Toronto, Ontario (FSCwire) - Silver Predator Corp. (TSX.V:SPD) (the “Company” or “Silver Predator”) is pleased to announce the appointment of Michael Maslowski as Interim Chief Executive Officer. The Company also announces its plan to realize value from its assets.
Michael Maslowski Interim Chief Executive Officer
Mr. Maslowski is a geological engineer with a career spanning more than 35 years of varied experience in resource exploration and mining operations in diverse parts of the world. He has directed grassroots exploration programs, developed properties from exploration to production and managed mining operations. He was the team leader for the discovery of the Diamond Hill Mine for Pegasus Gold in the 1990’s and advanced the mine into production. He worked for Coeur d’Alene Mines for 10 years in positions that included Director of Exploration and Assistant General Manager for the Palmarejo Mine in Chihuahua, Mexico. More recently he was Vice President of Exploration and Chief Operating Officer for Golden Predator Canada. Mr. Maslowski holds a B.Sc. in Geological Engineering from Colorado School of Mines, is a Certified Professional Geologist (CPG) with the American Institute of Professional Geologists (AIPG), a Qualified Person (QP) as defined by National Instrument 43-101 and a member of SME.
The Company also announces that Clifford D. Nelson Jr. has resigned his position as Chief Executive Officer and Director. Mr. Nelson worked aggressively to identify and pursue negotiations pertaining to the sale or venturing of the Springer Mine and Mill at a very challenging time in the market. Mr. Dean Schiller has resigned as a Director. We thank Mr. Nelson and Mr. Schiller for their service to the Company and wish them success in their future endeavors.
Asset Realization Plan
The Company announces its intention to realize value from assets by initiating the process to sell all, or in part, the tangible and intangible assets at some of its properties in Nevada.
Springer Mine & Mill
The Springer facility which boasts a nearly operationally ready mill, a current tungsten resource and a positive PEA published in 2013 will be offered for sale to qualified companies or individuals. The entire plant and real property will be offered, a comprehensive list of assets is being compiled as is a list of potential bidders.
A detailed review of other Silver Predator assets revealed an opportunity, at the Taylor project, to monetize a portion of the property through a sale of the existing mill infrastructure. Based on the characteristics of the known silver resources, or any of the newly discovered gold mineralization, the current mill configuration and equipment would not be suitable for any potential future processing. The Company will move forward immediately with the intent to sell all on-site equipment including the buildings, tanks and ancillary equipment. Funds from the Taylor equipment sale will be used for ongoing corporate expenses and, depending on funds received, potentially a follow up drill program of the sediment hosted gold mineralization that was discovered in the spring of 2014.3
The Company will continue to search for partners for our earlier stage exploration properties.
Silver Predator Corp.
Silver Predator owns the Springer Tungsten Mine and Mill Complex in which hosts a PEA with current resources of 355,000 Indicated tons at an average grade of 0.537% containing 190,635 STU's of WO3 and 1,933,600 Inferred tons at an average grade of 0.493% containing 952,326 STU's of WO3 indicates an IRR of 47% after tax with an estimated capex of 29.8 million dollars(1). The Springer facility was originally constructed and operated by General Electric Corp. in the late 1970’s and early 1980’s when the project was put on care and maintenance due to low tungsten prices. The mill was modernized by Golden Predator Corp. in 2007-2008.
The Company also holds the Taylor silver-gold project in Nevada. The Taylor project hosts a current resource estimate(2), is open to expansion, and is located in a district that has identified the potential for discovery of additional silver and gold deposits.
Mr. Mark C. Shutty, CPG, a Qualified Person as defined by National Instrument 43-101 and a consultant for the Company, has reviewed, verified and approved disclosure of the technical information contained in this news release.
William M. Sheriff
(208) 635 5415
1) National Instrument 43-101 Technical Report; Preliminary Economic Assessment of the Springer Tungsten Mine Pershing County, Nevada, by Associated Geosciences Ltd. dated December 31, 2013 (and effective August 20, 2012) filed on SEDAR. The preliminary economic assessment is preliminary in nature, it includes inferred mineral resources that are considered too speculative geologically to have the economic considerations applied to them that would enable them to be categorized as mineral reserves, and there is no certainty that the preliminary economic assessment will be realized;
2) National Instrument 43-101 Technical Report; NI 43-101 of the Taylor Silver Project, White Pine County, Nevada, USA by Thomas H. Chadwick, Dean D. Turner, and Patrick J. Hollenbeck dated March 18, 2013 filed on SEDAR.
3) Silver Predator News Release dated June 17, 2014.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein. This press release contains projections and forward-looking information that involve various risks and uncertainties regarding future events. Such forward-looking information can include without limitation statements based on current expectations involving a number of risks and uncertainties and are not guarantees of future performance. There are numerous risks and uncertainties that could cause actual results and Silver Predators’ plans and objectives to differ materially from those expressed in the forward-looking information. Actual results and future events could differ materially from those anticipated in such information. These and all subsequent written and oral forward-looking information are based on estimates and opinions of management on the dates they are made and are expressly qualified in their entirety by this notice. Except as required by law, Silver Predator assumes no obligation to update forward-looking information should circumstances or management's estimates or opinions change.
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Source: Silver Predator Corp.
(TSX Venture:SPD) www.silverpredator.com
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