Southern Silver Exploration Corp. (the “Company”) plans to issue up to 15,000,000 units (“Units”) in a non-brokered private placement at a price of $0.05 per Unit to raise $750,000. 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 $0.10 per share.
Net proceeds from the offering will be utilized for exploration and property maintenance expenses incurred on the Minas de Ameca project in Mexico and the Dragoon and Oro projects in the southwestern USA and will be added to general working capital.
Finder’s fees may be payable. The private placement and finder’s fees are subject to regulatory approval.
Freeport-McMoRan Exploration Corporation plans to begin a concession-wide exploration program at the Cerro Las Minitas project in Durango, Mexico, consisting of deep-seeing IP/resistivity geophysical and soil geochemical surveys, starting in January 2013. This is expected to be followed by a drilling program to be designed based on the results of the exploration program, as well as follow-up of historical drill intercepts, commencing in March 2013.
The Company also announces that Jean-Pierre Colin has resigned as a director effective November 14, 2012. The Company’s board of directors has accepted Mr. Colin’s resignation and wishes him well in his future endeavors.
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 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% 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. The Company is currently advancing the copper-gold-silver Minas de Ameca project located in Jalisco, Mexico, the porphyry copper-molybdenum Dragoon project in Arizona and the gold-silver-copper Oro project in New Mexico.
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 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.