VANCOUVER, Feb. 28, 2012 /CNW/ - Silver Predator Corp. ("Silver Predator") (TSX: SPD) and Nevgold Resource Corp. ("Nevgold") (TSXV: NDG) are pleased to announce the closing of the arrangement whereby Silver
Predator has acquired all of the outstanding securities of Nevgold
pursuant to an agreement dated December 9, 2011, as amended and
restated January 10, 2012 (the "Arrangement"). With the completion of this arrangement, Nathan A. Tewalt has been
appointed as Chief Executive Officer and director, and Thomas Chadwick
has been appointed as the Vice President, Exploration.
"I am pleased to welcome Nate and his skilled technical team to Silver
Predator, and I am certain they will provide the direction necessary to
advance our Company's major asset base," said William M. Sheriff,
Chairman. "I have had the pleasure of working with Nate at Energy
Metals Corp. and am excited at the opportunity to reunite our
professional alliance as we move Silver Predator forward."
New Management Team
Nathan A. Tewalt, Chief Executive Officer and Director
Mr. Tewalt has over 25 years of experience in exploration and executive
management positions in the Western United States. Prior to the merger
with Silver Predator, Mr. Tewalt founded Nevgold Resource Corp in 2007
and Colombian Mines in 2006, serving as Chief Executive Officer for
both companies. In 2006, as President and CEO of Standard Uranium, Mr.
Tewalt completed a private company acquisition in Texas that resulted
in the uranium explorer progressing from a private start-up in 2003,
gaining a public listing in 2004, and winding up as a successful
buy-out in 2006 by Energy Metals Corporation (subsequently acquired by
Uranium One for $1.8B). Prior to Standard Uranium, he was the
co-founder and Chief Executive Officer of Great Basin Gold, where he
and his exploration team discovered the Midas-style vein system and
completed the Hollister 'Ivanhoe' Mine acquisition. Mr. Tewalt is a
Registered Geologist (Washington) specializing in Nevada-style precious
Thomas Chadwick, Vice President, Exploration
Mr. Chadwick is a Certified Professional Geologist with over 30 years of
mineral exploration and production-related mining experience. A
graduate of the Geoscience Program at the University of Arizona (BSc),
Mr. Chadwick also conducted post-graduate studies in geology at the
University of Montana. Mr. Chadwick has worked as an independent
consultant both domestically and internationally for clients that
include Placer Dome, AngloGold, Barrick, and Eurasian Minerals and has
a reputation for excellent field mapping skills within the Western
United States exploration community. Mr. Chadwick has been instrumental
in a number of discoveries during his career, including the Montanore
deposit in Northwest Montana and the Hollister Mine in Nevada. His
work has been published in many venues, including the Geological
Society of America (1995), Economic Geology (1996), Mineralogy and
Petrology (1997) and the Nevada Bureau of Mines and Geology (Santa
Reina Fields 7.5' map, 2006).
Members of this technical team have a long history of precious metals
exploration success in the western US, including sediment and volcanic
hosted deposits in Nevada and bedded copper-silver deposits in Idaho
and Montana. Consulting Geologist Richard Rukavina will continue his
role on the team, providing critical permitting and project management
support. The newly combined management and technical support staff be
based in the field offices in Reno, Nevada and Whitehorse, Yukon, and
are presently completing the Company's exploration and development
plans for the 2012 field season.
2012 Exploration Update
Current project planning and permitting plans include field work and
drilling in Nevada, Alaska and the Yukon Territory, with a particular
focus on advanced exploration and pre-production planning at the Taylor
Mine project in Nevada.
The Taylor mine exploration project, located 22 miles southwest of Ely,
Nevada, is Silver Predator's flagship property. The project hosts a NI
43-101 compliant silver resource at a 1.2 oz/ton Ag cutoff of 14.9
million ounces classified as measured and indicated (6.43 million tons
averaging 2.31 oz/ton Ag), with an additional 1.9 million ounces
classified as inferred (0.76 million tons averaging 2.54 oz/ton Ag)
(Hester, 2010). 60 additional holes have been drilled since the
publication of this resource estimate. During 2012, the Company plans
to update the resource and continue the permitting process with the
goal of putting the open pit mining operation back into production. A
mine area mapping program will be critical to multiple drill programs
now being planned to expand the current mineralized footprint, while
attempting to add additional deeper resources. Mapping and surface
sampling programs outside of the current resource area are being
designed that will help refine new silver and gold targets.
