June 27, 2016
Silver Predator Announces Re-election of Board Members
Toronto, Ontario, June 27, 2016: Silver Predator Corp. (TSX.V:SPD) (the “Company” or “Silver Predator”) , is pleased to announce that all of the incumbent directors were re-elected at its Annual General Meeting (“AGM”) held on June 23, 2016, in Hayden, Idaho.
The shareholders approved all of the proposed resolutions, re-appointed PricewaterhouseCoopers LLP as the Company’s auditors, and approved Silver Predator’s stock option plan as required annually by the policies of the TSX Venture Exchange.
A total of 105,357,692 shares were voted representing 82.8% of the issued and outstanding shares of the Company.
Chief Executive Officer, Michael Maslowski provided shareholders with an update on the status of the Company:
“As you may remember at this time last year, circumstances were very challenging for our industry. Indeed, they were the worst seen in many years. Shares prices for all companies were at exceptional lows, and the inflow of funds for exploration was basically non-existent.
Recognizing the difficult times, and not knowing what the future would hold, SPD implemented an asset realization program in July of 2015 that was designed to deliver cash to the company and permit us to weather the storm.
Fortunately, market conditions have since improved quite a bit in the metals mining industry, and share prices are rebounding. This is affording us a much better opportunity to execute on our plan to monetize certain assets in order to strengthen our balance sheet.
During the past year, and continuing to the present, we have had quite encouraging expressions of interest in the mill equipment at the Taylor silver property, and in the Springer tungsten property and mill. While no deals have been consummated yet, we are actively in discussions with multiple parties for the sale or optioning of the Springer property and mill, and have recently listed the Taylor mill with one of the largest mine and milling equipment dealers in the west.
As the market continues to improve we will continue to work on monetizing the Taylor mill and the Springer facility. We are fairly confident that we can complete a significant deal on one or both of these properties within the next 6 months. Once completed, the company can utilize a portion of the proceeds to meet the obligations of our debt owed to Till Capital, and once again advance our portfolio of silver properties.
In summary, I view our prospects in a much more favorable light than just 6 months ago, and look forward to consummating deals that will provide us the liquid capital to move forward on our future plans.”
Silver Predator Corp.
Silver Predator owns the Springer Tungsten Mine and Mill Complex where the current mineral resource estimate(1) is 246,117 Indicated tons at an average grade of 0.43% containing 106,113 STU’s (short ton units) of WO3 (tungsten trioxide) and 1,768,968 Inferred tons at an average grade of 0.48% containing 852,884 STU’s of WO3. The Springer facility was originally constructed by General Electric Corp. in the late 1970’s and was operational for a few months in the early 1980’s when the project was put on care and maintenance due to low tungsten prices. Golden Predator Corp. modernized the mill in 2007-2008.
The Company also holds the Taylor silver-gold project in Nevada. The Taylor project hosts a current resource estimate (2) , is open to expansion, and is located in a district that has identified the potential for discovery of additional silver and gold deposits.
Mr. Michael Maslowski, CPG, a Qualified Person as defined by National Instrument 43-101 and a consultant for the Company, has reviewed, verified and approved disclosure of the technical information contained in this news release.
For additional information:
Nathan A. Tewalt
Chief Executive Officer
(208) 635 5415
1) Silver Predator Corp News Release dated February 12, 2016 2) National Instrument 43-101 Technical Report; NI 43-101 of the Taylor Silver Project, White Pine County, Nevada, USA by Thomas H. Chadwick, Dean D. Turner, and Patrick J. Hollenbeck dated March 18, 2013 filed on SEDAR.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein.
This press release contains forward-looking statements regarding future events, including the ability of the Company to successfully conclude the proposed sale of assets and to meet future payment obligations under the notes. There are numerous risks and uncertainties that could cause actual results and Silver Predators’ plans and objectives to differ materially from those expressed in the forward-looking statements. 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.