SLVRF - Silver One Completes Sale of Its Mexican Silver Properties to Silverton Metals Corp. (Formerly Plymouth Reality Capital Corp.)
(TheNewswire)
Vancouver, British Columbia - TheNewswire - March 3, 2021 - Silver One ResourcesInc. (TSXV:SVE) (OTC:SLVRF) (FSE:BRK1) (“Silver One” or the “Company”) is pleased toannounce it has completed the sale of its three Mexican silverexploration projects to Silverton Metals Corp. (“Silverton” -TSX-V: SVTN - formerly Plymouth Reality Capital Corp.). Silverton isnow a Tier 2 Mining issuer under the policies of the TSX VentureExchange. Trading in its common shares will commence on March 5,2021.
Under the terms of the share purchase agreement datedNovember 16, 2020, as amended January 4, 2021 and February 1, 2021,Silverton acquired from Silver One all of the issued and outstandingshares of KCP Minerals Inc., which holds a 100% interest in threeSilver Properties (Penasco Quemado, La Frazada and Pluton), inconsideration of which Silverton agreed to pay to Silver One$6,000,000 as follows: (a) pay $1,250,000 in cash on closing, (b)issue 4,375,000 common shares of Silverton (the “ Consideration Shares ”), (c) pay $750,000 in cash eighteen months after closing,and (d) pay US$500,000 in cash twenty four months after closing.
Silverton also granted to Silver One a 1.5% net smelterreturn royalty (the “ Royalty ”) on each of the Silver Properties. At the option of Silverton, Silverton may repurchase two-thirds(2/3) of the Royalty (being a 1% net smelter return royalty) with apayment equal to US $500,000 for each of the Silver Properties.
The Consideration Shares issued to Silver One aresubject to the Tier 2 value escrow requirements under the rules of theExchange.
Greg Crowe, President and CEO of Silver One commented: “Silver One has been focusing on our advanced exploration assetsin Nevada (Candelaria and Cherokee) and Arizona (Phoenix Silver), bothrecently rated by the Fraser Institute as the top two miningjurisdictions in the world. The sale of the Mexican explorationassets allows us to further concentrate our efforts on these rapidlydeveloping projects. Silver One will also be able to maintain itsinterest in the Mexican properties through its significant shareposition in Silverton. Silverton, with completing financings inexcess of $9.25 million, is in a firm position to grow the companythough the continuing exploration of these quality Mexican silverprojects. “
The technical content of this news release has beenreviewed and approved by Greg Crowe,P.Geo. , and a Qualified Person as defined byNational Instrument 43-101.
About Silver One
Silver One is focused on the exploration and development of qualitysilver projects.
The Company holds an option to acquire a 100%-interest in its flagshipproject, the past-producing Candelaria Silver Mine, Nevada. Potential reprocessing of silver from the historic leach pads atCandelaria is being investigated. Additional opportunities lie inpreviously identified high-grade silver intercepts down-dip and thepossibility of increasing the substantive silver mineralizationalong-strike from the two past-producing open pits.
The Company has staked 636 lode claims and entered into aLease/Purchase Agreement to acquire five patented claims on itsCherokee project located in Lincoln County, Nevada, host to multiplesilver-copper-gold vein systems traced to date for over 12 kmalong-strike. The property also has potential for limestone relatedpolymetallic plus silver and gold and/or other intrusive relatedsystems at depth.
Silver One holds an option to acquire a 100% interestin the Silver Phoenix Project. The Silver Phoenix Project is a veryhigh-grade native silver prospect that lies within the “ArizonaSilver Belt”, immediately adjacent to the prolific copper producingarea of Globe, Arizona.
For more information, pleasecontact:
Silver One Resources Inc.
Gary Lindsey
Phone: (720) 273-6224
Email: gary@strata-star.com
Forward-Looking Statements
Information set forth in this news release containsforward-looking statements that are based on assumptions as of thedate of this news release. These statements reflect management'scurrent estimates, beliefs, intentions, and expectations. They are noguarantees of future performance. Silver One cautions that allforward-looking statements are inherently uncertain, and that actualperformance may be affected by a few material factors, many of whichare beyond Silver One's control. Such factors include, among otherthings: risks and uncertainties relating to Silver One's limitedoperating history, ability to obtain sufficient financing to carry outits exploration and development objectives on its mineral properties,obtaining the necessary permits to carry out its activities and theneed to comply with environmental and governmental regulations.Accordingly, actual, and future events, conditions and results maydiffer materially from the estimates, beliefs, intentions andexpectations expressed or implied in the forward-looking information.Except as required under applicable securities legislation, Silver Oneundertakes no obligation to publicly update or revise forward-lookinginformation.
NEITHER TSX VENTURE EXCHANGE NOR ITSREGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIESOF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITYFOR THE ADEQUACY ORACCURACYOF THIS RELEASE.
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