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San Luis


The high-grade, gold-silver Ayelén vein system of the San Luis Project in central Peru has the potential to become Silver Standard's next development project. From initial discovery in 2005, the project has been rapidly advanced, with completion of a feasibility study expected in the third quarter of 2009.

The San Lus Project is located approximately 25 kilometers northwest of Barrick Gold Corporation's Pierina gold mine, and can be accessed by two all-weather roads. Silver Standard currently holds a 55% interest in the property through a joint venture with Esperanza Silver Corporation. By electing to fund the costs required to complete a feasibility study which is nearing completion, we will increase our interest to 70%. We have the right to increase our interest in the joint venture to 80% by funding costs to take the project to production.

In December 2008, the San Luis Joint Venture reported measured and indicated resources of 348,000 ounces of gold and 9,045,000 ounces of silver, and inferred resources of 3,600 ounces of gold and 174,900 ounces of silver, based on a cut-off grade of 6 grams of gold-equivalent per tonne.

Development of the underground access to the Ayeln vein will commence after approval by the joint venture and the negotiation of long-term land use agreements with local communities. An environmental impact study is underway and is scheduled to be filed with government authorities by year-end.