kiwisteve
10 years ago
Defiance Adds Mine Developer and Metals Trader to Board -
November 06, 2014
Defiance Silver Corp ("Defiance") is pleased to announce that Roger Scammell and Paul Smith have joined the Board of Directors.
Mr. Roger Scammell has 43 years of experience in the mining and exploration industry primarily in North America and México. He was the Country Manager (México) for Teck Corporation and its Mexican subsidiary from 1992 - 2000. Under his direction, Teck discovered the 73 million tonne San Nicolas massive sulphide deposit in Zacatecas and the El Limon gold skarn in Guerrero, México. From 2004 until December 2010, he was responsible for the administration and execution of exploration, development and initial production of the Nuestra Señora polymetallic silver mine owned by Scorpio Mining Corporation in Sinaloa, México.
Mr. Paul Smith graduated from Oxford University with an MA in Metallurgy and the Science of Materials. He spent most of his 36 year career in the non-ferrous mining and smelting industry working with Rio Tinto Zinc, Pasminco, Mount Isa Mines and Pechiney World Trade in the UK and internationally. Most recently he was a founding shareholder and Finance Director of Ocean Partners Holdings Limited, a global trader of copper, zinc and lead concentrates. He left Ocean Partners in May 2012 to pursue investment opportunities and charitable activities. Brian Robertson and Chris Bunka have resigned from the Board of Directors.
Bruce Winfield, President & CEO of Defiance, stated, "Roger provides Defiance with another experienced Mine Finder and Developer. His skills directly complement our strong technical abilities. Paul brings Defiance significant expertise at the mine development and production level. His skills at marketing mining products ensures that the Board has expertise ranging from initial discovery through to production. In addition, I would like to thank both Brian and Chris for their contributions to the Board during their tenure with us. We wish them all the best in their future endeavors. "
Defiance has granted 2,020,000incentive stock options under its stock option plan to directors, officers and consultants. The options are exercisable on or before November 5, 2019, at a price of $0.10.
The grant of stock options is subject to TSX Venture Exchange approval.
About Defiance Silver Corp.:
Defiance is engaged in the acquisition and exploration of advanced silver projects in the historic Zacatecas Silver District, Mexico. Defiance is focused on the potential to expand the current resource at the San Acacio deposit, a past producer of between 75 and 100 million ounces of silver in high grade ore from the Veta Grande vein deposit.
On behalf of Defiance Silver Corp.
"Bruce Winfield"
President and CEO
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
You can view the Previous News Releases item: Tue Oct 7, 2014, Defiance Extends San Acacio Purchase Agreement by Three Years
kiwisteve
10 years ago
Defiance Extends San Acacio Purchase Agreement by Three Years
Defiance Silver Corp. ("Defiance"), is pleased to announce that it has renegotiated its San Acacio Silver Project purchase agreement, extending its option by three years.
October 07, 2014
The new terms of the agreement now call for (all amounts in US$):
The $225,000 property payment due on September 27, 2014 to now to be paid in four equal installments of $56,250 every three months commencing on September 27, 2014.
A three year extension of the option period to September 27, 2018 in exchange for yearly payments, a portion of which will be credited toward the final payment of $5.5 million, as follows:
Date Option Payment Amount credited toward
Final Payment Total Yearly Payment
September 27, 2015 150,000 200,000 350,000
September 27, 2016 150,000 400,000 550,000
September 27, 2017 150,000 600,000 750,000
September 27, 2018 4,300,000*
* If Defiance chooses to accelerate its payments, the balance payable will range between $2.5M and $4.3M
At the discretion of Defiance, any of the yearly payments due in 2015, 2016 and 2017 can be replaced by a payment of $1.0 million, all of which will be credited toward the purchase price.
"I am very pleased that we have been able to extend the option term of the agreement and provide Defiance with additional financial flexibility as it explores and expands its existing resource at the San Acacio Silver Project", stated Bruce Winfield President and CEO,
About Defiance Silver Corp.:
Defiance is engaged in the acquisition and exploration of advanced silver projects in the historic Zacatecas Silver District, Mexico. Defiance is focused on the potential to expand the current resource at the San Acacio deposit, a past producer of between 75 to 100 million ounces of silver.
On behalf of the Directors,
"Bruce Winfield"
Director/CEO
For additional information please visit the Company's website at www.defiancesilver.com.
1610 - 409 Granville Street
Vancouver, BC V6C 1T2
www.defiancesilver.com
Tel: 778-729-0333
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.
You can view the Next News Releases item: Thu Nov 6, 2014, Defiance Adds Mine Developer and Metals Trader to Board
You can view the Previous News Releases item: Thu May 15, 2014, Shares for Debt Transaction
kiwisteve
11 years ago
Defiance Closes First Tranche of Its Private Placement
VANCOUVER, BRITISH COLUMBIA--(Marketwired - July 22, 2013) -
NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR DISSEMINATION IN THE UNITED STATES
Defiance Silver Corp. (the "Company") (TSX VENTURE:DEF), announces that it has closed the first tranche of its private placement announced on July 11, 2013, and has issued an aggregate 2,150,000 Units at $0.10 per Unit for gross proceeds of $215,000. Each Unit is comprised of one common share and one-half of one transferable share purchase warrant ("Warrant"), each whole Warrant entitling the holders to acquire one additional common share for a period of 24 months at an exercise price of $0.15 per share if exercised during the first year and thereafter at a price of $0.20 per share.
All of the securities issued under the private placement, including the Warrants and all of the common shares issuable upon exercise of the Warrants, are subject to statutory and TSX Venture Exchange imposed resale restrictions expiring on November 19, 2013.
Management and insiders which included IMPACT Silver Corp, subscribed for $100,500 of the private placement.
"I am very pleased to have the continued support of IMPACT Silver for Defiance's work program to explore and develop the San Acacio Mine and Santa Gabriela Mill complex in Zacatecas Mexico," states Bruce Winfield, President and CEO of Defiance Silver Corp.
About Defiance Silver Corp.:
Defiance is a near term silver producer engaged in the acquisition, exploration, and development of advanced silver projects in the Zacatecas Silver District, Mexico. The Company's efforts are focused on: 1) the exercising of an option to purchase the San Acacio Mine, 2) the purchase and refurbishment of the 200 tpd Santa Gabriela Mill, and 3) the definition of feed for the Santa Gabriela Mill from surface dumps and from the San Acacio Mine with its 43-101 compliant silver resource (reference Defiance Silver Corp New release dated October 25, 2012).
Disclaimer: Although Defiance is working to bring the Santa Gabriela Mill and the San Acacio Mine back into production, Defiance has not completed a 43-101 compliant Feasibility Study. Hence the project has increased uncertainty and increased economic and technical risks of failure associated with its development.
Mr. Bruce Winfield, P. Geo., President and CEO of the Company is the Qualified Person for information contained in this press release. Mr. Winfield is a Qualified Person within the meaning of NI 43-101.
On behalf of the Directors,
Bruce Winfield, President and CEO
For additional information please visit the Company's website at www.defiancesilver.com.
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.
