United Silver Corp. Signs Term Sheet with Hale Capital, LP to Enter in JV Agreement on Crescent Mine Project
![United Silver Corp. Signs Term Sheet with Hale Capital, LP to Enter in JV Agreement on Crescent Mine Project](https://www.goldseiten.de/media/goldseiten-news.jpg)
United Silver Corp. ('United Silver Corp.?,the 'Company?, or
'USC?;TSX: USC; OTC: USCZF; Frankfurt: UM8) is pleased to announce
that it has signed a term sheet to enter into an agreement with Hale
Capital Partners, LP. Under the terms of the agreement Hale will receive
a 20% joint venture interest in the Crescent Silver Mine, located in the
Coeur D′Alene Silver Belt, Idaho. USC had recently acquired this same
interest in the Crescent Silver Mine project from Gold Finder
Explorations Ltd. The sale to Hale Capital will require an initial
contribution on closing of $2,400,000 to USC after transaction expenses,
which funding USC will use to bring the Crescent Mine into commercial
production. USC will remain the manager of the Crescent Silver Mine
Joint Venture and remain its 80% owner and under this new agreement will
have the right to repurchase half of Hale′s 20% interest once certain
conditions are met.
The parties have agreed to use commercially reasonable efforts to sign
the joint venture agreement by June 10, 2012. Other specific terms of
the joint venture will be disclosed in the joint venture agreement which
will be publicly filed on SEDAR upon its execution. There are conditions
precedent to the joint venture agreement′s completion.
Graham Clark, CEO of USC said, 'We are very pleased with Hale Capital
Partners, LP continued support as they become our joint venture partner
in the Crescent Mine project. This transaction, on closing, provides us
with adequate funding according to our budget to carry out our
development plans until commercial production makes the Crescent Mine
project self sustaining.?
ABOUT UNITED SILVER CORP.
USC is a vertically integrated mining company with operations in Idaho,
USA. It has a majority interest in the Crescent Silver Mine project in
Idaho's prolific Silver Belt - directly between two of the world's
historically largest silver producing properties, the Sunshine and
Bunker Hill mines. USC also offers a full suite of mining services
including contract mining and mine machine repair and fabrication
services to silver miners in the district. USC's common shares trade on
the Toronto Stock Exchange under the symbol 'USC'. For more information
about USC, please visit: www.unitedsilvercorp.com
ON BEHALF OF UNITED SILVER CORP.
'Graham Clark'
Chairman and CEO
FORWARD LOOKING STATEMENTS: This press release contains forward-looking
statements, which address future events and conditions, which are
subject to various risks and uncertainties. Forward looking statements
in this press release include that we expect to enter into a joint
venture by June 10, 2012, that we will get into commercial production in
2013 and that we will have sufficient funding until our project becomes
self sustaining.. The Company's actual results and financial position
could differ materially from those anticipated in such forward-looking
statements as a result of numerous factors, some of which may be beyond
the Company's control. These factors include: our inability to agree on
definitive joint venture documents, our budget forecasts may be
inaccurate, results of development activities may be more difficult or
more expensive than anticipated, mis-estimation of mineral reserves and
resources, fluctuations in the marketplace for the sale of minerals, the
inability to implement corporate strategies, the inability to obtain
sufficient financing, labor shortages, the inability to keep key
employees, currency fluctuations, general market and industry conditions
and other risks disclosed in the Company's filings with Canadian
Securities Regulators.
Forward-looking statements are based on the expectations and opinions of
the Company's management on the date the statements are made. The
assumptions used in the preparation of such statements, although
considered reasonable at the time of preparation, may prove to be
inaccurate and as such, undue reliance should not be placed on
forward-looking statements. The Company expressly disclaims any
intention or obligation to update or revise any forward-looking
statements whether as a result of new information, future events or
otherwise.
The TSX Exchange has not reviewed and does not accept responsibility
for the adequacy or accuracy of the content of this news release.
United Silver Corp.
Investor Relations
Graham Clark,
855-238-0202