TORONTO, ONTARIO -- (Marketwire) -- 03/21/13 -- Liberty Silver Corp. (TSX: LSL) ("Liberty" or the "Company") is pleased to announce that the Company's Registration Statement on Form ("S-1"), which was filed with the United States Securities and Exchange Commission ("SEC") in accordance with a Registration Rights Agreement entered into, pursuant to a Purchase Agreement to acquire the Hi Ho Property from Primus Resources, L.C. and a second property owner (collectively, "Primus"), was declared effective on March 1, 2013.
Following the declaration of effectiveness, pursuant to the terms of the Registration Rights Agreement, the Company has issued a total of 277,778 common shares to Primus, satisfying the remaining consideration paid for the acquisition of the Hi Ho Property, which is located immediately adjacent to the existing Trinity Mine on the Company's flagship Trinity Silver property in Nevada. The shares were issued at a deemed value of USD $0.72 per share (USD $200,000) (press release - October 16, 2012). The Company intends to drill on the newly acquired Hi Ho Property to confirm the mineralization. The Hi Ho Property is not included in the Company's current resource estimates.
The Company also announces that it has engaged SRK Consulting (U.S) Inc., Reno, Nevada, to assist the Company in outlining the second phase drill program, which will be designed to further delineate and potentially update the current resource estimates.
"We are extremely pleased to have Liberty's S-1 declared effective by the SEC. To have our S-1 filed, reviewed and declared effective, is a significant step forward," stated Geoff Browne, President and CEO of Liberty. "As previously disclosed, the Hi Ho Property is a key part of our future at Trinity and we look forward to continuing our efforts in the exploration and development of this valuable project."
About Liberty Silver Corp.
Liberty Silver Corp. is focused on exploring and advancing mineral properties located in North America. Liberty Silver is led by a skilled, experienced management team and board of directors with significant experience managing exploration, development, and mining projects. Liberty Silver is committed to creating value for its shareholders by advancing its current projects utilizing its mitigated risk approach to developing new resources on its current properties, and acquiring new properties that have the potential to increase their resource base. The Trinity Silver Project, located in Pershing County, Nevada, is Liberty Silver's flagship project. Liberty Silver has the right to earn a joint venture interest in the 10,940 acres Trinity property pursuant to the terms of an earn-in agreement with Renaissance Exploration Inc.
Information about the Company is available on its website, www.libertysilvercorp.com, or in the SEDAR and EDGAR databases.
Cautionary Note to U.S. Investors concerning estimates of Resources: This news release uses any one or more of the terms "Measured, Indicated, and Inferred Resources." The Company advises U.S. investors that while these terms are recognized and required by Canadian regulations, the SEC does not recognize the terms. U.S. investors are cautioned not to assume that any part or all of Measured or Indicated Mineral Resources will ever be converted into Reserves. Inferred Resources have a great amount of uncertainty as to their existence, and great uncertainty as to their economic and legal feasibility. It cannot be assumed that all or any part of an Inferred Mineral Resource will ever be upgraded to a higher category. Under Canadian rules, estimates of Inferred Mineral Resources may not form the basis of feasibility or pre-feasibility studies, except in rare cases. U.S. investors are cautioned not to assume that any part or all of a measured, indicated, or inferred resource exists, or is economically or legally minable.
Most Popular Stories
- NSA Defends Global Cellphone Tracking Legality
- Ad Counts Rise in 2013 for Hispanic Magazines
- Networks Vie for U.S. Hispanic TV Viewers
- Apple Wants Samsung to Pay $22M for Patent Dispute Legal Bills
- Starbucks Gets Grinchy; No Gingerbread Lattes for Tampa Customers
- Apple Paid Its Lawyers More Than $60MM to Defeat Samsung in Court
- Economic Bright Spots Not a Sure Boost for President Obama
- Jobs Report Brings Cheer As Unemployment Drops to Five-year Low
- Top Websites for U.S. Hispanics
- US Consumer Borrowing Rose $18.2B in Oct.