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 October 2010) of 1.23 million tonnes at 256g/t silver (8.2 ounces per tonne silver) for 10.19 million ounces of silver.
		Copper, zinc and lead provide significant value to the Inferred Resource representing in the order of25% of the calculated value is this model.
		Diamond and RC drilling underway (November 2010).