United Silver Corp. Acquires Gold Finder Interest in Crescent Mine Project
30 May 2012 - 4:20AM
Business Wire
United Silver Corp. (“United Silver Corp.”, the
“Company”, or “USC”;TSX: USC; OTC: USCZF; Frankfurt: UM8) is
pleased to announce that it has acquired Gold Finder Explorations
Ltd.’s 20% joint venture interest in the Crescent Silver Mine,
located in the Coeur D’Alene Silver Belt, Idaho. Prior to this
acquisition, USC had earned an 80% interest in the Crescent Silver
Mine project and Gold Finder held the remaining 20% interest. The
parties have agreed that USC would own the project and would pay to
Gold Finder a net smelter royalty interest on commercial production
from the whole property that USC now controls, including property
that had not been previously owned by Gold Finder.
In consideration of the transfer of Gold Finder’s 20% interest
in the project and payment by Gold Finder of $400,000, half in cash
and half out of NSR payments owing to Gold Finder in future, Gold
Finder is entitled to a perpetual 2% NSR on commercial production
from all minerals on the Crescent Mine properties that USC
currently owns. The agreement is effective immediately.
Graham Clark, CEO of USC said, “We believe that our acquisition
of the Gold Finders interest in the Crescent Mine project provides
certainty to both companies. Our previously announced plans to
develop the Crescent Mine remains our focus and priority. We are
now looking at ways to ensure we have adequate funding in place to
carry out our plans until commercial production makes our project
self sustaining and profitable.”
ABOUT UNITED SILVER CORP.
USC is a vertically integrated mining company with operations in
Idaho, USA. It has now acquired a 100% interest in the Crescent
Silver Mine project in Idaho's prolific Silver Belt - directly
between two of the world's historically largest silver producing
properties, the Sunshine and Bunker Hill mines. USC also offers a
full suite of mining services including contract mining and mine
machine repair and fabrication services to silver miners in the
district. USC's common shares trade on the Toronto Stock Exchange
under the symbol "USC". For more information about USC, please
visit: www.unitedsilvercorp.com
www.unitedsilvercorp.com
ON BEHALF OF UNITED SILVER CORP.
"Graham Clark"
Chairman and CEO
FORWARD LOOKING STATEMENTS: This press release contains
forward-looking statements, which address future events and
conditions, which are subject to various risks and uncertainties.
Forward looking statements in this press release include that we
can arrange to have sufficient funding until our project becomes
self sustaining, and that it will become self sustaining and
profitable.. The Company's actual results and financial position
could differ materially from those anticipated in such
forward-looking statements as a result of numerous factors, some of
which may be beyond the Company's control. These factors include:
results of exploration and development activities, mis-estimation
of mineral reserves and resources, fluctuations in the marketplace
for the sale of minerals, the inability to implement corporate
strategies, the inability to obtain sufficient financing, labor
shortages, the inability to keep key employees, currency
fluctuations, general market and industry conditions and other
risks disclosed in the Company's filings with Canadian Securities
Regulators.
Forward-looking statements are based on the expectations and
opinions of the Company's management on the date the statements are
made. The assumptions used in the preparation of such statements,
although considered reasonable at the time of preparation, may
prove to be inaccurate and as such, undue reliance should not be
placed on forward-looking statements. The Company expressly
disclaims any intention or obligation to update or revise any
forward-looking statements whether as a result of new information,
future events or otherwise.
The TSX Exchange has not reviewed and does not accept
responsibility for the adequacy or accuracy of the content of this
news release.
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