Reports 2008 Silver Sales of 1.7 Million Ounces and Forecasts 2009

Welcome To The Silverstone Resources Corp HUB On AGORACOM

Edit this title from the Fast Facts Section

Reply New Message

Prev Message Back To Forum Threaded View Next Message

Clavis

Rank: President [?]

Points: 26378 [?]

Votes: 242 Score: 3.6 [?]

Your Vote:

Please Log In to Vote

Did you know? You can earn activity points by filling your profile with information about yourself (what city you live in, your favorite team, blogs etc.)

Reports 2008 Silver Sales of 1.7 Million Ounces and Forecasts 2009

posted on Feb 05, 2009 01:13PM

February 5, 2009

Silverstone Reports 2008 Silver Sales of 1.7 Million Ounces and Forecasts 2009

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Feb. 5, 2009) - Silverstone Resources Corp. ("Silverstone") (TSX VENTURE:SST) reports sales of 1,669,000 ounces of silver in 2008. On November 21, 2008, Silverstone completed the purchase all of the payable gold and silver from Sherwood Copper Corporation's Minto Mine in the Yukon over the life of mine starting December 1, 2008 (see November 21, 2008 press release). Silverstone has received advance payments on approximately 3,700 ounces of payable gold and 33,000 ounces of payable silver from the Minto mine as at December 31, 2008 that will be recorded as sales in the first quarter. Silverstone purchased 2008 production at an average cost of US$3.97 per ounce. The cost of silver is fixed at less than US$4.00 per ounce through 2010.

-------------------------------------------------
                                       Year Ended
                           Q4-2008         2008(1)
-------------------------------------------------
                            Ag (oz)        Ag (oz)
-------------------------------------------------

-------------------------------------------------
Cozamin                    290,000      1,185,000
-------------------------------------------------
Neves-Corvo                147,000        484,000
-------------------------------------------------

-------------------------------------------------
Total                      437,000      1,669,000
-------------------------------------------------
Note: Audited results for the year ended December 31, 2008 will be
reported in April 2009.
(1) 2008 totals may not match the totals from individual quarters
    due to post-quarter adjustments.

2009 Sales Forecast (2)
----------------------------------
                          Ag Eq.(3)
                       (000's oz's)
----------------------------------

----------------------------------
Cozamin                1,350-1,450
----------------------------------
Minto                  2,400-2,600
----------------------------------
Neves-Corvo                450-550
----------------------------------

----------------------------------
Total                  4,200-4,600
----------------------------------
(2) Silver sales forecasts are based on 2008 actual metallurgical
    recoveries of silver to concentrates at the various operations
    combined with forecast grades and production and existing smelter
    contracts for the different concentrates.
(3) Silver equivalent ounces are calculated by using a ratio of 1 ounce
    of gold is equivalent to 70 ounces of silver.

Mr. Hugh Willson, P.Geo., Vice-President, Exploration of Silverstone, who is a "qualified person" under National Instrument 43-101, has reviewed and approved the technical aspects of this news release.

ABOUT SILVERSTONE

Silverstone is a silver and gold mining company with 100% of its revenue from precious metal production. More information is available online at: www.silverstonecorp.com.

Reply New Message

Prev Message Back To Forum Threaded View Next Message

Please to post a reply