South American Silver Files Third Quarter 2010 Financial Statements
VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 11/15/10 -- South American Silver Corp. (TSX: SAC)(PINK SHEETS: SOHAF) reports that it has released its unaudited interim consolidated financial statements for the three and nine months ended September 30, 2010 and the related management's discussion and analysis of financial position and results of operations ('MD&A').
As at September 30, 2010, the Company had working capital of U.S.$5.8 million, including cash and cash equivalents of U.S.$6.2 million. Subsequent to September 30, 2010, the Company announced that it proposes to issue approximately 24 million common shares of the Company, on a committed private placement at a price of Cdn. $1.16 per share, for gross proceeds of approximately Cdn. $27.8 million, with an option to expand the offering up to 27.5 million common shares or approximately Cdn. $32 million. The Company anticipates accepting the fully expanded offering due to very strong investor demand. Completion of the financing is subject to receipt of regulatory approvals and is anticipated to occur on or about December 3, 2010.
With these funds in place, the Company will be in a very strong financial position to accelerate the advancement of its Malku Khota silver-indium project in Bolivia to feasibility, and its Escalones copper-gold project in Chile to the resource definition stage.
Copies of the unaudited financial statements and related MD&A can be found on SEDAR at www.sedar.com.
About South American Silver Corp.
South American Silver Corp. is a growth focused mineral exploration company creating value through the exploration and development of the 100% owned Malku Khota Silver-Indium project in Bolivia, one of the world's largest undeveloped silver and indium deposits, and the 100% controlled large-scale Escalones Copper-Gold project in Chile. The Company's approach to business combines the team's track record of discovery and advancement of large projects, key operational and process expertise and effective community relations to increase shareholder value. Management has over 100 years of combined experience in the global exploration and mining industry with much of that focused in Bolivia, Chile, Peru and Argentina. The Company's shares are listed on the Toronto Stock Exchange under the symbol 'SAC' and on the US OTC market as 'SOHAF.' Additional information related to South American Silver Corp. is available at www.soamsilver.com and on SEDAR at www.sedar.com.
Certain statements contained herein constitute 'forward-looking statements'. These forward-looking statements include, but are not limited to, statements regarding the proposed financing including the timing and terms thereof. Forward-looking statements express, as at the date of this press release, the Company's plans, estimates, forecasts, projections, expectations, or beliefs as to future events or results. Forward-looking statements are based on certain assumptions, including the key assumptions and parameters on which such estimates are based, involve risks and uncertainties and there can be no assurance that such statements will prove to be accurate. Therefore, actual results and future events could differ materially from those anticipated in such statements. Factors that could cause results or events to differ materially from current expectations expressed or implied by the forward-looking statements include, but are not limited to, the effect of capital market conditions and the receipt of necessary regulatory approvals in a timely fashion or at all, as well as the risks related to the development of the Company's properties and other risks more fully described in the Company's Annual Information Form filed and publicly available on SEDAR at www.sedar.com. Readers are cautioned not to place undue reliance on the forward-looking statements contained in this press release. Subject to applicable laws, the Company assumes no obligation to update or revise any forward-looking statement, whether as a result of new information, future events or any other reason.
Contacts:
South American Silver Corp.
William Filtness
Chief Financial Officer
(604) 684-0693
(604) 684-0642 (FAX)
www.soamsilver.com