JV To Reopen Crescent Silver Mine

 

VANCOUVER, BC - SNS Silver Corp. and Syringa Exploration Inc. reported the signing of a letter of intent to enter into a Joint Venture Agreement to reopen SNS Silver's wholly-owned Crescent Silver Mine in Idaho's famed Silver Valley for development, exploration and production.

Under terms of the Agreement, Syringa will expend $2,000,000 in each of the first two years of the Agreement, and $4,160,000 in the third year toward continued exploration and development of the Crescent Mine for a total of $8.16 million, earning Syringa a 50 percent interest in the Crescent Silver Mine at the end of the third year.

Syringa Exploration Inc. President and CEO Kurt Hoffman said, "This was a carefully thought out agreement with SNS and we both look forward to a long and productive relationship. This is a win-win for our companies as well as for the Silver Valley. As a native of the Silver Valley, it is personally very rewarding to be involved in putting Silver Valley miners back to work as we re-start work at the Crescent."

The Crescent Silver Mine is strategically situated, adjoining the Sunshine Mine to the east and the Bunker Hill Mine to the west and comprises 24 patented mining claims covering about 350 acres. Historical production of 26 million of ounces was from two structures: the Alhambra vein and the South vein. Upon purchasing the Crescent in 2006, SNS Silver's geological team identified areas with high potential to host silver mineralization above the main haulage level. An exploration program was designed to test these theories and a surface and underground diamond drill program was conducted during 2007 - 2008. The program successfully identified new silver mineralization on both the Alhambra vein and the South vein as well as several other structures. SRK Consulting (US) Inc., evaluated the data and on the Alhambra and South veins calculated a Canadian N.I. 43-101 compliant resource containing 6.1 million ounces in the indicated category and 4.1 million ounces in the inferred category.

The company’s address is 1207-409 Granville Street Vancouver, BC V6C 1T2, 604-689-0896, fax: 604-688-4933, email: [email protected].