Southern Silver Extends Closing of Final Tranche for Non-Brokered Private Placement
Southern Silver Extends Closing of Final
Tranche for Non-Brokered Private Placement
Vancouver, British Columbia--(Newsfile Corp. - July 29, 2024) - Southern Silver Exploration Corp.
(TSXV: SSV) ("Southern Silver" or the "Company") has extended closing of the second and final tranche
of its previously announced non-brokered private placement for total gross proceeds of up to $4,500,000
for a period of 30 days.
The Company announced on July 23
rd
, 2024 that it had closed the first tranche of its previously reported
non-brokered private placement by issuing 9,508,978 units at a price of $0.22 per unit for gross
proceeds of $2,091,975. Each unit consists of one common share and one-half of one warrant. Each
whole warrant entitles the holder thereof to purchase one common share for a period of 3 years at a
price of $0.30.
Net proceeds from the private placement will be used for the continued development of the Cerro Las
Minitas (CLM) property, Durango, Mexico and for working capital. Specifically, the Company plans to
initiate a program of resource expansion of up to 6000m of drilling in 11 holes to test shallow targets
along the north side of the Cerro between the North Felsite and Skarn Front deposits. Drilling will start in
early September. Work continues to de-risk the project through the initiation of base-line studies and
continued social engagement.
As currently modelled, the CLM project features a large-Scale underground mining operation with robust
project economics and high gross revenues in a well located and mining friendly jurisdiction in southeast
Durango, Mexico.
For more information on the details of the current economic assessment of the Cerro Las Minitas Project
please refer to the news release NR-01-24 dated June 10, 2024 and view the entire NI 43-101 technical
report filed on the Company's SEDAR+ profile.
This press release shall not constitute an offer to sell or the solicitation of an offer to buy the units, nor
was there any sale of the units in any jurisdiction in which such offer, solicitation or sale would be
unlawful prior to the registration or qualification under the securities laws of any such jurisdiction. The
units offered will not be, and have not been, registered under the United States Securities Act of 1933,
as amended, and may not be offered or sold within the United States or to, or for the account or benefit
of, a U.S. person.
About Southern Silver Exploration Corp.
Southern Silver Exploration Corp. is an exploration and development company with a focus on the
discovery of world-class mineral deposits either directly or through joint-venture relationships in mineral
properties in major jurisdictions. Our specific emphasis is the 100% owned Cerro Las Minitas silver-
lead-zinc project located in the heart of Mexico's Faja de Plata, which hosts multiple world-class mineral
deposits such as Penasquito, Los Gatos, San Martin, Naica and Pitarrilla. We have assembled a team
of highly experienced technical, operational and transactional professionals to support our exploration
efforts in developing the Cerro Las Minitas project into a premier, high-grade, silver-lead-zinc mine. Our
property portfolio also includes the Oro porphyry copper-gold project and the Hermanas gold-silver vein
project where permitting applications for the conduct of a drill program is underway, both located in
southern New Mexico, USA.
Robert Macdonald, MSc. P.Geo, is a Qualified Person as defined by National Instrument 43-101 and
supervised directly the collection of the data from the CLM Project that is reported in this disclosure and
is responsible for the presentation of the technical information in this disclosure.
On behalf of the Board of Directors
"Lawrence Page"
Lawrence Page, K.C.
President & Director, Southern Silver Exploration Corp.
For further information, please visit Southern Silver's website at
southernsilverexploration.com
or contact
us at 604.641.2759 or by email at
.
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.
This news release contains forward-looking statements. 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 the amount of the
Offering, extension of the Offering and completion of the second tranche of the Offering, 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 the timing and receipt of government and regulatory approvals, and
continued availability of capital and financing and general economic, market or business conditions.
NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR
DISSEMINATION IN THE UNITED STATES
To view the source version of this press release, please visit
https://www.newsfilecorp.com/release/218133