Drill contract signed for Medicine and Silver Queen Projects

    OTCBB Symbol: SLVV

    RENO, NV, June 30 /CNW/ - Silver Reserve has entered into a contract with
Christiansen Drilling, Inc. of Ely, Nevada.
    The Company plans to carry out up to 50,000 feet of drilling on the
Medicine Project under this contract. The objective is to expand on the
350,000 tons of drill indicated resource with an average grade of 2.5 ounce
silver, 5% lead, 8% zinc and 12% barite. The indicated resource was not
drilled off beyond 100 feet of depth and is believed to extend deeper into the
sulphide zone. The mineralized zone extends beyond the area drilled, into
claims controlled by the Company. The operator at the time of drilling was
looking for leachable material and dropped the property when recovery grade
and silver price proved it uneconomical. The opportunity is present for
expansion of the resource into a substantial open pit mine. Drilling will
commence in July, 2008 following completion of the first drill program on the
Silver Queen Project.
    The Company plans to carry out 20,000 feet of drilling on the Silver
Queen Project to trace the extension along strikes and down dip from the
Mohawk and Silver Queen mines. A newly discovered surface anomaly with
significant silver, lead and zinc grades and measuring 600 feet wide by 1000
feet long is a primary drill target for a new discovery on this claim group.
The initial drill program of 7,000 feet has commenced. 4000 feet will be
drilled to test the anomaly and 3000 feet will be drilled to test the vein
extension down dip and along strike from the Mohawk Mine where historical ore
reserve reports show 532,900 ounces of silver with lead and zinc credits are

    Silver Reserve is an exploration stage mining company. The Company has a
portfolio of 15 silver and base metal projects in the State of Nevada, USA.
The properties are located in the counties of Esmeralda, Mineral, Nye, Lyon,
Humboldt and Elko. Silver Reserve also owns a 250 ton per day mill facility at
Mina, Nevada. A year long evaluation of the Projects has identified the
Medicine and Silver Queen Projects with the potential for the earliest
development of sizable resources. The Company will concentrate its efforts on
these two Projects.

    FORWARD-LOOKING STATEMENTS: This news release contains certain
"forward-looking statements" within the meaning of U.S. securities laws.
Forward-looking statements are frequently characterized by words such as
"plan," "expect," "project," "intend," "believe," "anticipate," "estimate" and
other similar words or statements to the effect that certain events or
conditions "may", "have" or "will" occur. This release also contains
statements based upon historical records pertaining to our mineral claims that
have not been verified by the Company. The term, "resource" is not a term that
is recognized by SEC guidelines and does not rise to the level of certainty
required by SEC guidelines. Forward-looking statements or references to
historical records are based on the material in our possession, opinions and
estimates of management at the date the statements are made, and are subject
to a variety of risks and uncertainties and other factors that could cause
actual events or results to differ materially from those stated or projected
in the this press release. The Company undertakes no obligation to update
forward-looking statements or historical information. The reader is cautioned
not to place undue reliance on forward-looking statements.

For further information:

For further information: Mason Douglas, President, (866) 448-1073,
info@silverreservecorp.com; or visit our Web Site at

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