VANCOUVER, BRITISH COLUMBIA--(MARKET WIRE)--May 22, 2008 -- Silverstone Resources Corp. ("Silverstone") (CDNX:
SST.V -
News)is pleased to announce updated 2007 year end Mineral Reserveand Mineral Resource estimates for Lundin Mining Corp.'s(Lundin) Neves-Corvo mine located in Portugal. A NationalInstrument 43-101 compliant technical report has been preparedfor Silverstone by Qualified Person, Mr. Neil Burns P.Geo.,Lundin's Corporate Resource Geologist. This report titled"Resource and Reserve Update Neves-Corvo, Portugal Preparedfor Silverstone Resources Corp." dated May 2008 will befiled on
www.sedar.comwithin 45 days.
Silver contained in proven and probable reserves at Neves-Corvohas increased by over 130% to 91.6 million ounces from 39.3million ounces in 2006. Silver contained in Measured plusIndicated resource categories, which includes reserves,has increased by 67% to 148.8 million ounces from 89.3 millionin 2006. The 2006 resource and reserve estimates were detailedin the previous technical report prepared by Wardell ArmstrongInternational Limited entitled "Technical Report on theNeves Corvo Mine, Southern Portugal" dated October 10, 2007and filed on www.sedar.com.
The increases in resources and reserves at Neves-Corvo areprimarily a result of exploration success, improvementsin estimation methods and the lowering of cut-off grades.A large portion of the increase results from the first timereporting of Measured and Indicated resources and Provenand Probable reserves for the Lombador South zinc orebodywhich has been the focus of an extensive surface explorationprogram by Lundin.
Silverstone purchased all the silver production from Lundin'sNeves-Corvo producing mine in Portugal for life of mine.
The following tables set forth the Silverstone updated estimatedProven and Probable Reserves and the Mineral Resources forthe Neves-Corvo Mine as of December 31, 2007.
Current Proven and Probable Reserves for the Neves-Corvomine are tabulated below:
Proven and Probable Mineral Reserves (1)
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Reserves Tonnes Copper Zinc Silver Contained
Mine Zone Category (M) % % g/t Ounces (M)
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Neves- Copper Proven 17.18 4.43 0.89 35 19.4
Corvo
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Probable 0.53 2.81 0.15 59 1.1
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Proven + 17.71 4.38 0.87 36 20.5
Probable
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Neves- Zinc Proven 19.07 0.41 6.13 66 40.5
Corvo
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Probable 14.44 0.40 7.32 66 30.6
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Proven + 33.51 0.41 6.64 66 71.1
Probable
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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 arepresented below and include the mineral reserves tabulatedabove:
Measured and Indicated and Inferred Resources (2)
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Tonnes Copper Zinc Silver Contained
Mine Zone Category (M) % % g/t Ounces (M)
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Neves- Copper Measured 19.24 5.14 1.00 47 28.9
Corvo
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Indicated 1.2 3.98 1.23 54 2.1
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Measured & 20.44 5.07 1.01 47 31.0
Indicated
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Inferred 3.3 3.37 0.82 37 3.9
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Zinc Measured 38.66 0.48 5.70 64 79.5
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Indicated 17.86 0.43 7.38 67 38.3
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Measured & 56.5 0.46 6.23 65 117.8
Indicated
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Inferred 20.5 0.45 4.61 53 34.9
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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 ofSilverstone, who is a "qualified person" under NationalInstrument 43-101, has reviewed and approved the technicalaspects of this news release.
ABOUT SILVERSTONE
Silverstone is a Canadian based public silver mining companywith 100% of its revenue from silver production. More informationis 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 informationincludes, among other things, statements with respect toSilverstone's mineral discoveries, plans, outlook and businessstrategy. The words "may", "would", "could", "should", "will","likely", "expect", "anticipate", "intend", "estimate","plan", "forecast", "project" and "believe" or other similarwords and phrases are intended to identify forward-lookinginformation.
Forward-looking information is subject to known and unknownrisks, uncertainties and other factors that may cause Silverstone'sactual results, level of activity, performance or achievementsto be materially different from those expressed or impliedby such forward-looking information. Such factors include,but are not limited to: projected sales or production rates;uncertainties related to drilling results; the ability toraise sufficient capital to fund exploration; changes ineconomic conditions or financial markets; changes in pricesfor costs; litigation, legislative, environmental and otherjudicial, regulatory, political and competitive developments;technological or operational difficulties or inability toobtain permits encountered in connection with explorationactivities; and labor relations matters.
This list is not exhaustive of the factors that may affectour forward-looking information. These and other factorsshould be considered carefully and readers should not placeundue reliance on such forward-looking information. Silverstonedisclaims any intention or obligation to update or reviseforward-looking information, whether as a result of newinformation, future events or otherwise.
The TSX Venture Exchange has neither approved or disapprovedof the contents herein.