Forward-Looking Statements. This Defiance News Release may contain certain "forward-looking" statements and information relating to Defiance that are based on the beliefs of Defiance management, as well as assumptions made by and information currently available to Defiance management. Such statements reflect the current risks, uncertainties and assumptions related to certain factors including but not limited to, exploration and development risks, expenditure and financing requirements, title matters, operating hazards, metal prices, political and economic factors, competitive factors, general economic conditions, relationships with vendors and strategic partners, governmental regulation and supervision, seasonality, technological change, industry practices, and one-time events. Should any one or more risks or uncertainties materialize or change, or should any underlying assumptions prove incorrect, actual results and forward-looking statements may vary materially from those described herein. Specifically, there is no assurance Defiance will be able to raise the minimum or maximum private placement on the terms and conditions referred to above. Defiance does not assume the obligation to update any forward-looking statement.
Contact Information
Defiance Silver Corp.
1500 - 409 Granville Street
Vancouver, BC V6C 1T2
778-729-0333
www.defiancesilver.com
kiwisteve
12 years ago
Defiance Silver Announces $0.50 Million Private Placement
VANCOUVER, BRITISH COLUMBIA--(Marketwired - April 25, 2013) -
Defiance Silver Corp ("Defiance" or the "Company") (TSX VENTURE:DEF) is pleased to announce a non-brokered private placement (the "Offering") of up to 3,333,400 units of the Company (the "Units") at a price of $0.15 per Unit for gross proceeds of up to $500,000.
The Offering is subject to an overallotment option whereby the Company may increase the Offering by up to 50% depending on market demand.
Each Unit will consist of one common share of the Company and one full common share purchase warrant ("Warrant"). Each Warrant will entitle the holder to purchase one common share of the Company for a period of two years from the closing date of the Offering at a price of $0.25 per common share during year one and $0.35 during year two.
Closing of the Offering is subject to receipt of all required regulatory approvals including the approval of the TSX Venture Exchange. Securities issued under the Offering will be subject to a four month hold period which will expire four months from the date of closing of the Offering. The Company may pay finder's fees in compliance with TSX Venture Exchange policies on some or all of the Offering.
The proceeds from the offering will be used at the discretion of the Company for: metallurgical testing, ongoing refurbishment of the Santa Gabriela Mill, development of the San Acacio Silver Mine, and for general working capital purposes.
About Defiance Silver:
Defiance Silver Corp. is a near term silver producer engaged in the acquisition, exploration, and development of advanced silver projects in the Zacatecas Silver District, Mexico. The Company's efforts are focused on: 1) the exercising of an option to purchase the San Acacio Mine, 2) the purchase and refurbishment of the 200 tpd Santa Gabriela Mill, and 3) the definition of feed for the Santa Gabriela Mill from surface dumps and from the San Acacio Mine with its 43-101 compliant silver resource (reference Defiance Silver Corp New release dated October 25, 2012).
Disclaimer: Although Defiance is working to bring the Santa Gabriela Mill and the San Acacio Mine back into production, Defiance has not completed a 43-101 compliant Feasibility Study. Hence the project has increased uncertainty and increased economic and technical risks of failure associated with its development.
Mr. Bruce Winfield, P. Geo., President and CEO of the Company is the Qualified Person for information contained in this press release. Mr. Winfield is a Qualified Person within the meaning of NI 43-101.
On behalf of the Defiance Silver Corp
W.D. Bruce Winfield, President and CEO
Forward-Looking Statements. This Defiance News Release may contain certain "forward-looking" statements and information relating to Defiance that are based on the beliefs of Defiance management, as well as assumptions made by and information currently available to Defiance management. Such statements reflect the current risks, uncertainties and assumptions related to certain factors including but not limited to, exploration and development risks, expenditure and financing requirements, title matters, operating hazards, metal prices, political and economic factors, competitive factors, general economic conditions, relationships with vendors and strategic partners, governmental regulation and supervision, seasonality, technological change, industry practices, and one-time events. Should any one or more risks or uncertainties materialize or change, or should any underlying assumptions prove incorrect, actual results and forward-looking statements may vary materially from those described herein. Specifically, there is no assurance Defiance will be able to raise the minimum or maximum private placement on the terms and conditions referred to above. Defiance does not assume the obligation to update any forward-looking statement.
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.
kiwisteve
12 years ago
Defiance Silver Clarifies Disclosure
VANCOUVER, BRITISH COLUMBIA--(Marketwire - March 21, 2013) - Defiance Silver Corp. (TSX VENTURE:DEF) ("Defiance" or the "Company") announces that as a result of a review by the British Securities Commission, the Company is issuing the following news release to clarify its disclosure.
As of March 14, 2013 the Company on its San Acacio and Veta Grande project pages of its corporate website referred to a previous historical resource calculation by Source Exploration Corp as "an historic indicated resource of 18 million ounces of silver". This statement should have referenced the historical resource calculated by Source Exploration Corp as 4.05 million ounces of indicated resource contained in 1.49 million tonnes at a grade of 84.9 g/t silver and a total of 14.35 million ounces of inferred silver resource contained in 3.44 million tonnes at a grade of 80.0 g/t silver and 0.74 million tonnes at a grade of 232.6 g/t silver. The Company combined the indicated and inferred resource ounces of silver which is contrary to NI 43-101 policy guidelines. Although the Company correctly categorized the Source Exploration Corp resource as historical in nature on the two project pages, on its home page the Company failed to indicate the Source Exploration resource was historical in nature. The Company also failed to update its website information to include the NI 43-101 compliant resource of 3.55 million ounces of silver contained in 1.15 million tonnes grading 95.8 g/t silver and 12.45 million ounces of silver contained in 2.89 million tonnes grading 134.1 g/t silver as announced in the Company's news release dated October 25, 2013. To correct any misconceptions, the Company is not basing a production decision either on the historical resource announced by Source Exploration on May 21, 2010 nor on the current NI 43-101 compliant resource as announced by the Company on October 26, 2013. The Company has either removed or corrected the portions of the website pages that were in error.
The Company's Corporate Brochure and Fact Sheet, previously available on its website, contained statements that were not compliant with NI 43-101. In the Factsheet, the Company for brevity in presentation on page one combined the indicated and inferred resource from the NI 43-101 compliant resource calculation announced in the Company's news release dated October 25, 2012 referencing that the details of the breakdown of the indicated and inferred resources was included the reverse side of the Fact Sheet. The Company was incorrect in doing so and should not have combined the indicated and inferred resources on page one. Also on the page two of the Fact Sheet where the compliant NI 43-101 resource was presented in tabular form, the Company failed to provide the reference to its news release of October 26, 2012 which provides the: effective date of each estimate of mineral resources and mineral reserves; key assumptions, parameters, and methods used to estimate the mineral resources and mineral reserves; and the identification of any known legal, political, environmental, or other risks that could materially affect the potential development of the mineral resources or mineral reserves. This was an oversight by the Company.
