Shoshone Acquires Lease to Montgomery Mine Project
February 23, 2004--Shoshone Silver Mining Company (OTC:SHSH) is pleased to announce that it has leased the Montgomery Mine Project in northern Idaho. The transaction supports the Shoshone strategy of acquiring formerly producing properties near its Lakeview Mill facility.
The Montgomery property covers 500 acres of the Porthill Mining District in Boundary County and includes all historic workings of the Montgomery Mine. The property features two distinct exploration targets: a high-tonnage disseminated copper, nickel and PGE-bearing zone hosted in two parallel diorite sills and a high-grade polymetallic quartz vein exhibiting grades of up to 58.4 ounces per ton (oz/t) silver, 0.26 oz/t gold, 4 percent copper, and 7 percent lead, according to historical assays. The mineralized sills and veins at Montgomery have been explored by seven tunnels, totaling over 3,000 feet in length.
Shoshone due diligence included a shallow drill hole on the lower sill which returned two-foot intervals grading up to 0.61 percent copper, 0.15 percent nickel, 0.10 percent cobalt, 0.3 parts per million (ppm) gold, and 3.5 ppm silver. The hole averaged 0.24 percent copper over its 20-foot length. A preliminary surface sampling program along 4,000 feet of strike of the upper sill was also completed. Grab samples taken from sill exposures and mineralized sill talus returned consistently anomalous silver, copper, and nickel values along its entire length.
Exploration plans at Montgomery include the continuation of previous geophysical studies, followed by a surface and underground drill program scheduled for late 2004. Portal and tunnel rehabilitation are also planned, to gain access for underground geological mapping and to sample the mineralized sills and veins to confirm historical assay data.
Shoshone Silver Mining Company was founded in 1969 as a silver exploration, development and production company centered on its Lakeview Mine and Mill, south of Lake Pend d'Oreille in northern Idaho. Shoshone has acquired several formerly producing precious and base metal properties in northern Idaho in preparation for a return to production at Lakeview. Shoshone also maintains a diverse portfolio of mineral exploration projects across the western United States and Mexico. Shoshone stock trades on the OTC Market under the symbol "SHSH".
Certain statements contained in this press release are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements are based on beliefs of management as well as assumptions made by and information currently available to management. Forward-looking statements are subject to risks, uncertainties and other factors that could cause actual results to differ materially from expected results.