on which resources have been outlined on the Manantial Espejo project (Maria, Karina/Union and Concepcion). Drilling continues and further results will be reported as assays are received. Silver Standard and Pan American Silver also announce that they have jointly acquired the 3 percent net smelter return (NSR NSR abbr. normal sinus rhythm NSR Normal sinus rhythm, see there ) royalty on the Manantial Espejo property, previously owned by Barrick Gold Barrick Gold Corporation TSX: ABX NYSE: ABX is the largest pure gold mining company in the world, with its headquarters in Toronto, Ontario, Canada; and four regional business units (RBU's) located in Australia, Africa, North America and South America. Corp. Combined with the March 2002 acquisition of a 1.2 percent NSR royalty on the property, this nearly eliminates the property's royalty burden and will significantly improve the economics of a mining operation on the Manantial Espejo deposits. 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. With approximately US$10.0 million in cash, Silver Standard is actively advancing its portfolio with drill programs now under way at Maverick Maverick family name of two brothers, Bret and Bait; self-centered and untrustworthy gentlemen gamblers. [TV: Terrace, II, 80] See : Gambling Springs in Nevada, Bowdens in Australia and Manantial Espejo in Argentina. Pan American Silver is North America's purest large silver producer with three mines, two development projects, and multiple exploration projects in Peru, Mexico, Bolivia and Argentina. CAUTIONARY NOTE Some of the statements in this news release 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. , such as estimates of future production levels, expectations regarding mine production costs, expected trends in mineral prices and statements that describe Pan American/Silver Standard's future plans, objectives or goals. Actual results and developments may differ materially from those contemplated by these statements depending on such factors as changes in general economic conditions and financial markets, changes in prices for silver and other metals, technological and operational hazards in Pan American/Silver Standard's mining and mine development activities, uncertainties inherent in the calculation of mineral reserves, 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 metal recoveries, the timing and availability of financing, governmental and other approvals, political unrest Unrest is a sociological phenomenon, for instance:
*SUMMARY OF SELECTED MANANTIAL ESPEJO DRILLING RESULTS - November 2002
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Hole No.
Location Dip/ From To Interval Au Au Ag Ag
(UTM) Azimuth (m) (m) (m) (g/ (oz./ (g/ (oz./
tonne) ton) tonne) ton)
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Maria Vein
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T-282
4594192N -60 deg/ 84.3 88.3 4.0 7.8 0.23 67.8 2.0
2462325E 29deg
----------------------------------------------------------------------
T-283
4594165N -60 deg/ 54.5 62.1 7.6 3.6 0.10 248.1 5.6
2462309E 29 deg
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T-284
4594095N -60 deg/ 149.5 151.3 1.8 0.8 0.02 164.1 4.9
2462267E 30 deg
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T-285
4594110N -60 deg/ 70.3 76.3 6.0 8.2 0.24 98.8 2.9
2462333E 29 deg
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T-286
4594131N -60 deg/ 31.5 42.6 11.1 5.4 0.16 69.3 2.0
2462347E 29 deg
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T-287
4594121N -60 deg/ 136.8 141.4 4.6 1.0 0.03 66.3 1.9
2462224E 30 deg
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T-288
4594144N -60 deg/ 98.9 108.2 9.3 2.5 0.07 91.8 2.7
2462387E 2 deg
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T-289
4594180N -60 deg/ 137.8 146.3 8.5 14.3 0.42 360.3 10.5
2462201E 29 deg
incl. 137.8 139.0 1.2 22.4 0.65 975.4 28.4
and 144.8 146.3 1.5 30.0 0.87 313.3 9.1
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T-290
4594439N -60 deg/ Assays not yet available
2462152E 180 deg
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T-291
4594466N -60 deg/ 72.9 78.0 5.1 Anomalous values
2461880E 58 deg
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Melissa Vein
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T-292
4594185N -60 deg/ 107.5 110.9 3.4 17.8 0.52 1,531.0 44.7
2463225E 179 deg
incl. 108.5 109.2 0.7 72.1 2.10 4,578.3 133.5
----------------------------------------------------------------------
T-293
4594232N -60 deg/ 173.2 180.4 7.2 1.1 0.03 267.5 7.8
2463315E 179 deg
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T-294
4594251N -60 deg/ 181.0 182.2 1.2 3.3 0.10 598.1 17.4
2463375E 180 deg
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T-295
4594180N -60 deg/ 127.8 128.6 0.8 4.3 0.13 414.2 12.1
2463175E 180 deg
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T-296
4594205N -60 deg/ No significant values
2463425E 180 deg
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T-297
4594178N -60 deg/ 96.2 101.2 5.0 8.3 0.24 1,487.2 43.4
2463303E 180 deg
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All assays are fire assays and were performed by ALS Chemex Labs,
with industry standard QA/QC procedures.
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