Silver Mountain Mines Announces Closing of Its Private Placement and Approval of Warrant Extension
CALGARY, ALBERTA -- (Marketwire) -- 01/16/13 -- Silver Mountain Mines Inc. (TSX VENTURE: SMM) ("Silver Mountain" or the "Company") announces the closing of the flow-through share offering dated October 12, 2012. The Company raised $422,700. The proceeds will be used to fund the Company's exploration program and further advance the viability of a bulk extraction program on the Ptarmigan Mine.
"We are very pleased with Silver Mountain's previously announced 2012 drill results on its Ptarmigan Property (see News Release dated October 16, 2012), which included 452 g/t Ag over 6.80 m, 839 g/t Ag over 2.90 m, 1,642 g/t Ag over 1.10 m and 4,806 g/t Ag and 6.99 g/t Au over 0.29 m. The results support the Company's initiatives to further advance its goal of a bulk sample extraction program and to further expand the identified mineralized zones," stated Steve Konopelky, President and CEO. "The Company is currently completing the planning of its 2013 programs on its silver-rich sulphide mineralization on its Ptarmigan Property."
A complete table of Mineralized intersects is available on the Company website at www.silvermountainmines.com/reports.asp. Maps of the project are also available on the Company's website at www.silvermountainmines.com/maps.asp.
The Company also announces that further to its news release issued December 20, 2012, the Company has received approval from the TSX Venture Exchange to extend the term of 8,675,584 commons share purchase warrants issued as part of its 2008, 2009, 2010 and 2011 private placements. For further details please see the Company's news release issued December 20, 2012.
About Silver Mountain Mines Inc. (TSX VENTURE: SMM)
Silver Mountain Mines Inc. is a Canadian based exploration and development company with 100% ownership of a 9,300 hectare property centered on the historical silver rich Ptarmigan Mine in southeastern British Columbia. The property hosts two styles of mineralization: silver rich, high-grade polymetallic epithermal veins and manto style massive / semi-massive sulphide mineralization.
For further information on Silver Mountain Mines Inc. please visit the Company's website www.silvermountainmines.com and SEDAR (www.sedar.com) or contact Mr. Steve Konopelky, President & CEO of the Company.
This news release may contain forward-looking statements including but not limited to comments regarding the timing and content of upcoming work programs, geological interpretations, potential mineral recovery processes, etc. Forward-looking statements address future events and conditions and therefore involve inherent risks and uncertainties. Actual results may differ materially from those currently anticipated in such statements. These statements are based on a number of assumptions and factors that could cause actual results to differ materially from those in forward-looking statements Silver Mountain Mines Inc. does not assume any obligation to update or revise its forward-looking statements, whether as a result of new information, future events or otherwise, except to the extent required by applicable law.
ON BEHALF OF THE BOARD
Steve Konopelky, President and CEO
Neither the TSX-Venture Exchange nor its Regulation Services Provider, as per the term defined in the policies of the TSX Venture Exchange, accepts responsibility for the adequacy or accuracy of the release.
Contacts:
Silver Mountain Mines Inc.
Mr. Steve Konopelky
President & CEO
+1 403 229 9140
Silver Mountain Mines Inc.
Sheri Barton
Corporate Communications
+1 403 217 5830
www.silvermountainmines.com