Silver Standard Resources Inc. (Toronto:SSO.TO) (NasdaqGM:SSRI) and Esperanza Silver Corporation (CDNX:EPZ.V) (Other OTC:ESPZF.PK) Monday announced results of ongoing diamond drilling at the San Luis high-grade gold and silver joint venture property in central Peru.
Continued high grade on Ayelen Vein

Drilling on the Ayelen Vein has extended the drill-tested strike length to 550 meters and its depth to over 175 meters. Gold and silver mineralization continues to depth and along strike to the north and south. Significant drill results include:

- in drill hole SL-030, an angled hole drilled below drill holes SL06-17 and -28, a 38.7-foot interval averaging 0.45 ounces per ton gold and 14.4 ounces per ton silver (11.8 meters averaging 15.58 grams per tonne gold and 494.0 grams per tonne silver).

- in drill hole SL-033, an angled hole drilled beneath hole SL06-21, a 61.2-foot interval averaging 0.26 ounces per ton gold and 8.1 ounces per ton silver (18.7 meters averaging 8.99 grams per tonne gold and 277.0 grams per tonne silver). This interval included 12.1 feet averaging 0.53 ounces per ton gold and 19.7 ounces per ton silver (3.7 meters averaging 18.27 grams per tonne gold and 676.9 grams per tonne silver).
Drilling on the Ines Vein and Other Parallel Veins

Further drilling on the Ines Vein intersected variable intervals of brecciated quartz veins containing anomalous values of gold and silver. Similarly, initial shallow drilling of the Sheyla, Paula and Regina veins returned anomalous gold and silver values.

Field observations indicate that drilling to date has potentially intersected those vein systems above the boiling zone, requiring a drill rig with greater capacity to test these veins at depth. Arrival of the new drill rig is expected shortly.

Reconnaissance work has recently identified a number of drainages in the joint venture's claim block with stream sediment gold anomalies higher than values in drainages from the already identified vein structures. In addition to drilling, further work will include mapping, rock sampling and prospecting to identify the sources of the gold anomalies and preparation for follow-up drilling.
Joint Venture Interests

Silver Standard holds a 55% interest in the San Luis joint venture and Esperanza 45%. Silver Standard has elected to increase its interest in the joint venture to 70% by funding costs required to complete a feasibility study. Thereafter, Silver Standard has the right to increase its interest to 80% by funding the property through to production.
About Esperanza

Esperanza is an exploration company focused on precious metals and is founded on the experience and success of its management and field teams in discovering ore bodies. Its properties include the San Luis high-grade gold and silver discovery in central Peru and the 100%-owned Cerro Jumil bulk-tonnage gold project in Morelos State, Mexico. It has other exploration interests in Peru, Mexico and Bolivia. The company's objective is to take properties up to the resource definition stage and then find partners to take them into production.
About Silver Standard

Silver Standard is a well-financed silver resource company that continues to seek growth through exploration and development of its own silver projects. Silver Standard also has an approximate 14% equity ownership of Esperanza and participated in the recent equity offering and increased its percentage interest.