TORONTO,
March 11, 2013 /PRNewswire/ - Sierra
Metals Inc. (TSXV: SMT) (BVL: SMT) ("Sierra Metals" or the
"Company") is pleased to announce that it has submitted an
application to list its common shares on the Toronto Stock Exchange (the "TSX"),
Canada's premier stock exchange.
If the application is accepted by the TSX, trading in the Company's
common shares will graduate to the TSX and such common shares will
cease to be listed for trading on the TSX Venture Exchange (the
"TSXV"). This action follows Sierra Metals' recent announcement of
a new quarterly cash dividend of $2.5
million or $0.016 per share
announced on February 12, 2013.
Sierra Metals' listing on the TSX remains
subject to it satisfying all applicable listing requirements and
receiving approval from the TSX, which decision is expected within
60 days.
Chairman
The Company also announces the appointment of
J. Alberto Arias as Chairman of the
Company's board of directors (the "Board") who will succeed Mr.
Steven Dean. Mr. Dean will
continue to serve as a director of Sierra Metals while contributing
as a member of several committees including as Chairman of the
newly created Corporate Strategy Committee. Additionally,
John Donnelly has been appointed
Lead Director for the Company.
Mr. Arias has been a director of the Company
since 2008. He is the Founder, President and Portfolio Manager of
Arias Resource Capital Management LP ("ARCM"), which is a private
equity firm focused on the metals and mining sector. The investment
funds managed by ARCM are a significant shareholder of the Company
and exercise control or direction over approximately 52% of the
outstanding common shares of the Company. Previously, Mr. Arias was
a Managing Director in the Investment Research Department of
Goldman, Sachs & Co., primarily focusing on the metals and
mining sector. Mr. Arias was recognized five years in a row by an
Institutional Investor Magazine in Latin American Metals and Mining
as a top-ranked analyst.
Daniel Tellechea,
President and CEO of Sierra Metals, commented "We thank Mr. Dean
for his contribution as Chairman as he has been integral to the
Company's recent success as a growing mid-tier precious and base
metals producer. Mr. Dean will continue to contribute to the
Company as an active board member on several committees. We also
welcome J. Alberto Arias as the
recently appointed Chairman who brings an extensive amount of
knowledge and experience in mining that will help the Company
continue to expand its operations in Peru and Mexico."
Restricted Share Unit Plan
The Company also advises that, as of
January 1, 2013, the Board has
granted to its directors and officers an aggregate of 664,690
restricted share units vesting over the next three years.
About Sierra Metals
Sierra Metals is a Canadian mining company
focused on precious and base metals from its Yauricocha mine in
Peru and its Bolivar mine in
Mexico. The Company is also
advancing its Cusi silver project in Mexico from advanced development into
commercial production. In addition, Sierra Metals is exploring
several precious and base metal targets in Peru and Mexico. Projects in Peru include Adrico (gold), Victoria (copper-silver) and Ipillo
(polymetallic) at the Yauricocha Property in the province of
Yauyos. Projects in Mexico include
Bacerac (silver) in the
state of Sonora, La Verde (gold) at the Batopilas Property in
the state of Chihuahua, and
Las Coloradas (silver) at the
Melchor Ocampo Property in the
state of Zacatecas.
The Company's common shares trade on the Bolsa
de Valores de Lima and the TSXV
under the symbol "SMT".
Neither the TSXV nor its Regulation Services
Provider (as that term is defined in policies of the TSXV) accepts
responsibility for the adequacy or accuracy of this
release.
Forward-Looking Statements
Except for statements of historical fact
contained herein, the information in this press release may
constitute "forward-looking information" within the meaning of
Canadian securities law. Other than statements of historical fact,
all statements are "forward-looking statements", which involve
various known and unknown risk and uncertainties and other factors,
including market conditions that may affect the Company's ability
to execute its current business plan. Actual results might
differ materially from results suggested in any forward-looking
statements. The Company assumes no obligation to update the
forward-looking statements, or to update the reasons why actual
results could differ from those reflected in the forward-looking
statements unless and until required by securities laws applicable
to the Company. Additional information identifying risks and
uncertainties is contained in filings by the Company with the
Canadian securities regulators, which filings are available at
www.sedar.com.
SOURCE Sierra Metals Inc.