Southern Silver Exploration Corp. (“Southern Silver”) reports today that equipment has mobilized and drilling has commenced on the Cerro Las Minitas project located in Durango, Mexico.
The drill program, to be carried out by Freeport-McMoRan Exploration Corporation (“FMEC”) which is operator of the project, will utilize two drill rigs to advance the project quickly through this initial discovery and evaluation stage.
Current plans are for a 3000 to 5000 metres core hole program that will test deeper offsets of known mineralized zones at the South Skarn, Blind Zone and Santo Nino targets and several geophysical and geochemical targets identified in recent surface exploration by FMEC. The current drill program is targeting a deep seated porphyry/skarn mineral system similar to the historic San Martin deposit (60Mt of 118g/t silver, 0.9% copper and 3.9% zinc) located about 100 kilometres to the south of the Cerro Las Minitas project. See news release NR-07-13, April 2, 2013 for further details of exploration to date and the proposed drilling program.
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.
Southern Silver’s silver-lead-zinc Cerro Las Minitas project located in Durango, Mexico is currently under option to Freeport-McMoRan Exploration Corporation which can 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.
Robert Macdonald (P.Geo) is a Qualified Person as defined by National Instrument 43-101 and has reviewed and approved the technical contents of this release.
On behalf of the Board of Directors
Lawrence Page, Q.C.
President & Director, 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 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.