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Silverstone Closes $50 Million Financing

Monday, December 3rd, 2007

Silverstone Resources Corp. is pleased to announce that it has closed its previously announced private placement of 17,250,000 common shares in the capital of Silverstone at a price of $2.90 per Common Share for aggregate gross proceeds to Silverstone of approximately $50.0 million (the “Offering”). Capstone Mining Corp. purchased 3,577,670 Common Shares sold under the Offering to maintain their 19.9% holding in Silverstone.
Scotia Capital Inc. acted as the lead underwriter on behalf of a syndicate of underwriters that included PI Financial Corp. (collectively, the “Underwriters”). As consideration for acting as underwriters, the Underwriters received a total cash commission of $2,378,985.42.
The common shares will be subject to resale restrictions until March 28, 2008.
Net proceeds from the offering will be used to repay debt and for general corporate purposes including potential acquisitions of silver production.
For further information visit: www.silverstonecorp.com

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