Nice hit by Silver Standard ..

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Nice hit by Silver Standard ..

posted on Jul 12, 2010 11:41AM

Silver Standard Resources Inc.: Brucejack Drilling Cuts Bonanza-Grade Gold Mineralization

VANCOUVER, BRITISH COLUMBIA, Jul 12, 2010 (Marketwire via COMTEX News Network) -- Silver Standard Resources Inc. (TSX:SSO)(NASDAQ:SSRI) (the "Company") is pleased to report the initial results of diamond drilling at its wholly-owned Brucejack Project which continues to encounter the bonanza-grade gold and silver mineralization first identified in the 2009 drill program. The results to-date demonstrate the consistency of the bonanza grade intersections over a relatively broad area. (The reports for holes SU-38 to SU-48, the first results from the 2010 program, are contained in Table 1 of this release.) The Brucejack Project is adjacent to the Company's wholly-owned Snowfield Project.

Galena Hill Zone

A highlight is hole SU-40 from the Galena Hill Zone, which includes three bonanza-grade intercepts of gold and silver mineralization, two of which are interpreted to occur within defined parallel structures. The middle intercept included:

- 0.5 meter with uncut grades of 536 grams of gold and 175 grams of silver per tonne (2 feet averaging 15.63 ounces gold and 5.1 ounces of silver per ton).

This intercept occurs within a structure defined by SU-12, with an intersect of 1.5 meters of 16.95 kilograms of gold and 8.7 kilograms of silver per tonne and SU-29, with an intercept of 0.5 meters of 5.3 kilograms of gold and 3.7 kilograms of silver per tonne. These three intercepts define an area measuring approximately 130 meters east-west in length and 445 meters in depth. (Please see Table 1 for referenced 2009 drill results.)

The upper bonanza-grade intercept of SU-40 included:

- 0.5 meter with uncut grades of 430 grams of gold and 174 grams of silver per tonne (2 feet averaging 12.54 ounces of gold and 5.1 ounces of silver per ton).

This intercept is contained within a structure defined by bonanza-grade intercepts from holes SU-05 and SU-12, plus broad intercepts in holes SU-29 and SU-34. SU-05 intersected 1.5 meters of 215.0 grams of gold and 136.0 grams of silver per tonne, and SU-12 intersected 1.2 meters of 77.6 grams of gold and 97.8 grams of silver per tonne. The area defined by these intercepts is approximately 190 meters east-west in length and 140 meters in depth.

The third bonanza-grade intercept of SU-40 included 1.64 meters with uncut grades of 5.84 kilograms of gold and 720 grams of silver per tonne (5 feet averaging 170.35 ounces of gold and 21.0 ounces of silver per ton).

Until confirmed by underground mining and sampling, it should be assumed that this mineralization forms discrete pods within the structures, which are located less than 500 meters from the historical underground development at the Brucejack Project. The consistency of the bonanza-grade intersections over the relatively broad area is potentially significant and highlights the possibility for additional high-grade mineralization.

Shore Zone

The Shore Zone is located 750 meters north of Galena Hill Zone in a vicinity of new drill targets. A highlight is hole SU-45, which intersected intervals of:

- 18 meters of 4.35 grams of gold and 51.2 grams of silver per tonne (59 feet averaging 0.13 ounces of gold and 1.5 ounces of silver per tonne), including 3 meters with uncut grades of 25.76 grams of gold and 39.9 grams of silver per tonne (10 feet averaging 0.75 ounces of gold and 1.2 ounces of silver per ton), and - 62 meters of 1.69 grams of gold and 42.1 grams of silver per tonne, (203 feet averaging 0.05 ounces of gold and 1.2 ounces of silver per ton), including 25 meters of 3.61 grams of gold and 97.8 grams of silver per tonne (82 feet averaging 0.11 ounces of gold and 2.9 ounces of silver per ton).

SU-45, which ended in mineralization, confirms the down-dip extension of the mineralization in the Shore Zone.

A diamond drill program of 24,000 meters in total is planned for the Brucejack Project this season, and five drills are currently working on various targets.

