Silver Predator Corp. Settles Debt Obligation on $4.5 million Promissory Note
Toronto, Ontario (FSCwire) - Silver Predator Corp. (TSX.V: SPD) (the "Company" or "Silver Predator") announces that it has reached agreement with Till Capital Ltd. (Nasdaq: TIL; TSX.V: TIL) ("Till") and its wholly owned subsidiary Resource Re, Ltd. ("Resource Re") to exchange the remaining balance of $3.97 million in principal and interest due to Resource Re on an original Promissory Note of US $4.5 million for 100% of the shares of Springer Mining Company, a wholly owned subsidiary of Silver Predator, subject to receipt of any required regulatory approvals, including approval of the TSX-V.The principal asset of the Springer Mining Company is the Springer tungsten mine and mill facility located near Winnemucca, NV.Resource Re owns a 64% controlling interest in Silver Predator.
Having extinguished the bulk of its debt, the Company is now focusing on revitalizing exploration activities by refining exploration targets from its current portfolio of projects and actively pursuing new opportunities.
"This transaction will provide a great restart opportunity for Silver Predator, enabling us to focus our future efforts on precious metals properties, which we believe are the most desirable markets for us to pursue at this time," said Michael Maslowski, CEO of Silver Predator.
"This exchange will benefit Resource Re, both by enhancing the balance sheet of Silver Predator and by enabling us independently to exploit the Springer mine and mill asset to its fullest advantage," said Dr. Terry Rickard, President of Resource Re and CEO of Till.
Silver Predator Corp.
The Company holds the Taylor silver-gold project in Nevada. The Taylor project hosts a current measured and indicated silver resource estimate of 16.8 million ounces of silver at an average grade of 1.89 ounces per ton and an inferred resource of 3.9 million silver ounces at 2.30 ounces per ton (1), is open to expansion, and is located in a district that has identified the potential for discovery of additional silver and gold deposits. The company also holds additional early stage exploration properties in Nevada and the Silver Valley of Idaho.
Mr. Michael Maslowski, CPG, a Qualified Person as defined by National Instrument 43-101 and a consultant for the Company, has reviewed, verified and approved disclosure of the technical information contained in this news release.
For additional information:
Nathan A. Tewalt
Chief Executive Officer
1) National Instrument 43-101 Technical Report; NI 43-101 of the Taylor Silver Project, White Pine County, Nevada, USA by Thomas H. Chadwick, Dean D. Turner, and Patrick J. Hollenbeck dated March 18, 2013 filed on SEDAR.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein.
This press release contains forward-looking statements regarding future events, including the ability of the Company to successfully conclude the proposed sale of assets and to meet future payment obligations under the notes.There are numerous risks and uncertainties that could cause actual results and Silver Predators' plans and objectives to differ materially from those expressed in the forward-looking statements. Actual results and future events could differ materially from those anticipated in such information. 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 are expressly qualified in their entirety by this notice. Except as required by law Silver Predator assumes no obligation to update forward-looking information should circumstances or management's estimates or opinions change.
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