Silver Crest Reports Pre-Production In-Fill Drill Results
VANCOUVER, BC – Silver Crest Mines Inc. reported that a pre-production in-fill drilling program at the Santa Elena Project located in Sonora, Mexico has been completed.
The 11 in-fill reverse circulation holes (total of 577 metres) reported are located in the Phase I pit which represents approximately the first two years of planned metal production. The most notable intercepts of this near surface series of holes were encountered in hole SERC09-24 which intercepted 22.0 metres grading 6.37 g/t gold and 72.7 g/t silver and hole SERC09-26 with 28 metres grading 3.1 g/t gold and 115.9 g/t silver.
Drill holes have an average true thickness of approximately 16 metres with an uncut, weighted average grade of 4.1 g/t gold equivalent which translates to high grade, low cost metal production in the first few years of the mine life. Drill results will be used to revise the Life-of-Mine Plan and update the reserve estimates in the ongoing independent Feasibility Study being completed by SRK Consulting of Denver, Colorado.
The open pit heap leach Santa Elena Project is under construction with anticipated first gold-silver pour expected in Q2 2010 with commercial production to occur in late 2010.
The official registration of 100% ownership in the Santa Elena Project was recently finalized which enables the Company to access the US$12 million from the gold purchase agreement with Sandstorm Resources. These monies are sufficient to complete most of the remaining construction. Final legal paperwork is being completed with Macquarie Bank Ltd. to access the additional US$12.5 million project loan facility.
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