Silverstone Reports Record Earnings of $4.5 Million for the First Quarter

5/23/2008, 1:09 AM (Source: GlobeNewswire)
VANCOUVER, BRITISH COLUMBIA--(Marketwire - May 22, 2008) -
Silverstone Resources Corp. ("Silverstone") (TSX VENTURE: SST)
announces its financial results for the first quarter ending March
31, 2008. For the three months ended March 31, 2008, Silverstone
recorded earnings of $4.5 million or $0.04 per share.

Overview and Highlights

- Silver sales of $7.5 million recorded during the quarter from the
sale of 403,000 ounces.

- Earnings of $4.5 million or $0.04 per share.

- Operating cash flows of $3.7 million.

- Total cash costs of $3.96 per ounce of silver.

- Cash at March 31, 2008 of $21.3 million (December 31, 2007 - $34.4
million) with no bank debt. The decrease in cash was due to the
purchase of a CDN$17.5 million convertible debenture from Aquiline
Resources Inc. granting the Company the right to purchase 12.5% of
the life of mine payable silver from the Loma de La Plata zone.

- On May 22, 2008 the Company announced a 130% increase in silver
reserves at Lundin Mining's Neves-Corvo mine and a 67% increase in
silver contained in measured plus indicated resource categories,
which includes reserves.

The information in this news release should be read in conjunction
with the Interim Consolidated Financial Statements and Management
Discussion and Analysis for the three months ended March 31, 2008,
which will be available at Silverstone's website at
www.silverstonecorp.com and at www.sedar.com.

Silverstone will host a conference call on Friday May 23, 2008 at
7:30am PST (10:30am ET) to discuss these results. The conference call
may be accessed by dialing 1.866.365.1119 in North America or
1.416.849.7329 internationally. Please ask for the Silverstone
Resources Corp. conference call. The conference call will be archived
for later playback until Friday May 30, 2008 and can be accessed by
dialing 1.866.501.5559 and the passcode is 21272848#.

ABOUT SILVERSTONE

Silverstone is a Canadian based public silver mining company with
100% of its revenue from silver production. More information is
available online at: www.silverstonecorp.com.

Contacts:
Silverstone Resources Corp.
Chris Tomanik
(604) 637-8151
Email: ctomanik@silverstonecorp.com

Silverstone Resources Corp.
Mark Patchett
(604) 637-8151
(604) 688-2180 (FAX)
Email: mpatchett@silverstonecorp.com
Website: www.silverstonecorp.com
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