The Silver Institute-Press Release - Silver Institute Elects New Officers

(Washington, D.C. - July 14, 2005) Phil Baker, President and CEO of Hecla Mining Company and Robert Quartermain, President and CEO of Silver Standard Resources, Inc., were elected President and Vice President respectively of the Silver Institute by the Institute's membership in June. They began service on July 1, and will serve a two-year term. Also, James Sabala and Tom Angelos, both of Coeur d'Alene Mines Corporation, were re-elected Treasurer and Assistant Treasurer respectively.

Mr. Baker takes over for Keith Hulley of Apex Silver Mines Limited and Mr. Quartermain replaces Michael Lockwood of Noranda/Falconbridge Ltd.

Mr. Baker stressed that he would like to continue the Institute's ongoing programs, which are specifically designed to increase silver demand. "The Silver Institute has done an excellent job of helping to unravel the mystery of what constitutes the silver market. Their studies have given us a much better understanding of the supply and demand picture for silver, as well as the fantastic plethora of uses for silver. I'd like to see these efforts continue and expand. We also want to encourage more research into several very promising new silver applications based on silver's unique anti-bacterial, superconductive and water purification properties," Mr. Baker stated.

"The membership of the Institute looks forward to working with Phil and Bob over the next two years," said Mike DiRienzo, Executive Director and Secretary of the Silver Institute. "Their combined experience and knowledge of the issues confronting the industry will serve the entire silver community well," he added.

"We also want to pay special tribute to Keith Hulley and Michael Lockwood for the wonderful job they have done in leading the Institute and for their service to the industry," Mr. DiRienzo concluded.

The Silver Institute is a nonprofit international industry association headquartered in Washington, D.C. Established in 1971, the Institute serves as the industry's voice in increasing public understanding of the value and many uses of silver.

For Further Information Contact:

Mike DiRienzo
The Silver Institute
1200 G Street, N.W., Suite 800
Washington, D.C. 20005
Tel: (202) 835-0185
Fax: (202) 835-0155