The Directors present their report together with the financial statements of Silver Mines Limited for the six
months ended 31 December 2010.
Directors
The Directors of Silver Mines Limited during the financial period and up to the date of this report are:
David Sutton (Non-Executive Chairman)
Malcolm Bird (Non-Executive Director)
Charles Straw (Managing Director) appointed 2 August 2010
David Straw (Non-Executive Director) retired 2 August 2010
Principal Activities
The principal activity of the Company during the financial period was exploration of the Company's New England
mineral tenements.
Review of Operations
During the period under review, the Company continued exploration on the New England mineral tenements. The
Company recorded a loss from ordinary activities of $1,080,284 (2009: $213,160).
Silver Mines Limited (SVL) has continued to explore its projects in the New England region of north-eastern
NSW, particularly the 100% owned Webb's Silver Project. Details are summarised below.
Drilling
A total of 5,270m of RC drilling in 46 holes, and 781m of diamond core in 6 holes was completed at Webbs. The
majority of holes intersected silver-base metal mineralisation.
Resource Update
Independent consultants, GeoRes completed an updated resource estimate in October 2010 for the Webb's
Silver Project. The resource is reported in Table 1.
