| | PR Feb 28, 07 4th dh assays, Ayelen/Inez
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Wed Feb 28, 2007
Esperanza and Silver Standard Announce New San Luis High-Grade Drill Results
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Vancouver, B.C. - Esperanza Silver Corporation (TSX.V: EPZ) and Silver Standard Resources Inc. (TSX: SSO; NASDAQ: SSRI) are pleased to announce results of 15 additional drill holes, SL06-26 to -28 and SL-001 to -012. The drill holes were completed in late 2006 and January, 2007 at their San Luis highgrade gold and silver joint-venture property in central Peru.
Continued High Grade on Ayelen Vein
Drilling on the Ayelen Vein tested the continuity of gold and silver mineralization at depth and along the southern extension of the structure. Significant drill results include:
* in drill hole SL06-28, an angled hole drilled below drill holes SL06-14 and -15, a 17.4-foot interval averaging 0.67 ounces per ton gold and 14.33 ounces per ton silver (5.3 meters averaging 22.85 grams per tonne gold and 491 grams per tonne silver). This interval included 10.8 feet averaging 1.05 ounces per ton gold and 21.65 ounces per ton silver (3.3 meters averaging 35.91 grams per tonne gold and 742 grams per tonne silver).
* in drill hole SL-001, an angled hole drilled beneath hole SL06-28, a 29.5-foot interval averaging 1.08 ounces per ton gold and 37.37 ounces per ton silver (9.0 meters averaging 36.85 grams per tonne gold and 1,281 grams per tonne silver). This interval included 13.5 feet averaging 2.02 ounces per ton gold and 65.41 ounces per ton silver (4.1 meters averaging 69.23 grams per tonne gold and 2,242 grams per tonne silver).
Drill results for the Ayelen Vein are presented below:
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San Luis Project Diamond Core Drill Results - February 2007
AYELEN VEIN
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- Gold Silver Gold Silver
(grams (grams Equiv- Equiv-
Interval per per alent alent
From To (i) tonne/ tonne/ (ii) (ii)
Drill (meters/ (meters/ (meters/ ounces ounces (ounces (ounces
Hole feet) feet) feet) per ton) per ton) per ton) per ton)
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SL06-26 59.0 63.0 4.0 1.23 218
193.6 206.7 13.1 0.04 6.36 0.16 8.2
Au Eq Ag Eq
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and 70.3 74.3 4.0 3.44 110
230.6 243.8 13.1 0.10 3.21 0.16 8.2
Au Eq Ag Eq
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SL06-27 134.8 138.5 3.7 3.01 127
442.3 454.4 12.1 0.09 3.71 0.16 8.1
Au Eq Ag Eq
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SL06-28 93.2 98.5 5.3 22.85 491
305.8 323.2 17.4 0.67 14.33 0.95 47.7
Au Eq Ag Eq
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includes 93.2 96.5 3.3 35.91 742
305.8 316.6 10.8 1.05 21.65 1.48 74.0
Au Eq Ag Eq
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SL-001 126.1 135.1 9.0 36.85 1,281
413.7 443.2 29.5 1.08 37.37 1.82 91.1
Au Eq Ag Eq
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includes 127.0 131.1 4.1 69.23 2,242
416.7 430.1 13.5 2.02 65.41 3.33 166.4
Au Eq Ag Eq
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SL-002 142.6 143.9 1.3 0.75 108
467.8 472.1 4.3 0.02 3.15 0.08 4.2
Au Eq Ag Eq
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SL-006 139.3 143.3 4.0 9.92 369
457.0 470.1 13.1 0.29 10.77 0.50 25.2
Au Eq Ag Eq
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includes 139.3 141.2 1.9 16.58 532
457.0 463.3 6.2 0.48 15.52 0.79 39.7
Au Eq Ag Eq
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SL-010 112.6 114.4 1.8 6.80 257
369.4 375.3 5.9 0.20 7.50 0.35 17.4
Au Eq Ag Eq
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(i) True width to be determined.
