September 25, 2012 at 20:33 PM EDT
Silver Sun Closes Private Placement

Silver Sun Closes Private Placement

Vancouver, British Columbia CANADA, September 25, 2012 /FSC/ - Silver Sun Resource Corp.  (SSU - TSX Venture, SSUXF - OTCQX)("Silver Sun" or "the Company"),is pleased to announce that, further to its news releases dated July 10, 2012 and September 7, 2012, on September 21, 2012 it closed the second and final tranche of its non-brokered private placement, this second tranche consisting of 1,475,000 Units at a price of $0.12 per Unit for gross proceeds of $177,000. Each Unit is comprised of one common share in the capital of the Company and one non-transferable share purchase warrant, each warrant entitling the holder to purchase one additional common share of the Company until September 21, 2014 at a per share price of $0.17 until September 21, 2013 and $0.25 until September 21, 2014.

Cash finders' fees in the aggregate amount of $13,200 was paid and warrants to acquire an aggregate of 110,000 common shares of the Company until September 21, 2014 at a per share price of $0.17 until September 21, 2013 and $0.25 until September 21, 2014 were issued to arm's length finders who introduced the Company to investors participating in this second tranche.

*Shares issued by the Company to the subscribers of the private placement are, and shares which may be acquired upon the exercise of the share purchase warrants will be, subject to a hold period until January 22, 2013, in accordance with applicable securities legislation.

*A director of the Company participated in the private placement, having purchased 75,000 Units, constituting a related party transaction pursuant to TSX Venture Exchange Policy 5.9 and Multilateral Instrument 61-101 - Protection of Minority Security Holders in Special Transactions ("MI 61-101"). The Company relied on Section 5.5(a) of MI 61-101 for an exemption from the formal valuation requirement and Section 5.7(1)(a) of MI 61-101 for an exemption from the minority shareholder approval requirement of MI 61-101 as the fair market value of the transaction did not exceed 25% of the Company's market capitalization.

*The Company intends to use the proceeds of the private placement for expansion of the Cherry Hill Gold mine in Siskyou County, California and for general working capital and corporate purposes.  

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"
President

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.

To view this press release as a webpage, please click on the following link:
http://www.usetdas.com/pr/silversunsept252012.htm



Source: Silver Sun Resource Corp. (TSXV: SSU)  http://www.silversunresource.com
Maximum News Dissemination by FSCwire. http://www.fscwire.com
Stock Market XML and JSON Data API provided by FinancialContent Services, Inc.
Nasdaq quotes delayed at least 15 minutes, all others at least 20 minutes.
Markets are closed on certain holidays. Stock Market Holiday List
By accessing this page, you agree to the following
Privacy Policy and Terms and Conditions.
Press Release Service provided by PRConnect.
Stock quotes supplied by Six Financial
Postage Rates Bots go here