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Silver Predator Corp
Symbol C : SPD
Shares Issued 41,391,468
Close 2012-04-09 C$ 0.32
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Silver Predator begins RC drilling at Taylor project

2012-04-10 10:12 ET - News Release

Mr. William Sheriff reports

SILVER PREDATOR INITIATES 2012 DRILLING PROGRAM AT ITS TAYLOR SILVER PROJECT

Silver Predator Corp. has started a two-phase 2012 reverse circulation drilling campaign at the company's Taylor project, located 15 miles (24 kilometres) southeast of Ely, Nev. The program calls for a minimum of 50 reverse circulation drill holes totalling approximately 15,000 feet (4,700 metres) and will consist of infill, step-out and exploration drilling in preparation for updating the current resource estimate that includes measured and indicated resources of 14.9 million ounces of silver (Hester, 2010).

Additional metallurgical testing and permitting, along with an updated evaluation of the current mill design and capacity, are also under way with the goal of providing key inputs for a planned prefeasibility study, scheduled for commencement later in the year.

               CURRENT TAYLOR NI 43-101 MINERAL RESOURCES*

Resource class              Tonnes     Silver       Contained silver
                                         (g/t)               (ounces)

Measured resource        1,123,000       85.7              3,095,000       
Indicated resource       4,713,000       77.8             11,793,000       
Measured and indicated   5,836,000       79.3             14,888,000       
Inferred resource          687,000       87.1              1,923,000       

*At a silver cut-off grade of 41.1 grams per tonne (1.2 ounces 
 per ton).

Note: Tonnes and g/t average grades converted from originally 
reported imperial units.

It is important to note that the drill hole database used for the current Taylor resource estimate, originally prepared in 2007, does not include the 60 holes drilled since then by the company and its predecessors, Fury Exploration and Golden Predator Corp.

2012 exploration program

The first phase of the drilling program is designed to upgrade the quality of the current resource base on the project, focusing on the patented claim block on which much of the historic underground mining was conducted between 1875 and 1892, while the second phase will test outlying extensions with the goal of defining additional silver resources. Upon completion of permitting, the drill program is planned to continue on the adjacent unpatented ground, where additional drilling will step out beyond the current resource limits. A detailed mapping program is planned to guide additional exploration for silver and gold targets on the project later this summer.

Goals for the 2012 Taylor exploration program include:

  • Confirmation and an upgrade of the current resources;

  • Delineation of additional silver resources;

  • Completion of a detailed geologic map to provide a framework for the future resource estimates and additional silver/gold exploration;

  • Drill testing of two or more gold targets;

  • Completion of additional metallurgical and engineering studies;

  • Updated evaluation of the existing mill and the potential for mill expansion;

  • Complete an updated resource estimate and technical report;

  • Initiate additional prefeasibility work.

Taylor was an active open pit silver mine from 1981 until 1984, when it closed due to low silver prices. The Taylor mill was restarted in 1989 to process other ores in the area and closed in 1991. Extensive metallurgical testing was conducted on the project in 2007 and 2008, along with a tailings expansion design study ready for final geotechnical field evaluation.

Mark J. Abrams, CPG, a qualified person as defined by National Instrument 43-101 and employee of the company, has reviewed and verified the technical information contained in this news release.

We seek Safe Harbor.

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