Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Gold/Mining/Energy : SSRIF Silver Standard Resources -- Ignore unavailable to you. Want to Upgrade?

To: Dave Johnson who wrote (174)	5/26/1998 2:24:00 PM
From: Ross	Read Replies (1) \| Respond to of 403

Silver Standard: Feasibility Study of Bowdens Silver Project to Proceed VANCOUVER, BRITISH COLUMBIA--Silver Standard Resources Inc. is pleased to announce that the board of directors has approved a US$2.7 million (A$4.3 million) feasibility study of the economics of the Bowdens Silver Project located 30 kilometres east of Mudgee in New South Wales, Australia. The Bowdens silver project has indicated and inferred resources totalling 18.8 million tonnes grading 99 grams of silver, 0.37 percent zinc and 0.32 percent lead. Silver content is approximately 60 million ounces. The study will evaluate the economics of mining 2.0 to 3.0 million tonnes of ore, producing between 5.5 and 8.1 million ounces of silver annually, starting in the year 2000. Preliminary work has estimated capital costs of approximately US$50 million and a cash operating cost of less than US$4.00 per ounce of silver. A project engineer has been retained to coordinate the various components of the study including in-fill drilling, metallurgical test work, environmental studies, and reserve and mine design. A 65-hole program of reverse air blast, reverse circulation and diamond drilling is now underway in the area of the Main Zone and the adjacent Bundarra South Zone. This drilling is expected to provide further data on the known mineralization and increase the silver resource. The project area is contained within five exploration licenses totalling 411 km. sq. The Bowdens Silver Project is accessible by paved road and the property is intersected by high voltage power lines. In other corporate developments, Silver Standard has received receipts from the Ontario and British Columbia securities commissions with respect to the prospectus filed in connection with a March 1998 private placement of special warrants. Following an increase in the initial subscriptions, the company issued 630,000 special warrants (an increase of 20,000) at $5.50 per special warrant. Each special warrant was exchanged for one common share of the company on May 1, 1998. Silver Standard now has 15,995,797 common shares issued and outstanding, and 17,680,797 on a fully diluted basis. Silver Standard is well financed with working capital of $5.5 million at March 31, 1998. The company has in excess of 175 million ounces of silver resources, owned and under option. Silver Standard's projects are located in Australia, Mexico, Bolivia, the United States and the Russian Far East. The statements that are not historical facts are forward-looking statements involving known and unknown risks and uncertainties which could cause actual results to vary considerably from these statements. The risks and uncertainties include those described in Silver Standard's Form 20F as amended. -30- FOR FURTHER INFORMATION PLEASE CONTACT: Silver Standard Resources Inc. Robert A. Quartermain President (604) 689-3846 or Silver Standard Resources Inc. Paul LaFontaine Investor Relations (604) 689-3846 e-mail: invest@silver-standard.com The Vancouver Stock Exchange has neither approved nor disapproved of the information contained herein.