Silver Mines Ltd (SVL) is a silver (Ag) explorer that is primarily focused on exploring and developing its silver-rich polymetallic assets in the New England region of northern New South Wales (NSW), Australia. The company’s strategy is to rapidly develop its flagship Webbs Silver Project and, in doing so, earn a near-term cash flow to support further exploration of the company’s tenements.

The Company sees the Webbs Silver Project as potentially being amenable to open pit mining methods making it a very attractive opportunity at the current inferred grade of over 200g/t silver. The project has also delivered positive metallurgical results for standard flotation. The focus in the short term is continue to drill and expand the existing resource inventory and increase the level of confidence in the resource to indicated category and above.

		Webbs Silver Project Global inferred resource estimate (dated August 2008) of 670,000 tonnes at 210g/t silver (6.8 ounces per tonne silver) for 4.5 million ounces of silver.
		Webbs Silver South Prospect inferred resource (which is part of the Global estimate above) of 510,000 tonnes at 230g/t silver (7.4 ounces per tonne silver) for 3.8 million ounces of silver.
		Copper, zinc and lead provide significant value to the Inferred Resource representing 40% of the calculated value is this model.