Silver Standard Resources Announces Increase in Pirquitas' Reserves

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Researched by Industrial Info Resources (Sugar Land, Texas)-- Silver Standard Resources Incorporated (TSE: SSO) (Vancouver, Canada) reported that proven and probable silver reserves at its Pirquitas project have increased 27% from 107.1 million ounces of silver to 136 million ounces. In addition, tin reserves have increased 29% to 113 million pounds and zinc reserves by 63% to 414 million pounds. Tons of ore have increased 13%, silver grade rose 12%, tin grade rose 14%, and zinc grade rose 44%. Capital cost estimates have been updated as well, from $146 million to $220 million plus the value added tax as a result of increased costs in global construction material and inflation in Argentina.

The project is located in Argentina's Jujuy Province in the northwestern part of the country at an elevation of 4,100 meters. The mine will be developed and operated as a conventional open pit mine and the ore will be trucked 7 kilometers to the 6,000-tons-per-day processing plant. The concentrate will be shipped to various smelters across the world. The project has an estimated life of 10 years and will produce an average of 10.9 million ounces of silver per year. Pre-strip development of the open pit and construction of the plant and infrastructure began last year, and the mill is scheduled for commissioning in the fourth quarter of 2008. Techint Compania Tecnica Internacional S.A.C.I. (Buenos Aires, Argentina) was awarded the engineering, procurement and construction/management contract for the project. This is the first time Techint will develop an entire project.

The Pirquitas deposit was discovered in 1930, and some 25 million ounces of silver and 9,100 tons of tin were mined between 1933 and 1990. Sunshine Mining and Refining Company (OTC: SSMR) (Boise, United States) purchased the property in 1995, and Silver Standard acquired an initial 43.4% interest in Pirquitas in 2002 and the remaining 56.6% in 2004. Silver Standard owns a portfolio of properties in Argentina, Mexico, Chile, Peru, Canada, the United States and Australia.

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