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| February 25, 2010 --- Vol. 04, No. 08 | February 2010
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British Columbia
POLYMETALLIC Silvercorp Metals Inc. Feb. 22 said it signed a definitive purchase agreement with Silver Standard Resources Inc. to purchase 100 percent interest in the Silvertip silver-lead-zinc project covering 216 square kilometers, or 83.4 square miles, in northern British Columbia. Total consideration for the project is C$15-million with up to 50 percent to be paid in Silvercorp common shares and the balance in cash. The closing date is expected on or before Feb. 26. Located just south of the Yukon border and readily accessible by a 25-kilometer road from the Alaska Highway, the Silvertip property hosts an advanced-stage, high-grade silver-lead-zinc carbonate replacement deposit system. Previous operators/owners from 1955 to 2000 carried out more than C$40 million in exploration work including 2,400 meters of underground tunnel development and 71,472 meters of surface and underground drilling in 491 holes. Imperial Metals Corp. completed the most recent exploration work when it owned the project from 1996 to 2002. Silver Standard did no exploration since acquiring the project in 2002. A resource estimate was calculated for the Silvertip project in 1997 within an area of 1,000 meters by 800 meters, which was then converted into a National Instrument 43-101-compliant resource in October 2002. A new NI 43-101 compliant resource update, dated February 19, 2010, includes the 65 Zone as well as significant drill hole interceptions. At greater than 400 grams per metric ton silver equivalent cut-off, Silvertip has an estimated indicated resource of 1,976,664 metric tons grading 398 g/t silver, 7.65 percent lead, 10.35 percent zinc and 0.58 g/t gold with 25,263,518 ounces of silver in place, and an inferred resource of 357,713 metric tons grading 413 g/t silver, 7.50 percent lead, 11.05 percent zinc and 0.26 g/t gold.
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