In the Corporate PowerPoint Presentation, previously available on its website, the Company included on page 3 a comparison chart between the Company and six other companies that either have or are preparing to develop silver mining operations in historic silver mining districts in Mexico. In the comparison table the Company for brevity of presentation incorrectly presented a global resource for each of the seven companies instead of presenting the breakdown of the resources and reserves of the different companies in the correct NI 43-101 compliant categories of proven and probable reserves, and measured, indicated, and inferred resources. This disclosure was also non-compliant with NI 43-101 as it presented a resource solely in the form of metal content instead of providing details of tonnage and grade used to calculate the amount of contained metal. This was meant to be an indication of the value added potential for the Company if it was successful in developing its mill and mine assets in the historic Zacatecas Silver District but the presentation of the reserves and resources was incorrect and non NI 40-101 compliant and no conclusions should be drawn from the chart previously presented on page three of the Corporate Presentation. On pages 10 and 12 of the Corporate Presentation previously available on its website, the Company for brevity of presentation referred to a combined resource of 16 million ounces of silver of undefined resource category for the San Acacio property which was non-compliant statement. The San Acacio resource should have been broken down as indicated and inferred resources as announced in the Company's news release of October 25, 2012.
Copies of the Company's revised Fact Sheet and Corporate Presentation will be posted on its corporate website once corrected.
In the Company's MD&A dated December 31, 2012, the reference made to a resource for the Encantada Mine of First Majestic Silver without breaking it down into NI 43-101 compliant categories and expressing the resource in metal content only, was incorrect.
The Company on both its website and in the Fact Sheet previously available on its website failed to identify that Bruce Winfield, the Qualified Person under section 3.1 of NI 43-101, is also the President and CEO of the Company. The Fact Sheet as well as the website will be revised to include this additional information.
Mr. Bruce Winfield, P.Geo., President and CEO of the Company is the Qualified Person for information contained in this press release and is a Qualified Person within the meaning of NI 43-101.
On behalf of Defiance Silver Corp.
Bruce Winfield, President and CEO
Forward-Looking Statements. This Defiance News Release may contain certain "forward-looking" statements and information relating to Defiance that are based on the beliefs of Defiance management, as well as assumptions made by and information currently available to Defiance management. Such statements reflect the current risks, uncertainties and assumptions related to certain factors including but not limited to, exploration and development risks, expenditure and financing requirements, title matters, operating hazards, metal prices, political and economic factors, competitive factors, general economic conditions, relationships with vendors and strategic partners, governmental regulation and supervision, seasonality, technological change, industry practices, and one-time events. Should any one or more risks or uncertainties materialize or change, or should any underlying assumptions prove incorrect, actual results and forward-looking statements may vary materially from those described herein. Defiance does not assume the obligation to update any forward-looking statement.
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.
kiwisteve
12 years ago
930,000 Stock options issued with recent appointments -
Defiance Appoints Matthew Kavanagh as CFO
VANCOUVER, BRITISH COLUMBIA--(Marketwire - Nov. 30, 2012) - Defiance Silver Corp ("Defiance") (TSX VENTURE:DEF) is pleased to announce the appointment of Matthew Kavanagh to the position of Chief Financial Officer. Mr. Kavanagh is a chartered accountant with 25 years of experience in accounting and as a Chief Financial Officer for various Canadian companies including several silver miners.
Defiance also announces the resignation of Ron Sowerby as Chief Financial Officer. The Board wishes to thank Ron for his contributions to Defiance since its formation.
As part of these appointments,
Defiance has granted 680,000incentive stock options under its stock option plan to directors, officers and consultants.
The options are exercisable on or before November 30, 2017, at a price of $0.265.
Defiance has also filed documentation with the TSX Venture Exchange to reduce the exercise price of 397,225 previously issued warrants from $0.65 per share to $0.30 per share. The warrants remain exercisable until April 17, 2013. The warrants formed part of a 1,144,500 unit private placement priced at $0.50 per unit (each unit included one-half of one warrant) that closed on April 17, 2012. Insiders of the Company subscribed for 464,500 units (232,250 warrants); but only 57,225 warrants held by them (being 10% of the total number of warrants issued under the offering), will be re-priced. None of the warrants have been exercised.
The grant of stock options and the re-pricing of the warrants is subject to TSX Venture Exchange approval.
Defiance Silver Corp. is a near-term silver producer in Mexico. With a strong team of proven mine developers, Defiance is focused upon being an aggressive explorer and acquirer of silver projects in the historic billion-ounce silver producing Zacatecas District.
On behalf of Defiance Silver Corp.
Bruce Winfield, President and CEO
..................................................................
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.
http://www.marketwire.com/press-release/defiance-appoints-matthew-kavanagh-as-cfo-tsx-venture-def-1732552.htm
..................................................................
Defiance Appoints Two New Directors
VANCOUVER, BRITISH COLUMBIA--(Marketwire - Dec. 11, 2012) - Defiance Silver Corp. (TSX VENTURE:DEF) ("Defiance") is pleased to announce that Brian Robertson and Ron Sowerby have joined the Board of Directors of Defiance.
Brian Robertson is a registered mining engineer with post graduate training in business administration and over 30 years in the mining industry. Brian's extensive experience in operations, permitting, construction and development will greatly assist Defiance as it becomes a silver producer in the historic Zacatecas Silver District.
Ron Sowerby is a Chartered Account with over 35 years experience in corporate accounting. He has been instrumental in developing a number of companies including TCG International and Glentel where he has been a Director since 1989. Ron's financial and business experience will assist Defiance in managing its development programs in an efficient and cost effective manner.
Directors re-elected for another term are: Bruce Winfield, P.Geo, Darrell Rader, BBA, Chris Bunka, and George Gorzynski, P.Eng.
Defiance has granted 250,000 incentive stock options under its stock option plan to directors, officers and consultants.
The options are exercisable on or before December 10, 2017, at a price of $0.265.
The grant of stock options is subject to TSX Venture Exchange approval.
Defiance Silver Corp. is a near-term silver producer in Mexico. With a strong team of proven mine developers, Defiance is focused upon being an aggressive explorer and acquirer of silver projects in the historic billion-ounce silver producing Zacatecas District.
On behalf of Defiance Silver Corp.
Bruce Winfield, President and CEO
..................................................................
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.
http://www.marketwire.com/press-release/defiance-appoints-two-new-directors-tsx-venture-def-1736399.htm
..................................................................
.
kiwisteve
12 years ago
Defiance Silver Announces NI 43-101 Compliant Indicated and Inferred Mineral Resource for San Acacio Silver Project, Mexico
VANCOUVER, BRITISH COLUMBIA--(Marketwire - Oct. 25, 2012) - Defiance Silver Corp. (TSX VENTURE:DEF) ("Defiance" or "the Company") is pleased to announce that a National Instrument 43-101 ("NI") compliant indicated and inferred resource estimate has been completed for the San Acacio deposit by AGP Mining Consultants Inc. ("AGP").
Highlights
Bruce Winfield, President and CEO, comments, "We are extremely pleased to have reached this milestone of a 43-101 compliant resource for the San Acacio Mine. The high grade of the mineralized backfill indicates the high grade nature of the ore shoots previously mined within the deposit. We look forward to releasing additional news as Defiance aggressively continues advancing the San Acacio Mine towards production and expanding the resource base."
