Defiance Silver Corp. Resumes Trading
21.09.2011 | Marketwire
VANCOUVER, BRITISH COLUMBIA -- (Marketwire - Sept. 21, 2011) - Defiance Silver Corp (TSX VENTURE: DEF) (Defiance or the “Company“) is pleased to announce that after reviewing the revised agreement between IMPACT Silver Corp. (IMPACT) and Defiance for the acquisition of the Veta Grande Project in Zacatecas Mexico, the TSX Venture Exchange has authorized Defiance shares to begin trading as of the morning of Wednesday, September 21, 2011.The Veta Grande Project consists of the 200 tonnes per day (tpd) capacity Santa Gabriela (formerly Veta Grande) processing plant, and associated surface rights as well as a 100% and 27% interest in 10 and 3 mining claims respectively. The mining claims host historical silver-lead-zinc vein occurrences and mine dumps.
“We are excited with the acquisition of the Veta Grande Project to achieve our focus as an emerging silver producer in Mexico.“ says Bruce Winfield, President and CEO of Defiance. “Our plan to refurbish the Santa Gabriela mill, and complete the upgrades necessary to maintain the operating permit, will allow us to recommence operations at the plant as quickly as possible.“
In addition, Defiance is actively searching for other undervalued exploration and development projects with potential to host significant silver deposits to help strengthen our presence in Mexico as a near term silver producer.
The revised agreement with IMPACT was amended such that the first payment on the initial closing will be 1,787,000 shares of Defiance, and the second payment on the final closing upon the earlier of two years or achieving commercial production at the mill, will be paid in cash ($1,955,200). This agreement remains subject to approval by the TSX Venture Exchange, and completing a financing for a minimum of $1,500,000 prior to the final closing.
On behalf of Defiance Silver Corp.
Bruce Winfield
President and CEO
Forward-Looking Statements. This Defiance News Release may contain certain “forward-looking“ statements and information relating to Defiance that are based on the beliefs of Defiance management, as well as assumptions made by and information currently available to Defiance management. Such statements reflect the current risks, uncertainties and assumptions related to certain factors including but not limited to, without limitations, exploration and development risks, expenditure and financing requirements, title matters, operating hazards, metal prices, political and economic factors, competitive factors, general economic conditions, relationships with vendors and strategic partners, governmental regulation and supervision, seasonality, technological change, industry practices, and one-time events. Should any one or more risks or uncertainties materialize or change, or should any underlying assumptions prove incorrect, actual results and forward-looking statements may vary materially from those described herein. Specifically, there is no assurance that Defiance will be able to raise the funds necessary to close the transaction with IMPACT, that it will be successful in restoring the mill to the point where it can achieve commercial production; or that it will be able to profitably operate the mill. Defiance does not assume the obligation to update any forward-looking statement.
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.
Contact Information
Defiance Silver Corp.
Bruce Winfield
President and CEO
778-729-0333
Defiance Silver Corp.
1500 - 409 Granville Street
Vancouver, BC V6C 1T2
www.defiancesilver.com