Silvermex and Silver Standard Resources Inc. Amend Option Agreement for San Marcial
VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 08/13/10 -- (TSX VENTURE: SMR) Silvermex Resources Ltd. ('Silvermex') is pleased to announce the amendment of the option agreement with Silver Standard Resources Inc. ('Silver Standard') for the purchase of the San Marcial Silver project in southern Sinaloa, Mexico.
Under the terms of the amended agreement, Silvermex will pay Silver Standard the amount of $6 million in cash or shares, at Silver Standard's election, on or before February 1st, 2012. The balance of the purchase price, estimated to be $7,750,000, shall be payable by way of the issuance of 1 million shares plus a royalty of 1% of net smelter returns.
About Silvermex
Silvermex Resources is a well funded exploration and development company focused on advancing the recently consolidated Rosario/San Marcial Mining Camp in south eastern Sinaloa, Mexico. This mining concession consists of 2 past producing mines and numerous known high-grade deposits. The project has significant resources and historic reserves with extensive production related infrastructure in place. Silvermex is led by a highly experienced and successful team, comprised of top executives from leading corporations in the silver mining sector.
On Behalf of the Board of Directors of Silvermex Resources Ltd.
Duane Nelson, CEO & Director
This News Release contains forward-looking statements. Forward looking statements are statements which relate to future events. In some cases, you can identify forward-looking statements by terminology such as 'may', 'should', 'expects', 'plans', 'anticipates', believes', 'estimates', 'predicts', 'potential', or 'continue' or the negative of these terms or other comparable terminology. These statements are only predictions and involve known and unknown risks, uncertainties and other factors that may cause our actual results, level of activity, performance or achievements to be materially different from any future results, levels of activity, performance, or achievements expressed or implied by these forward-looking-statements. Management has assumed that these will be our major projects going forward. Risks include that we are unable to satisfy environmental or other regulators, that we determine that our resources are not commercially viable, or that we have difficulties due to unavailability of labour or equipment.
While these forward-looking statements, and any assumptions upon which they are based, are made in good faith and reflect our current judgment regarding the direction of our business, actual results will almost always vary, sometimes materially, from any estimates, predictions, projections, assumptions or other future performance suggests herein. Except as required by applicable law the Company does not intend to update any forward-looking statements to conform these statements to actual results.
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.
Contacts:
Silvermex Resources Ltd.
Duane Nelson
Director, Chief Executive Officer
604-682-4004
604-682-4009 (FAX)
duane@silvermexresources.com
www.silvermexresources.com