HILTON HEAD, S.C., Dec. 20, 2011
/PRNewswire/ -- Silver Scott Mines, Inc. (OTC: SILS.pk) is
pleased to announce the execution of a 10 year extendable surface
land agreement for exploration within more than 4000 hectares held
by the company, and within which up to 100 hectares is permitted
with high impact work including mining. The agreement that was
recently completed allows the mining activities within the 100
hectare tract in mineral concessions held by the company. The
community vote was unanimous in favor of the proposal which
included a .7 of 1 percent production royalty and a 5 year review
process with the community. This completed agreement allows
the company to move forward with drilling of the gold bearing
oxidized mineralized zone and further detailed assessment of
production with a technical report in 2012. In addition the
concession application announced in Sept.
30, 2011, was recently granted two concession titles
totaling 11,563 has. of the 12,000 application.
The Quitovac mineralized zone
is a disseminated to vein bearing gold zone hosted in gneiss and
schist that is located in Northwest Sonora state of Mexico near the community of
Quitovac. A historic inferred gold
resource was reported at 112,125 oz. of gold by Santa Cruz in 1997. That report and
resource calculation by Santa Cruz
stated an average grade of 3.14 g Au/tonne. This resource
calculation was done prior to implementation of standardized
resource calculation procedures and methods established by Canadian
government in NI 43-101. This reported resource is historical
by definition and does not meet the currently established methods
and should only be utilized for informational purposes and not
relied on as factual.
The mine site area covers a zone about 800 meters in length by
150 meters of width with nearly 100 older drill holes and ancient
mine workings. The Quitovac
mineralized zone is similar to nearby La
Choya deposit (360,000 oz. Au produced in mid-1990's) and
the currently producing Herradura mine complex (reported resource
of plus 10 million oz. Au owned by Fresnillo PLC and Newmont
Mining).
Mel Herdrick, Chief Geologist for
the company, who has reviewed and approved this release commented,
"We expect drilling to begin soon that will define and expand the
gold mineralized zone. We now hold more than 15,000 hectares in
this area with exploration and production potential. Our
goal, in line with our overall corporate strategy, is to explore,
define, and initiate production of gold and silver by heap leach
mine processing and continue to expand with operation."
For further information please contact:
John Ryan
Silver Scott Mines, Inc.
301 Central Ave. #384
Hilton Head, SC 29926
1.843.290.8930 phone
1.843.842.7248 fax
The source of this news release is Silver Scott Mines, Inc.
This press release may contain certain forward-looking statements
within the meaning of Section 27A of the Securities and Exchange
Act of 1933, as amended, and Section 21E of the Securities and
Exchange Act of 1934, as amended, which are intended to be covered
by the safe harbors created thereby. Investors are cautioned that
all forward-looking statements involve risks and uncertainties and
therefore, there can be no assurance that the forward-looking
statements included in this press release will prove to be
accurate.
SOURCE Silver Scott Mines, Inc.
