Huldra Silver Inc. provided an update on the development of their two underground drill drifts at the Treasure Mountain Mine. As of January 23, 2013, development of the western diamond drill drift is complete. The eastern diamond drill drift has been advanced 37m.

In total, the development of the two drill drifts is now over 60% complete. While driving the western drill drift, a previously unknown mineralised structure was intersected. Two samples of vein material were collected from the structure.

The first sample, composed primarily of siderite with lesser amounts of sphalerite graded 110ppm Ag, 0.79% Pb and 1.94% Zn. The second sample consisted of a mix of galena, sphalerite and siderite and graded 530ppm Ag, 6.2% Pb and 2.11% Zn(i). The width of the structure is variable, ranging from approximately 0.1m up to approximately 0.25m.

Mineralisation is also variable throughout the structure; however, the presence of this structure highlights the untested nature of the Treasure Mountain deposit. The newly identified structure lies 45m into the footwall of the main C vein at Treasure Mountain. To date, there has been no drill testing for structures into the footwall of the deposit and the hangingwall side of the deposit remains to be tested at depth.