Southern Silver Exploration Corp. (“Southern Silver”)(SSV: TSX.V) announces that it has closed the first tranche of its previously reported (NR-08-12; April 3, 2012) non-brokered private placement by issuing 6,627,000 units at a price of $0.10 per unit for gross proceeds of $662,700. Each unit consists of one common share and one share purchase warrant exercisable to purchase one additional common share for a period of three years at an exercise price of $0.17 per share.
Securities issued pursuant to this tranche of the private placement, including common shares, share purchase warrants and finder’s warrants issued as finder’s fees, carry a legend restricting trading of the securities until August 24, 2012. The private placement and finder’s fees are subject to regulatory approval. Net proceeds from the Offering will be utilized for exploration and property maintenance expenses incurred on the Cerro Las Minitas project in Mexico where a 20,000 metre drill program utilizing two drill rigs is currently underway.
About Southern Silver Exploration Corp.
Southern Silver is a precious/base metal exploration 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.
Southern Silver’s growth strategy is to acquire, explore and develop high-quality properties in progressive jurisdictions within North America. Its current projects include the silver-lead-zinc Cerro Las Mintas project and the copper-gold-silver Minas de Ameca project in Mexico, the porphyry copper-molybdenum Dragoon project in Arizona and the gold-silver Oro project in New Mexico.
On behalf of the Board of Directors
Lawrence Page, Q.C.
President and 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.