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Silvercrest Mines Inc. (TSXV:SVL)

SilverCrest Continues to Expand Main Zone at Santa Elena, Mexico

 

VANCOUVER, B.C. April 8, 2008 – SilverCrest Mines Inc. (the “Company”) is pleased to report results for the next series of core holes of an “expanded” Phase II  drill program at its Santa Elena Project located in northern Mexico.  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.

The most notable intercepts of this series of holes were encountered in SE08-70, which intercepted 21 metres (68.88 feet) grading 1.41 gpt gold and 109.53 gpt silver and in SE08-75, which intercepted 11.4 metres (37.39 feet) grading 2.83 gpt gold and 150.15 gpt silver. Overall, the results for expansion drilling continue to show strong, continuous gold and silver values over widths of 11 to 21 metres as drilling moves east and to depth. Average width of the Main Zone in the eastern area is approximately 15 metres and is similar to the rest of the deposit. The Main Zone has been traced on surface for approximately 1300 metres and has been encountered in drill holes to a vertical depth of more than 500 metres.

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 SE08–81.  Including the holes reported below, the Company has provided results for 75 holes. The 16 core holes reported below (see attached drill plan for hole locations) are part of the current program to in-fill and expand the recently reported NI 43-101 Indicated and Inferred Resources (see news release dated November 15, 2007) for the project. The detailed results are shown below:

Santa Elena Main Zone

Weighted Average Grades

Drill
Hole

From
(m)

To
(m)

Interval
(m)

Interval
(ft)

Au
gpt

Ag
gpt

Au
gpt equiv*

Ag
gpt equiv*

Note


SE07-59

38.8

40

1.2

7.51

1.91

15.9

2,22

111.4

In-fill

SE07-60

25.5

37.5

12.0

39.36

0.73

22.45

1.18

59.35

In-fill

SE07-61

47.3

54.7

7.4

24.37

0.22

15.18

0.52

26.40

In-fill

SE07-62

85.0

106.0

21.0

68.88

1.71

83.62

3.38

169.23

Expansion

includes

88.0

100.0

12.0

39.36

2.68

129.10

5.26

263.47

Expansion

includes

91.0

100.0

9.0

29.52

3.23

147.86

6.18

309.36

Expansion

SE07-64

55.5

61.4

5.9

19.35

0.41

26.18

0.93

46.79

Expansion

SE07-65

167.0

179.0

12.0

39.36

1.37

108.07

3.53

176.90

Expansion

SE08-68

308.4

329

20.6

67.37

0.26

23.23

0.72

36.23

Expansion

SE08-70

257.0

278.0

21.0

68.88

1.41

109.53

3.60

180.17

Expansion

includes

274.2

278.0

3.8

12.46

5.16

342.72

12.02

601.00

Expansion

SE08-72

263.9

284.6

20.7

67.89

1.08

123.15

3.54

177.25

Expansion

includes

263.9

276.9

13.0

42.64

1.51

180.33

5.11

255.88

Expansion

SE08-73

226.3

240.6

14.3

46.90

1.60

151.74

4.63

231.79

Expansion

includes

226.3

230.0

3.7

12.13

3.25

390.00

11.05

552.50

Expansion

SE08-75

202.4

213.8

11.4

37.39

2.83

150.15

5.84

292.15

Expansion

includes

209.4

213.8

4.34

14.23

5.12

294.66

11.01

550.85

Expansion

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

Holes SE07-62 through SE08-75 are considered “expansion” holes and are outside the boundaries of the current resource estimates shown in the table below. These holes are being incorporated into a new resource model with revised resource estimates expected to be announced in the second quarter of 2008. No significant faulting or displacement of the Main Zone has been identified to date. The expansion drilling has identified a high grade zone of gold and silver values, plunging to the southeast, with lower grade values above and below the higher grade zone. Grades range from approximately 1.4 to 5.1 gpt gold and 109.5 to 342.7 gpt silver. Gold values appear to be relatively consistent within this range while silver grades appear to be increasing to the east and to depth.

