RENO, Nevada, May 8, 2013 /CNW/ - Silver Predator Corp. (TSX:SPD) (the "Company") is pleased to announce that it has completed an option agreement with
privately-held Plan B Minerals Corp. ("PBM"), whereby PBM has agreed to
make cash and share payments to earn up to a 100% interest in the
Company's Illinois Creek gold-silver property in Alaska. For the
Taylor project, Silver Predator has filed an updated technical report
containing a pit-constrained, silver (Ag) resource at a 1.0 oz/t cutoff
consisting of 1,143,000 tons grading 2.10 oz/ton Ag as a measured
mineral resource, 7,751,000 tons grading 1.86 oz/ton Ag classified as
indicated, and 1,716,000 tons grading 2.30 oz/ton Ag classified as
inferred (see Company news release dated March 18, 2013). Due to
continued success at Taylor, Silver Predator will focus its current
efforts on its Nevada projects.
The Company has entered in an option agreement with PBM pursuant to
which PBM may acquire all rights, title, and an option to earn the
undivided 100% interest the Company holds in the Illinois Creek
Property located in Alaska. As consideration, PBM will pay the Company
an aggregate US $264,500 and a total of 2,000,000 common shares of PBM,
to be paid in installments through December 2016. PBM has assumed all
of the Company's liabilities and obligations under the underlying
property option agreement between the Company and Piek Exploration
LLC. The Company will retain a 0.5% net smelter returns royalty in the
property, provided a feasibility study establishes a minimum proven
mineral resource of 500,000 ounces of gold.
The Illinois Creek property is centered on a 10-kilometre E-W striking
mineralized zone with related precious and base metal occurrences. The
most prominent mineralized area is an open pit heap leach gold-silver
mine that was productive in the 1996-1998 time frame, but closed due to
low gold prices. PBM plans an aggressive field program for 2013 that
could include significant drilling in and around the open pit, with the
goal of expanding and confirming zones of gold and silver in the
quartzite host rocks.
New Taylor Silver Resource Estimate
The Company has completed its latest updated resource estimate on the
Taylor silver project in eastern Nevada. The report, with an effective
date of March 18, 2013, was prepared in accordance with National
Instrument 43-101 Standards of Disclosure for Mineral Projects ("NI
43-101") and entitled "Taylor Silver Project Technical Report". A copy
of the report can be found under the Company's profile on SEDAR at www.sedar.com, and on the Company's website.
An extensive mapping and soil sampling program completed during the 2012
field season at Taylor has provided a new level of understanding of the
mineral controls within the Taylor resource area and in related target
areas to the east and southeast. Within the overall resource
footprint, new silver and silver-gold targets have emerged that could
add significantly to the latest resource. Geochemical results adjacent
to the Taylor silver resource, including the targets at South Taylor,
the Antimony Pit area, Crescent, and Enterprise appear to offer
significant near surface and deeper gold potential within three or more
host rock horizons (see Company news release dated January 21, 2013 for
further details). Permitting is underway for planned reverse
circulation drilling to test these new silver targets in the resource
area as well as the newly identified gold targets later this year.
Reduced Yukon Program
In keeping with Silver Predator's increased focus on Nevada and the
Taylor project in particular, the Company has relinquished its options
on all Yukon projects with outstanding cash or share payments,
including Plata, Flip, Hy and Rusty. Silver Predator still retains its
100% owned Yukon property portfolio which has little to no near term
cost. Partners will be sought for the future exploration of these
About Silver Predator Corp.
Silver Predator's corporate mandate is to advance the previously
operated Nevada-based Taylor project towards production. The Taylor
project hosts a NI 43-101-compliant resource estimate, open to
expansion, and has potential to be a near-term producing asset.
Current ongoing exploration in the surrounding district has identified
the potential for discovery of additional silver and gold deposits.
With quality assets in a world-class jurisdiction, and an exploration
team with a history of success in Nevada, Silver Predator is positioned
to advance new and existing discoveries towards production.
Mr. Thomas H. Chadwick, CPG, a Qualified Person as defined by National
Instrument 43-101 and Vice President of Exploration for the Company,
has reviewed, verified and approved disclosure of the technical
information contained in this news release.
No stock exchange, securities commission or other regulatory authority
has approved or disapproved the information contained herein. This
press release contains projections and forward‐looking information that
involve various risks and uncertainties regarding future events. Such
forward‐looking information can include without limitation statements
based on current expectations involving a number of risks and
uncertainties and are not guarantees of future performance. There are
numerous risks and uncertainties that could cause actual results and
Silver Predator's plans and objectives to differ materially from those
expressed in the forward‐looking information. Actual results and future
events could differ materially from those anticipated in such
information. These and all subsequent written and oral forward‐looking
information are based on estimates and opinions of management on the
dates they are made and are expressly qualified in their entirety by
this notice. Except as required by law, Silver Predator assumes no
obligation to update forward‐looking information should circumstances
or management's estimates or opinions change.
SOURCE: Silver Predator Corp.
For further information:
William M. Sheriff, Chairman
(208) 635 5415
Nathan A. Tewalt, Chief Executive Officer
(775) 284 1271