Silver Eagle Mines Inc. (TSX:SEG) is pleased to report that it has started commissioning the expanded processing plant at its Miguel Auza Mine located on its wholly-owned property in Zacatecas, Mexico. When commissioning is completed, the plant is designed to process up to approximately 600 tonnes per day, and produce saleable concentrates containing silver, lead and zinc.
The Mine ramp development continues with both the King and Ramal ramps now approaching the 170-metre level. Underground mining is developing the veins included in the reserve on four separate horizons, the lowest being on the 155-metre level. In addition, mineralized material is being removed from two veins not described in the reserve and the Company is conducting additional drilling on these veins. The mineralized material removed to date is of a grade that will be economic to treat through the plant with the reserves that are being mined.
The Miguel Auza Mine reserve estimate announced on June 25, 2008, is 1.95 million tonnes of probable reserves grading 137 g/t Ag, 2.15% Pb and 2.25% Zn. In addition, the Mine has an estimated inferred resource of 0.86 million tonnes grading 0.23 g/t Au, 242 g/t Ag, 1.55% Pb and 2.42% Zn. Ore mined underground is being stockpiled on surface and at August month-end there were 20,000 tonnes awaiting startup of the plant.
The pre-feasibility study was prepared by Silver Eagle Mines Inc. and audited and approved by Wayne Valliant, P.Geo., Kevin Scott, P.Eng. and James Pearson, P.Eng. of Scott Wilson Roscoe Postle Associates Inc. The technical information within this press release was reviewed by Wayne Valliant, P.Geo., a qualifed person under NI 43-101.
ABOUT SILVER EAGLE
Silver Eagle Mines Inc. is a TSX-listed (TSX:SEG), Canadian-based mining company exploring and redeveloping an historic silver property in the heart of the Mexican precious metals belt. The Company's primary asset is its wholly-owned Mexican subsidiary, San Pedro Resources, S.A. de C.V., which controls the fully-permitted Miguel Auza Mine and adjacent properties in Zacatecas, Mexico. The property includes the mineral rights to 41,498 hectares, hosts past-producing mines and has the necessary infrastructure and a trained mining work force nearby. Results of a pre-feasibility study have been announced and the Company's plant expansion from 150 to 600 tpd is being commissioned. Plans are to grow to 850 tpd by Q4 '09.
ON BEHALF OF THE BOARD OF DIRECTORS OF SILVER EAGLE MINES INC.
Terrence H. Byberg, President and CEO
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This news release contains "forward-looking information" which may include, but is not limited to, statements with respect to the future financial or operating performance of the Company and its projects. Often, but not always, forward-looking statements can be identified by the use of words such as "plans", "expects", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates", or "believes" or variations (including negative variations) of such words and phrases, or state that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved. Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Forward-looking statements contained herein are made as of the date of this press release and the Company disclaims, other than as required by law, any obligation to update any forward-looking statements, whether as a result of new information, future events or results or otherwise. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. The Company undertakes no obligation to update forward-looking statements if circumstances, management's estimates or opinions should change, except as required by securities legislation. Accordingly, the reader is cautioned not to place undue reliance on forward-looking statements.
FOR FURTHER INFORMATION PLEASE CONTACT:
Silver Eagle Mines Inc.
Terrence H. Byberg
President and CEO
(416) 361-1101
(416) 361-9280 (FAX)
Email: info@silvereaglemines.com
Website: www.silvereaglemines.com
