NEWS *** Updated Reserves from LundinSilverstone Updates Silver Reserves and Resources at Lundin Mining's Neves-Corvo and Aljustrel Mines
Sep 17, 2007 (Hugin via COMTEX News Network) --
VANCOUVER, BRITISH COLUMBIA--(Marketwire - September 17, 2007) - Silverstone Resources Corp. ("Silverstone") (TSX VENTURE: SST) is pleased to announce that it has completed its updated technical reports on Lundin Mining's Neves-Corvo and Aljustrel mines located in Portugal. The National Instrument 43-101 compliant technical reports were prepared by Wardell Armstrong International, for Silverstone titled Technical Report on the Neves-Corvo Mine, Southern Portugal dated August 2007, and Technical Report on the Aljustrel Mine, Southern Portugal dated September 2007. These reports will be filed on www.sedar.com shortly.
The following tables set forth the Silverstone updated estimated Proven and Probable Reserves and the Mineral Resources for the Neves-Corvo and Aljustrel Mines as of December 31, 2006.
Current Proven and Probable Reserves for the Neves-Corvo and Aljustrel mines are tabulated below:
Proven and Probable Mineral Reserves (1, 2)
---------------------------------------------------------------------- Mine Zone Reserves Tonnes Copper Zinc Silver Contained Category (M) % % g/t Ounces (M) ---------------------------------------------------------------------- Neves- Copper Proven 6.23 5.17 1.15 36.3 7.3 Corvo ---------------------------------------------------------------------- Probable 11.01 4.74 0.68 28.8 10.2 ---------------------------------------------------------------------- Proven + 17.24 4.89 0.85 31.5 17.5 Probable ---------------------------------------------------------------------- Neves- Zinc Proven 0.14 0.29 6.36 35.8 0.2 Corvo ---------------------------------------------------------------------- Probable 10.78 0.43 7.89 62.3 21.6 ---------------------------------------------------------------------- Proven + 10.92 0.43 7.87 62.0 21.8 Probable ---------------------------------------------------------------------- Aljustrel Zinc Proven 0 0 0 0 0 ---------------------------------------------------------------------- Probable 14.4 0.27 5.49 62.6 29.0 ---------------------------------------------------------------------- Proven + 14.4 0.27 5.49 62.6 29.0 Probable ---------------------------------------------------------------------- Aljustrel Copper Proven 0 0 0 0 0 ---------------------------------------------------------------------- Probable 1.6 2.16 0.97 14.3 0.7 ---------------------------------------------------------------------- Proven + 1.6 2.16 0.97 14.3 0.7 Probable ---------------------------------------------------------------------- 1. Reserves for the Neves-Corvo mine are estimated using cut off grades of 5.58% zinc and 1.91% copper. Resources are estimated using cut off grades of 3.3% zinc, and 2.0% copper. The reserves and resources are calculated by the mine's geologists and audited by Wardell Armstrong International (WAI). The Qualified Person for the 2006 Reserve and resources estimates is WAI personnel Mark L. Owen, Associate Director and Principal Geologist, assisted by David Chilcott,Associate tof WAI, and Senior Mining Engineer. 2. The 2006 Aljustrel zinc Mineral Reserves and Resources are estimated using cut-off grades of 4.5% zinc, 4.0% zinc and 4.0% zinc for the Feitais, Moinho, and Estacao deposits respectively. The copper mineral reserves are estimated using a 1.5% copper cut- off. The reserves and resources were calculated by the mine's geologists and audited by Wardell Armstrong International (WAI). The Qualified Person for the 2006 reserves and resources is Mark L. Owen, Associate Director and Principal Geologist, assisted by David Chilcott, Associate to WAI, and Senior Mining Engineer.
The Measured, Indicated and Inferred mineral resources are presented below and include the mineral reserves tabulated above:
Measured and Indicated and Inferred Resources (1, 2)
---------------------------------------------------------------------- Mine Zone Category Tonnes Copper Zinc Silver Contained (M) % % g/t ounces (M) ---------------------------------------------------------------------- Neves- Copper Measured 6.59 6.1 1.5 52.5 11.1 Corvo ---------------------------------------------------------------------- Indicated 12.83 5.3 0.8 47.1 19.4 ---------------------------------------------------------------------- Measured & 19.42 5.6 1.0 48.9 30.6 Indicated ---------------------------------------------------------------------- Inferred 3.00 4.5 0.8 72.9 7.0 ----------------------------------------------------------------------
---------------------------------------------------------------------- Zinc Measured 1.2 0.4 4.9 43.0 1.7 ---------------------------------------------------------------------- Indicated 29.4 0.6 6.2 60.3 57.1 ---------------------------------------------------------------------- Measured & 30.7 0.6 6.2 59.6 58.8 Indicated ---------------------------------------------------------------------- Inferred 25.5 0.6 5.5 55.1 45.2 ----------------------------------------------------------------------
---------------------------------------------------------------------- Aljustrel Zinc Measured 2.58 0.3 5.2 52.2 4.3 ---------------------------------------------------------------------- Indicated 21.00 0.2 5.7 61.8 41.8 ---------------------------------------------------------------------- Measured & 23.58 0.2 5.7 60.8 46.1 Indicated ---------------------------------------------------------------------- Inferred 9.32 0.3 5.3 51.2 15.3 ----------------------------------------------------------------------
---------------------------------------------------------------------- Copper Measured 0.26 1.8 1.3 20.3 0.2 ---------------------------------------------------------------------- Indicated 6.66 2.1 1.1 17.1 3.7 ---------------------------------------------------------------------- Measured & 6.92 2.1 1.1 17.2 3.9 Indicated ---------------------------------------------------------------------- Inferred 1.99 2.1 0.8 11.7 0.7 ---------------------------------------------------------------------- 1. Reserves for the Neves-Corvo mine are estimated using cut off grades of 5.58% zinc and 1.91% copper. Resources are estimated using cut off grades of 3.3% zinc, and 2.0% copper. The reserves and resources are calculated by the mine's geologists and audited by Wardell Armstrong International (WAI). The Qualified Person for the 2006 Reserve and resources estimates is WAI personnel Mark L. Owen, Associate Director and Principal Geologist, assisted by David Chilcott,Associate tof WAI, and Senior Mining Engineer. 2. The 2006 Aljustrel zinc Mineral Reserves and Resources are estimated using cut-off grades of 4.5% zinc, 4.0% zinc and 4.0% zinc for the Feitais, Moinho, and Estacao deposits respectively. The copper mineral reserves are estimated using a 1.5% copper cut- off. The reserves and resources were calculated by the mine's geologists and audited by Wardell Armstrong International (WAI). The Qualified Person for the 2006 reserves and resources is Mark L. Owen, Associate Director and Principal Geologist, assisted by David Chilcott, Associate to WAI, and Senior Mining Engineer.
On June 5, 2007 Silverstone signed an agreement with Lundin Mining to purchase 100% of the silver produced from the Neves-Corvo and Aljustrel mines (see the June 6 press release). Although certain third party consents remain outstanding, Silverstone expects the proceeds from the silver sales to start on or before September 28, 2007.
Silverstone wishes to announce that it has entered into a stock option agreement granting the right and option to purchase 50,000 shares of the Company at $1.43 per share exercisable in whole or in part on or before September 14, 2012.
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.