www.southernsilverexploration.com
Southern Silver Exploration Corp. (SSV-TSX.V; SEG-FRANKFURT) is a publicly traded Canadian-based precious and base metals exploration company. The company’s management team and professional staff have expertise in the acquisition, exploration and responsible development of potential world-class mining ventures in Mexico, New Mexico and Arizona. In New Mexico, the Oro project is a 1,150-hectare gold, silver, copper, lead and zinc project with excellent potential for new discovery. Drilling of the Oro Project is currently underway with results expected in Q2 of 2010.
In Mexico the company’s gold/copper Minas de Ameca project encompasses a 320 sq. km claim package in a 25 kilometer long mineralized trend in Jalisco State and the Pinabete project, a silver-zinc-lead Carbonate Replacement Deposit (CRD) deposit located in Chihuahua State. As well, the company’s has highly-prospective projects in Arizona. The company’s Arizona project is the Dragoon copper/molybdenum property located approximately 100 kilometres southwest of Tucson.
Southern Silver buys millsite at Cerro Las Minitas, announces $1.2 mln financing
Southern Silver Exploration Corp. (CVE:SSV) said Monday that it has bought a 5.01 hectare parcel of land at the Cerro Las Minitas property in Durango State, Mexico for a potential mill construction site.
The property overlies portions of mineral claims currently under option to Southern Silver, where a 10,000 metre diamond drill program is underway.
If results from drilling warrant ongoing exploration, the piece of land acquired is to provide a convenient site for the construction of a mill.
The property was acquired from a private vendor in consideration for a cash payment of US$40,000, and 50,000 common shares.
Southern Silver also announced Monday a non-brokered private placement financing of 8.0 million units, at a purchase price of $0.15 each, for gross proceeds of $1.2 million. Each unit will consist of one common share and one share purchase warrant.
Each warrant will entitle the holder to purchase one additional common share for a period of two years at an exercise price of $0.20 per share.
The company said proceeds from the offering will be used to fund an expanded exploration program at Cerro Las Minitas, where Southern has so far completed around 30 percent of its 10,000 metre drill program.
Drilling has focused on the expansion of the newly discovered Blind Zone, which is a northwest-southeast-trending silver-rich polymetallic mineralized zone located roughly 200 metres to the west of the main area on the property.
Twelve holes have tested the Blind zone to a 375 metre strike length and a 280 metre depth, with assays still pending for five holes. Highlights so far include 1.8 metres averaging 1,400 g/t silver, 19.7% lead and 14.5% zinc within a 3.3 metre interval averaging 818 g/t silver, 12.9% lead and 10.9% zinc in hole CLM-008.
The Cerro Las Minitas property comprises 17 concessions, which total 10,980 hectares and an approximate 25 kilometre lineal strike length.