Hole SE08-63 and SE08-64 intercepted the eastern extension of Main Zone near surface. The zone is approximately 30m wide and is anomalous in Au, Ag, Ba, and Sb. This is fairly typical of the upper levels of high level, epithermal mineralization in stockwork veining.. The down dip extension of the Main Zone approximately 175 metres below SR08-63 was intercepted in hole SE08-72, and returned 20.7m of 1.08 gpt Au and 123.15 gpt Ag.  The Main Zone still remains open to the east and to depth and will be further tested with the remaining 10 to 15 holes of the Phase II drill program.

Hole SE08-69 intercepted silver-lead-zinc mineralization at a vertical depth of approximately 525 metres with most assays still pending. This is the first hole to depth that has intercepted any appreciable amount of base metals.

Hole SE08-71 was drilled in the Footwall Zone immediately adjacent to the Santa Elena Main Zone and showed minimal gold and silver values. The Footwall Zone consists mainly of quartz stockwork in shears and structures that are generally perpendicular to the Main Zone. There has been sufficient drilling in the Foot Wall Zone for it to be included in the next resource estimate as it would likely be mined as a part of any proposed initial open pit.

Drill holes SE07-66, SE08-67 and SE08-74 were drilled outside the Main Zone area to test geophysical targets. Results for these holes show no significant values, however, large breccia zones with substantial pyrite (5%-40%) were encountered that may be indicative of a nearby mineralized system. The geophysical signatures of the anomalies are quite similar to that exhibited by the Main Zone and are quite extensive. Additional exploration will be required to determine if potentially economic metal values can be identified.

All samples were analyzed at ALS-Chemex Labs in Hermosillo, Mexico and North Vancouver, BC, Canada.

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

Santa Elena²

Indicated

7,378,300

74.20

1.81

8,133,200

2.16

0.053

17,600,900

428,700

 

Inferred

2,608,000

73.06

1.37

2,874,800

2.13

0.040

6,125,700

114,800

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).

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).

J. Scott Drever, President stated; “We continue to be impressed with the continuity, predictability and strength of the Main Zone. Using our geological model we are able to predict projected intersections within a few metres. Based on this predictability we have contracted a reverse circulation drill that will enable us to pre-collar a number of deeper holes and then core the zone intersection with the core drill that is on site. This will speed the process of exploration while reducing overall costs significantly. Meanwhile, we have essentially concluded the technical and economic aspects of our pre-feasibility study and are in the process of having it vetted by independent Qualified Persons. The Environmental Impact Study that is required for permit applications for a potential open pit, heap leach operation is complete and is expected to be filed in the next few weeks.”

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.

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.

Forward-looking statements are based on the expectations and opinions of the Company’s management on the date the statements are made. The assumptions used in the preparation of such statements, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, undue reliance should not be placed on forward-looking statements.

On Behalf of the Board of Directors of

SilverCrest Mines Inc.

“J. Scott Drever

 

J. Scott Drever, President

For further information, please contact:

Fred Cooper

1311 Howe Street, Suite 405

Vancouver, BC V6Z 2P3

Telephone: (604) 691-1730  

Fax:  (604) 691-1761

Email: info@silvercrestmines.com

Website: www.silvercrestmines.com

SilverCrest Files Technical Report and Permit Application for Santa Elena, Mexico

 
TSX-V: SVL For Immediate Release


VANCOUVER
, B.C.  January 15, 2008
– SilverCrest Mines Inc. (the “Company”) is pleased to announce that it has filed on SEDAR a new Santa Elena NI 43-101 Technical Report and resource estimate that was previously announced in a press release dated  November 15, 2007. This report details the work completed with respect to an updated resource for the Santa Elena Main Zone based on 40 drill holes. The new estimated Indicated Resource is 7.3 million tonnes grading 1.81 gpt Au and 74.19 gpt Ag and contains 432,400 ounces of gold and 17.4 million ounces of silver based on a 0.5 gpt gold equivalent cut-off grade. The new Inferred Resource is estimated to be 2.6 million tonnes grading 1.37 gpt Au and 73.06 gpt Ag and contains 114,800 ounces of gold and 6.1 million ounces of silver.