Table 1 Selected Brucejack Project Drill Results(1) July 2010 ------------------------------------------------------------------ From To Interval Gold Silver Hole No. (meters) (meters) (meters) (g/tonne) (g/tonne) ------------------------------------------------------------------ Bridge Zone ------------------------------------------------------------------ SU-38 114.1 489.6 375.5 0.54 3.7 ------------------------------------------------------------------ West Zone ------------------------------------------------------------------ SU-39(4) 5.0 17.0 12.0 4.30 12.3 ------------------------------------------------------------------ 165.0 186.6 21.6 0.58 83.9 ------------------------------------------------------------------ 447.5 490.5 43.0 0.71 21.9 ------------------------------------------------------------------ SU-41(3) 307.0 553.2 246.2 0.77 8.8 ------------------------------------------------------------------ SU-42 0.7 32.0 31.3 0.78 44.3 ------------------------------------------------------------------ 169.5 208.0 38.5 0.55 28.9 ------------------------------------------------------------------ 473.7 520.0 46.3 0.91 40.3 ------------------------------------------------------------------ SU-43 71.5 95.5 24.0 0.63 4.9 ------------------------------------------------------------------ SU-47(4) 75.0 109.0 34.0 0.65 7.2 ------------------------------------------------------------------ 197.5 221.5 24.0 2.07 39.7 ------------------------------------------------------------------ 403.8 448.5 44.7 3.26 67.3 ------------------------------------------------------------------ Incl. 403.8 416.2 12.5 10.88 220.3 ------------------------------------------------------------------ Galena Hill Zone ------------------------------------------------------------------ SU-05(2) 39.2 51.5 12.3 0.61 13.3 ------------------------------------------------------------------ 323.5 478.5 155.0 1.26 20.4 ------------------------------------------------------------------ Incl. 466.5 468.0 1.5 215.0 136.0 ------------------------------------------------------------------ SU-12(2) 258.0 278.6 20.6 5.33 158.8 ------------------------------------------------------------------ Incl. 273.0 274.5 1.5 16,949 8,696 ------------------------------------------------------------------ 301.0 323.8 22.8 1.02 10.2 ------------------------------------------------------------------ 354.4 373.5 19.1 2.64 9.7 ------------------------------------------------------------------ Incl. 364.8 366.0 1.2 77.60 98.0 ------------------------------------------------------------------ 460.0 502.0 42.0 1.59 8.4 ------------------------------------------------------------------ SU-29(2)(4) 0.0 28.5 28.5 1.55 3.0 ------------------------------------------------------------------ 211.5 270.5 59.0 1.58 14.1 ------------------------------------------------------------------ 430.1 473.0 42.9 0.80 9.2 ------------------------------------------------------------------ 530.0 571.5 41.5 1.72 56.5 ------------------------------------------------------------------ Incl. 560.8 561.3 0.5 5,344 3,740 ------------------------------------------------------------------ SU-34(2)(3) 269.5 290.5 21.0 0.89 7.6 ------------------------------------------------------------------ 312.5 350.0 37.5 1.23 5.6 ------------------------------------------------------------------ SU-40(3)(4) 223.5 269.5 46.0 2.16 11.3 ------------------------------------------------------------------ 346.0 369.5 23.5 1.42 5.2 ------------------------------------------------------------------ Incl. 348.6 349.1 0.5 430.00 174.0 ------------------------------------------------------------------ 464.5 488.6 24.2 1.40 20.3 ------------------------------------------------------------------ Incl. 464.5 465.0 0.5 536.00 175.0 ------------------------------------------------------------------ 522.5 572.0 49.5 0.67 1.6 ------------------------------------------------------------------ 647.5 687.9 40.4 2.84 32.8 ------------------------------------------------------------------ Incl. 648.8 650.4 1.6 5,850 720.0 ------------------------------------------------------------------ Shore Zone ------------------------------------------------------------------ SU-45(3)(4) 521.8 540.0 18.2 4.35 51.2 ------------------------------------------------------------------ Incl. 530.0 532.7 2.7 25.76 39.9 ------------------------------------------------------------------ 594.5 656.2 61.7 1.69 42.1 ------------------------------------------------------------------ Incl. 594.5 619.3 24.8 3.61 97.8 ------------------------------------------------------------------ SG Zone ------------------------------------------------------------------ SU-48(3) 144.5 195.5 51.0 0.62 7.5 ------------------------------------------------------------------ 290.5 412.0 121.5 0.87 3.0 ------------------------------------------------------------------ 548.0 555.5 7.5 1.38 11.7 ------------------------------------------------------------------ Reconnaissance Holes ------------------------------------------------------------------ SU-44 55.5 69.5 14.0 0.57 2.2 ------------------------------------------------------------------ SU-46 204.0 248.5 44.5 0.68 1.9 ------------------------------------------------------------------ (1) True thickness to be determined. Kenneth C. McNaughton, target="_blank">M.A.Sc., P.Eng., Vice President, Exploration, Silver Standard Resources Inc., is the Qualified Person responsible for Silver Standard's exploration programs.

Silver Standard Resources Inc. is a silver mining company that seeks growth through discovery, the development of its project pipeline, and accretive acquisition opportunities.

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