Silver One Resources Satisfies Option Payment for Candelaria Silver Mine Project, Nevada
Vancouver, Jan. 24, 2018 - Silver One Resources Inc. (TSXV: SVE) (OTC Pink: SLVRF) (FSE: BRK1) - ("Silver One" or the "Company") is pleased to announce that it has made the latest option payment to SSR Mining Inc. for the Candelaria Silver Mine Project in Nevada, U.S. by issuing a total of 2,828,636 shares at a deemed price of USD $1 million. Greg Crowe, President and CEO of Silver One, stated: "Work completed during the first year of our Option Agreement with SSR Mining has clearly demonstrated the increasing merits of the project. In 2018 we plan to advance Candelaria by continuing our evaluation of potential near-term production from the historic leach pads. We also plan on examining the possible along-strike continuation of the mineralized system in combination with the presence of high-grade down-dip silver mineralization as indicated by previous drilling completed by SSR Mining in early 2001."
The Company entered into an Option Agreement in January 2016 with a subsidiary of SSR Mining, in which it is required to make four payments to acquire 100% interest from SSR Mining in the Candelaria Silver Mine Project. To date, Silver One has made the first two option payments and has issued a total of 4,161,536 shares to SSR Mining.
The shares issued under the most recent option payment will be subject to resale restrictions until May 20, 2018.
Qualified Person
The technical content of this news release has been reviewed and approved by Greg Crowe, P.Geo, President and CEO of Silver One, and a Qualified Person as defined by National Instrument 43-101.
About Silver One
Silver One is a silver focused exploration company that holds an option to acquire a 100% interest in the past producing Candelaria Silver Mine Project, located in Nevada, from SSR Mining Inc. (formerly, Silver Standard Resources Inc.) and holds a 100% interest in three significant silver assets located in Mexico: Penasco Quemado in the State of Sonora, La Frazada in the State of Nayarit, and Pluton in the State of Durango. The assets located in Mexico were acquired from First Mining Finance, which became a key shareholder resulting from the transaction.
For more information, please contact:
Silver One Resources Inc.
Monica Hamm, VP, Investor Relations
Phone: (604) 974-5274
Email: mhamm@silverone.com
Forward-Looking Statements: Information set forth in this news release contains forward-looking statements that are based on assumptions as of the date of this news release. These statements reflect management's current estimates, beliefs, intentions and expectations. They are not guarantees of future performance. Silver One 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 Silver One's control. Such factors include, among other things: risks and uncertainties relating to Silver One's limited operating history, ability to obtain sufficient financing to carry out its exploration and development objectives on the Candelaria Project, obtaining the necessary permits to carry out its activities and the need to comply with environmental and governmental regulations. 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, Silver One undertakes no obligation to publicly update or revise forward-looking information.
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