Silverstone Reports 2008 Silver Sales of 1.7 Million Ounces and Forecasts 2009
February 05 2009 - 5:22PM
Marketwired
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.
This press release contains "forward-looking information" that
is based on Silverstone's current expectations, estimates,
forecasts and projections. This forward-looking information
includes, among other things, statements with respect to
Silverstone's mineral discoveries, plans, outlook and business
strategy. The words "may", "would", "could", "should", "will",
"likely", "expect", "anticipate", "intend", "estimate", "plan",
"forecast", "project" and "believe" or other similar words and
phrases are intended to identify forward-looking information.
Forward-looking information is subject to known and unknown
risks, uncertainties and other factors that may cause Silverstone's
actual results, level of activity, performance or achievements to
be materially different from those expressed or implied by such
forward-looking information. Such factors include, but are not
limited to: projected sales or production rates; uncertainties
related to drilling results; the ability to raise sufficient
capital to fund exploration; changes in economic conditions or
financial markets; changes in prices for costs; litigation,
legislative, environmental and other judicial, regulatory,
political and competitive developments; technological or
operational difficulties or inability to obtain permits encountered
in connection with exploration activities; and labor relations
matters.
This list is not exhaustive of the factors that may affect our
forward-looking information. These and other factors should be
considered carefully and readers should not place undue reliance on
such forward-looking information. Silverstone disclaims any
intention or obligation to update or revise forward-looking
information, whether as a result of new information, future events
or otherwise.
The TSX Venture Exchange has neither approved or disapproved of
the contents herein.
Contacts: Silverstone Resources Corp. Chris Tomanik (604)
637-8151 Email: ctomanik@silverstonecorp.com Silverstone Resources
Corp. Mark Patchett (604) 637-8151 (604) 688-2180 (FAX) Email:
mpatchett@silverstonecorp.com Website: www.silverstonecorp.com
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