TSX-V Trading Symbol: SNS
VANCOUVER, May 3 /CNW/ - Contract miners from Atlas-Fausett Contracting have started work on the re-opening of the Hooper tunnel at the Crescent Mine. They have re-timbered the first 80 feet of the tunnel to date, and crews have commenced clearing the first section of cave-in and rehabilitation of the tunnel is on the way. As soon this first cave-in is cleared, SNS will have a better idea of how long it will take to complete the total rehabilitation of the Hooper Tunnel.
The company's efforts to open Big Creek No. 4 tunnel located directly above the Hooper Tunnel were met with success. Excavation of the Big Creek No. 4 surface area was completed and the portal has been re-opened. Mine Superintendant Craig Durick reports that the Big Creek No. 4 Tunnel is open up to the first 2000 feet where a small cave-in was encountered, with a slight ventilation intake. In the near-term, work will begin to clear the Big Creek No. 4 Tunnel for the purpose of improving air circulation and providing a secondary escape route from the Hooper Tunnel.
SNS Silver Corp. owns 100% of the Crescent Mine in the Coeur d'Alene mining district. The Crescent Mine is a historic high-grade silver producer. From 1917-1982 the property produced 25 million ounces of silver at an average grade of 27.3 ounces per ton. Prior to its last shut down in the 80's, previous operators of the Crescent Mine reported over 9 million ounces of silver resources at an average grade of 18 ounces per ton. The property lies between two world-class silver producers: the Sunshine mine which has produced more than 300 million ounces of silver and the Bunker Hill mine, which has produced over 150 million ounces of silver. The Coeur d'Alene district is the only known mining district in North America to have produced over 1 billion ounces of silver. SNS Silver (SNS) trades on the TSX-V under the symbol SNS. the Company has approximately 28.9 million shares outstanding and approximately $9.0 million cash on hand.
All resource estimates quoted herein are based on data and reports obtained and prepared by previous operators. The Company has not completed the work necessary to independently verify the classification of the mineral resource estimates and is not treating the mineral resource estimates as National Instrument 43-101 defined resources verified by a qualified person. The historical estimates should not be relied upon. The Crescent Mine will require considerable further evaluation, which the Company's management and consultants are in the process of completing.
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This press release does not constitute an offer to sell, or a solicitation of an offer to sell, any of the foregoing securities in the United States. None of the foregoing securities have been and, nor will they be, registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.
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