Exploration drilling will continue at the Plata and Rusty projects in
the Yukon where the company completed successful drill programs with
highly encouraging results in 2011.
In addition, the Company will begin initial exploration efforts at the
Illinois Creek Mine site in Alaska where open pit mining operations
were conducted during the late 1990s before being forced to close due
to low precious metal prices. Details as to exploration plans will be
forthcoming in the near future following corporate planning sessions
Closing of the Arrangement took place on February 28, 2012, following
approval by Nevgold security holders and the British Columbia Supreme
Court. Pursuant to the Arrangement, Silver Predator issued 0.5 of a
common share of Silver Predator (collectively, the "Silver Predator Shares") for each outstanding common share of Nevgold (the "Exchange Ratio"), resulting in the issuance of 7,059,000 Silver Predator Shares. Outstanding warrants to acquire common shares
of Nevgold now entitle the holders thereof on exercise to receive
Silver Predator Shares, adjusted for the Exchange Ratio with a
corresponding adjustment to the exercise price.
Nevgold is now a wholly-owned subsidiary of Silver Predator, with the
former shareholders of Nevgold owning approximately 18.8% of the issued
and outstanding common shares of Silver Predator.
About Silver Predator Corp.
Silver Predator's corporate mandate is to explore and develop
commercially viable silver resources in the leading US silver districts
of Nevada, Idaho and Alaska, with a developing portfolio in Yukon,
Canada. Working within stable geopolitical jurisdictions, Silver
Predator is focused on silver‐dominant bulk tonnage and high grade
exploration and near-term production opportunities. A management team
with a demonstrated record of building shareholder value, plus an
exploration team with a history of exploration success in the western
US and Yukon provide the ability to build on the current foundation
established from our quality asset base.
None of the securities issued under the Arrangement have been or will be
registered under the United States Securities Act of 1933, as amended,
or any state securities laws, and such securities are issued in the
United States pursuant to exemptions from such registration
requirements. This press release shall not constitute an offer to sell
or solicitation of an offer to buy any securities in any jurisdiction
where such an offer or sale would be unlawful.
This news release contains certain forward-looking information and
statements with the meaning of applicable Canadian and United States
securities laws. The use of any of the words "expect", "anticipate",
"continue", "estimate", "objective", "confident", "might", "proposed"
and similar expressions are intended to identify forward-looking
information or statements. In particular, but without limiting the
foregoing, this news release contains forward-looking information and
statements pertaining to the exploration, development and production of
properties, including the proposed timing and success thereof,
permitting, and expected mineralization and mineral resources.
The forward-looking information and statements included in this news
release are not guarantees of future performance and should not be
unduly relied upon. Forward-looking statements are based on current
expectations, estimates and projections that involve a number of risks
and uncertainties, which could cause actual results to differ
materially from those anticipated and described in the forward-looking
statements. Such information and statements involve known and unknown
risks, uncertainties and other factors that may cause actual results or
events to differ materially from those anticipated in such
forward-looking information or statements. These include, but are not
limited to, risks associated with fluctuations in the market price of
the Company's common shares, commodity price and exchange rate
fluctuations and uncertainties and risks relating to the outcome of the
Arrangement on the market price, marketability and liquidity of the
Company's common shares and risks associated with exploration,
development and production as well as other risks and uncertainties
described herein and in the disclosure documents of Silver Predator and
Nevgold filed on the SEDAR website at www.sedar.com. All forward-looking statements are based on various assumptions
including, without limitation, the presence of and continuity of
minerals and metals at a project at modeled grades, the availability of
equipment, the obtaining of permits, exchange rates and the continued
availability of financing. Although management considers these
assumptions to be reasonable based on information currently available
to it, they may prove to be incorrect.
The foregoing list of assumptions, risks and uncertainties is not
exhaustive. The forward-looking information and statements contained in
this news release speak only as of the date of this news release, and
Silver Predator and Nevgold assume no obligation to update publicly or
revise any forward-looking information or statements, whether as a
result of new information, future events or otherwise, unless so
required by applicable securities laws.
Neither the TSX Venture Exchange nor its Regulation Services Provider
(as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
SOURCE Silver Predator Corp.
For further information:
Silver Predator Corp.
William M. Sheriff, Chairman or
Nathan A. Tewalt , Chief Executive Officer