The Company has carried out optimization of open pit configurations that show an estimated 80% of the Indicated Resource will fall within the proposed pit limits and as a result of the pre-feasibility study presently being completed, are expected to become fully diluted and recoverable Proven and Probable Reserves.

The Company has reported the results of 58 core holes (SE06-01 to SE07-58) to date in a continuing program of in-fill and expansion drilling for the Santa Elena Main Zone. The program is currently completing hole SE07-67 which is located to test a segment of the Rosita Sur exploration target.  Results will continue to be announced as they become available. Drilling has re-commenced and is expected to include an additional 10 holes in the Phase II program to test the extensions of the Main Zone beyond the current proposed open pit as well as to test new targets defined by the recently completed geophysical program. A revised independent resource estimate for Santa Elena is planned for the first quarter of 2008 and is expected to include the results of approximately 75 core holes in total. This will add an estimated 35 holes to the current resource estimate. Total Company gold and silver resources are shown in the table below.



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 for Santa Elena and El Zapote is 30 gpt Ag equivalent (0.5 gpt Au equivalent). Cutoff for Cruz de Mayo is 30 gpt Ag.
3  Conversion of gold to silver based on 60:1 silver to gold ratio, Assumes 100% metal recovery. This does not include zinc resource at El Zapote.
RP = results pending

Permitting

An application for a Land Use Change Permit was submitted to the Mexican government on December 20, 2007. This is the first step in permitting the Santa Elena Project in preparation for production. The Company plans to submit an Environmental Impact Study (Manifiesto De Impacto Ambiental - MIA) during the first quarter of 2008.  The MIA is the principal document required for approval of a development and production permit. The review process of the MIA generally requires a minimum of approximately 4 months.

Personnel

The Company is also pleased to announce that it has engaged Salvador Aguayo Salinas, PhD as Operating Manager for its Mexican operating subsidiary. Mr. Aguayo is a Mexican national and has over 30 years of experience in Mexico related to metallurgy and mineral processing including heap leach technologies and operations. Mr. Aguayo has been a metallurgical consultant to the mining industry as well as a Professor of Chemical Engineering and Metallurgy at the University of Sonora, Hermosillo, Mexico. Mr. Aguayo brings an important set of technical and managerial skills to the Company and his engagement demonstrates the Company’s commitment to moving Santa Elena toward a production decision in a timely manner.

The Qualified Person for this news release is N. Eric Fier, CPG, P.Eng. and Chief Operating Officer for SilverCrest Mines Inc. who has reviewed and approved its release.

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.

Forward-looking statements are based on the expectations and opinions of the Company’s management on the date the statements are made. The assumptions used in the preparation of such statements, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, undue reliance should not be placed on forward-looking statements.

On Behalf of the Board of Directors of
SilverCrest Mines Inc.

“J. Scott Drever”

J. Scott Drever, President

For further information, please contact:

Fred Cooper
1311 Howe Street, Suite 405
Vancouver, BC V6Z 2P3

Telephone: (604) 691-1730
Fax: (604) 691-1761
Email: info@silvercrestmines.com
Website: www.silvercrestmines.com
Toll Free: 1-866-691-1730 (Canada & USA)

The TSX-Venture Exchange has not reviewed and does not accept responsibility for the accuracy or adequacy of this release

SilverCrest Mines Inc. Copyright ©2008 | info@silvercrestmines.com

2008 Vancouver Resource Investment Conference

 
January 20, 2008 (2 days)
Vancouver Convention & Exhibition Centre 200 - 999 Canada Place Vancouver, BC

 

Visit SilverCrest at Booth # 503

 

Jan 20 & Jan 21, 2008
7:30 - 6:30 Sunday, Jan 20th

Exhibit Hall Open from 10:00 AM - 6:00 PM

8:00 - 6:00 Monday, Jan 21st

Exhibit Hall Open from 9:00 AM - 5:00 PM

Featuring an world class line-up of speakers, covering all types of direct investments in resource public companies, speculative investing, resource exploration, oil & gas, world outlook, investment strategies and more!