All Resources Increase at Pitarrilla's Breccia Ridge Zone

VANCOUVER, BC - Silver Standard Resources Inc. reported further increase in silver and base metal resources at the Pitarrilla project in Durango State, Mexico. In July 2008, Silver Standard announced a 14% increase in total silver resources for Pitarrilla estimated by P&E Mining Consultants Inc. ("P&E") of Brampton, Ontario. A review of the P&E resource model as part of the reserve estimation for the pre-feasibility study currently underway for Pitarrilla determined that the silver-equivalent cutoff may have understated silver and base metal resources. As a consequence, P&E has undertaken an internal review of their silver-equivalent cutoff, resource model and associated resource estimate and determined that total silver resources at Pitarrilla have increased by a further 9.5%.
All of the increase in resources is at the Breccia Ridge Zone, with measured and indicated silver resources increasing by 42.6 million ounces and inferred silver resources increasing by 20.3 million ounces, an increase of 16% in total resources from July 2008.
The majority of the increase in measured and indicated resources is associated with the higher grade, underground resource. Measured and indicated silver resources for the higher grade underground resource now total 193.6 million ounces, an increase of 40.3 million ounces or 26% from July 2008. In addition, the underground resource tonnage has increased from 40 million tonnes to 86 million tonnes. This demonstrates not only the strength of the Pitarrilla mineralization solutions, but the opportunity for a significant underground bulk mining operation at Pitarrilla.
Three drills are currently working at Pitarrilla, exploring for both additional mineralization and undertaking condemnation drilling for plant, waste and tailings sites. A ramp to access the Breccia Ridge underground zone is in progress and will provide the platform for detailed underground reserve drilling later this year.
The pre-feasibility study for the Breccia Ridge mineralization is currently in preparation and is expected to be completed in the fourth quarter of 2008. Pitarrilla will be Silver Standard's next major silver development project after the Pirquitas mine in northern Argentina. Pirquitas is well along in construction with plant commissioning to commence in the fourth quarter of 2008.
The company's address is 999 West Hastings Street, Suite 1180, Vancouver, BC V6C 2W2, 604-689-3846, Fax: 604-689-3847, Email: [email protected].