Sunday, February 08, 2009

Silverstone Resources SST.v plans to more then double Silver sales in 2009. SST.v, SLW, CDNX, XAU


Very strong Technical picture here. STO is positive, MACD has Buy cross over, RSI is confirming new highs. Strong white hammer is projecting move to 1.5 CAD resistance level with Silver moving up.
VANCOUVER, BRITISH COLUMBIA--(MARKET WIRE)--Feb 5, 2009 -- Silverstone Resources Corp. ("Silverstone") (CDNX:SST.V - News) 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.
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Year Ended
Q4-2008 2008(1)
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Ag (oz) Ag (oz)
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Cozamin 290,000 1,185,000
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Neves-Corvo 147,000 484,000
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Total 437,000 1,669,000
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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)
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Ag Eq.(3)
(000's oz's)
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Cozamin 1,350-1,450
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Minto 2,400-2,600
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Neves-Corvo 450-550
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Total 4,200-4,600
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(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.
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