Silver zone found at La Pitarrilla (November 24, 2003)

Preliminary drilling by Silver Standard Resources (SSO-V) has intersected a new silver zone at the Pitarrilla project, 170 km northwest of Durango, Mexico.

The 16-hole program, 2,500-metre program was initiated to follow up trenching results. The showing, which sits on the perimeter of a collapsed caldera, was exposed over an area measuring 700 metres long by 200 metres wide.

The bests results came from the centre of the so-called Cordon Colorado zone, where each of three holes pulled up more than 67 metres of mineralization before ending. Hole 14 cut 79.3 metres (starting at a down-hole depth of 20.3 metres) grading 51.7 grams per tonne; hole 15 cut 67.1 metres (from surface) grading 134.7 grams, including 157 grams over the final 35.6 metres; and hole 16 cut 78.2 metres (from surface) grading 130 grams. Holes 15 and 16 were collared at the same site.

Results for seven other holes varied from 46.2 grams over 16.2 metres to 172.9 grams over 62 metres, starting at or near surface. Another three failed to return any significant mineralization and results for a fourth are pending.

Mineralization is related to structures and breccias associated with the caldera.

A follow-up campaign of 1,000 metres is under way. Holes are being collared 50-100 metres south of the initial holes.

Aside from La Pitarrilla, Silver Standard is drill-testing the Maverick Springs property in Nevada, the Manantial Espejo property in Argentina, and the Diablillos property, also in Argentina. In addition, the company owns projects in Australia, Chile, the U.S. and Canada.