Southern Silver Announces Corporate Appointments and Updates Exploration Plan at Dragoon Project
VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 11/08/11 -- Southern Silver Exploration Corp. (TSX VENTURE: SSV)(FRANKFURT: SEG) ('Southern Silver' or the 'Company') announced today the appointments of Jean-Pierre Colin as a Director of the Company and of Fred Sveinson, P.Eng. in the role of Consulting Mining Engineer for the Cerro las Minitas project effective November 1, 2011.
Mr. Colin has been an investment banker since 1980. Formerly the Director & Head of Corporate Finance at Octagon Capital Corporation, from 2004 to January 2010, he is currently providing corporate strategy consulting services to CEOs of public companies. Previous to his position at Octagon Capital, Mr. Colin was an investment banker with Desjardins Securities Inc., executive vice-president of Deacon Capital Corporation, and senior vice president of Richardson Greenshields of Canada Limited. Mr. Colin was also the founder of JP Colin Securities Inc., a securities dealer focused on corporate finance services to public mining companies.
He is a Member of the Bar of the Province of Quebec and holds a Master of Business Administration from the University of Western Ontario, a Civil Law Degree from the University of Ottawa and a Certificate in Comparative Law from the University of Manitoba. He is the former Faculty of Arts Co-Chair of the Waterloo Advisory Council of the University of Waterloo, former founder and President of Caratax Management Ltd., the manager of public flow-through share limited partnerships, and a former director of numerous other successful public mining companies in Canada including Wolfden Resources Inc., Pelangio Mines Inc., Virginia Gold Mines Inc. and NIM Management, the manager of over $730,000,000 of flow through share funds.
Mr. Sveinson is a professional mining engineer with more than 40 years experience in all stages of mine development at operations ranging in size from 100 to 2,000 tonnes per day in Canada, the US, South America and Africa. His experience includes permitting and regulatory governmental dealing and involvement with First Nations negotiations in British Columbia as well as finance negotiations for exploration and mine development on a national and international level. His senior positions have included General Manager of Echo Bay's Lupin and Sunnyside operations, and Vice-President of Tonto Mining and Dynatec Mining. Most recently, from 2004 to 2010, he was President and CEO of Merit Mining Corp., a Vancouver-based company with two advanced-stage mining projects, including underground operations and a mill at Greenwood, BC. In 2005, as President and CEO of Gold City Industries Ltd, he was instrumental in acquiring the Bissett gold mining assets in Manitoba and merging the JV partners into San Gold Corporation, which now has a market capitalization of over one billion dollars.
Messrs. Colin and Sveinson have each been granted incentive stock options to purchase 250,000 common shares of the Company at $0.15 per share, exercisable for a period of five years in accordance with the Company's stock option plan. The grant of options is subject to acceptance for filing by the TSX Venture Exchange.
President Lawrence Page commented, 'Southern Silver is fortunate to add the experience and skills of Jean-Pierre Colin and Fred Sveinson to those of its existing management team and Directors. Jean-Pierre will assist the Company in its introduction to institutional investors to raise capital for advancement of its mineral resources, specifically at Cerro las Minitas in Durango, Mexico where the Company is rapidly expanding the resource of this poly-metallic deposit. Fred Sveinson will assist the Company in developing the most optimum approach to exploration and development of Cerro las Minitas.'
Program Update Dragoon Property Arizona
The Dragoon property in southeast Arizona covers over 12.8 sq. km and contains areas of exposed copper-molybdenum mineralization. The property is highlighted by 'leached cap' rocks which may signify supergene-enriched Cu mineralization at depth; being potentially of similar size and grade as the Resolution deposit located 5km east of Superior, Arizona. The Resolution deposit (1.34B tonnes inferred, containing 1.51% Cu and 0.04% Mo) (1) is a world-class porphyry Cu-Mo system located beneath a minimum of 1,000m of cover.
Freeport McMoRan Exploration Corporation ('FMEC') has the option to earn a 70% interest in this property by the expenditure of $3 million prior to December 31, 2012. Since 2010, FMEC has conducted multi-faceted exploration efforts, including geophysics, soil geochemistry, and over 2,100m of drilling (two exploration holes completed to respective depths of 1,065m and 1,055m) all testing the potential for a buried porphyry Cu-Mo system. FMEC has advised the Company that it plans to conduct additional soil gas surveys to potentially expand newly identified geochemical zones, at the conclusion of which it shall drill a third exploration hole expected to commence in early 2012. FMEC also advises that it has now received a drill permit allowing the drilling of four exploration holes.
About Southern Silver Exploration Corp.
Southern Silver Exploration Corp. 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 in Mexico, the porphyry copper-molybdenum Dragoon project in Arizona and the gold-silver Oro project in New Mexico.
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, President, Southern Silver Exploration Corp.
(1) Resolution Copper Mining LLC news release May 29, 2008.
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.
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.
Contacts:
Southern Silver Exploration Corp.
Liana Shahinian
1.888.456.1112
liana@mnxltd.com
www.southernsilverexploration.com
