VANCOUVER, BC, Oct. 20,
2023 /CNW/ - Silver Viper Minerals
Corp. (the "Company" or "Silver Viper")
(TSXV: VIPR) (OTC: VIPRF) announced today that, further to its
press release April 6, 2023, it has
amended the terms of the Rubi-Esperanza Option Agreement (the
"Agreement") with respect to its right to purchase 100%
ownership of three mineral concessions covering 2,102 hectares at
the La Virginia Gold-Silver Project ("La Virginia" or the
"La Virginia Project"), located in the Sierra Madre of
eastern Sonora State, Mexico.
The amendment clarifies that the US$775,000 (or C$1,042,142.50, based on a fixed exchange rate of
US$-C$ of 1.3447 set out in the amendment) of Shares issuable by
the Company to satisfy as a portion of the final payment under the
Agreement in June 2024, will be
issued with a deemed price per Share equal to the higher of (i) the
closing price of the Shares on the TSX Venture Exchange on
June 24, 2024 or (ii) C$0.095. In addition, the amendment also sets out
that the Company shall not issue more than 10,969,922 Shares in
satisfying this portion of the consideration due to the vendors. As
previously announced by the Company, in addition to such issuance
of Shares, the Company will also make a cash payment of
US$200,000 to the vendors.
In satisfaction of the Company's payment of the US$1,500,000 (or C$2,017,050, based on an exchange rate of US$-C$
of 1.3447) of Shares due to the vendors in April 2023 under the amended Agreement, the
Company confirms it issued the vendors an aggregate of 16,808,750
Shares at a deemed price per share of C$0.12 on April 25,
2023.
All Shares issued in connection with the Agreement will be
subject to a statutory 4-month hold period from their respective
date of issue. In addition, for a one year period following the
expiry of the applicable statutory hold period, the vendors may not
sell such Shares and then may only do so after providing at least 2
weeks' notice to the Company of their intention to sell any such
Shares.
The vendors are at arm's length to the Company and its
Affiliates or Associates (as such terms are defined in the TSXV
Corporate Financial Manual).
About the Project
La Virginia is located 220 kilometres east-northeast of
Hermosillo, Sonora and is
prospective for low-sulphidation epithermal precious metal
mineralization. The property and historical exploration database
were acquired by way of option agreements made with two distinct
parties. Gold and silver mineralization at La Virginia occurs
within breccias, veins and stockworks, hosted primarily by
andesitic volcanics, often in close spatial association to, or
cross-cutting pre-mineral dacite dykes and controlled by fractures
and faults that define the regional structural trend. Silver
Viper's reconnaissance program identified key targets and trends
which are of primary interest and subsequently filed strategic
reductions in claims to attain the current project surface area of
6,882 hectares.
Silver Viper has completed a total of 141 drill holes at La
Virginia for a combined 44,687 metres. Exploration drilling has
paused awaiting the processing of the geophysical survey data along
with the interpretation of mapping and sampling data. Drilling has
been completed by Hermosillo-based
drill contractor, Globexplore Drilling Corp. Drilling by the
Company to date builds upon a sizeable database of recent
historical work.
About the Company
Silver Viper Minerals Corp. is a Canadian-based junior mineral
exploration company focused on precious metals exploration in the
northwestern Mexican state of
Sonora. The Company currently operates the La Virginia
Gold-Silver Project. Silver Viper has 100% ownership of the La
Virginia concessions acquired from the most recent operator, Pan
American Silver Corp., and has an option to acquire a 100% interest
in the Rubi-Esperanza group of claims internal to those
concessions. Silver Viper is under management provided by the
Belcarra Group, which is comprised of highly qualified mining
professionals.
ON BEHALF OF THE BOARD OF DIRECTORS,
Steve Cope
President and CEO
Forward Looking
Information
Information set forth in this press release contains
forward-looking statements. These statements reflect management's
current estimates, beliefs, intentions and expectations; they are
not guarantees of future performance. The Company cautions that all
forward-looking statements are inherently uncertain, and that
actual performance may be affected by a number of material factors,
many of which are beyond the Company's control. Such factors
include, among other things: risks and uncertainties relating to
exploration and development, the ability of the Company to obtain
additional financing, the need to comply with environmental and
governmental regulations, fluctuations in the prices of
commodities, operating hazards and risks, competition and other
risks and uncertainties, including those described in the Company's
financial statements available on www.sedar.com. Accordingly,
actual and future events, conditions and results may differ
materially from the estimates, beliefs, intentions and expectations
expressed or implied in the forward-looking information. Except as
required under applicable securities legislation, the Company
undertakes no obligation to publicly update or revise
forward-looking information.
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.
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SOURCE Silver Viper Minerals Corp.