Drill results reported from Manantial Espejo

Canadian minerals companies Silver Standard (TSX-V: SSO) and Pan American Silver (TSX: PAA) reported initial results from a 4,500m infill and geotechnical program of diamond drilling underway at the Manantial Espejo silver-gold property in southern Argentina's Santa Cruz province. The completion of the infill drilling will allow a mineable reserve to be estimated for the property, according to the companies, who have 50% each of the project. To date, assays have been received on 17 infill drill holes completed on the Maria Vein and one on the Melissa Vein for a total of 2,209m, they said. Results include 11.2m grading 10.2g/t gold and 136g/t silver and 13.7m grading 9.61g/t gold and 543g/t silver. The 18 infill drill holes completed and assayed to date bring total drilling on the property to 47,411m in 431 holes. The partners have begun a feasibility study for the property, with geotechnical work underway and environmental work to start shortly ahead of permitting, they said. The feasibility study is anticipated to be completed in late 2004 or early 2005. According to latest published figure, Manantial Espejo has a measured and indicated resources totaling 4.39Mt grading 264g/t silver and 4.5g/t gold, or 37.2Moz of silver and 640,000oz of gold. Silver Standard also said it is awaiting drill results from its wholly owned Diablillos project in northwest Argentina, further drill results from Manantial Espejo and from its La Pitarrilla property in Mexico. The company said it is planning to drill a further 15 infill and step-out holes on the Cordon Colorado zone at La Pitarrilla, in addition to the 22 holes completed to date. The second phase drilling program is expected to provide data for a preliminary resource estimate at this significant new discovery, the company said in a statement.