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Silver Standard Resources Inc.'s (NASDAQ:SSRI) latest resource estimate at its Pitarrilla project in Mexico jumped an impressive 27% from its August forecast, to 544 million ounces of silver, according to a research note from Blackmont analyst Richard Gray.

"Pitarrilla is proving to be a significant asset for Silver Standard with further resource growth expected as over 60,000 metres of drilling is expected in 2007, Mr. Gray said, adding the new resource also included a base metal component of 2.37 billion pounds of zinc and 1.04 billion pounds of lead.

He increased his price target on the stock from C$45 to C$55 and left his 'buy' rating unchanged.

Source: Blackmont Raises Silver Standard Price Target By C$10