Silver Standard drills Bowdens

Vancouver — Silver Standard Resources (SSO-V) is encouraged by further results from infill drilling at its wholly owned Bowdens project, in New South Wales, Australia.

The results are part of a recently completed 19,000-metre program that began in October 2002. Most of the holes were collared in the Main Zone North area, with the remainder collared at Bundarra North and Main Zone South.

The drilling has confirmed the continuity of mineralization and identified local high-grade silver values over significant widths.

The best results come from Main Zone North, including the following highlights:

— Hole 286 intersected 10 metres averaging 132 grams silver, 0.39% lead and 0.18% zinc starting at a down-hole depth of 19 metres. This was followed by a 51-metre interval that averaged 278 grams silver, 0.54% lead and 0.42% zinc starting at 42 metres down-hole, including 10 metres of 1,056 grams silver, 1.09% lead and 0.58% zinc.

— Hole 280 cut 36 metres averaging 299 grams silver, 0.64% lead and 0.18% zinc starting at 83 metres down-hole, including 3 metres of 1,163 grams silver, 1.68% lead and 0.48% zinc.

— Hole 278 cut 16 metres averaging 618 grams silver, 1.25% lead and 1.31% zinc starting at 48 metres down-hole, including 2 metres of 3,086 grams silver, 4.55% lead and 3.35% zinc.

— Hole 299, a single infill hole in Main Zone South, cut 71 metres averaging 63 grams silver, 0.44% lead and 0.96% zinc starting at 12 metres down-hole. This included a 7-metre section of 113 grams silver, 0.97% lead and 2.14% zinc.

q The best result from the Bundarra North area in this recent batch of results occurred in hole 301: 13 metres averaging 132 grams silver, 2.14% lead and 0.95% zinc starting at 59 metres down-hole. This was followed by a 53-metre section of 37 grams silver, 0.66% lead and 0.41% zinc starting at 105 metres down-hole, as well as a 74-metre section averaging 26 grams silver, 0.31% lead and 0.17% zinc starting at 163 metres down-hole.

The Bowdens deposit remains open to the north and northwest. Results from 12 additional holes are still pending. Once all the assay results are received, Silver Standard will re-calculate the resource.

Resources at Bowdens were audited by Pincock Allen & Holt in late 2001 and are based on a cutoff grade of 50 grams silver-equivalent per tonne. Based on this estimate, the deposit hosts a measured and indicated resource of 36.1 million tonnes averaging 51.8 grams silver, 0.24% lead and 0.32% zinc. The inferred portion of the resource is pegged at 22.9 million tonnes averaging 42.5 grams silver, 0.2% lead and 0.3% zinc.

The company is examining the economics of mining 2 million tonnes of ore annually from which would be produced 4.5 million oz. silver, 4,750 tonnes lead, and 4,500 tonnes zinc. However, low silver prices are having an adverse effect on the current economics of the silver-dominant deposit.

Highlights from a few of the holes from the last batch of drill results from Main Zone North are as follows:

— Hole 269 cut 45 metres averaging 173 grams silver, 0.39% lead and 0.19% zinc starting at 85 metres down-hole, including 6 metres of 222 grams silver, 0.47% lead and 0.22% zinc.

— Hole 270 cut 76 metres of 173 grams silver, 0.61% lead and 0.41% zinc starting at 66 metres down-hole, including 1 metre of 2,090 grams silver, 3.53% lead and 8.41% zinc and a 7-metre section that averaged 285 grams silver, 1.6% lead and 0.51% zinc.

— Hole 271 cut 20 metres averaging 103 grams silver, 0.38% lead and 0.57% zinc starting at 50 metres down-hole, followed by a 53-metre section of 217 grams silver, 0.44% lead and 0.3% zinc. This included a 7-metre section that averaged 968 grams silver, 1.76% lead and 0.82% zinc and a 1-metre interval of 3,710 grams silver, 0.57% lead and 2.35% zinc.

Other results from the Bundarra North zone include the following:

— Hole 273 cut 34 metres averaging 53 grams silver, 0.18% lead and 0.34% zinc starting at 50 metres down-hole. This was followed by 55 metres of 116 grams silver, 0.26% lead and 0.19% zinc starting at 95 metres down-hole, including a 4-metre section of 356 grams silver, 0.77% lead and 0.25% zinc. The hole ended in mineralization.

— Hole 246 cut 91 metres grading 49 grams silver, 0.22% lead and 0.53% zinc starting at 19 metres down-hole. Included was a 27-metre section that averaged 105 grams silver, 0.35% lead and 0.72% zinc and a 3-metre section of 555 grams silver, 0.9% lead and 1.62% zinc. The hole ended in mineralization.

— Hole 260 cut 94 metres averaging 92 grams silver, 0.21% lead and 0.26% silver starting 6 metres down-hole. This included a 13-metre section that averaged 216 grams silver, 0.37% lead and 0.54% zinc, plus a 30-metre section of 139 grams silver, 0.32% lead and 0.19% zinc. The hole ended in mineralization.

— Hole 262 cut 100 metres averaging 57 grams silver, 0.26% lead and 0.33% zinc starting from surface. This included a 24-metre section of 107 grams silver, 0.43% lead and 0.33% zinc, and a 6-metre section of 211 grams silver, 1.14% lead and 0.61% zinc. The hole ended in mineralization.

Meanwhile, in Chile, Silver Standard is drilling its Challacollo property, while in Durango state, Mexico, exploration is focused on the La Valenciana property.