Silver Sun to Acquire Exclusive Mining Rights to Near-term Producer
September 06 2012 - 9:15AM
Business Wire
Silver Sun Resource Corp. (“Silver Sun” or “the Company”) is
pleased to announce the Company has entered into an agreement in
principle for the exclusive mining rights to a near-term producing
gold mine located approximately 10 kilometers from the Company’s
existing, wholly-owned, Cherry Hill Gold Mine.
The mine is held by a private American Trust and consists of two
patented load claims. The agreement provides Silver Sun with the
exclusive underground mining rights for 20 years with a one time
payment of US $25,000 and a 10% Net Profits Interest on all
production. The Company has been granted two months to complete due
diligence, which is intended to include detailed sampling and if
required, mini bulk sampling. The private trust has held the
property for approximately 60 years and historical assays provided
to the Company from the mine (non 43-101 compliant) ranged from 1.6
to 18.0 oz/T. Initial grab samples taken from the mine and run at
the Company’s lab (not ISO or 43-101 compliant) confirmed similar
grades.
“This is an important step for the Company as we plan on having
additional properties at various stages of development such that we
can ensure continued growth over the coming years. We have
evaluated a number of properties near Cherry Hill and this mine is
the first that we have targeted,” stated Mark McLeary, president
and CEO of Silver Sun. “We will apply all of the lessons learned
from putting the Cherry Hill mine into production towards the
evaluation and, potentially, the advancement towards production on
this new property. As the mine is on patented land permitting
requirements may be much less intensive than it was for Cherry
Hill.”
Ian Foreman, P. Geo, is the Company’s
Qualified Person as defined by National Instrument 43-101, who is
responsible for monitoring the supervision and quality control of
Silver Sun’s sampling programs and who has reviewed and verified
the technical information contained in this news release.
About Silver Sun Resource Corp.
Silver Sun Resource Corp. is a Canadian-based resource company
focused on the acquisition, exploration and development of precious
metal deposits in North America. The Company is in the production
stage with its gold project in Yreka, California and engaged in an
on-going work program on the Zacatecas, Salvador, and Mina San Jose
properties located within the prolific Zacatecas Silver District in
Mexico, as well as its Yoreme Silver Project in the mining district
of Alamos, Sonora State, Mexico. The Company has an experienced
management team with a growth strategy to develop a diversified
portfolio of mining projects that can be taken to production in the
near-term. The company's design is to add shareholder value through
efficient exploration, strategic acquisitions and effective
marketing while maintaining a low risk profile through project
diversification and sound financial management.
ON BEHALF OF THE BOARD OF DIRECTORS
“Mark A. McLeary” President
Forward Looking Statements
This news release contains statements that constitute
"forward-looking statements" within the meaning of Section 21E of
the United States Securities Exchange Act of 1934 and "forward
looking information" within the meaning of applicable Canadian
provincial securities legislation (collectively, "forward-looking
statements"). Forward-looking statements often, but not always, are
identified by the use of words such as "seek", "anticipate",
"believe", "plan", "estimate", "expect", "targeting" and "intend"
and statements that an event or result "may", "will", "would",
"should", "could", or "might" occur or be achieved and other
similar expressions. Forward-looking statements in this news
release include statements regarding the timing and nature of
permitting approvals, the timing and nature of infrastructure
developments and construction, completion of project milestones,
projections of future optimization, the timing of negotiations with
third parties, and the timing and nature of production timeline
targets which are dependent on projections which may change as
testing and processing continues.
The forward-looking statements that are contained in this news
release are based on various assumptions and estimates by Silver
Sun and involve a number of risks and uncertainties. As a
consequence, actual results might differ materially from results
forecast or suggested in these forward-looking statements.
Forward-looking statements involve known and unknown risks,
uncertainties, assumptions and other factors that may cause the
actual results, performance or achievements of Silver Sun to be
materially different from any future results, performance or
achievements expressed or implied by the forward-looking
statements. Factors that could cause the actual results to differ
include; risks relating to fluctuations in the price of gold; the
inherently hazardous nature of mining-related activities;
uncertainties concerning resource estimates; results of
exploration, availability of capital and financing on acceptable
terms, inability to obtain required regulatory approvals,
unanticipated difficulties or costs in any rehabilitation which may
be necessary, market conditions and general business, economic,
competitive, political and social conditions. These statements are
based on a number of assumptions, including assumptions regarding
general market conditions, timing and receipt of regulatory
approvals, the ability of Silver Sun and other relevant parties to
satisfy regulatory requirements, the availability of financing for
proposed transactions and programs on reasonable terms and the
ability of third-party service providers to deliver services in a
timely manner. Although Silver Sun has attempted to identify
important factors that could cause actual results to differ
materially from those expressed or implied in forward-looking
statements, there may be other factors which cause actual results
to differ. Forward-looking statements contained herein are made as
of the date of this news release and Silver Sun disclaims any
obligation to update any forward-looking statements, whether as a
result of new information, future events or results or otherwise,
except as required by applicable securities laws. There can be no
assurance that forward-looking statements will prove to be
accurate, as actual results and future events could differ
materially from those anticipated in such statements. Accordingly,
readers should not place undue reliance on forward-looking
statements.
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.
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