Silverstone Reports Financial Results for the Third Quarter

11/25/2008, 3:38 AM (Source: GlobeNewswire)
Silverstone Reports Financial Results for the Third Quarter

VANCOUVER, BRITISH COLUMBIA -- (MARKET WIRE) -- 11/24/08 --
Silverstone Resources Corp. ("Silverstone") (TSX VENTURE: SST)
announces its financial results for the third quarter ending
September 30, 2008. All dollar amounts are stated in U.S. dollars
unless otherwise indicated.

Overview and Highlights

- Silver sales of $3.7 million (net of $1.7 million negative price
adjustments) recorded during the quarter from the sale of 386,000
ounces. As a result of declining silver prices in the quarter, third
quarter revenues include negative pricing adjustments of $1.2 million
related to second quarter sales and shipments and $0.5 million
related to third quarter shipments.

- Cash flows from operations for the quarter ended September 30, 2008
were $6.5 million.

- Net loss for the quarter ended September 30, 2008 of $39.6 million
or ($0.32) per share as a result of recording an impairment charge of
$39.4 million on the Aljustrel silver contract due to Lundin Mining's
decision to write down the Aljustrel mining assets and subsequent
decision to put the mine on care and maintenance.

- Total cash costs of $3.97 per ounce of silver.

- Cash at September 30, 2008 of $28.5 million (June 30, 2008 - $24.2
million) with no bank debt.

- Working capital of $32.1 million (June 30, 2008 - $31.5 million).

- On November 21, 2008 the Company completed the purchase of life of
mine gold and silver from Sherwood Copper Corporation's Minto mine
located in the Yukon, Canada.

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 September 30,
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 Tuesday November 25, 2008
at 8:30am PST (11:30am EST) 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 December 2, 2008 and can be accessed by
dialing 1.866.501.5559 and the passcode is 21289882#.

ABOUT SILVERSTONE

Silverstone is a silver and gold mining company with 100% of its
revenue from precious metal production. Silverstone expects to have
2008 silver sales of approximately 1.8 million ounces and increasing
to 4.5 million silver equivalent ounces in 2009. 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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