Silver Viper Further Amends Rubi-Esperanza Option Agreement
Silver Viper Further Amends Rubi-Esperanza Option
Agreement
VANCOUVER, BC
,
Oct. 20, 2023
/CNW/ -
Silver Viper Minerals Corp.
(the "
Company
" or "
Silver Viper
") (TSXV: VIPR)
(OTC: VIPRF) announced today that, further to its press release
April 6, 2023
, it has amended the terms of the Rubi-
Esperanza Option Agreement (the "
Agreement
") with respect to its right to purchase 100% ownership of three mineral
concessions covering 2,102 hectares at the La Virginia Gold-Silver Project ("
La Virginia
" or the "
La Virginia Project
"),
located in the Sierra Madre of eastern Sonora State,
Mexico
.
The amendment clarifies that the
US$775,000
(or
C$1,042,142.50
, based on a fixed exchange rate of US$-C$ of 1.3447
set out in the amendment) of Shares issuable by the Company to satisfy as a portion of the final payment under the
Agreement in
June 2024
, will be issued with a deemed price per Share equal to the higher of (i) the closing price of the
Shares on the TSX Venture Exchange on
June 24, 2024
or (ii)
C$0.095
. In addition, the amendment also sets out that the
Company shall not issue more than 10,969,922 Shares in satisfying this portion of the consideration due to the vendors.
As previously announced by the Company, in addition to such issuance of Shares, the Company will also make a cash
payment of
US$200,000
to the vendors.
In satisfaction of the Company's payment of the
US$1,500,000
(or
C$2,017,050
, based on an exchange rate of US$-C$
of 1.3447) of Shares due to the vendors in
April 2023
under the amended Agreement, the Company confirms it issued the
vendors an aggregate of 16,808,750 Shares at a deemed price per share of
C$0.12
on
April 25, 2023
.
All Shares issued in connection with the Agreement will be subject to a statutory 4-month hold period from their respective
date of issue. In addition, for a one year period following the expiry of the applicable statutory hold period, the vendors
may not sell such Shares and then may only do so after providing at least 2 weeks' notice to the Company of their
intention to sell any such Shares.
The vendors are at arm's length to the Company and its Affiliates or Associates (as such terms are defined in the TSXV
Corporate Financial Manual).
About the Project
La Virginia is located 220 kilometres east-northeast of
Hermosillo, Sonora
and is prospective for low-sulphidation
epithermal precious metal mineralization. The property and historical exploration database were acquired by way of option
agreements made with two distinct parties. Gold and silver mineralization at La Virginia occurs within breccias, veins and
stockworks, hosted primarily by andesitic volcanics, often in close spatial association to, or cross-cutting pre-mineral
dacite dykes and controlled by fractures and faults that define the regional structural trend. Silver Viper's reconnaissance
program identified key targets and trends which are of primary interest and subsequently filed strategic reductions in
claims to attain the current project surface area of 6,882 hectares.
Silver Viper has completed a total of 141 drill holes at La Virginia for a combined 44,687 metres. Exploration drilling has
paused awaiting the processing of the geophysical survey data along with the interpretation of mapping and sampling
data. Drilling has been completed by
Hermosillo
-based drill contractor, Globexplore Drilling Corp. Drilling by the Company
to date builds upon a sizeable database of recent historical work.
About the Company
Silver Viper Minerals Corp. is a Canadian-based junior mineral exploration company focused on precious metals
exploration in the northwestern Mexican
state of Sonora
. The Company currently operates the La Virginia Gold-Silver
Project. Silver Viper has 100% ownership of the La Virginia concessions acquired from the most recent operator, Pan
American Silver Corp., and has an option to acquire a 100% interest in the Rubi-Esperanza group of claims internal to
those concessions. Silver Viper is under management provided by the Belcarra Group, which is comprised of highly
qualified mining professionals.
ON BEHALF OF THE BOARD OF DIRECTORS,
Steve Cope
President and CEO
Forward Looking Information
Information set forth in this press release contains forward-looking statements. These statements reflect management's
current estimates, beliefs, intentions and expectations; they are not guarantees of future performance. The Company
cautions that all forward-looking statements are inherently uncertain, and that actual performance may be affected by a
number of material factors, many of which are beyond the Company's control. Such factors include, among other things:
risks and uncertainties relating to exploration and development, the ability of the Company to obtain additional financing,
the need to comply with environmental and governmental regulations, fluctuations in the prices of commodities, operating
hazards and risks, competition and other risks and uncertainties, including those described in the Company's financial
statements available on
www.sedar.com
. Accordingly, actual and future events, conditions and results may differ
materially from the estimates, beliefs, intentions and expectations expressed or implied in the forward-looking information.
Except as required under applicable securities legislation, the Company undertakes no obligation to publicly update or
revise forward-looking information.
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.
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For further information:
Please contact Silver Viper Minerals Corp. at 604-687-8566, email
[email protected] or visit our website at www.silverviperminerals.com.
CO: Silver Viper Minerals Corp.
CNW 18:36e 20-OCT-23