The Zacatecas Silver District is one of the most prolific silver producing areas in the world, having produced in excess of 681 million ounces of Silver during the period 1546 to 1895 (Geological Mining Monograph of the State of Zacatecas). The San Acacio Mine controls approximately 50% of the historic workings on the Veta Grande system which has estimated past production of in excess of 200 million ounces of silver. With mineralization open to depth as well as along strike for 4 kilometers with no modern exploration, Defiance believes that excellent potential exists to expand the current resource base.
cont...
http://www.marketwire.com/AdvancedSearch/AdvancedSearchResults.aspx?sid=62796419-1b97-49ef-9d5c-8546d84680c9
kiwisteve
12 years ago
Defiance Silver Closes Oversubscribed Private Placement
VANCOUVER, BRITISH COLUMBIA--(Marketwire - Sept. 27, 2012) - Further to news release dated September 10, 2012, Defiance Silver Corp ("Defiance") (TSX VENTURE:DEF) is pleased to announce that it has closed the second and final tranche of its amended private placement with the issuance of 1,675,000 units at a price of $0.20 per Unit for gross proceeds of $335,000. These units are subject to a four month hold period expiring four months from the date of issue. Gross proceeds from the two tranches totals $883,300. This amount includes an oversubscription of $383,300.
Each Unit consists of one common share of the Company, one full common share purchase warrant ("Warrant") and one Silver Participation Right ("SPR"). Each Warrant will entitle the holder to purchase one common share of the Company for a period of 12 months at a price of $0.40 per share. Each Silver Participation Right will entitle the holder to receive 0.003 ounces of silver bullion or the equivalent value in Canadian dollars (being C$0.09 based on a C$30 per ounce silver price) from the Company's future silver production. Defiance believes that the innovative Silver Participation Right will provide a mechanism for participating investors to gain direct access to physical silver bullion and direct exposure to future upside in the price of silver.
Closing of the Offering is subject to receipt of all required regulatory approvals including the approval of the TSX Venture Exchange. The Company may pay finder's fees in compliance with TSX Venture Exchange policies on some or all of the Offering. Finder's fees of $12,600 and 7,000 broker warrants are payable in connection with the second tranche of the private placement. The broker warrants have the same terms as the terms of the warrants described in this private placement.
The proceeds from the Offering will be used at the discretion of the Company for: general working capital purposes, the ongoing refurbishment of the Santa Gabriela Mill and the development of the San Acacio Silver Mine.
About Defiance Silver:
Defiance Silver Corp. is a near term silver producer engaged in the acquisition, exploration, and development of advanced silver projects in Zacatecas Mexico. The Company's efforts are focused on: (1) the purchase and refurbishment of the 200 tpd Santa Gabriela Mill, (2) the exercising of an option to purchase the San Acacio Silver Mine, and (3) the definition of feed for the Santa Gabriela Mill from surface dumps and the San Acacio Silver Mine with its historical resource (see Defiance News Release dated November 1, 2011) and excellent potential for defining additional resources.
On behalf of Defiance Silver Corp.
Bruce Winfield, President and CEO
Forward-Looking Statements. This Defiance News Release may contain certain "forward-looking" statements and information relating to Defiance that are based on the beliefs of Defiance management, as well as assumptions made by and information currently available to Defiance management. Such statements reflect the current risks, uncertainties and assumptions related to certain factors including but not limited to, there being no assurance the private placement will be fully subscribed on the terms outlined above. Should any one or more risks or uncertainties materialize or change, or should any underlying assumptions prove incorrect, actual results and forward-looking statements may vary materially from those described herein. Defiance does not assume the obligation to update any forward-looking statement.
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.
http://www.marketwire.com/press-release/defiance-silver-closes-oversubscribed-private-placement-tsx-venture-def-1706722.htm
kiwisteve
12 years ago
Defiance Silver Corp. Modifies Terms and Closes First Tranche of Private Placement
VANCOUVER, BRITISH COLUMBIA--(Marketwire - Sept. 10, 2012) - Defiance Silver Corp ("Defiance") (TSX VENTURE:DEF) announces that the terms of the non-brokered private placement ("the Offering") announced on June 6, 2012 have been revised. Under the new terms Defiance will offer up to 2,500,000 units ("Units") at a price of $0.20 per Unit for gross proceeds of $500,000. The Offering is subject to an overallotment option whereby the Offering may be increased by up to 50%.
Defiance is also pleased to announce that it has closed the first tranche of its amended private placement with the issuance of 2,741,500 units at a price of $0.20 per Unit for gross proceeds of $548,300. These units are subject to a four month hold period expiring four months from the date of issue. Defiance management and directors have subscribed for a total of 678,500 Units; and IMPACT Silver Corp. (Defiance's single largest shareholder) acquired 452,000 Units.
Each Unit consists of one common share of the Company, one full common share purchase warrant ("Warrant") and one Silver Participation Right ("SPR"). Each Warrant will entitle the holder to purchase one common share of the Company for a period of 12 months at a price of $0.40 per share. Each Silver Participation Right will entitle the holder to receive 0.003 ounces of silver bullion or the equivalent value in Canadian dollars (being C$0.09 based on a C$30 per ounce silver price) from the Company's future silver production. Defiance believes that the innovative Silver Participation Right will provide a mechanism for participating investors to gain direct access to physical silver bullion and direct exposure to future upside in the price of silver.
Closing of the Offering, including the first tranche, is subject to receipt of all required regulatory approvals including the approval of the TSX Venture Exchange. The Company may pay finder's fees in compliance with TSX Venture Exchange policies on some or all of the Offering. Finder's fees of $8,134 are payable in connection with the first tranche of the private placement.
The proceeds from the Offering will be used at the discretion of the Company for: general working capital purposes, the ongoing refurbishment of the Santa Gabriela Mill and the development of the San Acacio Silver Mine.
About Defiance Silver:
Defiance Silver Corp. is a near term silver producer engaged in the acquisition, exploration, and development of advanced silver projects in Zacatecas Mexico. The Company's efforts are focused on: (1) the purchase and refurbishment of the 200 tpd Santa Gabriela Mill, (2) the exercising of an option to purchase the San Acacio Silver Mine, and (3) the definition of feed for the Santa Gabriela Mill from surface dumps and the San Acacio Silver Mine with its historical resource (see Defiance News Release dated November 1, 2011) and excellent potential for defining additional resources.
On behalf of Defiance Silver Corp.
Bruce Winfield, President and CEO
Forward-Looking Statements. This Defiance News Release may contain certain "forward-looking" statements and information relating to Defiance that are based on the beliefs of Defiance management, as well as assumptions made by and information currently available to Defiance management. Such statements reflect the current risks, uncertainties and assumptions related to certain factors including but not limited to, there being no assurance the private placement will be fully subscribed on the terms outlined above. Should any one or more risks or uncertainties materialize or change, or should any underlying assumptions prove incorrect, actual results and forward-looking statements may vary materially from those described herein. Defiance does not assume the obligation to update any forward-looking statement.
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.
Contact Information
Defiance Silver Corp.
Bruce Winfield
President and CEO
778-729-0333
Defiance Silver Corp.
