VANCOUVER, BRITISH COLUMBIA -- (Marketwired) -- 08/27/13 -- Not for Distribution to United States Wire Services or for Dissemination in the United States
Southern Silver Exploration Corp. (the "Company" or "Southern Silver") (TSX VENTURE: SSV)(FRANKFURT: SEG) plans to issue up to 16,666,666 units in a non-brokered private placement at a price of $0.03 per unit to raise $500,000. Each unit will consist of one common share and one share purchase warrant, with each warrant exercisable to purchase one additional common share for a period of three years at an exercise price of $0.05 per share.
Net proceeds from the private placement will be utilized for county and claim fees to maintain the status of the Company's properties, and for general working capital. The private placement is being conducted pursuant to the TSX Venture Exchange ("TSXV") bulletin of April 12, 2013 - Private Placements - Extension and Modification of Temporary Relief from Certain Pricing Requirements. The private placement and any finders' fees which may be payable are subject to acceptance for filing by the TSXV.
About Southern Silver Exploration Corp.
Southern Silver Exploration Corp. is a precious and base metal exploration and development company and a member of the Manex Resource Group; a private company comprised of an exceptional multi-disciplinary team of professionals with specific expertise in all areas of exploration, development, corporate finance and public company administration.
The Company's growth strategy is to acquire, explore and develop either directly or through joint venture relationships high-quality mineral properties in progressive jurisdictions within North America including Southern Silver's silver-lead-zinc Cerro Las Minitas project located in Durango, Mexico. Freeport-McMoRan Exploration Corporation currently holds an option to earn a 70% indirect interest in the project by making staged purchase payments and funding exploration and development expenditures of $25 million on the project over a ten year period.
Desert Star Resources Ltd. has the option to earn up to a 70% interest in the gold-silver-copper Oro project in New Mexico by making cash payments to underlying optionors, issuing one million shares, completing a preliminary economic assessment and incurring exploration expenditures of $6 million on the property over a period of 66 months. Southern Silver is currently advancing the porphyry copper-molybdenum Dragoon project in Arizona and the Minas de Ameca silver, lead-zinc project in Jalisco, Mexico.
On behalf of the Board of Directors
Lawrence Page, Q.C., President, Southern Silver Exploration Corp.
For further information, please visit the Company's website at southernsilverexploration.com.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
This news release may contain forward-looking statements including but not limited to comments regarding the timing and content of upcoming work programs, geological interpretations, receipt of property titles, potential mineral recovery processes, etc. Forward-looking statements address future events and conditions and therefore involve inherent risks and uncertainties. Actual results may differ materially from those currently anticipated in such statements. These statements are based on a number of assumptions, including, but not limited to, assumptions regarding general economic conditions, interest rates, commodity markets, regulatory and governmental approvals for the company's projects, and the availability of financing for the company's development projects on reasonable terms. Factors that could cause actual results to differ materially from those in forward looking statements include market prices, exploitation and exploration successes, the timing and receipt of government and regulatory approvals, and continued availability of capital and financing and general economic, market or business conditions. Southern Silver Exploration Corp. does not assume any obligation to update or revise its forward-looking statements, whether as a result of new information, future events or otherwise, except to the extent required by applicable law.
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