Southern Silver Exploration Corp. (“Southern Silver”) reported today that it has increased its previously announced private placement (see news release NR-07-11) and now plans to issue up to 23,530,000 units in a non-brokered private placement at a price of $0.17 per unit to raise $4,000,100. Each unit will now consist of one common share and one whole share purchase warrant. Each warrant will be exercisable to purchase one additional common share for a period of two years at an exercise price of $0.22 per share.
The proceeds from the private placement will be utilized for exploration and property maintenance expenses incurred on the Cerro Las Minitas and Minas de Ameca projects in Mexico and the Oro project in the USA and for working capital. Specifically, Southern Silver intends to expand its current exploration program on its Cerro Las Minitas project in Mexico to develop mineralization identified though geophysical surveys and diamond drilling. The proposed expanded exploration program shall consist of up to 10,000 metres of diamond drilling in up to 30 drill holes to test high-grade targets in a +40 metre thick skarn horizon adjacent to a central causative intrusion. Additional drill holes will test for high-grade silver veins, under gravel cover, outboard of the intrusive.
Finder’s fees may be payable. The private placement and finder’s fees are subject to regulatory approval.
On behalf of the Board of Directors
Lawrence Page, Q.C.
President, Southern Silver Exploration Corp.
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 Southern Silver’s projects, and the availability of financing for Southern Silver’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.