1500 - 409 Granville Street
Vancouver, BC V6C 1T2
778-729-0333
www.defiancesilver.com
http://www.marketwire.com/press-release/defiance-silver-corp-modifies-terms-and-closes-first-tranche-of-private-placement-tsx-venture-def-1699612.htm
.
kiwisteve
12 years ago
Defiance Extends San Acacio Silver Mine Purchase Option to 2015
VANCOUVER, BRITISH COLUMBIA--(Marketwire - July 31, 2012) - Defiance Silver Corp ("Defiance") (TSX VENTURE:DEF) is pleased to announce the successful renegotiation of the option agreement to acquire the San Acacio Silver Mine located in Zacatecas State Mexico. The new agreement has pushed the option exercise payment from May 2013 to August 2015.
"I am extremely pleased with the substantial increase in the time allowed to purchase the San Acacio Mine," stated Bruce Winfield, CEO. "Three years is sufficient time to allow Defiance to explore, develop and finance the San Acacio Mine. This extension also allows us to align the mine development schedule with the refurbishment and recommencement of the 200 tpd Santa Gabriela Mill. Together, the mine and mill enable Defiance to enter the ranks of silver producers within 15 months of receiving financing.
The original agreement granted Defiance nine months from the signing of the definitive trust agreement and the payment of $275,000 USD in option payments to make a $5.5 Million USD payment to acquire the mine. The new agreement gives Defiance 3 years from the signing of the trust agreement to make the $5.5 million purchase payment. The new agreement consists of a $275,000 payment anticipated to occur in August 2012 that extends the option to August 2013, a $150,000 option payment to extend the option to August 2014 and a $225,000 option payment to extend the option to August 2015. As in the original agreement, the vender retains a 2.5% NSR which may be purchased for $2.5 million.
About Defiance Silver:
Defiance Silver Corp. is a near term silver producer engaged in the acquisition, exploration, and development of advanced silver projects in Zacatecas Mexico. Defiance is focused on: 1) the purchase and refurbishment of the 200 tpd Santa Gabriela Mill, 2) the exercising of an option to purchase the San Acacio Mine, and 3) the definition of feed for the Santa Gabriela Mill from surface dumps and the San Acacio Mine with its historical resource (reference Defiance Silver Corp New release dated November 1, 2011).
On behalf of the Directors
W.D. Bruce Winfield, President and CEO
For additional information please visit the Company's website at www.defiancesilver.com.
Forward-Looking Statements. This Defiance News Release may contain certain "forward-looking" statements and information relating to Defiance that are based on the beliefs of Defiance management, as well as assumptions made by and information currently available to Defiance management. Such statements reflect the current risks, uncertainties and assumptions related to certain factors including but not limited to, exploration and development risks, expenditure and financing requirements, title matters, operating hazards, metal prices, political and economic factors, competitive factors, general economic conditions, relationships with vendors and strategic partners, governmental regulation and supervision, seasonality, technological change, industry practices, and one-time events. Should any one or more risks or uncertainties materialize or change, or should any underlying assumptions prove incorrect, actual results and forward-looking statements may vary materially from those described herein. Specifically, there is no assurance Defiance will be able to raise the minimum or maximum private placement on the terms and conditions referred to above. Defiance does not assume the obligation to update any forward-looking statement.
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
http://www.marketwire.com/press-release/defiance-extends-san-acacio-silver-mine-purchase-option-to-2015-tsx-venture-def-1685779.htm
kiwisteve
12 years ago
Defiance Silver Corp: Private Placement of Up to C$10 Million
VANCOUVER, BRITISH COLUMBIA--(Marketwire - June 6, 2012) - Defiance Silver Corp ("Defiance" or the "Company") (TSX VENTURE:DEF) is pleased to announce a non-brokered private placement (the "Offering") of up to 33,333,400 units of the Company (the "Units") at a price of $0.30 per Unit for gross proceeds of up to $10,000,000, with a minimum of 13,333,400 units for gross proceeds of $4,000,000. The Offering is subject to an overallotment option whereby the Company may increase the Offering by up to 50% depending on market demand.
Each Unit will consist of one common share of the Company, one full common share purchase warrant ("Warrant") and one Silver Participation Right ("SPR"). Each Warrant will entitle the holder to purchase one common share of the Company for a period of twelve months from the closing date of the Offering at a price of $0.65 per common share. Each Silver Participation Right will entitle the holder to receive 0.005 ounces of silver bullion or the equivalent value in Canadian dollars (being C$0.15 based on a C$30 per ounce silver price) from the Company's future silver production.
Closing of the Offering is subject to receipt of all required regulatory approvals including the approval of the TSX Venture Exchange. Securities issued under the Offering will be subject to a four month hold period which will expire four months from the date of closing of the Offering. The Company may pay finder's fees in compliance with TSX Venture Exchange policies on some or all of the Offering.
The proceeds from the Offering will be used at the discretion of the Company for: general working capital purposes; to refurbish the Santa Gabriela processing plant and to develop the 10 mineral property concessions or licences, all held under option from IMPACT Silver Corp; and to develop the San Acacio Mineral property as held under a Property Option Agreement. All development of the above assets, located in the Vetagrande, Zacatecas area of Mexico (the Mexican Interests), will be carried out with a view to placing the said mill into production and deriving minerals products therefrom.
Defiance believes that the innovative Silver Participation Right will provide a mechanism for participating investors to gain direct access to physical silver bullion and direct exposure to future upside in the price of silver.
About Defiance Silver:
Defiance Silver Corp. is a near term silver producer engaged in the acquisition, exploration, and development of advanced silver projects in Zacatecas Mexico. The Company's efforts are focused on: 1) the purchase and refurbishment of the 200 tpd Santa Gabriela Mill, 2) the exercising of an option to purchase the San Acacio Mine, and 3) the definition of feed for the Santa Gabriela Mill from surface dumps and the San Acacio Mine with its historical resource (reference Defiance Silver Corp New release dated November 1, 2011).
On behalf of the Directors
W.D. Bruce Winfield, President and CEO
For additional information please visit the Company's website at www.defiancesilver.com.
Forward-Looking Statements. This Defiance News Release may contain certain "forward-looking" statements and information relating to Defiance that are based on the beliefs of Defiance management, as well as assumptions made by and information currently available to Defiance management. Such statements reflect the current risks, uncertainties and assumptions related to certain factors including but not limited to, exploration and development risks, expenditure and financing requirements, title matters, operating hazards, metal prices, political and economic factors, competitive factors, general economic conditions, relationships with vendors and strategic partners, governmental regulation and supervision, seasonality, technological change, industry practices, and one-time events. Should any one or more risks or uncertainties materialize or change, or should any underlying assumptions prove incorrect, actual results and forward-looking statements may vary materially from those described herein. Specifically, there is no assurance Defiance will be able to raise the minimum or maximum private placement on the terms and conditions referred to above. Defiance does not assume the obligation to update any forward-looking statement.
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
Contact Information
Defiance Silver Corp.
W.D. Bruce Winfield
President and CEO
778-729-0333
www.defiancesilver.com
http://www.marketwire.com/press-release/defiance-silver-corp-private-placement-of-up-to-c10-million-tsx-venture-def-1666338.htm
kiwisteve
13 years ago
Defiance Silver Corp Adds George Gorzynski to Its Board of Directors
VANCOUVER, BRITISH COLUMBIA--(Marketwire - March 22, 2012) - Defiance Silver Corp ("Defiance") (TSX VENTURE:DEF) is pleased to announce that further to the Defiance news release dated August 31, 2011, George Gorzynski, P.Eng., has joined its Board of Directors. Mr. Gorzynski holds a Bachelor of Applied Science (Honours) from the University of Toronto and a Master of Applied Science from the University of British Columbia. He is a Professional Engineer registered in the Province of British Columbia. George has over 30 years experience exploring and developing mining projects in Mexico and worldwide.
