VANCOUVER, May 2 /CNW/ - Wildcat Silver Corporation (TSX-V: WS) ("Wildcat" or "the Company") announces that it has closed the $13
million private placement of 10 million common shares at a price of
$1.30 per share with Silver Wheaton Corp. ("Silver Wheaton").
As part of the agreement, Silver Wheaton has a right of first refusal
over any silver stream or royalty financing that Wildcat may choose to
sell from its Hermosa project located in Arizona.
Proceeds from the private placement will be used for general working
As required under securities regulations, the common shares issued
through this transaction are subject to a hold period expiring August
Wildcat is a Canadian mineral exploration company focused on development
of Hermosa, its 80% owned silver project located in Santa Cruz County,
Arizona. The project currently has an indicated mineral resource of 6.0
million tonnes averaging 187.8 grams per tonne silver for a total of 36
million ounces of silver in addition to an inferred mineral resource of
46.3 million tonnes averaging 58.6 grams per tonne silver for a total
of 85 million ounces of silver. The Company has completed an updated
preliminary economic assessment which contemplates an 18 year mine life
with expected annual production in excess of 6 million ounces of silver
for the first full six years of production.
Wildcat trades on the TSX Venture Exchange under the symbol WS.
Neither 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.
FORWARD LOOKING STATEMENTS
The statements that are not historical facts are forward-looking
statements involving known and unknown risks and uncertainties that
could cause actual results to vary materially from targeted results.
Such risks and uncertainties include those described from time to time
in Wildcat's latest annual report and management discussion and
analysis. Wildcat assumes no obligation to publicly update any
forward-looking statements, whether as a result of new information,
future events or otherwise.
CAUTIONARY NOTE CONCERNING INFERRED MINERAL RESOURCES
A preliminary economic assessment is preliminary in nature and includes
inferred mineral resources. Inferred mineral resources have a great amount of uncertainty as to their existence and as to their
economic and legal feasibility. It cannot be assumed that an inferred
mineral resource will have the economic consideration applied that would enable
it to be categorized in the mineral reserve category, and there is no certainty that the preliminary assessment will be realized.
For further information:
For additional information please visit www.wildcatsilver.com or contact:
Letitia Cornacchia, Vice President, Investor Relations and Corporate Communications
Telephone: +1 416 860 6310