SNS Silver Signs Updated Exploration Earn in Agreement on Crescent Silver Mine
09 Gennaio 2010 - 1:13AM
Marketwired
SNS Silver Corp. (TSX VENTURE: SNS) ("SNS" or the "Company") has
entered into an Exploration Earn In Agreement with Syringa
Exploration Inc. ("Syringa") and United Mining Services, Inc.
("UMS") pursuant to which Syringa will spend a total amount of
US$9,000,000 over 3 years in the continued exploration and
development of the Crescent Silver Mine in order to earn up to an
80% interest in and to the Crescent Silver Mine currently owned by
SNS.
In addition to the exploration commitment Syringa and UMS will
issue 500,000 common shares of UMS to SNS upon signing of an
Exploration Earn In Agreement, and make cash payments of US$220,000
of which US$120,000 has been paid and a further US$100,000 will be
paid after the combined entity of Syringa and UMS completes a
corporate reorganization involving a reverse takeover. Should the
corporate reorganization not be completed by May 31, 2010, UMS will
issue an additional 100,000 shares of its capital stock to SNS.
David Greenway, President of SNS Silver, states: "The proposed
divestiture of a possible majority interest in the Crescent Mine
will enable SNS to focus on other mineral exploration opportunities
that have evolved since the date SNS acquired an interest in the
Crescent Mine while still retaining the potential of receiving
future success oriented returns from the Crescent Mine should it
ultimately be placed in production."
The terms of the Earn In Agreement are subject to the TSX
Venture Exchange approval.
SNS SILVER CORP.
David Greenway, President
This press release contains certain "Forward-Looking Statements"
within the meaning of Section 21E of the United States Security
Exchange Act of 1934, and involves a number of risks and
uncertainties. Important factors that could cause actual results to
differ materially from the Company's expectations are disclosed in
the Company's documents filed from time to time with the TSX
Venture Exchange and the British Columbia Securities Commission.
All statements, other than of historical fact, included herein are
forward-looking statements that involve various risks and
uncertainties. There can be no assurance that such statements will
prove to be accurate, and actual results and future events could
differ materially from those anticipated in such statements.
Contacts: SNS Silver Corp. David Greenway (604) 689-0896 or Toll
Free: 1-800-663-4567 dg@snssilver.com www.snssilver.com
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