In his role as Vice President of Exploration for IMPACT Silver, George was instrumental in acquiring, refurbishing and expanding the Royal Mines of Zacualpan, IMPACT's mining and milling operation in Zacualpan, Mexico. IMPACT produced over 750,000 ounces of silver in 2010 (IMPACT Annual Report 2010).
"We look forward to George bringing his considerable skills and experience with putting silver mines into production and operating them successfully in Mexico. Additionally, George will act as a representative of IMPACT Silver on Defiance's Board. IMPACT is a significant shareholder of Defiance Silver Corp," stated Bruce Winfield, President of Defiance Silver.
Defiance Silver Corp is a near-term silver producer in Mexico. With a strong team of proven mine finders and developers, Defiance is focused upon being an aggressive developer, explorer and acquirer of silver projects in the historic billion-ounce silver producing Zacatecas District.
Bruce Winfield, P. Geo., a Qualified Person under the meaning of Canadian National Instrument 43-101, is responsible for the technical content of this news release.
On behalf of Defiance Silver Corp.
Bruce Winfield, President and CEO
Forward-Looking Statements. This Defiance News Release may contain certain "forward-looking" statements and information relating to Defiance that are based on the beliefs of Defiance management, as well as assumptions made by and information currently available to Defiance management. Such statements reflect the current risks, uncertainties and assumptions related to certain factors including but not limited to, exploration and development risks, expenditure and financing requirements, title matters, operating hazards, metal prices, political and economic factors, competitive factors, general economic conditions, relationships with vendors and strategic partners, governmental regulation and supervision, seasonality, technological change, industry practices, and one-time events. Should any one or more risks or uncertainties materialize or change, or should any underlying assumptions prove incorrect, actual results and forward-looking statements may vary materially from those described herein. Specifically, there is no assurance that Defiance will be able to raise the funds necessary to close the transactions with Minera San Acacio S.A. de C.V. and IMPACT Silver Corp for the San Acacio mine and Santa Gabriela processing plant respectively nor that it will be able to bring the properties into production. Defiance does not assume the obligation to update any forward-looking statement.
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.
Contact Information
Defiance Silver Corp.
Bruce Winfield
President and CEO
778-729-0333
www.defiancesilver.com
http://www.marketwire.com/press-release/defiance-silver-corp-adds-george-gorzynski-to-its-board-of-directors-tsx-venture-def-1635274.htm
kiwisteve
13 years ago
Defiance Silver Makes Initial Payment For Processing Plant in Zacatecas - Revised
VANCOUVER, BRITISH COLUMBIA--(Marketwire - March 8, 2012) - Defiance Silver Corp ("Defiance") (TSX VENTURE:DEF) is pleased to announce that it has made the first payment under its option agreement with IMPACT Silver Corp ("IMPACT") to acquire the Santa Gabriela 200tpd processing plant. Defiance has the option to purchase the Santa Gabriela processing plant in the historic Zacatecas Silver District from IMPACT in return for the payment of 2,680,500 Defiance common shares and a the payment of $1,955,200 payable within two years of the signing of the option agreement or upon commercial production.
As part of its strategy to become a near term producer, Defiance plans to refurbish the flotation processing plant and bring it into commercial production within 15 months after the completion of the two private placement financings totaling $6,000,000 announced February 16, 2012. An integral part of the plan is to also exercise the option which Defiance holds to acquire and develop the San Acacio mine located three kilometers from the Santa Gabriela processing plant. A prior National Instrument 43-101 ("NI 43-101") compliant report prepared by PEG Mining Consultants Inc. (Source) dated May 21st, 2010 and filed on SEDAR (under the profile of Source Exploration Corp), provided a historical estimate calculated using a 65 g/t silver cutoff of an Indicated resource of 3.55 million ounces of silver and 7600 ounces of gold (1.15 mt grading 95.8 g/t silver and 0.2 g/t gold) as well as an Inferred resource of 12.39 million ounces of silver and 16,100 ounces of gold (2.88 mt grading 134.1 g/t silver and 0.17 g/t gold). The Inferred resource includes approximately 720,000 tonnes of mineralized backfill material existing in the old stopes grading 236.7g/t silver and 0.21 g/t gold. Defiance has contacted AGP Mining Consultants Inc. a successor company to PEG Mining Consultants Inc to reformat the Source report to conform with the current NI 43-101 requirements and include results from three underground drillholes completed by Source in 2010 after their NI 43-101 compliant report was written. The reliability of the historical data used in the Source report is unknown but is considered relevant by Defiance management. The historical data is non-NI 43-101 compliant and should not be relied upon. It is Defiance's intention to verify the historical data and confirmation work may produce results that differ substantially from the historic results.
"This is an exciting milestone in Defiance's plans to become a silver producer in the historic Zacatecas Silver District", stated Bruce Winfield, President and CEO of Defiance Silver Corp. "We are also very pleased to have the support of IMPACT Silver Corp through its equity interest in Defiance." It is important to note that production is subject to confirmation of resources and in the absence of a feasibility study, there is no certainty the proposed operation will achieve commercial production.
Defiance is a near-term silver producer in Mexico. With a strong team of proven mine finders and developers, Defiance is focused upon being an aggressive explorer and acquirer of exploration and development silver projects in the historic billion-ounce silver producing Zacatecas District.
Bruce Winfield, P. Geo., a Qualified Person under the meaning of Canadian National Instrument 43-101, is responsible for the technical content of this news release.
On behalf of Defiance Silver Corp.
Bruce Winfield, President and CEO
Forward-Looking Statements. This Defiance News Release may contain certain "forward-looking" statements and information relating to Defiance that are based on the beliefs of Defiance management, as well as assumptions made by and information currently available to Defiance management. Such statements reflect the current risks, uncertainties and assumptions related to certain factors including but not limited to, exploration and development risks, expenditure and financing requirements, title matters, operating hazards, metal prices, political and economic factors, competitive factors, general economic conditions, relationships with vendors and strategic partners, governmental regulation and supervision, seasonality, technological change, industry practices, and one-time events. Should any one or more risks or uncertainties materialize or change, or should any underlying assumptions prove incorrect, actual results and forward-looking statements may vary materially from those described herein. Specifically, there is no assurance that Defiance will be able to raise the funds necessary to close the transactions with Minera San Acacio S.A. de C.V. and IMPACT Silver Corp for the San Acacio mine and Santa Gabriela processing plant respectively nor that it will be able to bring the properties into production. Defiance does not assume the obligation to update any forward-looking statement.
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.
Contact Information
Defiance Silver Corp.