(ii) Gold- and silver-equivalent ounces calculations assume a
50:1 silver:gold ratio. Metallurgical recoveries have not been
determined and therefore have not been considered in the gold/silver
equivalent calculations.
Two High-Grade Mineralized Shoots in Ayelen Vein
An interpretation of the drill results received to date indicates the presence of two high-grade mineralized shoots within the drilled portion of the Ayelen Vein. They appear to plunge steeply southward within the plane of the vein. A schematic long-section, attached, shows the known extent of the mineralized envelope containing both high-grade shoots.
Drilling on Ines Vein Indicates New Area of Gold/Silver Mineralization
Results from 8 drill holes in the Ines Vein have now been received. These holes were drilled in three fences spaced approximately 50 meters apart near surface. All holes in the Ines Vein encountered gold-silver mineralization demonstrating the extent of the mineralized system at San Luis. Individual samples contained up to 0.16 ounces per ton gold, 17.6 ounces per ton silver and 0.18 ounces per ton gold, 26.2 ounces per ton silver (5.49 grams per tonne gold, 604 grams per tonne gold and 6.03 grams per tonne gold and 897 grams per tonne silver) indicating the Ines Vein is as highly prospective for high grade zones as found on the Ayelen vein.
Full results for the Ines vein are presented below:
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San Luis Project Diamond Core Drill Results - February 2007
INES VEIN
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Gold Silver Gold Silver
(grams (grams Equiv- Equiv-
Interval per per alent alent
>From To (i) tonne/ tonne/ (ii) (ii)
Drill (meters/ (meters/ (meters/ ounces ounces (ounces (ounces
Hole feet) feet) feet) per ton) per ton) per ton) per ton)
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SL-003 28.6 30.4 1.8 1.00 142
93.7 99.6 5.9 0.03 4.14 0.11 5.6
Au Eq Ag Eq
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SL-004 54.6 56.2 1.6 2.90 330
179.1 184.4 5.2 0.08 9.63 0.28 13.9
Au Eq Ag Eq
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SL-005 76.8 79.0 2.2 1.53 186
252.0 259.2 7.2 0.04 5.43 0.15 7.7
Au Eq Ag Eq
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SL-007 Vein Not Intercepted
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SL-008 Best Values: 0.25 g/t Au and 30 g/t Ag
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SL-009 30.9 33.1 2.2 1.95 34
101.4 108.6 7.2 0.06 0.99 0.08 3.8
Au Eq Ag Eq
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SL-011 Best Values: 0.62 g/t Au and 59 g/t Ag
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SL-012 86.3 91.7 5.4 3.40 327
283.1 300.9 17.7 0.10 9.54 0.29 14.5
Au Eq Ag Eq
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(i) True width to be determined.
(ii) Gold-equivalent ounces calculation assumes a 50:1 silver:gold ratio.
Metallurgical recoveries have not been determined and therefore have
not been considered in the gold/silver equivalent calculations.
Ongoing Exploration
Drilling continues with two core rigs which will focus on extending the mineralized area on both the Ayelen Vein and Ines Vein along strike, north and south, and at depth.
The four other veins identified within the core claim area to the east of Ayelen and Ines will be sampled at surface and then drilled. Also, additional veins have been identified on the 25,000-hectare (95-square-mile) property; these will be mapped in detail during 2007.
Anomalous Sediment Samples Indicate Other Prospective Areas
The results of a stream sediment survey that covered the entire property were recently received. This survey identified highly anomalous areas for follow-up prospecting that are away from the main exploration area. A field crew will shortly begin initial rock sampling up-stream from these anomalies.
Joint Venture Interests
Silver Standard holds a 55% interest the San Luis joint venture and Esperanza 45%, and the parties are funding US$1.5 million of joint venture expenditures in accordance with their respective joint-venture interest. Thereafter, Silver Standard has the right to increase its interest to 80% by funding the property through to production.
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