Silver Sun Resource Corp. (“Silver Sun” or “the Company”) is pleased to announce the Company has entered into an agreement in principle for the exclusive mining rights to a near-term producing gold mine located approximately 10 kilometers from the Company’s existing, wholly-owned, Cherry Hill Gold Mine.
The mine is held by a private American Trust and consists of two patented load claims. The agreement provides Silver Sun with the exclusive underground mining rights for 20 years with a one time payment of US $25,000 and a 10% Net Profits Interest on all production. The Company has been granted two months to complete due diligence, which is intended to include detailed sampling and if required, mini bulk sampling. The private trust has held the property for approximately 60 years and historical assays provided to the Company from the mine (non 43-101 compliant) ranged from 1.6 to 18.0 oz/T. Initial grab samples taken from the mine and run at the Company’s lab (not ISO or 43-101 compliant) confirmed similar grades.
“This is an important step for the Company as we plan on having additional properties at various stages of development such that we can ensure continued growth over the coming years. We have evaluated a number of properties near Cherry Hill and this mine is the first that we have targeted,” stated Mark McLeary, president and CEO of Silver Sun. “We will apply all of the lessons learned from putting the Cherry Hill mine into production towards the evaluation and, potentially, the advancement towards production on this new property. As the mine is on patented land permitting requirements may be much less intensive than it was for Cherry Hill.”
Ian Foreman, P. Geo, is the Company’s Qualified Person as defined by National Instrument 43-101, who is responsible for monitoring the supervision and quality control of Silver Sun’s sampling programs and who has reviewed and verified the technical information contained in this news release.
About Silver Sun Resource Corp.
Silver Sun Resource Corp. is a Canadian-based resource company focused on the acquisition, exploration and development of precious metal deposits in North America. The Company is in the production stage with its gold project in Yreka, California and engaged in an on-going work program on the Zacatecas, Salvador, and Mina San Jose properties located within the prolific Zacatecas Silver District in Mexico, as well as its Yoreme Silver Project in the mining district of Alamos, Sonora State, Mexico. The Company has an experienced management team with a growth strategy to develop a diversified portfolio of mining projects that can be taken to production in the near-term. The company's design is to add shareholder value through efficient exploration, strategic acquisitions and effective marketing while maintaining a low risk profile through project diversification and sound financial management.
ON BEHALF OF THE BOARD OF DIRECTORS
“Mark A. McLeary”
Forward Looking Statements
This news release contains statements that constitute "forward-looking statements" within the meaning of Section 21E of the United States Securities Exchange Act of 1934 and "forward looking information" within the meaning of applicable Canadian provincial securities legislation (collectively, "forward-looking statements"). Forward-looking statements often, but not always, are identified by the use of words such as "seek", "anticipate", "believe", "plan", "estimate", "expect", "targeting" and "intend" and statements that an event or result "may", "will", "would", "should", "could", or "might" occur or be achieved and other similar expressions. Forward-looking statements in this news release include statements regarding the timing and nature of permitting approvals, the timing and nature of infrastructure developments and construction, completion of project milestones, projections of future optimization, the timing of negotiations with third parties, and the timing and nature of production timeline targets which are dependent on projections which may change as testing and processing continues.
The forward-looking statements that are contained in this news release are based on various assumptions and estimates by Silver Sun and involve a number of risks and uncertainties. As a consequence, actual results might differ materially from results forecast or suggested in these forward-looking statements. Forward-looking statements involve known and unknown risks, uncertainties, assumptions and other factors that may cause the actual results, performance or achievements of Silver Sun to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Factors that could cause the actual results to differ include; risks relating to fluctuations in the price of gold; the inherently hazardous nature of mining-related activities; uncertainties concerning resource estimates; results of exploration, availability of capital and financing on acceptable terms, inability to obtain required regulatory approvals, unanticipated difficulties or costs in any rehabilitation which may be necessary, market conditions and general business, economic, competitive, political and social conditions. These statements are based on a number of assumptions, including assumptions regarding general market conditions, timing and receipt of regulatory approvals, the ability of Silver Sun and other relevant parties to satisfy regulatory requirements, the availability of financing for proposed transactions and programs on reasonable terms and the ability of third-party service providers to deliver services in a timely manner. Although Silver Sun has attempted to identify important factors that could cause actual results to differ materially from those expressed or implied in forward-looking statements, there may be other factors which cause actual results to differ. Forward-looking statements contained herein are made as of the date of this news release and Silver Sun disclaims any obligation to update any forward-looking statements, whether as a result of new information, future events or results or otherwise, except as required by applicable securities laws. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements.
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.