Huldra Silver Provides Bulk Sample Update for Treasure Mountain and Announces Early Exercise of Warrants for Proceeds of $1,558,000
VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 02/28/12 -- Huldra Silver Inc. (TSX VENTURE: HDA) (the 'Company' or 'Huldra') is pleased to announce further sample results from the 10,000 tonne underground bulk sample program on its 100% owned Treasure Mountain Property. The samples from the seventh lift of the stope include 2918.3 g/tonne Ag, 24.2% Pb, 3.8% Zn, 5% Mn over 1.47m. The average grade, to date, of the 43 samples over the mined width are 911 g/tonne Ag, 5.62% Zn, 3.35% Mn, 6.75% Pb.
The Company is also pleased to announce that during the month of February 2012, 578,000 common share purchase warrants (the 'Warrants') which were due to expire June 22, 2012 have been exercised at a price of $0.75 per share, and 1,500,000 Warrants which were due to expire December 22, 2012 have been exercised at a price of $0.75 per share, for a total of 2,078,000 Warrants exercised for gross proceeds to the Company of $1,558,500. The Warrants were issued in connection with non-brokered private placements previously announced in the Company's news release dated December 22, 2010.
The following table is a complete list of the samples from the seventh lift of the stope:
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Sample ID Width Ag Pb Zn Mn
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ID # metres g/t % % %
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P1-L7-1 1.89 1351.6 11.7 4.6 1.3
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P1-L7-2 1.82 204 0.6 4.3 0.9
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P1-L7-3 1.57 485.4 0.4 3 1.7
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P1-L7-4 1.20 749.4 1.6 6.3 3
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P1-L7-5 0.91 1240.3 5.7 13 2.1
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P1-L7-6 1.47 2918.3 24.2 3.8 5
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P1-L7-7 1.32 317.7 3.3 7.4 3.2
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P1-L7-8 1.06 228.6 1.5 2.8 3.6
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P1-L7-9 1.04 462 2.6 4.3 8.8
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P1-L7-10 1.60 942.1 8.9 3.8 2
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P1-L7-11 1.89 315 2.6 3.8 1.5
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P1-L7-12 1.26 36.7 0.2 1.9 2.1
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P1-L7-13 1.81 87.8 0.1 7.7 6.6
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Average 1.45 718.39 4.88 5.12 3.21
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Note: The samples are taken on 5 metre intervals across the full width of the underground stope. The samples are for estimated mining grade purposes only. The actual grade of the material will be determined during processing of the material. The previous 30 samples were announced on the Company's news release dated February 8, 2012.
Material removed is currently being stockpiled at the Company's mill site in Merritt, BC.
All samples are delivered by truck to Acme Analytical Laboratories' facility in Vancouver, BC, where the sample is crushed, split and pulverized to -200 mesh. A 0.5 gram portion of the pulp is then digested in hot aqua regia and analyzed for 31 elements by ICP MS method. Over limits for Ag are by fire assay with gravimetric finish, and over limits for Pb, Zn and Mn are by multi-acid digestion and ICP ES finish.
Technical information in this news release has been reviewed and approved by Al Beaton, P. Eng, a Qualified Person as defined in NI 43-101. For more information see the Company's technical report entitled 'Technical Report, Project Update, Treasure Mountain Property' dated June 15, 2011, available on SEDAR at www.sedar.com.
On behalf of the Board of Directors
Ryan Sharp, MBA, President, CEO & Director
Disclaimer for Forward-Looking Information
This press release contains projections and forward-looking information that involve various risks and uncertainties regarding future events related to the Company's proposed exploration plans and its plans to put the Treasure Mountain Property into production. Such forward-looking information can include statements based on current expectations involving a number of risks and uncertainties and are not guarantees of future performance of the Company, such as the Company's ability to finance its planned exploration; the Company's ability to source the necessary infrastructure to effect its exploration plans; current economic conditions and the state of mineral exploration and mineral prices in general. These risks and uncertainties could cause actual results and the Company's plans and objectives to differ materially from those expressed in the forward-looking information. The Company can offer no assurance that its exploration and development plans will be completed in the time expected or at all. These and all subsequent written and oral forward-looking information are based on estimates and opinions of management on the dates they are made and expressly qualified in their entirety by this notice. Except as required by law, the Company assumes no obligation to update forward-looking information should circumstances or management's estimates or opinions change.
Neither the 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:
Huldra Silver Inc.
Ryan Sharp
President, CEO & Director
604-647-0142
604-647-0143 (FAX)
ryan@huldrasilver.com / IR@huldrasilver.com
www.huldrasilver.com