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Silvercrest Mines Inc. (TSXV:SVL)

SilverCrest Main Zone Expansion Drilling

 

SilverCrest Main Zone Expansion Drilling 11.2 metres (36.73 feet) grading 3.47 gpt Gold - 167.1 gpt Silver Santa Elena Project, Mexico

VANCOUVER, B.C. June 5, 2008 - SilverCrest Mines Inc. (the "Company") is pleased to report results for the next series of core holes at its Santa Elena Project located in northern Mexico.

The drill program is currently drilling hole SE08-92. The nine core holes reported below (see attached drill plan for hole locations) are part of the current program to expand the reported NI 43-101 Indicated and Inferred resources (see news release dated January 15, 2008) for the project. The most notable intercepts of this series of holes were encountered in hole SE08-80 which intercepted 11.2 metres (36.73 feet) grading 3.47 gpt gold and 167.1 gpt silver and hole SE08-79 with 15.9 metres (52.15 feet) grading 1.63 gpt gold and 161.0 gpt silver. The detailed results are shown below.

Weighted Average Grades

Drill
Hole

From
(m)

To
(m)

Interval
(m)

Interval
(ft)

Au
gpt

Ag
gpt

Au
gpt equiv*

Ag
gpt equiv*

Note

SE08-79

187.2

203.1

15.9

52.15

1.63

161.0

4.85

242.7

Expansion

  includes

198.1

203.1

5.0

16.40

3.98

449.5

12.97

648.5

Expansion

SE08-80

333.4

344.6

11.2

36.73

3.47

167.1

6.81

340.6

Expansion

  includes

333.4

337.9

4.5

14.76

5.93

175.0

9.43

471.5

Expansion

SE08-81

223.3

225.2

1.9

6.23

8.38

260.0

13.58

679.0

Expansion

SE08-82

264.2

264.9

0.7

2.30

0.14

15.0

0.44

22.0

Expansion

SE08-84

327.2

332.6

5.4

17.71

1.5

78.6

3.07

153.6

Expansion

*Conversions are based on a ratio of 1:50 Au:Ag and assume 100% metal recovery. All numbers are rounded.

Hole SE08-81 and SE08-82 are located in the eastern extension on the Main Zone and represent high level epithermal mineralization in stockwork veining with narrowing higher grade mineralization near the surface. The stockwork zone is approximately 30 metres wide and anomalous in Au, Ag, Ba, and Sb which are generally indicative of the upper portions of an epithermal system. The downward extension of these intercepts is noted in hole SE08-80 which encountered 11.2 metres of 3.47 gpt Au and 167.1 gpt Ag. Hole SE08-83 was lost due to down hole problems and will be re-drilled.

Overall, the results for the expansion drilling continue to show strong, continuous mineralization over significant widths (11 to 16 metres) as drilling moves east and to depth. Average width of the Main Zone in the eastern area is approximately 15 metres which is consistent with the rest of the deposit. Silver grades continue to increase to the east and to depth. The Main Zone still remains open to the east and to depth and will be further tested with the remaining holes of the Phase II drill program.  A new resource estimate is underway with results expected in the second quarter of 2008.

Holes SE08-76, SE08-77 and SE08-78 are considered "wild cat" holes and are outside the area of the current resources of the Main Zone. These holes were completed in the Araña Target area with results showing broad anomalous barium and antimony with only trace gold and silver. The Company believes that the alteration and mineralization in this area is high level epithermal in nature and therefore above the zone of gold and silver mineralization.

Previously unreported hole number SE08-69 showed an intercept of  2.2 metres in the Main Zone at a depth of 415.8 to 418.0 metres grading 1.4% zinc and 34 gpt silver. This intercept suggests that the Main Zone in this area is exhibiting typical epithermal zonation characteristics with increasing base metals and decreasing gold and silver values to depth.

The Company's current NI 43-101 compliant resource is based on 40 drill holes and the on-going drill program is currently drilling hole SE08-92.  Including the holes reported above, the Company has provided results for 84 holes. Detailed results for the drilling, surface and underground sampling related to the resource calculation can be found in numerous press releases filed on SEDAR (sedar.com) or on the Company's web site (www.silvercrestmines.com).

The most recent resource estimate for Santa Elena is shown in the table below:

Santa Elena Silver and Gold Resources

Property

Resource Category¹

Tonnes

Ag
gpt

Au
gpt

Tons

Ag
opt

Au
Opt

Contained Silver Ounces

Contained Gold Ounces

Contained Silver Equiv. Ounces³

Santa Elena²

Indicated

7,378,300

74.20

1.81

8,133,200

2.16

0.053

17,600,900

428,700

43,327,100

 

Inferred

2,608,000

73.06

1.37

2,874,800

2.13

0.040

6,125,700

114,800

13,016,700

1 Conforms to NI 43-101, 43101CP and current CIM definitions for resources. All numbers are rounded. Measured resources included in Indicated. 2 Cutoff grade is 30 gpt Ag equivalent (0.5 gpt Au equivalent). 3 Conversion of gold to silver based on 60:1 silver to gold ratio, assumes 100% metal recovery.

All samples were analyzed at ALS-Chemex Labs in Hermosillo, Mexico and North Vancouver, BC, Canada. N. Eric Fier, CPG, P.Eng. and Chief Operating Officer for SilverCrest Mines Inc. and  Qualified Person for this news release has reviewed and approved its contents.

The Santa Elena Project is located approximately 150 kilometres northeast of Hermosillo, Sonora, Mexico and is easily accessible with excellent local infrastructure. The Company has the right to acquire a 100% interest in the property.

SilverCrest Mines Inc. is a "Silver Focused" exploration and development company with a portfolio of high grade silver deposits and exploration properties located in Mexico and El Salvador. This property portfolio, which includes reported indicated and inferred silver resources and substantial exploration potential, provides an important base from which SilverCrest can develop its corporate objective of becoming a significant silver asset based company. The Company's immediate initiative is to acquire and develop substantial silver resources and ultimately to operate high grade silver mines throughout North, Central and South America.

This news release contains forward-looking statements, which address future events and conditions, which are subject to various risks and uncertainties. The Company's actual results, programs and financial position could differ materially from those anticipated in such forward-looking statements as a result of numerous factors, some of which may be beyond the Company's control.  These factors include: the availability of funds; the timing and content of work programs; results of exploration activities and development of mineral properties, the interpretation of drilling results and other geological data, the uncertainties of resource and reserve estimations, receipt and security of mineral property titles; project cost overruns or unanticipated costs and expenses, fluctuations in metal prices; currency fluctuations; and general market and industry conditions.

On Behalf of SilverCrest Mines Inc.

"J. Scott Drever"

J. Scott Drever, President


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