Silvermex Receives Final Payment From Andover
VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 09/29/11 -- Silvermex Resources Inc. (TSX: SLX) ('Silvermex') has received a $2.0 million payment from Andover Ventures Inc. ('Andover'). This is the final payment to Silvermex from Andover under an agreement dated June 23, 2008 and amended March 24, 2009 by which Silvermex agreed to sell to Andover 13,034,769 shares of common stock of Chief Consolidated Mining Company ('Chief').
Silvermex CEO, Duane Nelson stated, 'We are pleased to conclude the sale of Silvermex's interest in Chief to Andover and would like to thank everyone at Andover and Silvermex who worked to conclude the sale.'
Company Profile
Silvermex Resources Inc. is a publicly traded mining company focused in Mexico and led by a highly qualified team of professionals from some of the most notable companies in the silver mining sector. The Company's portfolio of projects ranges from advanced stage exploration to production. Its core asset is the producing La Guitarra silver-gold mine located in the Temascaltepec Mining District of Mexico. Silvermex is currently working to increase production at the mine to full capacity and is conducting extensive exploration to further develop the district. Silvermex is well financed to further develop resources organically from its multiple projects as well as from the acquisition of additional assets that will drive production growth.
ON BEHALF OF THE BOARD
Duane Nelson, CEO & Director
For more information please visit the Company's website at www.silvermexresources.com.
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, level 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 the Toronto Stock Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Exchange) accepts responsibility for the adequacy or accuracy of this release.
Contacts:
Silvermex Resources Inc.
Fiona Grant
Manager, Investor Relations
604-682-4004
www.silvermexresources.com