Silver Stream Enters Into Standstill Agreement to Perform Due Diligence on Bunker Hill Mine, Kellogg, Idaho
May 22 2014 - 5:38PM
Marketwired
Silver Stream Enters Into Standstill Agreement to Perform Due
Diligence on Bunker Hill Mine, Kellogg, Idaho
LAS VEGAS, NEVADA--(Marketwired - May 22, 2014) - Silver Stream
Mining Corp. (the "Company" or "Silver Stream") (OTCQB:AGSM)
announced today it has entered into a standstill agreement
("Agreement") with Placer Mining Corporation, a Nevada corporation
("Placer"), which owns the Bunker Hill Mine, near Kellogg, Idaho
("Bunker" or the "Property"), in which Silver Stream will have the
exclusive right to evaluate and perform due diligence on the
Property until August 15, 2014 ("Review Period"). Upon completion
of the Review Period, the parties expect to negotiate and enter
into option and exclusivity agreements ("Option Agreements")
whereby Silver Stream can acquire the interests of Placer
shareholders upon satisfaction of certain terms and conditions to
be negotiated.
In consideration for the Review Period, Silver Stream will pay
Placer the sum of $60,000 USD (Sixty Thousand Dollars) per month on
a payment schedule of $15,000 USD (Fifteen Thousand Dollars) per
week commencing Friday, May 16, 2014, with payments concluding
Friday, August 1, 2014. However, the Review Period will extend
until Friday, August 15, 2014. Silver Stream will have a seven (7)
day grace period in the event a payment to Placer is delayed for
any reason. If a payment is delayed beyond the seven (7) day grace
period, the Agreement will automatically terminate and neither
Placer nor Silver Stream will have any obligation to one another
from that date forward.
In the event Placer terminates this Agreement in order to accept
another offer, or for any reason whatsoever, then Placer will pay
Silver Stream a breakup fee in the amount of $5,000,000 USD (Five
Million Dollars USD) within fifteen (15) days of notifying Silver
Stream in writing of such termination.
During the Review Period, Placer agrees it will not, directly or
indirectly, solicit, initiate, assist, facilitate, promote or
encourage proposals or offers from, entertain or enter into
discussions or negotiations with, or provide information relating
to the Property, including, but not limited to any and all due
diligence materials, to any persons, entity or group in connection
with the sale of the Property or any interest therein, or any
amalgamation, merger, consolidation, arrangement, or sale of all or
substantially all of the assets of Placer.
There is no assurance Silver Stream and Placer will ever execute
Option Agreements. If Option Agreements are not executed Silver
Stream will lose all of the money paid to Placer and will not
receive refunds of any kind.
About Silver Stream: Silver Stream is a natural
resource company engaged in the acquisition of, exploration for,
and development of, metallic mineral resources in the Americas. The
Company is currently focused on delivering shareholder value
through the advancement of the Zonia Copper Project in Yavapai
County, Arizona and the exploration of the Solomon Pillars Gold
Property in Beardmore, Ontario, Canada. The Company's Technical
Advisory Team, with expertise in geology, engineering and
operations provides a foundation to assess other mining projects
for potential acquisition or joint venture opportunities throughout
the Americas and to pursue the development of the Company's
existing projects in a focused and economical manner.
FORWARD LOOKING STATEMENTS:
Information contained herein regarding optimism related to the
Company's business, expanding exploration, development activities
and other such statements are "forward-looking statements". While
Silver Stream believes such statements are reasonable, they are
based on current expectations, estimates and projections about the
Company's business and are not guarantees of future performance and
involve certain risks and uncertainties that are difficult to
predict. Actual results could vary materially from the description
contained herein due to many factors including market prices for
the Company's mineral products, international and domestic economic
conditions, and other risk factors listed in the Company's
Securities and Exchange Commission (SEC) filings under "risk
factors" and elsewhere. The Company does not undertake any
obligation to update any forward-looking statement to reflect
events or circumstances after the date of this press release,
except as required by applicable law.
Silver Stream Mining Corp.Terrence H. BybergPresident and
C.E.O.(702) 818-1775info@silverstreammining.com
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