April 15th, 2016
Silver Predator Negotiating Extension on US$4,500,000 Promissory Note
Toronto, Ontario, April 15th, 2016: Silver Predator Corp. (TSX.V:SPD) (the “Company” or “Silver Predator”) announces that it is in active negotiations with Till Capital, the parent company of Resource Re Ltd., for an extension of the Springer promissory notes(1) April 17, 2016 due date requiring a payment of $1.5 million plus interest. This extension is expected to delay the payment due date until the first part of the third quarter of 2016. The requested extension would allow Silver Predator additional time to complete discussions with multiple parties for the potential sale of certain assets, which if completed successfully would provide sufficient funds to cover the payment.
Under the original terms of the loan, Silver Predator has a payment due on April 17, 2016 of US$1.5 million plus interest and a final payment due on April 17, 2017 of US$2.0 million plus interest.
Silver Predator Corp.
Silver Predator owns the Springer Tungsten Mine and Mill Complex where the current mineral resource estimate(2) 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 (3) , 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:
William M. Sheriff
(208) 635 5415
1) Silver Predator Corp News Release dated December 17, 2013
2) Silver Predator Corp News Release dated February 12, 2016 3) 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.