Silver Predator Completes Acquisition of Springer Tungsten Mine and Mill
21 Abril 2014 - 10:01AM
Business Wire
Silver Predator Corp. (TSX.V:SPD) (the “Company”)
is pleased to announce it has completed the acquisition
(“Acquisition”) of Springer Mining Company, which wholly owns the
Springer Mine and Mill along with several other projects in Nevada
from Americas Bullion Royalty Corp. (“AMB”) as originally announced
on December 17, 2013.
At closing, the Company issued to Resource Re Ltd., a
wholly-owned subsidiary of Till Capital Ltd. (“Till”), successor in
title to AMB, 6,892,500 common shares of the Company having an
aggregate value of US$500,000, and a convertible promissory note in
the principal amount of US$4,500,000 bearing interest at 4% per
annum and payable over a period of three years. The balance of the
purchase price was satisfied by the grant of a royalty interest in
each of its properties held at the closing.
In the course of a concurrent reorganization of AMB, Till
acquired all of the Company’s shares held by AMB(1). Accordingly,
Till now owns directly and indirectly, 36,949,166 shares, or
approximately 46% of the Company’s issued and outstanding
shares.
In 2013 a Preliminary Economic Assessment (“PEA”) was completed
on the Springer Mine and Mill which outlined a net present value of
$22.8 million based on a 47% after-tax IRR and $29.8 MM in capital
costs(2). Since 2007, $38 million has been spent on modernization,
mill refurbishment and exploration(3). The Company is currently
seeking a joint venture partner to operate the Springer Mine and
Mill. The Company has today filed the PEA on SEDAR, entitled
“Preliminary Economic Assessment of the Springer Tungsten Mine,
Pershing County, Nevada, US (As Amended & Restated),” dated
December 31, 2013 and prepared by DMT Geosciences Ltd. A copy of
the report is available for download under the Company’s SEDAR
profile at www.sedar.com. Mineral resources that are not mineral
reserves do not have demonstrated economic viability.
Company Assets – Post AcquisitionOn February 21, 2014,
shareholders voted 97.3% in favor of the Acquisition and on March
28, 2014, AMB shareholders also voted in favor of the transaction
as part of a broader reorganization. The Company’s key assets now
include:
- Springer Mine and Mill;
- Taylor Mine and Mill;
- Copper King property;
- Cornucopia property;
- Cordero property;
- Modoc property; and
- Seven additional Nevada
properties.
Update on Concurrent FinancingCompletion of the
previously announced private placement with Till for $1,800,000 USD
has been extended and will conclude in May 2014. Extension of the
closing provides an increased opportunity for initial drill results
from the newly identified Taylor gold targets to be received before
pricing of the placement is finalized. For further information on
the current Taylor drill program, refer to the Company’s news
release dated March 14, 2014.
The technical content of this news release has been reviewed and
approved by Mark Abrams, MSc, CPG, a Consultant to the Company and
a Qualified Person as defined by National Instrument 43-101.
This news release does not constitute an offer to sell or a
solicitation of an offer to buy nor shall there be any sale of any
of the securities referenced herein in any jurisdiction in which
such offer, solicitation or sale would be unlawful. The securities
referenced in this news release have not been registered under the
United States Securities Act of 1933, as amended (the “U.S.
Securities Act”), or any state securities laws and may not be
offered or sold in the United States (as defined in Regulation S
under the U.S. Securities Act) absent registration under the U.S.
Securities Act and all applicable state securities laws or pursuant
to an exemption from such registration requirements.
Silver Predator Corp.Silver Predator’s corporate mandate
is to advance the previously operated Nevada-based Taylor silver
project and work towards the identification of a gold target. The
Taylor project hosts a current resource estimate, is open to
expansion, and is located in a district that has identified the
potential for discovery of additional silver and gold deposits.
Silver Predator is also committed to securing a joint venture
partner to advance the Springer Tungsten Mine and Mill. With
quality assets in a world-class jurisdiction, and an exploration
team with a history of success in Nevada, Silver Predator is
positioned to advance new and existing discoveries.
For additional information:William M. Sheriff,
Chairman(208) 635 5415orNathan A. Tewalt, Chief Executive
Officer(775) 525
2593info@silverpredator.comwww.silverpredator.com
References1) Silver Predator Corp. news release 14-01.2)
National Instrument 43-101 Technical Report; Preliminary Economic
Assessment of the Springer Tungsten Mine Pershing County, Nevada,
by Associated Geosciences Ltd. dated December 31, 2013 (and
effective August 20, 2012) filed on SEDAR.3) EMC Metals Corp.
Management Discussion and Analysis for the Quarter Ended September
30, 2009.
Neither TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in policies of the TSX Venture
Exchange) accepts responsibility for the adequacy or accuracy of
this release.
No stock exchange, securities commission or other regulatory
authority has approved or disapproved the information contained
herein. This press release contains projections and forward-looking
information that involve various risks and uncertainties regarding
future events. Such forward-looking information can include without
limitation statements based on current expectations involving a
number of risks and uncertainties and are not guarantees of future
performance. There are numerous risks and uncertainties that could
cause actual results and Silver Predators’ plans and objectives to
differ materially from those expressed in the forward-looking
information. Actual results and future events could differ
materially from those anticipated in such information. These and
all subsequent written and oral forward-looking information are
based on estimates and opinions of management on the dates they are
made and are expressly qualified in their entirety by this notice.
Except as required by law, Silver Predator assumes no obligation to
update forward-looking information should circumstances or
management's estimates or opinions change.
Silver Predator Corp.William M. Sheriff, 208-635
5415ChairmanorNathan A. Tewalt, 775-525 2593Chief Executive
Officerinfo@silverpredator.com
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