CORRECTION FROM SOURCE: Silver Mountain Mines Announces Flow-Through Private Placement & Outlines Its 2014 Summer Drill Program
18 April 2014 - 4:04AM
Marketwired
CORRECTION FROM SOURCE: Silver Mountain Mines Announces
Flow-Through Private Placement and Outlines Its 2014 Summer Drill
Program
CALGARY, ALBERTA--(Marketwired - Apr 17, 2014) - Silver Mountain
Mines Inc. (TSX-VENTURE:SMM) ("Silver Mountain" or the "Company")
announce the Company's 2014 summer drill program and a non-brokered
private placement of up to 12,000,000 flow-through units at a price
of $0.06 per unit, to raise up to $720,000. (the "Offering").
Each Unit consists of one common share ("Common Share") of the
Company to be issued on a flow-through basis (each, a "Flow-Through
Share") and one half (1/2) of a Common Share purchase warrant (Each
full Warrant entitles the holder thereof to acquire, subject to
adjustment, one Common Share at a price of $0.15 per Common Share
on or before 4:30 p.m. (MST) on December 31st, 2017 (the "Expiry
Date") except that, in the event the Common Shares of the
Corporation as quoted on the TSX Venture Exchange close at or above
$0.20 per Common Share for twenty one (21) consecutive trading
days, then the Company may, at its election, accelerate the Expiry
Date upon not less than 30 days written notice to each subscriber.
The securities issued in the Offering will be subject to a hold
period of four months plus one day from closing and are further
subject to such other applicable regulatory and TSX Venture
Exchange approval and completion of definitive documentation.
The 2014 proposed program in the Ptarmigan basin and Dunwalk
areas is expected to be up to 10,000 meters (m) of drilling at an
average depth of 350 m per hole, further ground gravity survey and
additional sampling on other known mineralized areas previously
identified from other programs.
As previously reported, the final compilation of our data sets
has defined deeper drill targets in the Ptarmigan basin where
high-grade, precious metal-enriched Mantos are found on the
periphery of major fault controlled systems. The most significant
mineralized zones tested by the 2012 drill program were in the
Ptarmigan Mine area and a mineralized fault structure in the East
Ptarmigan area. Drill result highlights from the Ptarmigan Mine
area include: 1,576 grams per tonne (g/t) silver (Ag) and 0.74 g/t
gold (Au) over 0.60 m in PT 12-72; 433g/t Ag and 0.54 g/t Au over
1.40 m, including 666 g/t Ag and 0.79 g/t Au over 0.90 m in
PT12-74; and, 9,680 g/t Ag, 8.48 g/t Au and 4.22% copper (Cu) over
0.30 m in PT12-75 (released November 15, 2012).
"Our expectation of intersecting semi-massive to massive, high
grade precious metals in the 2014 drill program could lead to a
significantly expanded mineralized zone," says Steve Konopelky,
President and CEO of Silver Mountain. The Company may pay up to a
7% finder's fee relative to the Offering. The Company will use the
proceeds of the private placement for exploration work, including
the 2014 drilling program, on its 100% owned Ptarmigan Property,
located in southeast British Columbia, and for general working
capital.
About Silver Mountain Mines Inc. (TSX-VENTURE:SMM)
Silver Mountain Mines Inc. is a Canadian based exploration
and development company with 100% ownership of a 9,986 hectare
property centered on the historical silver rich Ptarmigan Mine in
south eastern, British Columbia. The property hosts two styles of
mineralization: silver rich, high-grade polymetallic epithermal
veins and manto style massive / semi-massive sulphide
mineralization.
For further information on Silver Mountain Mines Inc. please
visit the Company's website http://www.silvermountainmines.com and
SEDAR (www.sedar.com) or contact Mr. Steve Konopelky, President
& CEO of the Company.
This news release may contain forward-looking statements
including but not limited to comments regarding the timing and
content of upcoming work programs, geological interpretations,
potential mineral recovery processes, etc. Forward-looking
statements address future events and conditions and therefore
involve inherent risks and uncertainties. Actual results may differ
materially from those currently anticipated in such statements.
These statements are based on a number of assumptions and factors
that could cause actual results to differ materially from those in
forward looking statements Silver Mountain Mines Inc. does not
assume any obligation to update or revise its forward-looking
statements, whether as a result of new information, future events
or otherwise, except to the extent required by applicable law.
Neither the TSX-Venture Exchange nor its Regulation Services
Provider, as per the term defined in the policies of the TSX
Venture Exchange, accepts responsibility for the adequacy or
accuracy of the release.
ON BEHALF OF THE
BOARD
Steve Konopelky,
President and CEO
Silver Mountain Mines Inc.Mr. Steve KonopelkyPresident &
CEOwww.silvermountainmines.com
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