Bruce Winfield
President and CEO
778-729-0333
www.defiancesilver.com
http://www.marketwire.com/press-release/defiance-silver-makes-initial-payment-for-processing-plant-in-zacatecas-revised-tsx-venture-def-1629727.htm
kiwisteve
13 years ago
Defiance Silver Corp. Stakes 24,500 Ha Claim Over Historic Minerva Mining District
VANCOUVER, BRITISH COLUMBIA--(Marketwire - Feb. 21, 2012) - Defiance Silver Corp (TSX VENTURE:DEF) ("Defiance") is pleased to announce the acquisition by staking of the 24,500 hectare blanket claim covering the historic Minerva Mining District in northern Coahuila State, Mexico. The Minerva Mining District is located 5 km west of the La Encantada Silver mine owned by First Majestic Silver Corp. which is projected to produce over 4 million oz of silver in 2012.
The Minerva claim completely surrounds a number of older claims whose historic workings formed the Minerva Mining District which in turn is part of a northeast - southwest trend of four mining districts. The Minerva Mining District consists of carbonate hosted replacement mineralization similar to that at La Encantada as well as numerous occurrences of disseminated mineralization in a granitic stock. Chip sampling from outcrops and grab samples from dumps associated with historic workings on inlier claims returned carbonate hosted manto style mineralization grading 0.15 - 0.45 g/t gold, 270 - 565 g/t silver, 11.1 - 13.6% lead, 0.8 - 16.7% zinc and 0.31 - 0.41% copper. Disseminated style mineralization associated with an intrusive stock returned values of 53 g/t silver, 2.2% lead, 0.11% copper and 7.9% zinc.
The claim has good access from Muzquiz by 165 km of paved and gravel roads with several smaller towns close to the claim providing good infrastructure.
Defiance intends to carry out a preliminary exploration program of satellite imagery analysis, surface sampling and mapping, and geophysics to define drill targets below the shallow pediment cover.
Defiance Silver Corp is a near-term silver producer in Mexico. With a strong team of proven mine finders and developers, Defiance is focused upon being an aggressive explorer and acquirer of exploration and development silver projects in the historic billion-ounce silver producing Zacatecas District.
Bruce Winfield, P. Geo., a Qualified Person under the meaning of Canadian National Instrument 43-101, is responsible for the technical content of this news release.
On behalf of Defiance Silver Corp.
Bruce Winfield, President and CEO
Forward-Looking Statements. This Defiance News Release may contain certain "forward-looking" statements and information relating to Defiance that are based on the beliefs of Defiance management, as well as assumptions made by and information currently available to Defiance management. Such statements reflect the current risks, uncertainties and assumptions related to certain factors including but not limited to, exploration and development risks, expenditure and financing requirements, title matters, operating hazards, metal prices, political and economic factors, competitive factors, general economic conditions, relationships with vendors and strategic partners, governmental regulation and supervision, seasonality, technological change, industry practices, and one-time events. Should any one or more risks or uncertainties materialize or change, or should any underlying assumptions prove incorrect, actual results and forward-looking statements may vary materially from those described herein. Defiance does not assume the obligation to update any forward-looking statement.
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.
Contact Information
Defiance Silver Corp.
Bruce Winfield
President and CEO
778-729-0333
www.defiancesilver.com
http://www.marketwire.com/press-release/defiance-silver-corp-stakes-24500-ha-claim-over-historic-minerva-mining-district-tsx-venture-def-1622288.htm
kiwisteve
13 years ago
Defiance Silver Corp. Announces Private Placements of Up to $ 6 Million
VANCOUVER, BRITISH COLUMBIA--(Marketwire - Feb. 17, 2012) - Defiance Silver Corp. ("Defiance" or the "Company") (TSX VENTURE:DEF) is pleased to announce that it has engaged Union Securities Ltd. ("Union Securities") to act as its agent, on a commercially reasonable efforts basis, in the offering (the "Offering") of up to 8,000,000 units of the Company (the "Units") at a price of $0.50 per Unit for gross proceeds of up to $4,000,000. Each Unit will consist of one common share of the Company and one half of one common share purchase warrant (each whole warrant, a "Warrant"). Each Warrant will entitle the holder to purchase one common share of the Company for a period of twelve months from the closing date of the Offering at a price of $0.65 per common share.
In consideration of services provided by Union Securities, the Company will pay a cash commission equal to 7% of the gross proceeds of the Offering and will issue that number of common share purchase warrants (the "Agent's Warrant") as is equal to 7% of the number of Units sold under the Offering. Each Agent's Warrant will entitle the holder to purchase one common share of the Company for a period of twelve months from the closing date of the Offering at a price of $0.65 per common share. The Company will also pay Union Securities a corporate finance fee.
The securities to be issued under this Offering will be offered by way of private placement in the provinces of Ontario, Alberta and British Columbia and such other provinces of Canada as may be determined by the Company and Union Securities and in certain offshore jurisdictions outside of Canada and outside the United States, in each case, pursuant to applicable exemptions from the prospectus requirements under applicable securities laws.
Closing of the Offering is anticipated to occur on or before April 16, 2012 and is subject to receipt of all required regulatory approvals including the approval of the TSX Venture Exchange. Securities issued under the Offering will be subject to a four month hold period which will expire four months from the date of closing of the Offering.
A concurrent non-brokered private placement of up to $2,000,000 will be arranged by the Company on the same terms as the Offering. The non-brokered private placement will close on or before the Offering.
The proceeds from the Offering will be used to continue development of the Company's projects in Zacatecas Silver Mining District in Zacatecas State Mexico, including refurbishing the Santa Gabriela Mill, development of the San Acacio mine, and for general working capital purposes.
About Defiance Silver:
Defiance Silver Corp. is a near term silver producer engaged in the acquisition, exploration, and development of advanced silver projects in Zacatecas Mexico. The Company's efforts are focused on: 1) the purchase and refurbishment of the 200 tpd Santa Gabriela Mill, 2) the exercising of an option to purchase the San Acacio Mine, and 3) the definition of feed for the Santa Gabriela Mill from surface dumps and the San Acacio Mine.
On behalf of the Directors
W.D. Bruce Winfield, President and CEO
For additional information please visit the Company's website at www.defiancesilver.com.
Forward-Looking Statements. This Defiance News Release may contain certain "forward-looking" statements and information relating to Defiance that are based on the beliefs of Defiance management, as well as assumptions made by and information currently available to Defiance management. Such statements reflect the current risks, uncertainties and assumptions related to certain factors including but not limited to, exploration and development risks, expenditure and financing requirements, title matters, operating hazards, metal prices, political and economic factors, competitive factors, general economic conditions, relationships with vendors and strategic partners, governmental regulation and supervision, seasonality, technological change, industry practices, and one-time events. Should any one or more risks or uncertainties materialize or change, or should any underlying assumptions prove incorrect, actual results and forward-looking statements may vary materially from those described herein. Other than as required by law, Defiance does not assume the obligation to update any forward-looking statement.
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
Contact Information
Defiance Silver Corp.
W.D. Bruce Winfield
President and CEO
778-729-0333
www.defiancesilver.com
http://www.marketwire.com/press-release/defiance-silver-corp-announces-private-placements-of-up-to-6-million-tsx-venture-def-1621267.htm
kiwisteve
13 years ago
The Company entered into an option agreement with IMPACT Silver Corp. (“IMPACT”) for the acquisition of the Veta Grande Project in Zacatecas Mexico. The Veta Grande Project consists of the Santa Gabriela (formerly Veta Grande) processing plant, and associated surface rights as well as a 100% and 27% interest in 10 and 3 mining claims respectively.
