RENO, NV--(Marketwire - 06/01/10) - Silver America, Inc. (OTC.BB:SILA - News) ("Silver America" and/or "the Company") is pleased to report that the Board of Directors has approved the commencement of the second phase of its strategic field program at the Company's 698.91-acre Guadalupe Property in Zacatecas State, Mexico.
Upon review of the encouraging results announced in our press release dated May 13, 2010, which included bonanza grade silver grades of up to 1,800 g/t and gold grades of up to 5.35 g/t, the company has decided to proceed with the second phase of exploration at the Guadalupe Property. This next phase, which is expected to last 4 to 6 weeks, will consist of geophysics and soil sampling, with approximately 10.6 miles (17 kms) of magnetic and induced polarization surveys, as well as further detailed sampling and mapping of the entire area and workings.
The values encountered on the first phase of exploration, combined with the known depth of the historical workings (350 meters), suggest that these vein systems have the potential to continue to much greater depths, as is the case at the Fresnillo mine (900 vertical meters), the world's richest underground silver mine, located roughly 5 miles to the south of Silver America's property.
"Through this new phase of exploration, we expect to be able to delineate drilling targets for what we anticipate to be a 2,000-meter drilling campaign," said Johannes Petersen, President of Silver America. "Once we complete this phase of exploration, we intend to test the continuation of the known vein systems at depths greater than those of the historic workings, while exploring further any new structures we might identify with the geophysics work."
THE GUADALUPE PROPERTY
The Guadalupe property contains two historically significant mines and is located in one of Mexico's oldest mining districts, roughly 5 miles north of the Fresnillo (Proaño) Mine, the world's richest underground silver mine, operated by Fresnillo plc. Roughly 6.8 miles to the southwest of Silver America's Guadalupe Property is the Juanicipio Joint Venture (JV) between MAG Silver Corp. (MAG) and Fresnillo plc, which is known as one of the world's highest grade undeveloped silver resources.
ABOUT SILVER AMERICA, INC.
Silver America, Inc. is a publicly traded (OTC.BB:SILA - News) precious metals exploration company focused on the aggressive, ongoing acquisition and exploration of holdings with rich silver and gold production potential. Based in Reno, Nevada, Silver America has developed a promising portfolio of international properties in regions marked by stable politics, sound economies and friendly business relations. For more information on the Company and its projects, visit Silver America's website at http://www.silver-america.com/.
ON BEHALF OF THE BOARD OF DIRECTORS,
Johannes Petersen, President
Forward-Looking Statements
The statements by our officers, and other statements regarding optimism related to the business, expanding exploration and development activities and other statements in this press release are forward-looking statements within the meaning of the Securities Litigation Reform Act of 1995. Such statements are based on current expectations, estimates and projections about the Company's business. Words such as expects, anticipates, intends, plans, believes, sees, estimates and variations of such words and similar expressions are intended to identify such forward-looking statements. These statements are not guarantees of future performance and involve certain risks and uncertainties that are difficult to predict. Actual results could vary materially from the description contained herein due to many risk factors that affect the industry the Company operates in and other risk factors listed from time to time in the Company's Securities and Exchange Commission (SEC) filings under "risk factors" and elsewhere. The forward-looking statements contained in this press release speak only as of the date on which they are made, and the Company does not undertake any obligation to update any forward-looking statement to reflect events or circumstances after the date of this press release.
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