Aftermath Silver's Announces $750,000 Financing; Drilling Plans at San Andres; and Fortymile, Alaska Update
22.09.2014 | The Newswire
Vancouver, September 22, 2014 - Aftermath Silver Ltd. (the "Company" or "Aftermath Silver") reports that it will undertake a non-brokered private placement of up to 15,000,000 units at 5 cents per unit with each unit comprising one common share and one common share purchase warrant allowing the purchaser to acquire an additional common share at a price of $0.10 for a period of 2 years.The proceeds of the financing will be used to fund ongoing exploration and development work at the Company's San Andres silver property in Durango, Mexico. This work will include a minimum 2,000 m drill program targeting resource definition of the En Medio vein that was sampled in underground workings this summer (see news release dated July 21st, 2014) as well as additional metallurgical work and engineering studies this year that should allow the Company to determine the viability of a restart of operations in 2015.
A summary of results from the En Medio underground sampling is presented in the table below:
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|Sample No.|Ag g/t|Au g/t|Pb % |Zn % |Width(cm)|Description |
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|A00062130 |1181.4|0.524 |5.17 |2.70 |38 |En Medio (vein) |
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|A00062131 |2072.4|1.645 |9.05 |10.10|29 |En Medio (vein) |
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|A00062132 |4039.5|1.041 |26.40|0.96 |32 |En Medio (vein) |
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|A00062133 |3600.3|4.721 |18.60|7.05 |28 |En Medio (vein) |
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|A00062134 |3305.9|2.671 |12.80|3.81 |34 |En Medio (vein) |
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|A00062135 |689.0 |0.235 |2.05 |1.66 |--- |En Medio (dump) |
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|A00062136 |1147.8|0.528 |4.77 |4.54 |--- |En Medio (dump) |
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|Average |2839.9|2.120 |14.40|4.92 |32 |5In-SituVein Samples|
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In other news, the Company reports that it has executed a Quitclaim Deed and Release of Mining Exploration Agreement with Doyon Ltd ("Doyon") its partner on the Company's Fortymile property in Alaska. Doyon has advised the Company that the Deed has now been lodged and accordingly all rights and Company obligations to the Fortymile property have been extinguished.
The Company remains focused on the further development of its recently acquired San Andres silver mine and mill assets in Durango, Mexico where recent results have demonstrated significant by-product lead-zinc grades associated with the high grade silver mineralization that is observed property wide.
ON BEHALF OF THE BOARD OF DIRECTORS
"Doug Ramshaw"
Doug Ramshaw, President & CEO
604-484-7855
Neither the 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.
Certain disclosure in this release, including statements regarding the intended use of proceeds from the private placement, constitute forward-looking information or statements (collectively, "forward-looking statements") for the purpose of applicable securities laws. In making the forward-looking statements, the Company has applied certain factors and assumptions that are based on the Company's current beliefs as well as assumptions made by and information currently available to the Company, including that the Company is able to obtain any government or other regulatory approvals required to complete the Company's planned exploration and development activities, that the Company is able to procure personnel, equipment and supplies required for its exploration and development activities in sufficient quantities and on a timely basis and that actual results of exploration activities are consistent with management's expectations. Although the Company considers these assumptions to be reasonable based on information currently available to it, they may prove to be incorrect, and the forward-looking statements in this release are subject to numerous risks, uncertainties and other factors that may cause future results to differ materially from those expressed or implied in such forward-looking statements. Such risk factors include, among others, that the Company will be unable to obtain required regulatory approvals on a timely basis or at all, that actual results of the Company's exploration activities will be different than those expected by management and that the Company will be unable to obtain or will experience delays in obtaining any required government approvals or be unable to procure required equipment and supplies in sufficient quantities and on a timely basis. Readers are cautioned not to place undue reliance on forward-looking statements. The Company does not intend, and 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, except as required by law.
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