To exercise the option, the Company will (a) issue 1,787,000 common shares on or before 90 days from the date of the agreement (i.e. September 9, 2011); (b) pay IMPACT $1,955,200 on the earlier of (i) two years from the agreement date and (ii) the date the Company begins the commercial processing of ore at the Mill.
The first day of commercial processing of ore at the Mill is defined as the first day after the Mill has achieved production averaging 160 tonnes per day over a 30 day period. This agreement remains subject to approval by the TSX Venture Exchange.
DEFIANCE SILVER CORP.
(formerly Defiance Capital Corp.)
CONSOLIDATED FINANCIAL STATEMENTS
(An Exploration Stage Company)
JUNE 30, 2011
http://www.defiancesilver.com/i/FinancialStatements/DefianceAudited2011_FSJune30YearEnd.pdf
See also
FORM 51-102F1
MANAGEMENT’S DISCUSSION & ANALYSIS
For the year ended June 30, 2011
http://www.defiancesilver.com/i/FinancialStatements/DefianceMDAJune30_11YearEnd.pdf
kiwisteve
13 years ago
Defiance Silver Corp. Options Mexican Silver Mine
VANCOUVER, BRITISH COLUMBIA--(Marketwire - Nov. 1, 2011) - Defiance Silver Corp (TSX VENTURE:DEF) ("Defiance") is pleased to announce the signing of an option agreement to acquire from a private Mexican company, a 100% interest in the San Acacio silver mine located in the historic Zacatecas Silver District, Mexico. The past producing San Acacio mine consisting of 10 mining concessions totaling 7.46 km2, hosts the southeastern half of the Veta Grande vein system, one of the three prominent vein systems in the historic billion-ounce silver producing Zacatecas Silver District.
Since discovery of silver in the Zacatecas District in 1546, historical sources estimate that over 180 million ounces of silver have been extracted from the Veta Grande vein system. Old mine workings on the Veta Grande vein system extend to a vertical depth of 335 meters accessing four separate veins of which the Veta Grande was the most important. Early production focused on the near surface rich oxide portions of the veins with lesser production from the deeper sulphide ores.
A prior National Instrument 43-101 ("NI 43-101") compliant report prepared by PEG Mining Consultants Inc. dated May 21st, 2010 and filed on SEDAR (under the profile of Source Exploration Corp.), provided a historical estimate of an Indicated resource of 4.05 million ounces of silver and 9000 ounces of gold as well as an Inferred resource of 14.35 million ounces of silver and 22,200 ounces of gold. The Inferred resource includes approximately 740,000 tonnes of mineralized backfill material existing in the old stopes grading 232.6g/t silver and 0.20 g/t gold. (See Source Exploration Corp. News Release dated June 22, 2010). Partial access to the mineralized material in the old stopes is available at the Refugio adit elevation. Defiance's previously optioned Santa Gabriela mill is located within 5 km of the San Acacio property.
The mineral resource estimate is based on 41 drills holes completed by Source Exploration Corp. and Silver Standard Resources and 371 drill core assay values contained within the mineralized zones. This data was complemented with 275 underground chip samples sourced from Silver Standard and Sterling Mining level plans. Defiance did not commission the PEG Mining Consultants report. Defiance has not verified the data underlying the resource estimates, but has no reason to expect the estimates to be erroneous in any way. However as a Defiance commissioned Qualified Person has not done sufficient work to classify this historical estimate as current mineral resources, the issuer is not treating this historical estimate as current mineral resources and the historical estimate should not be relied upon.
The San Acacio property, which hosts over 60% of the known Veta Grande vein system, has excellent exploration potential. The 2012 exploration program will concentrate on drill testing along strike and down dip from the known mineralized veins to expand the historical mineral resources, as well as mapping, trenching and sampling to identify drill targets on the strike extensions to the southeast that have not been subjected to modern exploration techniques.
The total purchase price for the proposed acquisition is US$5.75 million dollars with a royalty on production from the property. On signing the option agreement, Defiance paid US$25,000 for an initial 90 day period for evaluation and due diligence which can be extended for a further 90 days on payment of US$50,000. On or before the end of the initial or the extended option periods, Defiance can execute a purchase agreement upon paying US$250,000 or US$200,000 respectively with a deferred purchase payment of US$5.5 million for a period of 12 or 9 months respectively. The purchase agreement also provides for a 2.5% net smelter return royalty payable to the vendor on production from the property. Defiance will have the right to purchase the royalty at any time for the price of US$2.5 million which after five years will escalate with the official Mexican Inflation Index.
Under terms of the purchase agreement, Defiance can also purchase: surface rights covering 12 ha controlling the adit access to the underground workings for US$5,000; and surface rights covering 12.0246 ha on which are located approximately 300,000 tonnes of tailings from the former San Acacio mine which can be purchased for a price of US$1.50 per tonne of tailings as defined by future Defiance work programs.
"This potential acquisition is a major advance in Defiance's strategic plan to become a significant silver producer and land consolidator in the Zacatecas silver district and will complement the option agreement to acquire the Santa Gabriela processing plant from IMPACT Silver Corp. announced September 12, 2011," stated Bruce Winfield, President and CEO.
Defiance Silver Corp. is a near-term silver producer in Mexico. With a strong team of proven mine finders and developers, Defiance is focused upon being an aggressive explorer and acquirer of exploration and development silver projects in the historic billion-ounce silver producing Zacatecas District.
Bruce Winfield, P. Geo., a Qualified Person under the meaning of Canadian National Instrument 43-101, is responsible for the technical content of this news release.
This agreement is subject to the approval of the TSX Venture exchange.
On behalf of Defiance Silver Corp.
Bruce Winfield, President and CEO
Forward-Looking Statements. This Defiance News Release may contain certain "forward-looking" statements and information relating to Defiance that are based on the beliefs of Defiance management, as well as assumptions made by and information currently available to Defiance management. Such statements reflect the current risks, uncertainties and assumptions related to certain factors including but not limited to, exploration and development risks, expenditure and financing requirements, title matters, operating hazards, metal prices, political and economic factors, competitive factors, general economic conditions, relationships with vendors and strategic partners, governmental regulation and supervision, seasonality, technological change, industry practices, and one-time events. Should any one or more risks or uncertainties materialize or change, or should any underlying assumptions prove incorrect, actual results and forward-looking statements may vary materially from those described herein. Specifically, there is no assurance that Defiance will be able to raise the funds necessary to close the transaction with Minera San Acacio S.A. de C.V. nor that it will be able to bring the property into production. Defiance does not assume the obligation to update any forward-looking statement.
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.
Contact Information
Defiance Silver Corp.
Bruce Winfield
President and CEO
778-729-0333
Defiance Silver Corp.
1500 - 409 Granville Street
Vancouver, BC V6C 1T2
www.defiancesilver.com
http://www.marketwire.com/press-release/defiance-silver-corp-options-mexican-silver-mine-tsx-venture-def-1580171.htm
News
Market Data
Register for Free to get streaming real-time quotes, interactive charts, live options flow, and more.
Ask ADVFN Intelligence (AI)
